MKTX
MarketAxess Holdings Inc.
Financial - Capital Markets
Market Cap$5.62B
5Y Perf.-70.3%
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Stock Comparison
MKTX vs JPM
Revenue, margins, valuation, and 5-year total return — side by side.
JPM
JPMorgan Chase & Co.
Banks - Diversified
Market Cap$834.20B
5Y Perf.+218.0%
MKTX vs JPM — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MKTX | JPM |
|---|---|---|
| Industry | Financial - Capital Markets | Banks - Diversified |
| Market Cap | $5.62B | $834.20B |
| Revenue (TTM) | $817M | $270.79B |
| Net Income (TTM) | $220M | $58.03B |
| Gross Margin | 68.9% | 58.6% |
| Operating Margin | 41.7% | 27.7% |
| Forward P/E | 18.5x | 13.9x |
| Total Debt | $73M | $751.15B |
| Cash & Equiv. | $544M | $469.32B |
MKTX vs JPM — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MKTX
JPM
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 100 | 29.7 | -70.3% |
| JPMorgan Chase & Co. (JPM) | 100 | 318.0 | +218.0% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MKTX vs JPM
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: MKTX leads in 4 of 7 categories, making it the strongest pick for profitability and margin quality and capital preservation and lower volatility. JPMorgan Chase & Co. 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 carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 11 yrs, beta -0.28, yield 2.0%
- Lower volatility, beta -0.28, Low D/E 5.2%, current ratio 4.41x
- Beta -0.28, yield 2.0%, current ratio 4.41x
Best for: income & stability and sleep-well-at-night
JPM
JPMorgan Chase & Co.
The Banking Pick
JPM is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth 14.6%, EPS growth 21.7%
- 466.1% 10Y total return vs MKTX's 40.4%
- PEG 1.07 vs MKTX's 3.00
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | JPM | 14.6% NII/revenue growth vs MKTX's 8.6% |
| Value | JPM | Lower P/E (13.9x vs 18.5x), PEG 1.07 vs 3.00 |
| Quality / Margins | MKTX | Efficiency ratio 0.3% vs JPM's 0.3% (lower = leaner) |
| Stability / Safety | MKTX | Lower D/E ratio (5.2% vs 217.9%) |
| Dividends | MKTX | 2.0% yield, 11-year raise streak, vs JPM's 1.7% |
| Momentum (1Y) | JPM | +24.8% vs MKTX's -31.9% |
| Efficiency (ROA) | MKTX | Efficiency ratio 0.3% vs JPM's 0.3% |
MKTX vs JPM — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2024
MKTX vs JPM — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMKTXLAGGINGJPM
JPMJPMorgan Chase & Co.
2leads
MKTXMarketAxess Holdings …
2leads
6 Total Categories
CATEGORYLEADERvs JPMMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MKTX4/5
Valuation MetricsMultiples, price ratios, and targets
JPM5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MKTX8/9
Total Returns1Y, 3Y, 5Y total returns with dividends
JPM6/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
MKTX leads this category, winning 4 of 5 comparable metrics.
Income & Cash Flow (Last 12 Months)
JPM is the larger business by revenue, generating $270.8B annually — 331.4x MKTX's $817M. MKTX is the more profitable business, keeping 33.6% of every revenue dollar as net income compared to JPM's 21.6%.
| Metric | MKTXMarketAxess Holdi… | JPMJPMorgan Chase & … |
|---|---|---|
| RevenueTrailing 12 months | $817M | $270.8B |
| EBITDAEarnings before interest/tax | $429M | $81.3B |
| Net IncomeAfter-tax profit | $220M | $58.0B |
| Free Cash FlowCash after capex | $346M | -$119.7B |
| Gross MarginGross profit ÷ Revenue | +68.9% | +58.6% |
| Operating MarginEBIT ÷ Revenue | +41.7% | +27.7% |
| Net MarginNet income ÷ Revenue | +33.6% | +21.6% |
| FCF MarginFCF ÷ Revenue | +45.9% | -15.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | +16.0% |
MKTX leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
JPM leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
At 15.7x trailing earnings, JPM trades at a 25% valuation discount to MKTX's 20.8x P/E. Adjusting for growth (PEG ratio), JPM offers better value at 1.21x vs MKTX's 3.38x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MKTXMarketAxess Holdi… | JPMJPMorgan Chase & … |
|---|---|---|
| Market CapShares × price | $5.6B | $834.2B |
| Enterprise ValueMkt cap + debt − cash | $5.1B | $1.12T |
| Trailing P/EPrice ÷ TTM EPS | 20.78x | 15.67x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.46x | 13.93x |
| PEG RatioP/E ÷ EPS growth rate | 3.38x | 1.21x |
| EV / EBITDAEnterprise value multiple | 12.22x | 13.44x |
| Price / SalesMarket cap ÷ Revenue | 6.88x | 3.08x |
| Price / BookPrice ÷ Book value/share | 4.10x | 2.58x |
| Price / FCFMarket cap ÷ FCF | 14.98x | — |
JPM leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
MKTX leads this category, winning 8 of 9 comparable metrics.
Profitability & Efficiency
JPM delivers a 16.1% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $16 for MKTX. MKTX carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to JPM's 2.18x. On the Piotroski fundamental quality scale (0–9), MKTX scores 6/9 vs JPM's 5/9, reflecting solid financial health.
| Metric | MKTXMarketAxess Holdi… | JPMJPMorgan Chase & … |
|---|---|---|
| ROE (TTM)Return on equity | +15.8% | +16.1% |
| ROA (TTM)Return on assets | +10.9% | +1.3% |
| ROICReturn on invested capital | +18.0% | +5.4% |
| ROCEReturn on capital employed | +23.0% | +8.2% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.05x | 2.18x |
| Net DebtTotal debt minus cash | -$472M | $281.8B |
| Cash & Equiv.Liquid assets | $544M | $469.3B |
| Total DebtShort + long-term debt | $73M | $751.1B |
| Interest CoverageEBIT ÷ Interest expense | 443.10x | 0.74x |
MKTX leads this category, winning 8 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
JPM leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in JPM five years ago would be worth $21,108 today (with dividends reinvested), compared to $3,629 for MKTX. Over the past 12 months, JPM leads with a +24.8% total return vs MKTX's -31.9%. The 3-year compound annual growth rate (CAGR) favors JPM at 33.4% vs MKTX's -18.9% — a key indicator of consistent wealth creation.
| Metric | MKTXMarketAxess Holdi… | JPMJPMorgan Chase & … |
|---|---|---|
| YTD ReturnYear-to-date | -14.8% | -4.0% |
| 1-Year ReturnPast 12 months | -31.9% | +24.8% |
| 3-Year ReturnCumulative with dividends | -46.6% | +137.4% |
| 5-Year ReturnCumulative with dividends | -63.7% | +111.1% |
| 10-Year ReturnCumulative with dividends | +40.4% | +466.1% |
| CAGR (3Y)Annualised 3-year return | -18.9% | +33.4% |
JPM leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
Evenly matched — MKTX and JPM each lead in 1 of 2 comparable metrics.
Risk & Volatility
MKTX is the less volatile stock with a -0.28 beta — it tends to amplify market swings less than JPM's 1.00 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. JPM currently trades 91.7% 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… | JPMJPMorgan Chase & … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.28x | 1.00x |
| 52-Week HighHighest price in past year | $232.84 | $337.25 |
| 52-Week LowLowest price in past year | $148.53 | $248.83 |
| % of 52W HighCurrent price vs 52-week peak | +65.0% | +91.7% |
| RSI (14)Momentum oscillator 0–100 | 32.3 | 51.3 |
| Avg Volume (50D)Average daily shares traded | 440K | 8.5M |
Evenly matched — MKTX and JPM each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — MKTX and JPM each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates MKTX as "Hold" and JPM as "Buy". Consensus price targets imply 29.3% upside for MKTX (target: $196) vs 9.5% for JPM (target: $339). For income investors, MKTX offers the higher dividend yield at 1.98% vs JPM's 1.66%.
| Metric | MKTXMarketAxess Holdi… | JPMJPMorgan Chase & … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $195.60 | $338.78 |
| # AnalystsCovering analysts | 23 | 61 |
| Dividend YieldAnnual dividend ÷ price | +2.0% | +1.7% |
| Dividend StreakConsecutive years of raises | 11 | 14 |
| Dividend / ShareAnnual DPS | $2.99 | $5.13 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.3% | +3.4% |
Evenly matched — MKTX and JPM each lead in 1 of 2 comparable metrics.
Key Takeaway
MKTX leads in 2 of 6 categories (Income & Cash Flow, Profitability & Efficiency). JPM leads in 2 (Valuation Metrics, Total Returns). 2 tied.
Best OverallMarketAxess Holdings Inc. (MKTX)Leads 2 of 6 categories
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MKTX vs JPM: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is MKTX or JPM a better buy right now?
For growth investors, JPMorgan Chase & Co.
(JPM) is the stronger pick with 14. 6% revenue growth year-over-year, versus 8. 6% for MarketAxess Holdings Inc. (MKTX). JPMorgan Chase & Co. (JPM) offers the better valuation at 15. 7x trailing P/E (13. 9x forward), making it the more compelling value choice. Analysts rate JPMorgan Chase & Co. (JPM) a "Buy" — based on 61 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 JPM?
On trailing P/E, JPMorgan Chase & Co.
(JPM) is the cheapest at 15. 7x versus MarketAxess Holdings Inc. at 20. 8x. On forward P/E, JPMorgan Chase & Co. is actually cheaper at 13. 9x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: JPMorgan Chase & Co. wins at 1. 07x versus MarketAxess Holdings Inc. 's 3. 00x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — MKTX or JPM?
Over the past 5 years, JPMorgan Chase & Co.
(JPM) delivered a total return of +111. 1%, compared to -63. 7% for MarketAxess Holdings Inc. (MKTX). Over 10 years, the gap is even starker: JPM returned +466. 1% 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 JPM?
By beta (market sensitivity over 5 years), MarketAxess Holdings Inc.
(MKTX) is the lower-risk stock at -0. 28β versus JPMorgan Chase & Co. 's 1. 00β — meaning JPM is approximately -457% 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 2% for JPMorgan Chase & Co. — giving it more financial flexibility in a downturn.
05Which is growing faster — MKTX or JPM?
By revenue growth (latest reported year), JPMorgan Chase & Co.
(JPM) is pulling ahead at 14. 6% versus 8. 6% for MarketAxess Holdings Inc. (MKTX). On earnings-per-share growth, the picture is similar: JPMorgan Chase & Co. grew EPS 21. 7% 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 JPM?
MarketAxess Holdings Inc.
(MKTX) is the more profitable company, earning 33. 6% net margin versus 21. 6% for JPMorgan Chase & Co. — 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 27. 7% for JPM. 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.
07Is MKTX or JPM 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, JPMorgan Chase & Co. (JPM) is the more undervalued stock at a PEG of 1. 07x versus MarketAxess Holdings Inc. 's 3. 00x. A PEG below 1. 5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, JPMorgan Chase & Co. (JPM) trades at 13. 9x forward P/E versus 18. 5x for MarketAxess Holdings Inc. — 4. 5x 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 JPM?
All stocks in this comparison pay dividends.
MarketAxess Holdings Inc. (MKTX) offers the highest yield at 2. 0%, versus 1. 7% for JPMorgan Chase & Co. (JPM).
09Is MKTX or JPM 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. 28), 2. 0% yield). Both have compounded well over 10 years (MKTX: +40. 4%, JPM: +466. 1%), 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 JPM?
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; JPM is a large-cap deep-value 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% · JPM: 14.6%)Net Margin>
%
(MKTX: 33.6% · JPM: 21.6%)P/E Ratio<
x
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