Macquarie Group Limited (MQBKY) Stock Forecast and Price Target (2026)

Sell-side coverage follows trading volume and banking relationships, so smaller companies, recent listings, and names outside the major indices often carry little or none. That is the situation with MQBKY. It says nothing about the quality of the business, but it does mean there is no informed average to anchor to, and that any single target you find elsewhere is one analyst's model rather than a consensus.

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.

Not a published one. Analyst price targets run to about twelve months, occasionally two years, and the firms covering MQBKY do not put out a 2030 number. Anything presenting one is extrapolating a growth rate rather than reporting research, and a figure produced that way tells you about the assumption chosen, not about the company.

On the figures we hold as of October 2026, MQBKY trades at about 25.3 times trailing earnings and 19.7 times forward earnings. A forward multiple below the trailing one means the market expects earnings to grow, and the size of that gap is roughly how much growth is already in the price.

That is the more useful frame for a ten-year question. A share price is the market’s estimate of future cash flows discounted to today, so the multiple is already a statement about growth. The long-horizon question is whether Macquarie Group Limited can deliver what is priced in, and what would have to change for that to break. Both are answerable from the drivers and risks below. A number for 2030 is not.

In short: the drivers cited most often are Home lending and deposit growth in BFS, Private markets fundraising and performance fees, Commodities volatility and client hedging. The risk cited most often against it is 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.

Both sides are worked through properly, with the high and low targets used as the bull and bear anchors, on the MQBKY is it a buy page. This page deliberately stops at the numbers.