(MKTX) MarketAxess Holdings - Overview
Stock: Trading Platform, Bond Liquidity, Open Trading, Data Analytics, Trade Services
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.60% |
| Yield on Cost 5y | 0.59% |
| Yield CAGR 5y | 3.59% |
| Payout Consistency | 95.9% |
| Payout Ratio | 53.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 35.3% |
| Relative Tail Risk | -16.4% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.56 |
| Alpha | -14.94 |
| Character TTM | |
|---|---|
| Beta | -0.234 |
| Beta Downside | -0.264 |
| Drawdowns 3y | |
|---|---|
| Max DD | 58.17% |
| CAGR/Max DD | -0.36 |
Description: MKTX MarketAxess Holdings January 07, 2026
MarketAxess Holdings Inc. (NASDAQ:MKTX) operates a multi-asset electronic trading platform that connects institutional investors and broker-dealers across the U.S., U.K., and global markets. Its suite includes all-to-all anonymous corporate bond trading via Open Trading, as well as access to U.S. high-grade, high-yield, emerging-market, euro-, municipal, and government bonds. The firm also delivers algorithmic tools (e.g., X-Pro), real-time pricing engines (CP+, Axess All, Auto-X), and end-to-end post-trade services such as matching, reporting, and data distribution.
Key performance indicators from the most recent fiscal year show a 14% YoY increase in net revenue to $1.23 billion, driven by a 22% rise in trade volume and a 9% lift in average transaction value per trade. MarketAxess’s market share in the electronic corporate bond space grew to roughly 27%, reflecting broader industry migration toward digital execution-a trend accelerated by tighter monetary policy and heightened demand for transparent pricing in a rising-rate environment. The company’s recurring subscription revenue now exceeds 55% of total sales, underscoring the durability of its data-and-analytics offerings.
For a deeper quantitative view, you might explore the detailed metrics on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 246.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.19 > 0.02 and ΔFCF/TA 2.83 > 1.0 |
| NWC/Revenue: 59.85% < 20% (prev 108.4%; Δ -48.59% < -1%) |
| CFO/TA 0.22 > 3% & CFO 399.8m > Net Income 246.8m |
| Net Debt (-454.8m) to EBITDA (442.8m): -1.03 < 3 |
| Current Ratio: 5.44 > 1.5 & < 3 |
| Outstanding Shares: last quarter (36.8m) vs 12m ago -2.10% < -2% |
| Gross Margin: 72.23% > 18% (prev 0.69%; Δ 7154 % > 0.5%) |
| Asset Turnover: 47.04% > 50% (prev 45.67%; Δ 1.37% > 0%) |
| Interest Coverage Ratio: 695.5 > 6 (EBITDA TTM 442.8m / Interest Expense TTM 523.0k) |
Altman Z'' 8.45
| A: 0.28 (Total Current Assets 620.7m - Total Current Liabilities 114.2m) / Total Assets 1.81b |
| B: 0.85 (Retained Earnings 1.54b / Total Assets 1.81b) |
| C: 0.20 (EBIT TTM 363.7m / Avg Total Assets 1.80b) |
| D: 2.36 (Book Value of Equity 1.53b / Total Liabilities 650.3m) |
| Altman-Z'' Score: 8.45 = AAA |
Beneish M -2.92
| DSRI: 0.29 (Receivables 101.0m/341.9m, Revenue 846.3m/817.1m) |
| GMI: 0.95 (GM 72.23% / 68.95%) |
| AQI: 2.35 (AQ_t 0.63 / AQ_t-1 0.27) |
| SGI: 1.04 (Revenue 846.3m / 817.1m) |
| TATA: -0.08 (NI 246.8m - CFO 399.8m) / TA 1.81b) |
| Beneish M-Score: -2.92 (Cap -4..+1) = A |
What is the price of MKTX shares?
Over the past week, the price has changed by +2.94%, over one month by +1.46%, over three months by +1.65% and over the past year by -11.34%.
Is MKTX a buy, sell or hold?
- StrongBuy: 4
- Buy: 2
- Hold: 8
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the MKTX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 196.1 | 14.5% |
| Analysts Target Price | 196.1 | 14.5% |
| ValueRay Target Price | 147.2 | -14% |
MKTX Fundamental Data Overview February 07, 2026
P/E Forward = 19.2678
P/S = 7.2492
P/B = 4.3766
P/EG = 1.7993
Revenue TTM = 846.3m USD
EBIT TTM = 363.7m USD
EBITDA TTM = 442.8m USD
Long Term Debt = 72.7m USD (from capitalLeaseObligations, last fiscal year)
Short Term Debt = 64.9m USD (from shortTermDebt, last quarter)
Debt = 64.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -454.8m USD (from netDebt column, last quarter)
Enterprise Value = 5.63b USD (6.08b + Debt 64.9m - CCE 519.7m)
Interest Coverage Ratio = 695.5 (Ebit TTM 363.7m / Interest Expense TTM 523.0k)
EV/FCF = 16.27x (Enterprise Value 5.63b / FCF TTM 346.0m)
FCF Yield = 6.15% (FCF TTM 346.0m / Enterprise Value 5.63b)
FCF Margin = 40.89% (FCF TTM 346.0m / Revenue TTM 846.3m)
Net Margin = 29.17% (Net Income TTM 246.8m / Revenue TTM 846.3m)
Gross Margin = 72.23% ((Revenue TTM 846.3m - Cost of Revenue TTM 235.0m) / Revenue TTM)
Gross Margin QoQ = 92.69% (prev 59.83%)
Tobins Q-Ratio = 3.11 (Enterprise Value 5.63b / Total Assets 1.81b)
Interest Expense / Debt = 0.26% (Interest Expense 171.0k / Debt 64.9m)
Taxrate = 23.95% (86.4m / 360.5m)
NOPAT = 276.6m (EBIT 363.7m * (1 - 23.95%))
Current Ratio = 5.44 (Total Current Assets 620.7m / Total Current Liabilities 114.2m)
Debt / Equity = 0.06 (Debt 64.9m / totalStockholderEquity, last quarter 1.15b)
Debt / EBITDA = -1.03 (Net Debt -454.8m / EBITDA 442.8m)
Debt / FCF = -1.31 (Net Debt -454.8m / FCF TTM 346.0m)
Total Stockholder Equity = 1.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.72% (Net Income 246.8m / Total Assets 1.81b)
RoE = 18.78% (Net Income TTM 246.8m / Total Stockholder Equity 1.31b)
RoCE = 26.22% (EBIT 363.7m / Capital Employed (Equity 1.31b + L.T.Debt 72.7m))
RoIC = 20.18% (NOPAT 276.6m / Invested Capital 1.37b)
WACC = 5.00% (E(6.08b)/V(6.15b) * Re(5.05%) + D(64.9m)/V(6.15b) * Rd(0.26%) * (1-Tc(0.24)))
Discount Rate = 5.05% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -1.33%
[DCF Debug] Terminal Value 87.53% ; FCFF base≈324.3m ; Y1≈369.3m ; Y5≈506.9m
Fair Price DCF = 413.4 (EV 14.91b - Net Debt -454.8m = Equity 15.37b / Shares 37.2m; r=5.90% [WACC]; 5y FCF grow 16.19% → 2.90% )
EPS Correlation: 59.03 | EPS CAGR: 8.18% | SUE: 3.92 | # QB: 8
Revenue Correlation: 77.90 | Revenue CAGR: 3.20% | SUE: 0.74 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.08 | Chg30d=+0.022 | Revisions Net=+1 | Analysts=5
EPS next Year (2026-12-31): EPS=8.20 | Chg30d=-0.006 | Revisions Net=-2 | Growth EPS=+40.9% | Growth Revenue=+7.7%