MKTX
MarketAxess Holdings Inc.
Financial - Capital Markets
Market Cap$5.62B
5Y Perf.-70.3%
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Stock Comparison
MKTX vs CME
Revenue, margins, valuation, and 5-year total return — side by side.
CME
CME Group Inc.
Financial - Data & Stock Exchanges
Market Cap$104.06B
5Y Perf.+57.1%
MKTX vs CME — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MKTX | CME |
|---|---|---|
| Industry | Financial - Capital Markets | Financial - Data & Stock Exchanges |
| Market Cap | $5.62B | $104.06B |
| Revenue (TTM) | $817M | $6.52B |
| Net Income (TTM) | $220M | $4.24B |
| Gross Margin | 68.9% | 86.1% |
| Operating Margin | 41.7% | 64.9% |
| Forward P/E | 18.5x | 23.5x |
| Total Debt | $73M | $3.76B |
| Cash & Equiv. | $544M | $4.42B |
MKTX vs CME — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MKTX
CME
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 100 | 29.7 | -70.3% |
| CME Group Inc. (CME) | 100 | 157.1 | +57.1% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MKTX vs CME
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: CME leads in 4 of 7 categories, making it the strongest pick for profitability and margin quality and dividend income and shareholder returns. MarketAxess Holdings Inc. is the stronger pick specifically for growth and revenue expansion and valuation and capital efficiency. As sector peers, any of these can serve as alternatives in the same allocation.
MKTX
MarketAxess Holdings Inc.
The Banking Pick
MKTX is the clearest fit if your priority is growth exposure and sleep-well-at-night.
- Rev growth 8.6%, EPS growth 6.3%
- Lower volatility, beta -0.28, Low D/E 5.2%, current ratio 4.41x
- 8.6% NII/revenue growth vs CME's 6.4%
Best for: growth exposure and sleep-well-at-night
CME
CME Group Inc.
The Banking Pick
CME carries the broadest edge in this set and is the clearest fit for income & stability and long-term compounding.
- Dividend streak 6 yrs, beta -0.30, yield 3.8%
- 289.3% 10Y total return vs MKTX's 40.4%
- PEG 1.71 vs MKTX's 3.00
Best for: income & stability and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | MKTX | 8.6% NII/revenue growth vs CME's 6.4% |
| Value | MKTX | Lower P/E (18.5x vs 23.5x) |
| Quality / Margins | CME | Efficiency ratio 0.2% vs MKTX's 0.3% (lower = leaner) |
| Stability / Safety | MKTX | Lower D/E ratio (5.2% vs 13.1%) |
| Dividends | CME | 3.8% yield, 6-year raise streak, vs MKTX's 2.0% |
| Momentum (1Y) | CME | +5.5% vs MKTX's -31.9% |
| Efficiency (ROA) | CME | Efficiency ratio 0.2% vs MKTX's 0.3% |
MKTX vs CME — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
MKTX vs CME — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLCMELAGGINGMKTX
MKTXMarketAxess Holdings …
2leads
CMECME Group Inc.
3leads
6 Total Categories
CATEGORYLEADERvs MKTXMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
CME5/5
Valuation MetricsMultiples, price ratios, and targets
MKTX5/7
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MKTX8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
CME6/6
Risk & VolatilityBeta, volatility, and downside exposure
CME2/2
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
CME leads this category, winning 5 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
CME is the larger business by revenue, generating $6.5B annually — 8.0x MKTX's $817M. CME is the more profitable business, keeping 62.0% of every revenue dollar as net income compared to MKTX's 33.6%.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| RevenueTrailing 12 months | $817M | $6.5B |
| EBITDAEarnings before interest/tax | $429M | $4.7B |
| Net IncomeAfter-tax profit | $220M | $4.2B |
| Free Cash FlowCash after capex | $346M | $4.4B |
| Gross MarginGross profit ÷ Revenue | +68.9% | +86.1% |
| Operating MarginEBIT ÷ Revenue | +41.7% | +64.9% |
| Net MarginNet income ÷ Revenue | +33.6% | +62.0% |
| FCF MarginFCF ÷ Revenue | +45.9% | +64.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | +21.4% |
CME leads this category, winning 5 of 5 comparable metrics.
Valuation Metrics
MKTX leads this category, winning 5 of 7 comparable metrics.
Valuation Metrics
At 20.8x trailing earnings, MKTX trades at a 19% valuation discount to CME's 25.7x P/E. Adjusting for growth (PEG ratio), CME offers better value at 1.87x vs MKTX's 3.38x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| Market CapShares × price | $5.6B | $104.1B |
| Enterprise ValueMkt cap + debt − cash | $5.1B | $103.4B |
| Trailing P/EPrice ÷ TTM EPS | 20.78x | 25.70x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.46x | 23.49x |
| PEG RatioP/E ÷ EPS growth rate | 3.38x | 1.87x |
| EV / EBITDAEnterprise value multiple | 12.22x | 22.95x |
| Price / SalesMarket cap ÷ Revenue | 6.88x | 15.96x |
| Price / BookPrice ÷ Book value/share | 4.10x | 3.60x |
| Price / FCFMarket cap ÷ FCF | 14.98x | 24.81x |
MKTX leads this category, winning 5 of 7 comparable metrics.
Profitability & Efficiency
MKTX leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
MKTX delivers a 15.8% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $15 for CME. MKTX carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to CME's 0.13x. On the Piotroski fundamental quality scale (0–9), MKTX scores 6/9 vs CME's 5/9, reflecting solid financial health.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +15.8% | +15.3% |
| ROA (TTM)Return on assets | +10.9% | +2.2% |
| ROICReturn on invested capital | +18.0% | +10.2% |
| ROCEReturn on capital employed | +23.0% | +3.6% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.05x | 0.13x |
| Net DebtTotal debt minus cash | -$472M | -$666M |
| Cash & Equiv.Liquid assets | $544M | $4.4B |
| Total DebtShort + long-term debt | $73M | $3.8B |
| Interest CoverageEBIT ÷ Interest expense | 443.10x | 41.55x |
MKTX leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
CME leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in CME five years ago would be worth $16,437 today (with dividends reinvested), compared to $3,629 for MKTX. Over the past 12 months, CME leads with a +5.5% total return vs MKTX's -31.9%. The 3-year compound annual growth rate (CAGR) favors CME at 19.8% vs MKTX's -18.9% — a key indicator of consistent wealth creation.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -14.8% | +9.1% |
| 1-Year ReturnPast 12 months | -31.9% | +5.5% |
| 3-Year ReturnCumulative with dividends | -46.6% | +71.9% |
| 5-Year ReturnCumulative with dividends | -63.7% | +64.4% |
| 10-Year ReturnCumulative with dividends | +40.4% | +289.3% |
| CAGR (3Y)Annualised 3-year return | -18.9% | +19.8% |
CME leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
CME leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
CME is the less volatile stock with a -0.30 beta — it tends to amplify market swings less than MKTX's -0.28 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CME currently trades 87.1% from its 52-week high vs MKTX's 65.0% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.28x | -0.30x |
| 52-Week HighHighest price in past year | $232.84 | $329.16 |
| 52-Week LowLowest price in past year | $148.53 | $257.17 |
| % of 52W HighCurrent price vs 52-week peak | +65.0% | +87.1% |
| RSI (14)Momentum oscillator 0–100 | 32.3 | 46.0 |
| Avg Volume (50D)Average daily shares traded | 440K | 2.2M |
CME leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Evenly matched — MKTX and CME each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates MKTX as "Hold" and CME as "Hold". Consensus price targets imply 29.3% upside for MKTX (target: $196) vs 11.7% for CME (target: $320). For income investors, CME offers the higher dividend yield at 3.81% vs MKTX's 1.98%.
| Metric | MKTXMarketAxess Holdi… | CMECME Group Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $195.60 | $320.25 |
| # AnalystsCovering analysts | 23 | 35 |
| Dividend YieldAnnual dividend ÷ price | +2.0% | +3.8% |
| Dividend StreakConsecutive years of raises | 11 | 6 |
| Dividend / ShareAnnual DPS | $2.99 | $10.92 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.3% | +0.3% |
Evenly matched — MKTX and CME each lead in 1 of 2 comparable metrics.
Key Takeaway
CME leads in 3 of 6 categories (Income & Cash Flow, Total Returns). MKTX leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Best OverallCME Group Inc. (CME)Leads 3 of 6 categories
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MKTX vs CME: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is MKTX or CME a better buy right now?
For growth investors, MarketAxess Holdings Inc.
(MKTX) is the stronger pick with 8. 6% revenue growth year-over-year, versus 6. 4% for CME Group Inc. (CME). MarketAxess Holdings Inc. (MKTX) offers the better valuation at 20. 8x trailing P/E (18. 5x forward), making it the more compelling value choice. Analysts rate MarketAxess Holdings Inc. (MKTX) a "Hold" — based on 23 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MKTX or CME?
On trailing P/E, MarketAxess Holdings Inc.
(MKTX) is the cheapest at 20. 8x versus CME Group Inc. at 25. 7x. On forward P/E, MarketAxess Holdings Inc. is actually cheaper at 18. 5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: CME Group Inc. wins at 1. 71x versus MarketAxess Holdings Inc. 's 3. 00x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — MKTX or CME?
Over the past 5 years, CME Group Inc.
(CME) delivered a total return of +64. 4%, compared to -63. 7% for MarketAxess Holdings Inc. (MKTX). Over 10 years, the gap is even starker: CME returned +289. 3% versus MKTX's +40. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MKTX or CME?
By beta (market sensitivity over 5 years), CME Group Inc.
(CME) is the lower-risk stock at -0. 30β versus MarketAxess Holdings Inc. 's -0. 28β — meaning MKTX is approximately -8% more volatile than CME relative to the S&P 500. On balance sheet safety, MarketAxess Holdings Inc. (MKTX) carries a lower debt/equity ratio of 5% versus 13% for CME Group Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — MKTX or CME?
By revenue growth (latest reported year), MarketAxess Holdings Inc.
(MKTX) is pulling ahead at 8. 6% versus 6. 4% for CME Group Inc. (CME). On earnings-per-share growth, the picture is similar: CME Group Inc. grew EPS 15. 4% year-over-year, compared to 6. 3% for MarketAxess Holdings Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — MKTX or CME?
CME Group Inc.
(CME) is the more profitable company, earning 62. 0% net margin versus 33. 6% for MarketAxess Holdings Inc. — meaning it keeps 62. 0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CME leads at 64. 9% versus 41. 7% for MKTX. At the gross margin level — before operating expenses — CME leads at 86. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is MKTX or CME more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.
By this metric, CME Group Inc. (CME) is the more undervalued stock at a PEG of 1. 71x versus MarketAxess Holdings Inc. 's 3. 00x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, MarketAxess Holdings Inc. (MKTX) trades at 18. 5x forward P/E versus 23. 5x for CME Group Inc. — 5. 0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MKTX: 29. 3% to $195. 60.
08Which pays a better dividend — MKTX or CME?
All stocks in this comparison pay dividends.
CME Group Inc. (CME) offers the highest yield at 3. 8%, versus 2. 0% for MarketAxess Holdings Inc. (MKTX).
09Is MKTX or CME better for a retirement portfolio?
For long-horizon retirement investors, CME Group Inc.
(CME) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0. 30), 3. 8% yield, +289. 3% 10Y return). Both have compounded well over 10 years (CME: +289. 3%, MKTX: +40. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between MKTX and CME?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: MKTX is a small-cap quality compounder stock; CME is a mid-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(MKTX: 8.6% · CME: 6.4%)Net Margin>
%
(MKTX: 33.6% · CME: 62.0%)P/E Ratio<
x
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