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Company Analysis

MarketAxess Holdings, Inc. MKTX

A comprehensive view of key metrics, scores, and financial health for MarketAxess Holdings, Inc.

Overview of MarketAxess Holdings Inc.

MKTX NMS
Financial Services Capital Markets Mid Cap
MarketAxess Holdings Inc. (MKTX), is a Mid Cap company, in the Capital Markets industry, last closed at $158.49, about 18.0% undervalued vs fair value, -28.5% 1Y return, placing in the top 25% of its sector.
Metrics P/E 27.3× Rev Growth 3.9% ROE 19.5% Gross Margin 69.9% Div Yield 1.71%
$158.49
-1.02%
As of April 28, 2026
Previous close • Vol 90d: 25.4%
Market Cap
$5.63B
Enterprise Value
$5.40B
Overall Score
View breakdown
Overall
Growth
Fair
Profitability
Excellent
Health
Fair
Efficiency
Fair
Valuation
Good
Growth
Fair
Profitability
Excellent
Health
Fair
Efficiency
Fair
Valuation
Good
Completeness: 82%
Confidence: 54%
Updated: Mar 8
Top Beats

Quick Facts

Website https://www.marketaxess.com
HQ New York, NY
Employees 868
Fiscal year Dec 31

Next Events

Earnings May 6 Estimated

Fair Value Snapshot

Bear Base Bull
$141
$187
$256
Current: $158.49 +18% vs base

Engine Room Money Flow™

Mid Cap

Asset Management & Capital Markets - Where revenue goes and how value is created

Flow Steps
Total Revenue
$849.2M
3.9%%
Operating Income (FRE Proxy)
$350.0M
2.7%%
EBITDA
$452.7M
2.3%%
Net Income
$246.6M
-10%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Asset Management & Capital Markets

Quality & Reliability Indicators

Operating Margin (FRE Proxy)
41.2%
Excellent

Operating Income / Revenue — proxy for Fee-Related Earnings margin

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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

$535.2M
217.0% of Net Income

Where It Leaks

Cash Flow Health critical
Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.
1
Active Leaks
0/1
Improving
0
High Impact
1
Critical
Moat Analysis Asset Management Specialized

Competitive Advantage Assessment

Evaluating MarketAxess Holdings, Inc.'s durable competitive advantages across 6 defense dimensions

Overall Moat Strength
81
/100
Strong
Scores based on quantitative metrics and qualitative factors

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Fee Revenue Quality

Strong
89
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For informational purposes only. Not investment advice.

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Asset Managers, Capital Markets & Exchanges vs Industry Peers 100% Coverage
Trade-Off Triangle Visualization A ternary plot showing MKTX's balance between Growth (16.8%), Profitability (48.1%), and Safety (35.2%). Growth 17% Safety 35% Profitability 48%

Click axes to expand details. Marker shows current allocation.

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Growth

29th percentile vs peers
29
Key Signals
Rev Growth YoY 3.9% 28p Revenue CAGR 3Y 5.7% 36p EPS Growth YoY -8.8% 22p EPS CAGR 3Y -0.0% 34p
Strengths
  • Operating Margin in top 20% of peers (41.2%, 88th percentile)
  • Net Profit Margin in top 20% of peers (29.0%, 83th percentile)
  • FCF Margin in top 20% of peers (44.0%, 88th percentile)
  • Interest Coverage Ratio in top 20% of peers (247.80, 96th percentile)
Risks
  • Growth below peer median (percentile: 29)

Profitability

83th percentile vs peers
84
Key Signals
Strengths
Risks
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Safety

61th percentile vs peers
61
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for MarketAxess Holdings, Inc..

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Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

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  • Shell companies or holding companies
  • Companies that haven't filed recent financials
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Bear
-
- - -
- upside
-
Base
$186.95
- - -
+18.0% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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