(MKTX) MarketAxess Holdings - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 5.015m USD | Total Return: -35.5% in 12m
Avg Turnover: 84.1M
EPS Trend: 93.5%
Qual. Beats: 10
Rev. Trend: 98.3%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
MarketAxess Holdings Inc. operates a global electronic trading platform tailored for institutional investors and broker-dealers. The firm specializes in fixed-income securities, including high-grade, high-yield, and emerging market debt, utilizing its Open Trading protocol to facilitate anonymous, all-to-all liquidity. Beyond execution, the company provides algorithmic trading solutions, real-time pricing data, and post-trade regulatory reporting services.
The electronic bond trading sector is characterized by a transition from traditional voice-based brokerage to automated protocols, which enhances price transparency and reduces transaction costs. MarketAxess functions as a central marketplace where its proprietary data products, such as CP+, serve as critical benchmarks for valuing illiquid fixed-income assets. Investors can further evaluate these market dynamics and valuation metrics by exploring the data on ValueRay.
- Rising credit market volatility increases electronic trading volume and transaction fee revenue
- Expansion of Open Trading protocols captures greater market share from traditional voice brokers
- Higher interest rate environments drive increased demand for fixed-income electronic trading solutions
- Competitive pricing pressure from rival platforms impacts overall commission rates and profit margins
| Net Income: 309.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA -8.99 > 1.0 |
| NWC/Revenue: 109.7% < 20% (prev 95.38%; Δ 14.27% < -1%) |
| CFO/TA 0.12 > 3% & CFO 277.4m > Net Income 309.4m |
| Net Debt (-84.7m) to EBITDA (462.3m): -0.18 < 3 |
| Current Ratio: 2.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (35.4m) vs 12m ago -5.53% < -2% |
| Gross Margin: 70.47% > 18% (prev 0.70%; Δ 6.98k% > 0.5%) |
| Asset Turnover: 41.90% > 50% (prev 43.34%; Δ -1.43% > 0%) |
| Interest Coverage Ratio: 91.04 > 6 (EBITDA TTM 462.3m / Interest Expense TTM 4.16m) |
| A: 0.42 (Total Current Assets 1.55b - Total Current Liabilities 585.4m) / Total Assets 2.30b |
| B: 0.69 (Retained Earnings 1.59b / Total Assets 2.30b) |
| C: 0.18 (EBIT TTM 378.9m / Avg Total Assets 2.09b) |
| D: 1.44 (Book Value of Equity 1.58b / Total Liabilities 1.10b) |
| Altman-Z'' = 7.71 = AAA |
| DSRI: 2.09 (Receivables 1.11b/492.2m, Revenue 875.6m/813.9m) |
| GMI: 0.99 (GM 70.47% / 69.92%) |
| AQI: 0.95 (AQ_t 0.26 / AQ_t-1 0.27) |
| SGI: 1.08 (Revenue 875.6m / 813.9m) |
| TATA: 0.01 (NI 309.4m - CFO 277.4m) / TA 2.30b) |
| Beneish M = -2.10 (Cap -4..+1) = BB |
As of May 24, 2026, the stock is trading at USD 136.25 with a total of 659,788 shares traded.
Over the past week, the price has changed by -0.41%,
over one month by -15.20%,
over three months by -24.09% and
over the past year by -35.46%.
MarketAxess Holdings has received a consensus analysts rating of 3.60. Therefore, it is recommended to hold MKTX.
- StrongBuy: 4
- Buy: 2
- Hold: 8
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 188.1 | 38% |
P/E Forward = 17.0068
P/S = 5.7572
P/B = 4.1334
P/EG = 1.157
Revenue TTM = 875.6m USD
EBIT TTM = 378.9m USD
EBITDA TTM = 462.3m USD
Long Term Debt = 228.2m USD (from longTermDebt, last quarter)
Short Term Debt = 63.7m USD (from shortTermDebt, last quarter)
Debt = 355.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 63.7m
Net Debt = -84.7m USD (calculated: Debt 355.7m - CCE 440.4m)
Enterprise Value = 4.93b USD (5.01b + Debt 355.7m - CCE 440.4m)
Interest Coverage Ratio = 91.04 (Ebit TTM 378.9m / Interest Expense TTM 4.16m)
EV/FCF = 20.88x (Enterprise Value 4.93b / FCF TTM 236.1m)
FCF Yield = 4.79% (FCF TTM 236.1m / Enterprise Value 4.93b)
FCF Margin = 26.97% (FCF TTM 236.1m / Revenue TTM 875.6m)
Net Margin = 35.34% (Net Income TTM 309.4m / Revenue TTM 875.6m)
Gross Margin = 70.47% ((Revenue TTM 875.6m - Cost of Revenue TTM 258.5m) / Revenue TTM)
Gross Margin QoQ = 72.92% (prev 68.15%)
Tobins Q-Ratio = 2.14 (Enterprise Value 4.93b / Total Assets 2.30b)
Interest Expense / Debt = 1.17% (Interest Expense 4.16m / Debt 355.7m)
Taxrate = 24.81% (25.8m / 103.9m)
NOPAT = 284.9m (EBIT 378.9m * (1 - 24.81%))
Current Ratio = 2.64 (Total Current Assets 1.55b / Total Current Liabilities 585.4m)
Debt / Equity = 0.30 (Debt 355.7m / totalStockholderEquity, last quarter 1.19b)
Debt / EBITDA = -0.18 (Net Debt -84.7m / EBITDA 462.3m)
Debt / FCF = -0.36 (Net Debt -84.7m / FCF TTM 236.1m)
Total Stockholder Equity = 1.28b (last 4 quarters mean from totalStockholderEquity)
RoA = 14.81% (Net Income 309.4m / Total Assets 2.30b)
RoE = 24.27% (Net Income TTM 309.4m / Total Stockholder Equity 1.28b)
RoCE = 25.20% (EBIT 378.9m / Capital Employed (Equity 1.28b + L.T.Debt 228.2m))
RoIC = 13.58% (NOPAT 284.9m / Invested Capital 2.10b)
WACC = 4.76% (E(5.01b)/V(5.37b) * Re(5.04%) + D(355.7m)/V(5.37b) * Rd(1.17%) * (1-Tc(0.25)))
Discount Rate = 5.04% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -100.00 | Cagr: -2.90%
[DCF] Terminal Value 73.10% ; FCFF base≈286.3m ; Y1≈251.0m ; Y5≈202.8m
[DCF] Fair Price = 93.99 (EV 3.26b - Net Debt -84.7m = Equity 3.34b / Shares 35.5m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 93.48 | EPS CAGR: 5.47% | SUE: 2.41 | # QB: 10
Revenue Correlation: 98.25 | Revenue CAGR: 6.87% | SUE: 0.51 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.92 | Chg30d=-5.71% | Revisions=-56% | Analysts=5
EPS next Quarter (2026-09-30): EPS=1.97 | Chg30d=-4.05% | Revisions=-33% | Analysts=5
EPS current Year (2026-12-31): EPS=8.08 | Chg30d=-1.51% | Revisions=-40% | GrowthEPS=+21.7% | GrowthRev=+7.0%
EPS next Year (2027-12-31): EPS=8.95 | Chg30d=-1.98% | Revisions=-60% | GrowthEPS=+10.7% | GrowthRev=+7.2%
[Analyst] Revisions Ratio: -60%