MKTX Stock Analysis: MarketAxess Holdings | NASDAQ
Capital Markets | NASDAQ, USA | Market Cap: 5.827m USD | 12M Return: -1.2% | US57060D1081 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 136M
EPS Trend: 92.7%
Qual. Beats: -1
Rev. Trend: 96.3%
Qual. Beats: -1
Warnings
Tailwinds
Seasonality 11.9 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
MarketAxess Holdings operates an electronic fixed-income trading platform connecting institutional investors and broker-dealers across a range of bond markets. Its services include anonymous all-to-all trading, automated execution, pricing and analytics, and post-trade processing and regulatory reporting. Fixed-income markets have traditionally relied heavily on dealer-intermediated trading, making electronic platforms a channel for accessing liquidity and market data.
- Interest-rate volatility and bond issuance drive trading volumes
- Tradeweb competition and U.S. high-grade share pressure commissions
- Open Trading adoption and emerging-markets growth support revenue diversification
| Net Income: 292.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA -3.19 > 1.0 |
| NWC/Revenue: 93.41% < 20% (prev 88.00%; Δ 5.40% < -1%) |
| CFO/TA 0.16 > 3% & CFO 357.7m > Net Income 292.1m |
| Net Debt (-175.4m) to EBITDA (433.8m): -0.40 < 3 |
| Current Ratio: 1.88 > 1.5 & < 3 |
| Outstanding Shares: last quarter (35.3m) vs 12m ago -4.93% < -2% |
| Gross Margin: 74.52% > 18% (prev 70.17%; Δ 4.36% > 0.5%) |
| Asset Turnover: 40.54% > 50% (prev 41.89%; Δ -1.35% > 0%) |
| Interest Coverage Ratio: 48.96 > 6 (EBIT TTM 350.7m / Interest Expense TTM 7.16m) |
| A: 0.36 (Total Current Assets 1.74b - Total Current Liabilities 924.7m) / Total Assets 2.28b |
| B: 0.73 (Retained Earnings 1.66b / Total Assets 2.28b) |
| C: 0.16 (EBIT TTM 350.7m / Avg Total Assets 2.14b) |
| D: 1.29 (Book Value of Equity 1.27b / Total Liabilities 985.8m) |
| Altman-Z'' = 7.17 = AAA |
| DSRI: 1.74 (Receivables 1.07b/597.2m, Revenue 869.6m/843.6m) |
| GMI: 0.94 (GM 70.17% / 74.52%) |
| AQI: 0.55 (AQ_t 0.17 / AQ_t-1 0.30) |
| SGI: 1.03 (Revenue 869.6m / 843.6m) |
| TATA: -0.03 (NI 292.1m - CFO 357.7m) / TA 2.28b) |
| Beneish M = -2.72 (Cap -4..+1) = A |
As of November 12, 2026, the stock is trading at USD 165.31 with a total of 627,840 shares traded. Over the past week, the price has changed by +0.29%, over one month by +0.95%, over three months by +2.68% and over the past year by -1.23%.
Current recommended Stop Loss: 164.60 (which is 0.4% or 1.8 ATR below the current price).
MarketAxess Holdings has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold MKTX.
- StrongBuy: 0
- Buy: 0
- Hold: 12
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 162.2 | -1.9% |
P/E Trailing = 20.3117
P/E Forward = 19.1571
P/S = 6.6848
P/B = 4.5728
P/EG = 1.6807
Revenue TTM = 869.6m USD
EBIT TTM = 350.7m USD
EBITDA TTM = 433.8m USD
Long Term Debt = 220.0m USD (from longTermDebt, last fiscal year)
Short Term Debt = 92.0m USD (from shortTermDebt, last quarter)
Debt = 375.0m USD (corrected: LT Debt 220.0m + ST Debt 92.0m) + Leases 63.0m
Net Debt = -175.4m USD (calculated: Debt 375.0m - CCE 550.4m)
Enterprise Value = 5.65b USD (5.83b + Debt 375.0m - CCE 550.4m)
Interest Coverage Ratio = 48.96 (Ebit TTM 350.7m / Interest Expense TTM 7.16m)
EV/FCF = 17.75x (Enterprise Value 5.65b / FCF TTM 318.4m)
FCF Yield = 5.63% (FCF TTM 318.4m / Enterprise Value 5.65b)
FCF Margin = 36.61% (FCF TTM 318.4m / Revenue TTM 869.6m)
Net Margin = 33.59% (Net Income TTM 292.1m / Revenue TTM 869.6m)
Gross Margin = 74.52% ((Revenue TTM 869.6m - Cost of Revenue TTM 221.6m) / Revenue TTM)
Gross Margin QoQ = none% (prev 59.69%)
Tobins Q-Ratio = 2.48 (Enterprise Value 5.65b / Total Assets 2.28b)
Interest Expense / Debt = 1.91% (Interest Expense 7.16m / Debt 375.0m)
Taxrate = 15.91% (55.4m / 348.3m)
NOPAT = 294.9m (EBIT 350.7m * (1 - 15.91%))
Current Ratio = 1.88 (Total Current Assets 1.74b / Total Current Liabilities 924.7m)
Debt / Equity = 0.29 (Debt 375.0m / totalStockholderEquity, last quarter 1.27b)
Debt / EBITDA = -0.40 (Net Debt -175.4m / EBITDA 433.8m)
Debt / FCF = -0.55 (Net Debt -175.4m / FCF TTM 318.4m)
Total Stockholder Equity = 1.21b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.62% (Net Income 292.1m / Total Assets 2.28b)
RoE = 24.09% (Net Income TTM 292.1m / Total Stockholder Equity 1.21b)
RoCE = 24.48% (EBIT 350.7m / Capital Employed (Equity 1.21b + L.T.Debt 220.0m))
RoIC = 21.07% (NOPAT 294.9m / Invested Capital 1.40b)
WACC = 5.88% (E(5.83b)/V(6.20b) * Re(6.15%) + D(375.0m)/V(6.20b) * Rd(1.91%) * (1-Tc(0.16)))
Discount Rate = 6.15% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -91.54 | Cagr: -2.90%
[DCF] Terminal Value 74.28% ; FCFF base≈329.4m ; Y1≈308.6m ; Y5≈284.5m
[DCF] Fair Price = 132.7 (EV 4.49b - Net Debt -175.4m = Equity 4.67b / Shares 35.2m; r=8.35% [WACC [floored]]; 5y FCF grow -8.00% → 2.50% )
EPS Correlation: 92.72 | EPS CAGR: 4.84% | SUE: -2.52 | # QB: -1
Revenue Correlation: 96.25 | Revenue CAGR: 5.81% | SUE: -3.92 | # QB: -1
EPS current Quarter (2027-03-31): EPS=2.31 | Chg30d=-0.43% | Revisions=-12% | Analysts=7
EPS current Year (2026-12-31): EPS=7.84 | Chg30d=-1.78% | Revisions=+0% | GrowthEPS=+6.0% | GrowthRev=+5.1%
EPS next Year (2027-12-31): EPS=8.69 | Chg30d=-0.72% | Revisions=-29% | GrowthEPS=+10.9% | GrowthRev=+6.9%
[Analyst] Revisions Ratio: -21% (up=4, down=7)