Comprehensive Stock Comparison
Compare MarketAxess Holdings Inc. (MKTX) vs The Goldman Sachs Group, Inc. (GS) vs Morgan Stanley (MS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | GS | 17.0% revenue growth vs MKTX's 8.6% |
| Value | GS | Lower P/E (14.7x vs 14.8x), PEG 1.05 vs 1.66 |
| Quality / Margins | MKTX | 33.6% net margin vs GS's 11.3% |
| Stability / Safety | MS | Beta 1.35 vs GS's 1.36, lower leverage |
| Dividends | GS | 1.6% yield, 12-year raise streak, vs MS's 2.3% |
| Momentum (1Y) | GS | +40.4% vs MKTX's +1.2% |
| Efficiency (ROA) | MKTX | 10.9% ROA vs GS's 0.9%, ROIC 18.0% vs 1.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
MarketAxess operates an electronic trading platform for institutional fixed-income securities. It generates revenue primarily from transaction fees on bond trades—with U.S. investment-grade bonds being its largest segment—and from market data and technology services. The company's competitive moat lies in its Open Trading network, which creates an all-to-all anonymous liquidity pool that attracts both buy-side and sell-side participants.
Goldman Sachs is a global investment bank and financial services firm that provides investment banking, securities, and investment management services to corporations, governments, and high-net-worth individuals. It generates revenue primarily through investment banking fees (20-25%), trading and market-making in its Global Markets segment (40-45%), and asset management fees from its wealth and investment management divisions (30-35%). The firm's key competitive advantage lies in its elite brand reputation, deep client relationships with the world's largest corporations and governments, and its sophisticated risk management capabilities honed over decades.
Morgan Stanley is a global investment bank and wealth management firm that provides financial services to institutions, corporations, and individuals. It generates revenue primarily through investment banking fees (~30%), wealth management fees (~40%), and trading & sales activities (~25%), with the remainder from investment management. The company's competitive advantage lies in its elite brand reputation, global institutional relationships, and integrated platform that connects investment banking with wealth management.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 3 stocks. BestLagging
Financial Scorecard
MKTX leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). GS leads in 2 (Valuation Metrics, Total Returns). 2 tied.
Financial Metrics (TTM)
GS is the larger business by revenue, generating $126.9B annually — 155.2x MKTX's $817M. MKTX is the more profitable business, keeping 33.6% of every revenue dollar as net income compared to GS's 11.3%.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| RevenueTrailing 12 months | $817M | $126.9B | $103.1B |
| EBITDAEarnings before interest/tax | $429M | $23.4B | $26.3B |
| Net IncomeAfter-tax profit | $220M | $16.7B | $16.2B |
| Free Cash FlowCash after capex | $346M | $15.8B | -$6.7B |
| Gross MarginGross profit ÷ Revenue | +68.9% | +41.1% | +55.6% |
| Operating MarginEBIT ÷ Revenue | +41.7% | +14.5% | +17.1% |
| Net MarginNet income ÷ Revenue | +33.6% | +11.3% | +13.0% |
| FCF MarginFCF ÷ Revenue | +45.9% | -12.1% | -2.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | +45.8% | +48.9% |
Valuation Metrics
At 20.9x trailing earnings, MS trades at a 21% valuation discount to MKTX's 26.4x P/E. Adjusting for growth (PEG ratio), GS offers better value at 1.51x vs MKTX's 4.28x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Market CapShares × price | $7.1B | $267.0B | $264.9B |
| Enterprise ValueMkt cap + debt − cash | $6.7B | $701.9B | $549.6B |
| Trailing P/EPrice ÷ TTM EPS | 26.37x | 21.20x | 20.94x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.53x | 14.73x | 14.79x |
| PEG RatioP/E ÷ EPS growth rate | 4.28x | 1.51x | 2.35x |
| EV / EBITDAEnterprise value multiple | 15.81x | 33.76x | 24.15x |
| Price / SalesMarket cap ÷ Revenue | 8.73x | 2.10x | 2.57x |
| Price / BookPrice ÷ Book value/share | 5.21x | 2.35x | 2.54x |
| Price / FCFMarket cap ÷ FCF | 19.01x | — | — |
Profitability & Efficiency
MKTX delivers a 15.8% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $13 for GS. MKTX carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to GS's 5.06x. On the Piotroski fundamental quality scale (0–9), MKTX scores 6/9 vs GS's 4/9, reflecting solid financial health.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| ROE (TTM)Return on equity | +15.8% | +12.6% | +14.6% |
| ROA (TTM)Return on assets | +10.9% | +0.9% | +1.2% |
| ROICReturn on invested capital | +18.0% | +1.9% | +2.9% |
| ROCEReturn on capital employed | +23.0% | +3.6% | +3.8% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.05x | 5.06x | 3.42x |
| Net DebtTotal debt minus cash | -$472M | $434.8B | $284.7B |
| Cash & Equiv.Liquid assets | $544M | $182.1B | $75.7B |
| Total DebtShort + long-term debt | $73M | $616.9B | $360.5B |
| Interest CoverageEBIT ÷ Interest expense | 443.10x | 0.31x | 0.44x |
Total Returns (with DRIP)
A $10,000 investment in GS five years ago would be worth $27,615 today (with dividends reinvested), compared to $3,565 for MKTX. Over the past 12 months, GS leads with a +40.4% total return vs MKTX's +1.2%. The 3-year compound annual growth rate (CAGR) favors GS at 36.6% vs MKTX's -16.2% — a key indicator of consistent wealth creation.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| YTD ReturnYear-to-date | +8.0% | -6.0% | -7.9% |
| 1-Year ReturnPast 12 months | +1.2% | +40.4% | +28.0% |
| 3-Year ReturnCumulative with dividends | -41.2% | +154.7% | +83.8% |
| 5-Year ReturnCumulative with dividends | -64.3% | +176.1% | +131.0% |
| 10-Year ReturnCumulative with dividends | +81.8% | +521.2% | +662.8% |
| CAGR (3Y)Annualised 3-year return | -16.2% | +36.6% | +22.5% |
Risk & Volatility
MKTX is the less volatile stock with a -0.24 beta — it tends to amplify market swings less than GS's 1.36 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. GS currently trades 87.3% from its 52-week high vs MKTX's 82.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.24x | 1.36x | 1.35x |
| 52-Week HighHighest price in past year | $232.84 | $984.70 | $192.68 |
| 52-Week LowLowest price in past year | $156.17 | $439.38 | $94.33 |
| % of 52W HighCurrent price vs 52-week peak | +82.5% | +87.3% | +86.4% |
| RSI (14)Momentum oscillator 0–100 | 66.5 | 52.2 | 51.2 |
| Avg Volume (50D)Average daily shares traded | 491K | 2.0M | 5.8M |
Analyst Outlook
Analyst consensus: MKTX as "Hold", GS as "Hold", MS as "Buy". Consensus price targets imply 17.7% upside for MS (target: $196) vs -0.9% for MKTX (target: $190). For income investors, MS offers the higher dividend yield at 2.29% vs MKTX's 1.56%.
| Metric | MKTXMarketAxess Holdi… | GSThe Goldman Sachs… | MSMorgan Stanley |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Buy |
| Price TargetConsensus 12-month target | $190.33 | $933.67 | $196.00 |
| # AnalystsCovering analysts | 23 | 54 | 50 |
| Dividend YieldAnnual dividend ÷ price | +1.6% | +1.6% | +2.3% |
| Dividend StreakConsecutive years of raises | 11 | 12 | 11 |
| Dividend / ShareAnnual DPS | $2.99 | $13.48 | $3.81 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | +3.8% | +1.6% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 100 | 47.71 | -52.3% |
| The Goldman Sachs G… (GS) | 100 | 451.77 | +351.8% |
| Morgan Stanley (MS) | 100 | 398.24 | +298.2% |
The Goldman Sachs G… (GS) returned +176% over 5 years vs MarketAxess Holding… (MKTX)'s -64%. A $10,000 investment in GS 5 years ago would be worth $27,615 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | $303M | $817M | +169.6% |
| The Goldman Sachs G… (GS) | $39.2B | $126.9B | +223.8% |
| Morgan Stanley (MS) | $36.0B | $103.1B | +186.5% |
MarketAxess Holdings Inc.'s revenue grew from $303M (2015) to $817M (2024) — a 11.6% CAGR. The Goldman Sachs Group, Inc.'s revenue grew from $39.2B (2015) to $126.9B (2024) — a 13.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 31.7% | 33.6% | +5.9% |
| The Goldman Sachs G… (GS) | 15.5% | 11.3% | -27.5% |
| Morgan Stanley (MS) | 17.0% | 13.0% | -23.7% |
MarketAxess Holdings Inc.'s net margin went from 32% (2015) to 34% (2024). The Goldman Sachs Group, Inc.'s net margin went from 16% (2015) to 11% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 51.9 | 31 | -40.3% |
| The Goldman Sachs G… (GS) | 28.3 | 14.1 | -50.2% |
| Morgan Stanley (MS) | 17 | 15.8 | -7.1% |
MarketAxess Holdings Inc. has traded in a 31x–73x P/E range over 8 years; current trailing P/E is ~26x. The Goldman Sachs Group, Inc. has traded in a 6x–28x P/E range over 8 years; current trailing P/E is ~21x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 2.55 | 7.28 | +185.5% |
| The Goldman Sachs G… (GS) | 12.14 | 40.54 | +233.9% |
| Morgan Stanley (MS) | 2.91 | 7.95 | +173.2% |
MarketAxess Holdings Inc.'s EPS grew from $2.55 (2015) to $7.28 (2024) — a 12% CAGR. The Goldman Sachs Group, Inc.'s EPS grew from $12.14 (2015) to $40.54 (2024) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
MarketAxess Holdings Inc. generated $375M FCF in 2024 (+62% vs 2021). The Goldman Sachs Group, Inc. generated $-15B FCF in 2024 (-1038% vs 2021).
MKTX vs GS vs MS: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is MKTX or GS or MS a better buy right now?
Morgan Stanley (MS) offers the better valuation at 20.9x trailing P/E (14.8x forward), making it the more compelling value choice. Analysts rate Morgan Stanley (MS) a "Buy" — based on 50 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 GS or MS?
On trailing P/E, Morgan Stanley (MS) is the cheapest at 20.9x versus MarketAxess Holdings Inc. at 26.4x. On forward P/E, The Goldman Sachs Group, Inc. is actually cheaper at 14.7x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: The Goldman Sachs Group, Inc. wins at 1.05x versus MarketAxess Holdings Inc.'s 3.82x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — MKTX or GS or MS?
Over the past 5 years, The Goldman Sachs Group, Inc. (GS) delivered a total return of +176.1%, compared to -64.3% for MarketAxess Holdings Inc. (MKTX). A $10,000 investment in GS five years ago would be worth approximately $28K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MS returned +662.8% versus MKTX's +81.8%. 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 GS or MS?
By beta (market sensitivity over 5 years), MarketAxess Holdings Inc. (MKTX) is the lower-risk stock at -0.24β versus The Goldman Sachs Group, Inc.'s 1.36β — meaning GS is approximately -679% more volatile than MKTX relative to the S&P 500. On balance sheet safety, MarketAxess Holdings Inc. (MKTX) carries a lower debt/equity ratio of 5% versus 5% for The Goldman Sachs Group, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MKTX or GS or MS?
MarketAxess Holdings Inc. (MKTX) is the more profitable company, earning 33.6% net margin versus 11.3% for The Goldman Sachs Group, Inc. — meaning it keeps 33.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MKTX leads at 41.7% versus 14.5% for GS. At the gross margin level — before operating expenses — MKTX leads at 68.9%, 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.
06Is MKTX or GS or MS 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, The Goldman Sachs Group, Inc. (GS) is the more undervalued stock at a PEG of 1.05x versus MarketAxess Holdings Inc.'s 3.82x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, The Goldman Sachs Group, Inc. (GS) trades at 14.7x forward P/E versus 23.5x for MarketAxess Holdings Inc. — 8.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MS: 17.7% to $196.00.
07Which pays a better dividend — MKTX or GS or MS?
All stocks in this comparison pay dividends. Morgan Stanley (MS) offers the highest yield at 2.3%, versus 1.6% for MarketAxess Holdings Inc. (MKTX).
08Is MKTX or GS or MS better for a retirement portfolio?
For long-horizon retirement investors, MarketAxess Holdings Inc. (MKTX) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.24), 1.6% yield). Both have compounded well over 10 years (MKTX: +81.8%, GS: +521.2%), 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.
09What are the main differences between MKTX and GS and MS?
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. 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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