Macquarie Group, Ltd. (MQBKY) Stock Price & How to Invest

Macquarie Group Limited is an Australian financial group organised into four operating businesses. Macquarie Asset Management (MAM) runs infrastructure, energy, real estate and private credit funds plus an Australian public investments business, with A$748.0 billion of assets under management at 30 June 2026. Banking and Financial Services (BFS) is the retail and business bank in Australia, with A$191.5 billion of home loans, A$223.3 billion of deposits and A$163.3 billion of funds on its wealth platform at the same date. Commodities and Global Markets (CGM) provides hedging, financing and trading in gas, power, oil and metals, alongside foreign exchange, interest rate and futures services and an asset finance book. Macquarie Capital does advisory and capital markets work and invests the group's own money through a A$27.2 billion private credit portfolio and a A$5.1 billion equity book. In the year to 31 March 2026 (FY26), CGM contributed A$4.22 billion, MAM A$2.60 billion, BFS A$1.61 billion and Macquarie Capital A$1.49 billion before central costs, and 68% of total income came from outside Australia.

The firm started in Sydney in 1969 as Hill Samuel Australia, the local arm of a British merchant bank, with three staff. It became Macquarie Bank after winning an Australian banking licence in 1985, listed on the ASX in 1996, and in 2007 restructured so that Macquarie Group Limited sits above Macquarie Bank Limited (MBL) as a non-operating holding company. It bought Delaware Investments in the US in 2010 and has lately been reshaping the mix: it sold its North American and European public investments business to Nomura (closed 1 December 2025), sold the OnStream UK smart-meter platform in March 2026, and plans to complete the sale of Macquarie Air Finance during FY27.

Shemara Wikramanayake has been CEO since December 2018 and retires on 6 November 2026. Greg Ward, who joined in 1996, spent 14 years as group CFO and now runs BFS, is due to succeed her subject to regulatory approval,. Former RBA governor Glenn Stevens chairs the board. Shareholders are mostly institutions in Australia and abroad, and staff are significant holders through the Macquarie Group Employee Retained Equity Plan (MEREP), which bought ~A$734 million of shares at an average A$238.80 in June 2026.

The investment picture is a mix of steady and lumpy. BFS and MAM base fees behave like annuity businesses, and management says those two have returned about 21% on equity over 20 years. CGM and Macquarie Capital depend on market volatility, deal flow and the timing of asset realisations, and FY26 was flattered by large one-offs, including the OnStream gain and A$1.38 billion of MAM performance fees. Group return on equity was 14.0% in FY26, up from 11.2%, with a A$9.3 billion capital surplus held above APRA requirements. MQBKY adds currency and withholding-tax layers on top.

The biggest swing factor is earnings quality: FY26's 30% profit jump leaned on items that do not repeat on a schedule, including the OnStream meters sale, A$1.38 billion of MAM performance fees and Macquarie Capital equity realisations, so FY27 can disappoint even if the underlying businesses grow. Commodities income depends on volatility and client hedging demand, which the company cannot control, and gas storage and transport income can shift between periods. Credit is a second risk: the group took A$478 million of credit impairments in FY26, A$461 million of it in the second half, citing macroeconomic uncertainty and the Middle East conflict, and its loan portfolio grew 23% to A$253 billion, so a downturn in Australian housing or in private credit borrowers would show up quickly. The remaining ~A$700 million Green Investments portfolio, mostly solar, has already taken A$379 million of impairments. Regulatory exposure is real: ASIC sued Macquarie Securities in May 2025 over alleged misreporting of short sales across 14 years, MBL was fined a record A$4.995 million in 2024 over suspicious electricity futures orders, and MBL operates under additional ASIC licence conditions while governance remediation continues. BFS margins are being squeezed by mortgage and deposit competition from the major Australian banks. Finally, MQBKY holders carry risks local holders do not: returns in US dollars depend on the AUD exchange rate, the ADR trades over the counter with thinner volume than MQG on the ASX, franking credits are of no use to most US investors, and dividends are paid net of Australian withholding and depositary fees.

We give no verdict on Macquarie Group, Ltd.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Home lending and deposit growth in BFS. BFS is the group's most visible growth engine.

The case against. The biggest swing factor is earnings quality: FY26's 30% profit jump leaned on items that do not repeat on a schedule, including the OnStream meters sale, A$1.38 billion of MAM performance fees and Macquarie Capital equity realisations, so FY27 can disappoint even if the underlying businesses grow.

Read the full bull and bear case on MQBKY, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Macquarie Group, Ltd.'s investor relations page or your broker.

• Net operating income (FY26, to Mar 2026): ~A$19.5B (up 13%)
• Net profit after tax (FY26): ~A$4.85B (up 30%)
• Earnings per share (FY26): A$12.77
• Return on equity (FY26): 14.0% (FY25: 11.2%)
• FY26 ordinary dividend: A$7.00 per share, 35% franked
• Assets under management (Jun 2026): ~A$748B

Using the A$238.80 average price of the June 2026 employee share purchase, the ordinary shares traded at roughly 19 times FY26 earnings per share, and the A$7.00 dividend was a yield of about 2.9% before withholding. FY26 profit included sizeable one-off gains, so that multiple looks lower than it would on a normalised year. Second-half FY26 profit of A$3.19 billion was up 93% on the first half, a sign of how uneven earnings are. Operating expenses rose 5%, slower than income. Management gave no numerical FY27 guidance, only business-by-business directions and a cautious stance on capital, funding and liquidity, and US dollar figures for MQBKY will also move with the Australian dollar.

Other names that sit close to MQBKY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get MQBKY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so MQBKY sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where MQBKY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

MQBKY gives US investors exposure to a global infrastructure, commodities and private-markets franchise attached to a fast-growing Australian bank, with earnings that swing with deal timing, asset sales and commodity volatility, all priced in Australian dollars underneath.

Whether MQBKY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MQBKY a buy or a sell?, and where the stock could go from here in the MQBKY stock forecast.

For income investors, whether MQBKY pays a dividend and how the payout looks is covered in does MQBKY pay a dividend? And to weigh MQBKY against a peer, read the full side-by-side comparisons: MQBKY vs BN and MQBKY vs BX.