Comprehensive Stock Comparison
Compare MarketAxess Holdings Inc. (MKTX) vs MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) 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 | MIAX | 9.5% revenue growth vs MKTX's 8.6% |
| Value | MKTX | Lower P/E (23.5x vs 31.0x) |
| Quality / Margins | MKTX | 33.6% net margin vs MIAX's 9.0% |
| Stability / Safety | MKTX | Lower D/E ratio (5.2% vs 11.9%) |
| Dividends | MKTX | 1.6% yield; 11-year raise streak; MIAX pays no meaningful dividend |
| Momentum (1Y) | MIAX | +38.6% vs MKTX's +1.2% |
| Efficiency (ROA) | MKTX | 10.9% ROA vs MIAX's -7.9%, ROIC 18.0% vs -0.6% |
Who Each Stock Is For
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
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.
Miami International Holdings operates a network of electronic exchanges for options, futures, and equities trading. It generates revenue primarily from transaction fees — including exchange, clearing, and market data fees — across its various market segments. The company's competitive advantage lies in its multi-asset exchange ecosystem, which creates network effects and cross-selling opportunities among its interconnected trading venues.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
MKTX leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). MIAX leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
MIAX and MKTX operate at a comparable scale, with $1.1B and $817M in trailing revenue. MKTX is the more profitable business, keeping 33.6% of every revenue dollar as net income compared to MIAX's 9.0%.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| RevenueTrailing 12 months | $817M | $1.1B |
| EBITDAEarnings before interest/tax | $429M | $84M |
| Net IncomeAfter-tax profit | $220M | -$97M |
| Free Cash FlowCash after capex | $346M | $129M |
| Gross MarginGross profit ÷ Revenue | +68.9% | +24.2% |
| Operating MarginEBIT ÷ Revenue | +41.7% | -0.2% |
| Net MarginNet income ÷ Revenue | +33.6% | +9.0% |
| FCF MarginFCF ÷ Revenue | +45.9% | +6.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | -35.2% |
Valuation Metrics
At 26.4x trailing earnings, MKTX trades at a 20% valuation discount to MIAX's 33.0x P/E. On an enterprise value basis, MKTX's 15.8x EV/EBITDA is more attractive than MIAX's 180.2x.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| Market CapShares × price | $7.1B | $3.8B |
| Enterprise ValueMkt cap + debt − cash | $6.7B | $3.7B |
| Trailing P/EPrice ÷ TTM EPS | 26.37x | 33.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 23.53x | 30.97x |
| PEG RatioP/E ÷ EPS growth rate | 4.28x | — |
| EV / EBITDAEnterprise value multiple | 15.81x | 180.16x |
| Price / SalesMarket cap ÷ Revenue | 8.73x | 3.34x |
| Price / BookPrice ÷ Book value/share | 5.21x | 9.21x |
| Price / FCFMarket cap ÷ FCF | 19.01x | 52.58x |
Profitability & Efficiency
MKTX delivers a 15.8% return on equity — every $100 of shareholder capital generates $16 in annual profit, vs $-12 for MIAX. MKTX carries lower financial leverage with a 0.05x debt-to-equity ratio, signaling a more conservative balance sheet compared to MIAX's 0.12x. On the Piotroski fundamental quality scale (0–9), MIAX scores 8/9 vs MKTX's 6/9, reflecting strong financial health.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| ROE (TTM)Return on equity | +15.8% | -11.7% |
| ROA (TTM)Return on assets | +10.9% | -7.9% |
| ROICReturn on invested capital | +18.0% | -0.6% |
| ROCEReturn on capital employed | +23.0% | -0.7% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 8 |
| Debt / EquityFinancial leverage | 0.05x | 0.12x |
| Net DebtTotal debt minus cash | -$472M | -$107M |
| Cash & Equiv.Liquid assets | $544M | $150M |
| Total DebtShort + long-term debt | $73M | $44M |
| Interest CoverageEBIT ÷ Interest expense | 443.10x | -4.03x |
Total Returns (with DRIP)
A $10,000 investment in MIAX five years ago would be worth $13,858 today (with dividends reinvested), compared to $3,565 for MKTX. Over the past 12 months, MIAX leads with a +38.6% total return vs MKTX's +1.2%. The 3-year compound annual growth rate (CAGR) favors MIAX at 11.5% vs MKTX's -16.2% — a key indicator of consistent wealth creation.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| YTD ReturnYear-to-date | +8.0% | -2.4% |
| 1-Year ReturnPast 12 months | +1.2% | +38.6% |
| 3-Year ReturnCumulative with dividends | -41.2% | +38.6% |
| 5-Year ReturnCumulative with dividends | -64.3% | +38.6% |
| 10-Year ReturnCumulative with dividends | +81.8% | +38.6% |
| CAGR (3Y)Annualised 3-year return | -16.2% | +11.5% |
Risk & Volatility
MKTX is the less volatile stock with a -0.24 beta — it tends to amplify market swings less than MIAX's 0.35 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.24x | 0.35x |
| 52-Week HighHighest price in past year | $232.84 | $51.38 |
| 52-Week LowLowest price in past year | $156.17 | $28.63 |
| % of 52W HighCurrent price vs 52-week peak | +82.5% | +82.9% |
| RSI (14)Momentum oscillator 0–100 | 66.5 | 51.6 |
| Avg Volume (50D)Average daily shares traded | 491K | 924K |
Analyst Outlook
Wall Street rates MKTX as "Hold" and MIAX as "Buy". Consensus price targets imply 17.4% upside for MIAX (target: $50) vs -0.9% for MKTX (target: $190). MKTX is the only dividend payer here at 1.56% yield — a key consideration for income-focused portfolios.
| Metric | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $190.33 | $50.00 |
| # AnalystsCovering analysts | 23 | 5 |
| Dividend YieldAnnual dividend ÷ price | +1.6% | — |
| Dividend StreakConsecutive years of raises | 11 | — |
| Dividend / ShareAnnual DPS | $2.99 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.1% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | $303M | $817M | +169.6% |
| MIAMI INTERNATIONAL… (MIAX) | $452M | $1.1B | +152.0% |
MarketAxess Holdings Inc.'s revenue grew from $303M (2015) to $817M (2024) — a 11.6% CAGR.
Chart 2Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 31.7% | 33.6% | +5.9% |
| MIAMI INTERNATIONAL… (MIAX) | -7.0% | 9.0% | +227.1% |
MarketAxess Holdings Inc.'s net margin went from 32% (2015) to 34% (2024).
Chart 3P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 51.9 | 31 | -40.3% |
MarketAxess Holdings Inc. has traded in a 31x–73x P/E range over 8 years; current trailing P/E is ~26x.
Chart 4EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 2.55 | 7.28 | +185.5% |
| MIAMI INTERNATIONAL… (MIAX) | -0.4 | 1.29 | +422.5% |
MarketAxess Holdings Inc.'s EPS grew from $2.55 (2015) to $7.28 (2024) — a 12% CAGR.
Chart 5Free Cash Flow — 5 Years
MarketAxess Holdings Inc. generated $375M FCF in 2024 (+62% vs 2021). MIAMI INTERNATIONAL HOLDINGS, INC. generated $72M FCF in 2024 (+1074% vs 2021).
MKTX vs MIAX: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is MKTX or MIAX a better buy right now?
MarketAxess Holdings Inc. (MKTX) offers the better valuation at 26.4x trailing P/E (23.5x forward), making it the more compelling value choice. Analysts rate MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) a "Buy" — based on 5 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 MIAX?
On trailing P/E, MarketAxess Holdings Inc. (MKTX) is the cheapest at 26.4x versus MIAMI INTERNATIONAL HOLDINGS, INC. at 33.0x. On forward P/E, MarketAxess Holdings Inc. is actually cheaper at 23.5x.
03Which is the better long-term investment — MKTX or MIAX?
Over the past 5 years, MIAMI INTERNATIONAL HOLDINGS, INC. (MIAX) delivered a total return of +38.6%, compared to -64.3% for MarketAxess Holdings Inc. (MKTX). A $10,000 investment in MIAX five years ago would be worth approximately $14K today (assuming dividends reinvested). Over 10 years, the gap is even starker: MKTX returned +81.8% versus MIAX's +38.6%. 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 MIAX?
By beta (market sensitivity over 5 years), MarketAxess Holdings Inc. (MKTX) is the lower-risk stock at -0.24β versus MIAMI INTERNATIONAL HOLDINGS, INC.'s 0.35β — meaning MIAX is approximately -248% 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 12% for MIAMI INTERNATIONAL HOLDINGS, INC. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MKTX or MIAX?
MarketAxess Holdings Inc. (MKTX) is the more profitable company, earning 33.6% net margin versus 9.0% for MIAMI INTERNATIONAL HOLDINGS, 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 -0.2% for MIAX. 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 MIAX more undervalued right now?
On forward earnings alone, MarketAxess Holdings Inc. (MKTX) trades at 23.5x forward P/E versus 31.0x for MIAMI INTERNATIONAL HOLDINGS, INC. — 7.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MIAX: 17.4% to $50.00.
07Which pays a better dividend — MKTX or MIAX?
In this comparison, MKTX (1.6% yield) pays a dividend. MIAX does not pay a meaningful dividend and should not be held primarily for income.
08Is MKTX or MIAX 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%, MIAX: +38.6%), 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 MIAX?
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. MKTX pays a dividend while MIAX does not, making them suitable for different income and tax situations. 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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