MarketAxess Holdings Inc. (MKTX)

NASDAQ: MKTX · USD

$165

-0.31 (-0.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-17

Our latest published analysis: MKTX rated Hold

MarketAxess Holdings Inc.'s published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$150 / share

Potential value

$172 / share

Upside to FV

-8.8%

from $165

Moat

8.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$5.8B
Revenue (ttm)	871.6M
Net income (ttm)	292.1M
EPS (ttm)	$8.19
Shares out	35.2M
P/E (trailing)	20.1x
P/E (forward)	18.6x
Dividend	$3.12 (1.89%)
Volume	602,720
Beta	0.79

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 871.6M
Net income (ttm): 292.1M
EPS (ttm): $8.19
P/E (trailing): 20.1x
P/E (forward): 18.6x
Market cap: $5.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$699.0M	$718.3M	$752.5M	$817.1M	$846.3M	+4.9%
Gross profit	$528.8M	$519.5M	$524.1M	$573.6M	$593.4M	+2.9%
Operating income	$337.2M	$326.9M	$315.0M	$340.9M	$341.8M	+0.3%
Net income	$257.9M	$250.2M	$258.1M	$274.2M	$246.6M	-1.1%
EPS (diluted)	$6.77	$6.65	$6.85	$7.28	$6.64	-0.5%
EBITDA	$395.0M	$406.1M	$411.1M	$442.6M	$452.7M	+3.5%
R&D	$0	$6.7M	$0	—	—	-4.3%
SG&A	$112.2M	$120.2M	$69.2M	$64.8M	$58.1M	-15.2%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	强力买入
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	强力买入
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	持有
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	买入
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	强力买入
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	买入

Base and Bull scenarios

Base55%

Price target

$150.14

-8.8% from spot

The modal expected path underwrites steady secondary credit electronification with consolidated revenue expanding at a 6.1% CAGR from 846.27M USD in FY2025 to 896.20M USD in FY2026 and 955.78M USD in FY2027. Operating margins remain stable within the 40.8% to 42.0% corridor as portfolio trading fee compression is counterbalanced by block trading volume growth and services revenue expansion. Diluted EPS rises from $6.64 in FY2025 to $7.99 in FY2026 and $8.77 in FY2027.

Steady compound annual revenue growth from FY2025 to FY2030
Normalized operating margin maintaining historical franchise profitability
Diluted earnings per share expanding in line with consensus projections across FY2026 and FY2027
Terminal valuation multiple stabilizing around long-term historical averages
Cost of equity reflecting market risk premium and asset-light balance sheet profile

Bull20%

Price target

$172.27

+4.6% from spot

In the upside path, accelerated institutional adoption of Open Trading protocols across emerging markets, European credit, and municipal bonds elevates revenue growth toward 8.0% annually, driving FY2027 revenue above 982M USD. Operating margins expand toward 44.0% as algorithmic trading scale benefits flow through the platform, while disciplined share repurchases support diluted EPS compounding above 12% annually.

Accelerated compound annual revenue growth driven by electronification and market share gains across the forecast horizon
Operating margin expanding through operating leverage and protocol mix shift
Substantial diluted earnings per share growth sustained through FY2030
Terminal valuation multiple expanding to reflect premium market franchise quality

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($150.14). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.3%	2.5%	2.8%	3.0%	3.3%
8.1%	$161	$164	$168	$172	$176
8.6%	$153	$155	$158	$161	$165
9.1%	$146	$148	$150	$153	$156
9.6%	$139	$141	$143	$145	$148
10.1%	$134	$135	$137	$139	$141

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E18.6

P25 n/aP50 n/aP75 n/a

Trailing P/E19.5

P25 n/aP50 n/aP75 n/a

ROE21.9

P25 n/aP50 n/aP75 n/a

ROIC28.1

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All MKTX indicators

Market & fundamental data

Available fields

281

Groups with data

Currency

USD

Showing 281 of 281 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001278021
Company name	MarketAxess Holdings Inc.
Country	United States
Country code	US
CUSIP number	57060D108
Earnings date	2026-10-23
Earnings time	bmo
Employees	868
Employees change	-23
Employees growth	-2.58%
Enterprise value	$5.6B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	2000
Industry	Capital Markets
IPO date	2004-11-05
Is primary listing	Yes
Is SPAC	No
ISIN number	US57060D1081
Last 10-K release date	2026-02-24
Last earnings date	2026-10-23
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$5.8B
Market cap category	Mid-Cap
Next earnings date	2027-02-05
Options	Yes
Price	$164.82
Price currency	USD
Sector	Financials
SIC code	6211
Stock price date	2026-10-28
Symbol	MKTX
U.S. state	New York
Website	https://www.marketaxess.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	21.29x
Average P/E ratio (10Y)	46.05x
Average P/E ratio (3Y)	29.51x
Average P/E ratio (5Y)	35.63x
Earnings yield	4.97%
EV/Earnings	19.08x
EV/EBIT	15.52x
EV/EBITDA	12.77x
EV/FCF	28.69x
EV/Sales	6.39x
FCF / EV yield	3.49%
FCF yield	3.35%
Forward EV/Sales	6x
Forward P/E	19.13x
Forward P/S	6.24x
Graham number	81.68896
Graham upside	-50.45%
Industry forward P/E	15.58x
Industry P/E	26.21x
Lynch fair value	$40.96
Lynch upside	-75.15%
P/(FCF - SBC) ratio	36.06x
P/(OCF - SBC) ratio	34.77x
P/B ratio	4.56x
P/E ratio	20.12x
P/FCF ratio	29.86x
P/OCF ratio	28.97x
P/S ratio	6.66x
PEG ratio	5.22x
Price / tangible book value	6.48x
Price/EBITDA ratio	13.29x
Sector forward P/E	13.61x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	41.19%
EBITDA margin	50.09%
Effective tax rate	15.91%
FCF margin	22.33%
Gross margin	61.1%
Operating margin	41.19%
Pretax margin	39.96%
Profit margin	33.51%
Profit per employee	$336,500
Profitable quarters	91
Profitable years	23
Revenue per employee	$1M
ROA	10.46%
ROA (5Y)	12.29%
ROCE	17.59%
ROE	21.85%
ROE (5Y)	22.2%
ROIC	28.11%
ROIC (5Y)	35.24%
SBC / revenue	3.84%
Tax / revenue	6.36%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	39.51%
EPS growth (Q)	-16.88%
EPS growth (QoQ)	-20.76%
EPS growth 10Y	10.17%
EPS growth 3Y	7.52%
EPS growth 5Y	2.3%
EPS growth quarters	3
EPS growth years	0
FCF growth	-51.48%
FCF growth 3Y	-15.37%
FCF growth 5Y	-3.92%
Gross profit growth	2.25%
Gross profit growth (Q)	-3.14%
Gross profit growth 3Y	3.54%
Gross profit growth 5Y	1.32%
Net income growth	33.05%
Net income growth (Q)	-21%
Net income growth (QoQ)	-20.92%
Net income growth 3Y	5.65%
Net income growth 5Y	0.95%
Net income growth years	0
OCF growth	-50.51%
OCF growth 10Y	12.9%
OCF growth 3Y	-15.53%
OCF growth 5Y	-4.55%
Operating income growth	2.65%
Operating income growth (Q)	2.2%
Operating income growth 3Y	4.39%
Operating income growth 5Y	0.15%
Revenue growth	3.85%
Revenue growth (Q)	0.76%
Revenue growth (QoQ)	-3.67%
Revenue growth 10Y	9.49%
Revenue growth 3Y	5.93%
Revenue growth 5Y	4.33%
Revenue growth years	17

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-6M
Depreciation and amortization	$77.5M
EBIT	$359.1M
EBITDA	$436.6M
EPS	$8.19
FCF per share	$5.52
Financing cash flow	$-362.3M
Free cash flow	$194.3M
Free cash flow minus SBC	$160.9M
Gross profit	$532.6M
Income taxes	$55.4M
Investing cash flow	$-59.5M
Net borrowing	$115.9M
Net cash flow	$-230.7M
Net income	$292.1M
Operating cash flow minus SBC	$166.9M
Operating income	$359.1M
Revenue	$871.6M
Stock-based compensation	$33.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	6.13
Book value per share	$36.20
Debt / EBITDA	0.34
Debt / equity	0.12
Debt / FCF	0.79
Goodwill	$283.7M
Interest coverage	50.13
Long-term assets	$708.4M
Long-term liabilities	$751.1M
Net cash (debt)	$228M
Net cash / market cap	3.93%
Net cash growth	-55.03%
Net debt / EBITDA	-0.52
Net debt / equity	-0.18
Net debt / FCF	-1.17
Piotroski F-Score	3
Property, plant and equipment	$160.1M
Shareholders' equity	$1.3B
Tangible book value	$896M
Tangible book value per share	$25.44
Total assets	$2.3B
Total cash	$381.1M
Total debt	$153.1M
Total liabilities	$985.8M
WACC	8.49%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.41
Current assets	$1.6B
Current liabilities	$234.7M
Current ratio	6.68
Net working capital	$1B
Quick ratio	6.2
Working capital	$1.3B
Working capital turnover	0.69

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	4.6%
Dividend growth	2.63%
Dividend growth (10Y)	11.61%
Dividend growth (3Y)	2.7%
Dividend growth (5Y)	3.4%
Dividend growth years	16
Dividend payment date	2026-11-25
Dividend payment years	18
Dividend payout frequency	Quarterly
Dividend per share	$3.12
Dividend yield	1.89%
Ex-dividend date	2026-11-10
FCF payout ratio	56.51%
Last dividend	$0.78
Payout ratio	38.09%
Shareholder yield	6.49%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	9.41%
10Y return CAGR	1.91%
10Y total return	20.76%
150-day SMA	$148.50
15Y price change	446.85%
15Y return CAGR	13.44%
15Y total return	563.42%
1D price change	-0.19%
1M price change	0.38%
1M total return	0.38%
1W price change	0.34%
1W total return	0.34%
1Y price change	-1.63%
1Y return CAGR	0.27%
1Y total return	0.27%
20-day SMA	$164.49
200-day SMA	$155.39
20Y price change	1,392.94%
20Y return CAGR	15.79%
20Y total return	1,777.05%
3M price change	39.71%
3M total return	40.39%
3Y price change	-19.99%
3Y return CAGR	-5.71%
3Y total return	-16.19%
50-day SMA	$163.65
50-day SMA vs 200-day SMA	50over200
52-week high	$195.97
52-week high date	2026-03-02
52-week low	$108.75
52-week low date	2026-06-25
5Y price change	-59.15%
5Y return CAGR	-15.3%
5Y total return	-56.39%
6M price change	2.93%
6M total return	4%
All-time high	$606.45
All-time high date	2020-11-09
All-time low	$3.96
All-time low date	2008-10-16
Average true range (ATR)	$0.42
Average volume	756.2K
Beta (1Y)	0.59
Beta (2Y)	0.04
Beta (5Y)	0.79
Change from 52-week high	-15.89%
Change from 52-week low	51.56%
Change from all-time high	-72.82%
Change from all-time low	4,062.12%
Change from open	-0.07%
Day's gap	-0.12%
Dollar volume	$99.3M
High price	$165.00
Low price	$164.76
Monthly RSI	44.79
Open price	$164.94
Position in 52-week range	25%
Previous close	$165.13
Price vs 150-day SMA	10.99%
Price vs 20-day SMA	0.2%
Price vs 200-day SMA	6.07%
Price vs 50-day SMA	0.71%
Relative volume	0.8
RSI	67.72
Sharpe ratio	0.08
Sharpe ratio (3Y)	-0.25
Sharpe ratio (5Y)	-0.41
Sortino ratio	0.38
Sortino ratio (3Y)	-0.21
Sortino ratio (5Y)	-0.44
Volume	602.7K
Weekly RSI	57.49
YTD price change	-9.06%
YTD total return	-7.72%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	29.6M
Float percentage	84.17%
Shares change (QoQ)	0.1%
Shares change (YoY)	-4.6%
Shares held by insiders	0.48%
Shares held by institutions	97.37%
Shares outstanding	35.2M
Short % of float	11.59%
Short % of shares	9.76%
Short ratio	3.5 days

Deeper analysis on MKTX

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this MKTX report

What is the latest published MKTX stock rating?

MarketAxess Holdings Inc. is shown with Hold in the latest published report, analyzed 2026-10-17. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full MKTX analysis?

The full latest published report, analyzed 2026-10-17, lives at /stocks/MKTX/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for MKTX?

The latest published report analyzed 2026-10-17 gives MKTX a fair value of USD 150 and a potential value of USD 172. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the MKTX page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-17). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldMKTX · Fair value $150-8.8%

Read full analysis →

MarketAxess Holdings Inc. (MKTX)

Our latest published analysis: MKTX rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · MKTX

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All MKTX indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on MKTX

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	4.5
Management	6.5
Balance Sheet	8.5
Profitability	7.5
Revenue Growth	2.5
Risk Assessment	9.0
Competitive Moat	8.5
Earnings Quality	7.5
Capital Efficiency	7.5