(MKTX) MarketAxess Holdings - Ratings and Ratios
Trading Platform, Liquidity Access, Bond Protocols, Data Analytics
Dividends
| Dividend Yield | 1.70% |
| Yield on Cost 5y | 0.58% |
| Yield CAGR 5y | 5.38% |
| Payout Consistency | 95.9% |
| Payout Ratio | 40.9% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 31.8% |
| Value at Risk 5%th | 44.1% |
| Relative Tail Risk | -15.51% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.95 |
| Alpha | -26.15 |
| CAGR/Max DD | -0.22 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.346 |
| Beta | -0.224 |
| Beta Downside | -0.231 |
| Drawdowns 3y | |
|---|---|
| Max DD | 58.17% |
| Mean DD | 36.92% |
| Median DD | 41.58% |
Description: MKTX MarketAxess Holdings November 04, 2025
MarketAxess Holdings Inc. (NASDAQ: MKTX) operates a multi-asset electronic trading platform that connects institutional investors and broker-dealers across the United States, United Kingdom, and other global markets. Its core offering is an all-to-all, anonymous marketplace for corporate bonds, complemented by Open Trading protocols that enable direct, peer-to-peer execution.
The firm’s product suite extends beyond basic trade execution to include algorithmic tools (e.g., X-Pro), real-time pricing engines (CP+ and Axess All), and end-to-end post-trade services such as trade matching, regulatory reporting, and data distribution. These capabilities are designed to capture a larger share of the fixed-income workflow, from pre-trade analytics to post-trade compliance.
Key performance indicators from the most recent fiscal year show total revenue of approximately $1.2 billion, representing a 10 % year-over-year increase, with net income of $250 million and an operating margin near 23 %. The platform processed over $2 trillion in aggregate trade volume, reflecting continued migration of bond trading from voice to electronic venues.
Sector-level drivers that underpin MarketAxess’s growth include the sustained low-interest-rate environment that fuels demand for high-yield and emerging-market debt, as well as regulatory initiatives (e.g., MiFID II, SEC Rule 613) that encourage greater transparency and electronic execution in fixed income markets.
Assuming the current trajectory of electronic adoption continues and macro-economic conditions remain conducive to bond issuance, MarketAxess is well positioned to expand its market share, especially in high-yield and municipal segments where electronic liquidity is still emerging.
For a deeper, data-driven valuation framework, you may find ValueRay’s model on MKTX worth reviewing.
Piotroski VR‑10 (Strict, 0-10) 6.5
| Net Income (219.6m TTM) > 0 and > 6% of Revenue (6% = 50.4m TTM) |
| FCFTA 0.17 (>2.0%) and ΔFCFTA 1.27pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 88.45% (prev 101.5%; Δ -13.06pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.20 (>3.0%) and CFO 399.8m > Net Income 219.6m (YES >=105%, WARN >=100%) |
| Net Debt (-406.4m) to EBITDA (455.4m) ratio: -0.89 <= 3.0 (WARN <= 3.5) |
| Current Ratio 2.50 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (37.1m) change vs 12m ago -1.33% (target <= -2.0% for YES) |
| Gross Margin 66.22% (prev 68.98%; Δ -2.76pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 43.63% (prev 44.29%; Δ -0.66pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 443.1 (EBITDA TTM 455.4m / Interest Expense TTM 841.0k) >= 6 (WARN >= 3) |
Altman Z'' 8.58
| (A) 0.37 = (Total Current Assets 1.24b - Total Current Liabilities 496.5m) / Total Assets 2.01b |
| (B) 0.73 = Retained Earnings (Balance) 1.47b / Total Assets 2.01b |
| (C) 0.19 = EBIT TTM 372.6m / Avg Total Assets 1.92b |
| (D) 2.36 = Book Value of Equity 1.47b / Total Liabilities 623.7m |
| Total Rating: 8.58 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 89.90
| 1. Piotroski 6.50pt |
| 2. FCF Yield 6.01% |
| 3. FCF Margin 41.23% |
| 4. Debt/Equity 0.05 |
| 5. Debt/Ebitda -0.89 |
| 6. ROIC - WACC (= 14.62)% |
| 7. RoE 15.97% |
| 8. Rev. Trend 81.54% |
| 9. EPS Trend 59.03% |
What is the price of MKTX shares?
Over the past week, the price has changed by +7.03%, over one month by +5.92%, over three months by -2.74% and over the past year by -23.02%.
Is MKTX a buy, sell or hold?
- Strong Buy: 4
- Buy: 2
- Hold: 8
- Sell: 1
- Strong Sell: 0
What are the forecasts/targets for the MKTX price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 200.9 | 12.2% |
| Analysts Target Price | 200.9 | 12.2% |
| ValueRay Target Price | 160.4 | -10.4% |
MKTX Fundamental Data Overview December 10, 2025
P/E Trailing = 28.0238
P/E Forward = 20.5761
P/S = 7.3484
P/B = 4.5098
P/EG = 2.3097
Beta = 0.993
Revenue TTM = 839.3m USD
EBIT TTM = 372.6m USD
EBITDA TTM = 455.4m USD
Long Term Debt = 66.9m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 66.9m USD (from shortTermDebt, last quarter)
Debt = 66.9m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -406.4m USD (from netDebt column, last quarter)
Enterprise Value = 5.76b USD (6.17b + Debt 66.9m - CCE 473.3m)
Interest Coverage Ratio = 443.1 (Ebit TTM 372.6m / Interest Expense TTM 841.0k)
FCF Yield = 6.01% (FCF TTM 346.0m / Enterprise Value 5.76b)
FCF Margin = 41.23% (FCF TTM 346.0m / Revenue TTM 839.3m)
Net Margin = 26.16% (Net Income TTM 219.6m / Revenue TTM 839.3m)
Gross Margin = 66.22% ((Revenue TTM 839.3m - Cost of Revenue TTM 283.5m) / Revenue TTM)
Gross Margin QoQ = 59.83% (prev 68.25%)
Tobins Q-Ratio = 2.86 (Enterprise Value 5.76b / Total Assets 2.01b)
Interest Expense / Debt = 0.26% (Interest Expense 171.0k / Debt 66.9m)
Taxrate = 27.09% (25.4m / 93.6m)
NOPAT = 271.7m (EBIT 372.6m * (1 - 27.09%))
Current Ratio = 2.50 (Total Current Assets 1.24b / Total Current Liabilities 496.5m)
Debt / Equity = 0.05 (Debt 66.9m / totalStockholderEquity, last quarter 1.38b)
Debt / EBITDA = -0.89 (Net Debt -406.4m / EBITDA 455.4m)
Debt / FCF = -1.17 (Net Debt -406.4m / FCF TTM 346.0m)
Total Stockholder Equity = 1.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.90% (Net Income 219.6m / Total Assets 2.01b)
RoE = 15.97% (Net Income TTM 219.6m / Total Stockholder Equity 1.38b)
RoCE = 25.84% (EBIT 372.6m / Capital Employed (Equity 1.38b + L.T.Debt 66.9m))
RoIC = 19.76% (NOPAT 271.7m / Invested Capital 1.38b)
WACC = 5.14% (E(6.17b)/V(6.23b) * Re(5.19%) + D(66.9m)/V(6.23b) * Rd(0.26%) * (1-Tc(0.27)))
Discount Rate = 5.19% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -0.93%
[DCF Debug] Terminal Value 80.06% ; FCFE base≈324.3m ; Y1≈369.3m ; Y5≈508.1m
Fair Price DCF = 236.4 (DCF Value 8.79b / Shares Outstanding 37.2m; 5y FCF grow 16.19% → 3.0% )
EPS Correlation: 59.03 | EPS CAGR: 8.18% | SUE: 3.92 | # QB: 8
Revenue Correlation: 81.54 | Revenue CAGR: 6.47% | SUE: 0.74 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.07 | Chg30d=-0.007 | Revisions Net=-4 | Analysts=4
EPS next Year (2026-12-31): EPS=8.14 | Chg30d=+0.082 | Revisions Net=+6 | Growth EPS=+39.0% | Growth Revenue=+8.0%
Additional Sources for MKTX Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle