MKTX Stock Analysis: MarketAxess Holdings | NASDAQ
Capital Markets | NASDAQ, USA | Market Cap: 4.069m USD | 12M Return: -45.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 95.0M
EPS Trend: 93.5%
Qual. Beats: 10
Rev. Trend: 98.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
MarketAxess Holdings Inc. operates an electronic trading platform that connects institutional investors and broker-dealer firms for trading a broad range of fixed-income securities, including U.S. high-grade and high-yield bonds, emerging market debt, eurobonds, municipal bonds, and U.S. government bonds. Headquartered in New York and incorporated in 2000, the company has expanded its operations across the United States, the United Kingdom, and other international markets since its 2004 IPO.
The company differentiates itself through its Open Trading protocols, which enable all-to-all anonymous trading in corporate bonds-a model that allows any participant to trade with any other, contrasting with the traditional over-the-counter (OTC) structure where dealers act as intermediaries. This approach addresses a key inefficiency in bond markets, which historically lacked the centralized liquidity and price transparency found in equity exchanges.
In addition to its core trading platform, MarketAxess offers automated and algorithmic trading tools such as X-Pro, along with data and analytics products including CP+ and Axess All, which feature real-time pricing engines, Auto-X functionality, and portfolio trading capabilities. The company also provides pre- and post-trade services, covering trade processing, matching, regulatory reporting, and market and reference data, positioning it within the Financial Exchanges & Data subsector of the financials industry.
- U.S. credit market volumes decline as spreads tighten
- MarketAxess loses share to Tradeweb in electronic bond trading
- Portfolio trading and data analytics expand revenue mix
| 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 69.92%; Δ 0.56% > 0.5%) |
| Asset Turnover: 41.90% > 50% (prev 43.34%; Δ -1.43% > 0%) |
| Interest Coverage Ratio: 91.04 > 6 (EBIT TTM 378.9m / 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: 1.08 (Book Value of Equity 1.19b / Total Liabilities 1.10b) |
| Altman-Z'' = 7.34 = AAA |
| DSRI: 2.09 (Receivables 1.11b/492.2m, Revenue 875.6m/813.9m) |
| GMI: 0.99 (GM 69.92% / 70.47%) |
| 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 = -2.11 (Cap -4..+1) = BB |
As of July 08, 2026, the stock is trading at USD 118.60 with a total of 720,859 shares traded. Over the past week, the price has changed by +7.89%, over one month by +2.09%, over three months by -32.15% and over the past year by -45.57%.
Current recommended Stop Loss: 113.10 (which is 4.6% or 1.2 ATR below the current price).
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 | 176 | 48.4% |
P/E Trailing = 13.5652
P/E Forward = 14.1643
P/S = 4.6712
P/B = 3.4181
P/EG = 0.9639
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 = 3.98b USD (4.07b + Debt 355.7m - CCE 440.4m)
Interest Coverage Ratio = 91.04 (Ebit TTM 378.9m / Interest Expense TTM 4.16m)
EV/FCF = 16.87x (Enterprise Value 3.98b / FCF TTM 236.1m)
FCF Yield = 5.93% (FCF TTM 236.1m / Enterprise Value 3.98b)
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 = 1.73 (Enterprise Value 3.98b / Total Assets 2.30b)
Interest Expense / Debt = 1.17% (Interest Expense 4.16m / Debt 355.7m)
Taxrate = 17.29% (64.8m / 374.7m)
NOPAT = 313.4m (EBIT 378.9m * (1 - 17.29%))
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 = 13.88% (NOPAT 313.4m / Invested Capital 2.26b)
WACC = 4.97% (E(4.07b)/V(4.42b) * Re(5.32%) + D(355.7m)/V(4.42b) * Rd(1.17%) * (1-Tc(0.17)))
Discount Rate = 5.32% (= 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: 2.89 | # QB: 10
Revenue Correlation: 98.25 | Revenue CAGR: 6.87% | SUE: 0.51 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.88 | Chg30d=-6.81% | Revisions=-62% | Analysts=5
EPS next Quarter (2026-09-30): EPS=1.92 | Chg30d=-5.22% | Revisions=-38% | Analysts=5
EPS current Year (2026-12-31): EPS=7.94 | Chg30d=-1.81% | Revisions=-62% | GrowthEPS=+19.5% | GrowthRev=+6.4%
EPS next Year (2027-12-31): EPS=8.74 | Chg30d=-2.31% | Revisions=-62% | GrowthEPS=+10.1% | GrowthRev=+7.0%
[Analyst] Revisions Ratio: -78% (up=1, down=19)