A Business at a Glance
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MARKETAXESS HOLDINGS INC
MKTX
$4.3B
Mkt Cap
$116.69
+2.08%
MARKETAXESS HOLDINGS INC (MKTX) has a current P/E ratio of 17.6, compared to its historical median P/E of 42.1. The stock is currently considered Cheap based on its historical valuation range.
MARKETAXESS HOLDINGS INC (MKTX) has a 5-year average return on invested capital (ROIC) of 22.2%. This indicates strong capital allocation and a potential competitive advantage.
MARKETAXESS HOLDINGS INC (MKTX) has a market capitalization of $4.1B. It is classified as a mid-cap stock.
Yes, MARKETAXESS HOLDINGS INC (MKTX) pays a dividend with a trailing twelve-month yield of 2.75%. The company also returns capital through share buybacks, with a buyback yield of 9.21%.
Based on historical P/E analysis, MARKETAXESS HOLDINGS INC (MKTX) appears cheap. The current P/E of 17.6 is 58% below its historical median of 42.1. The estimated fair value CAGR (P/E method) is 2.5%.
MARKETAXESS HOLDINGS INC (MKTX) operates in the Security Brokers, Dealers & Flotation Companies industry, within the Financials sector.
MarketAxess Holdings Inc. (the “Company” or “MarketAxess”) operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. We have built a differentiated market position through our integrated approach to electronic trading, combining diverse trading protocols, automated and algorithmic execution solutions, intelligent data products and analytics and comprehensive post-trade and technology services. The fixed-income markets we focus on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth. We believe our scale, network effects, and product innovation uniquely position us to capture increased trading volumes as the market continues its transition from voice to electronic trading.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 871M | 846M | 817M | 753M | 718M | 699M |
| Net Income | 309M | 247M | 274M | 258M | 250M | 258M |
| EPS | $8.51 | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 |
| Free Cash Flow | 271M | 374M | 375M | 324M | 276M | 265M |
| ROIC | 33.7% | 19.5% | 20.4% | 21.7% | 23.6% | 25.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.19 | 0.19 | 0.00 | 0.00 | 0.00 | 0.00 |
| Dividends/Share | $3.21 | $3.04 | $2.96 | $2.88 | $2.80 | $2.64 |
| Operating Income | 354M | 342M | 341M | 315M | 327M | 337M |
| Operating Margin | 40.7% | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% |
| ROE | 26.0% | 19.5% | 20.4% | 21.7% | 23.6% | 25.8% |
| Shares Outstanding | 36M | 37M | 38M | 38M | 38M | 38M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 263M | 303M | 370M | 397M | 436M | 511M | 689M | 699M | 718M | 753M | 817M | 846M | 871M |
| Gross Margin | 55.4% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 9.7M | 9.7M | 9.2M | 11M | 11M | 16M | 13M | 15M | 19M | 23M | 23M | 27M | 27M |
| EBIT | 119M | 148M | 190M | 200M | 213M | 251M | 375M | 337M | 327M | 315M | 341M | 342M | 354M |
| Op. Margin | 45.1% | 48.8% | 51.4% | 50.2% | 48.8% | 49.1% | 54.4% | 48.2% | 45.5% | 41.9% | 41.7% | 40.4% | 40.7% |
| Net Income | 75M | 96M | 126M | 148M | 173M | 205M | 299M | 258M | 250M | 258M | 274M | 247M | 309M |
| Net Margin | 28.5% | 31.7% | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.9% | 34.8% | 34.3% | 33.6% | 29.1% | 35.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 23.2% | 26.5% | 29.4% | 30.1% | 30.8% | 29.7% | 34.7% | 25.8% | 23.6% | 21.7% | 20.4% | 19.5% | 33.7% |
| ROE | 23.2% | 26.5% | 29.4% | 30.1% | 30.8% | 29.7% | 34.7% | 25.8% | 23.6% | 21.7% | 20.4% | 19.5% | 26.0% |
| ROA | 20.4% | 23.5% | 26.1% | 26.7% | 27.1% | 24.8% | 26.2% | 18.0% | 15.9% | 14.2% | 14.4% | 13.2% | 13.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 110M | 120M | 90M | 168M | 224M | 266M | 404M | 282M | 289M | 334M | 385M | 382M | 277M |
| Free Cash Flow | 105M | 115M | 83M | 156M | 188M | 254M | 389M | 265M | 276M | 324M | 375M | 374M | 271M |
| Owner Earnings | 83M | 89M | 57M | 134M | 185M | 214M | 343M | 201M | 198M | 234M | 282M | 275M | -103M |
| CapEx | 4.6M | 4.8M | 6.4M | 12M | 36M | 12M | 15M | 17M | 13M | 9.3M | 9.9M | 8.2M | 6.5M |
| Maint. CapEx | 17M | 19M | 18M | 19M | 23M | 27M | 36M | 53M | 61M | 71M | 74M | 77M | 348M |
| Growth CapEx | 0 | 0 | 0 | 0 | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 17M | 19M | 18M | 19M | 23M | 27M | 36M | 53M | 61M | 71M | 74M | 77M | 348M |
| CapEx/OCF | 4.2% | 4.0% | 7.1% | 7.2% | 16.0% | 4.6% | 3.7% | 6.2% | 4.5% | 2.8% | 2.6% | 2.1% | 2.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 24M | 30M | 38M | 49M | 62M | 76M | 91M | 100M | 106M | 110M | 113M | 115M | 114M |
| Dividend Yield | 1.2% | 0.9% | 0.8% | 0.7% | 0.9% | 0.7% | 0.5% | 0.6% | 1.0% | 1.1% | 1.3% | 1.6% | 2.8% |
| Share Buybacks | 38M | 23M | 24M | 42M | 25M | 17M | 16M | 63M | 88M | 0 | 75M | 420M | 382M |
| Buyback Yield | 1.5% | 0.6% | 0.5% | 0.6% | 0.3% | 0.1% | 0.1% | 0.4% | 0.9% | N/A | 0.9% | 6.2% | 9.2% |
| Stock-Based Comp | 9.8M | 13M | 15M | 14M | 16M | 25M | 26M | 27M | 30M | 29M | 30M | 31M | 33M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 124M | 345M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -137M | -283M | -362M | -406M | -485M | -500M | -489M | -542M | -514M | -585M | -710M | -470M | -320M |
| Cash & Equiv. | 169M | 200M | 168M | 167M | 246M | 270M | 461M | 507M | 431M | 451M | 544M | 520M | 548M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 228M |
| Debt/Equity | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.19 | 0.19 |
| Interest Coverage | N/A | N/A | N/A | 998.1 | 531.5 | 418.1 | 328.1 | 400.5 | 467.0 | 158.9 | 212.9 | 29.2 | 30.0 |
| Equity | 334M | 391M | 468M | 515M | 608M | 770M | 955M | 1.0B | 1.1B | 1.3B | 1.4B | 1.1B | 1.2B |
| Total Assets | 380M | 439M | 528M | 581M | 696M | 955M | 1.3B | 1.5B | 1.6B | 2.0B | 1.8B | 1.9B | 2.3B |
| Total Liabilities | 46M | 48M | 60M | 66M | 88M | 185M | 376M | 489M | 527M | 722M | 401M | 777M | 1.1B |
| Intangibles | 6.7M | 4.4M | 3.7M | 3.3M | 3.0M | 61M | 95M | 116M | 98M | 119M | 98M | 111M | 105M |
| Retained Earnings | 102M | 168M | 255M | 354M | 463M | 591M | 799M | 957M | 1.1B | 1.2B | 1.4B | 1.5B | 1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.97 | 2.55 | 3.34 | 3.89 | 4.57 | 5.40 | 7.85 | 6.77 | 6.65 | 6.85 | 7.28 | 6.64 | 8.51 |
| Owner EPS | 2.18 | 2.37 | 1.52 | 3.53 | 4.89 | 5.63 | 8.99 | 5.29 | 5.26 | 6.21 | 7.48 | 7.39 | -2.91 |
| Book Value | 8.80 | 10.37 | 12.39 | 13.52 | 16.07 | 20.30 | 25.04 | 27.34 | 28.73 | 34.32 | 36.87 | 30.85 | 33.49 |
| Cash Flow/Share | 2.90 | 3.19 | 2.38 | 4.41 | 5.92 | 7.01 | 10.61 | 7.41 | 7.69 | 8.86 | 10.23 | 10.29 | 18.49 |
| Dividends/Share | 0.64 | 0.80 | 1.04 | 1.32 | 1.68 | 2.04 | 2.40 | 2.64 | 2.80 | 2.88 | 2.96 | 3.04 | 3.21 |
| Shares Out. | 38.0M | 37.7M | 37.8M | 38.1M | 37.8M | 37.9M | 38.1M | 38.1M | 37.6M | 37.7M | 37.7M | 37.1M | 35.5M |
| Valuation | |||||||||||||
| P/E Ratio | 33.5 | 40.2 | 40.8 | 47.9 | 42.3 | 65.1 | 67.9 | 58.0 | 39.8 | 41.9 | 30.8 | 27.4 | 13.7 |
| P/FCF | 23.8 | 33.5 | 61.7 | 45.5 | 38.9 | 52.6 | 52.2 | 56.5 | 36.1 | 33.3 | 22.5 | 18.1 | 15.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 22.7 | 18.4 | 10.8 |
| Price/Book | 7.5 | 9.9 | 11.0 | 13.8 | 12.0 | 17.3 | 21.3 | 14.4 | 9.2 | 8.4 | 6.1 | 5.9 | 3.5 |
| Price/Sales | 7.7 | 10.3 | 13.3 | 16.7 | 16.3 | 21.5 | 24.1 | 24.1 | 14.4 | 13.7 | 10.6 | 8.6 | 4.8 |
| FCF Yield | 4.2% | 3.0% | 1.6% | 2.2% | 2.6% | 1.9% | 1.9% | 1.8% | 2.8% | 3.0% | 4.4% | 5.5% | 6.5% |
| Market Cap | 2.5B | 3.9B | 5.1B | 7.1B | 7.3B | 13.3B | 20.3B | 15.0B | 10.0B | 10.8B | 8.5B | 6.8B | 4.1B |
| Avg. Price | 53.43 | 82.72 | 129.79 | 172.74 | 188.28 | 289.81 | 434.96 | 441.41 | 275.38 | 272.94 | 229.30 | 196.49 | 116.69 |
| Year-End Price | 66.06 | 102.54 | 136.11 | 186.36 | 193.30 | 351.69 | 533.35 | 392.66 | 264.73 | 286.83 | 224.45 | 182.06 | 116.69 |
MARKETAXESS HOLDINGS INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
MARKETAXESS HOLDINGS INC trades at 17.6x trailing earnings, compared to its 15-year median P/E of 42.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 11.1x vs a median of 42.2x. The company's 5-year average ROIC is 22.2%. Total shareholder yield (dividends + buybacks) is 12.0%. At current prices, the estimated annualized return to fair value is +5.9%.
MARKETAXESS HOLDINGS INC (MKTX) reported annual revenue of $846 million in its most recent fiscal year, based on SEC EDGAR filings.
MARKETAXESS HOLDINGS INC (MKTX) has a net profit margin of 29.1%. This is a strong margin indicating high profitability.
MARKETAXESS HOLDINGS INC (MKTX) generated $374 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MARKETAXESS HOLDINGS INC (MKTX) has a debt-to-equity ratio of 0.19. This indicates a conservatively financed balance sheet.
MARKETAXESS HOLDINGS INC (MKTX) reported earnings per share (EPS) of $6.64 in its most recent fiscal year.
MARKETAXESS HOLDINGS INC (MKTX) has a return on equity (ROE) of 19.5%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for MARKETAXESS HOLDINGS INC (MKTX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MARKETAXESS HOLDINGS INC (MKTX) has a book value per share of $30.85, based on its most recent annual SEC filing.