MKTX
MarketAxess Holdings Inc.
Financial - Capital Markets
Market Cap$5.53B
5Y Perf.-70.7%
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Stock Comparison
MKTX vs NDAQ
Revenue, margins, valuation, and 5-year total return — side by side.
NDAQ
Nasdaq, Inc.
Financial - Data & Stock Exchanges
Market Cap$50.71B
5Y Perf.+125.9%
MKTX vs NDAQ — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | MKTX | NDAQ |
|---|---|---|
| Industry | Financial - Capital Markets | Financial - Data & Stock Exchanges |
| Market Cap | $5.53B | $50.71B |
| Revenue (TTM) | $817M | $8.22B |
| Net Income (TTM) | $220M | $1.91B |
| Gross Margin | 68.9% | 47.9% |
| Operating Margin | 41.7% | 28.4% |
| Forward P/E | 18.2x | 22.7x |
| Total Debt | $73M | $9.93B |
| Cash & Equiv. | $544M | $814M |
MKTX vs NDAQ — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
MKTX
NDAQ
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| MarketAxess Holding… (MKTX) | 100 | 29.3 | -70.7% |
| Nasdaq, Inc. (NDAQ) | 100 | 225.9 | +125.9% |
Price return only. Dividends and distributions are not included.
Quick Verdict: MKTX vs NDAQ
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: NDAQ leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and profitability and margin quality. MarketAxess Holdings Inc. is the stronger pick specifically for valuation and capital efficiency and capital preservation and lower volatility. 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 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
NDAQ
Nasdaq, Inc.
The Banking Pick
NDAQ carries the broadest edge in this set and is the clearest fit for growth exposure and long-term compounding.
- Rev growth 11.1%, EPS growth 60.1%
- 351.9% 10Y total return vs MKTX's 37.2%
- PEG 2.12 vs MKTX's 2.95
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | NDAQ | 11.1% NII/revenue growth vs MKTX's 8.6% |
| Value | MKTX | Lower P/E (18.2x vs 22.7x) |
| Quality / Margins | NDAQ | Efficiency ratio 0.2% vs MKTX's 0.3% (lower = leaner) |
| Stability / Safety | MKTX | Lower D/E ratio (5.2% vs 81.2%) |
| Dividends | MKTX | 2.0% yield, 11-year raise streak, vs NDAQ's 1.2% |
| Momentum (1Y) | NDAQ | +15.6% vs MKTX's -33.6% |
| Efficiency (ROA) | NDAQ | Efficiency ratio 0.2% vs MKTX's 0.3% |
MKTX vs NDAQ — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2025
MKTX vs NDAQ — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLMKTXLAGGINGNDAQ
NDAQNasdaq, Inc.
1leads
MKTXMarketAxess Holdings …
3leads
6 Total Categories
CATEGORYLEADERvs NDAQMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
MKTX4/5
Valuation MetricsMultiples, price ratios, and targets
MKTX5/7
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
MKTX7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
NDAQ6/6
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)
NDAQ is the larger business by revenue, generating $8.2B annually — 10.1x MKTX's $817M. MKTX is the more profitable business, keeping 33.6% of every revenue dollar as net income compared to NDAQ's 21.8%.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $817M | $8.2B |
| EBITDAEarnings before interest/tax | $429M | $3.1B |
| Net IncomeAfter-tax profit | $220M | $1.9B |
| Free Cash FlowCash after capex | $346M | $2.0B |
| Gross MarginGross profit ÷ Revenue | +68.9% | +47.9% |
| Operating MarginEBIT ÷ Revenue | +41.7% | +28.4% |
| Net MarginNet income ÷ Revenue | +33.6% | +21.8% |
| FCF MarginFCF ÷ Revenue | +45.9% | +24.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -3.2% | +33.8% |
MKTX leads this category, winning 4 of 5 comparable metrics.
Valuation Metrics
MKTX leads this category, winning 5 of 7 comparable metrics.
Valuation Metrics
At 20.4x trailing earnings, MKTX trades at a 29% valuation discount to NDAQ's 28.9x P/E. Adjusting for growth (PEG ratio), NDAQ offers better value at 2.70x vs MKTX's 3.32x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| Market CapShares × price | $5.5B | $50.7B |
| Enterprise ValueMkt cap + debt − cash | $5.1B | $59.8B |
| Trailing P/EPrice ÷ TTM EPS | 20.45x | 28.87x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.16x | 22.70x |
| PEG RatioP/E ÷ EPS growth rate | 3.32x | 2.70x |
| EV / EBITDAEnterprise value multiple | 12.00x | 20.18x |
| Price / SalesMarket cap ÷ Revenue | 6.77x | 6.17x |
| Price / BookPrice ÷ Book value/share | 4.04x | 4.20x |
| Price / FCFMarket cap ÷ FCF | 14.73x | 25.49x |
MKTX leads this category, winning 5 of 7 comparable metrics.
Profitability & Efficiency
MKTX leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
NDAQ delivers a 15.9% 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 NDAQ's 0.81x. On the Piotroski fundamental quality scale (0–9), NDAQ scores 9/9 vs MKTX's 6/9, reflecting strong financial health.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +15.8% | +15.9% |
| ROA (TTM)Return on assets | +10.9% | +6.4% |
| ROICReturn on invested capital | +18.0% | +8.1% |
| ROCEReturn on capital employed | +23.0% | +10.2% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 9 |
| Debt / EquityFinancial leverage | 0.05x | 0.81x |
| Net DebtTotal debt minus cash | -$472M | $9.1B |
| Cash & Equiv.Liquid assets | $544M | $814M |
| Total DebtShort + long-term debt | $73M | $9.9B |
| Interest CoverageEBIT ÷ Interest expense | 443.10x | 14.11x |
MKTX leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
NDAQ leads this category, winning 6 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in NDAQ five years ago would be worth $17,172 today (with dividends reinvested), compared to $3,723 for MKTX. Over the past 12 months, NDAQ leads with a +15.6% total return vs MKTX's -33.6%. The 3-year compound annual growth rate (CAGR) favors NDAQ at 18.8% vs MKTX's -19.2% — a key indicator of consistent wealth creation.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -16.2% | -7.4% |
| 1-Year ReturnPast 12 months | -33.6% | +15.6% |
| 3-Year ReturnCumulative with dividends | -47.3% | +67.7% |
| 5-Year ReturnCumulative with dividends | -62.8% | +71.7% |
| 10-Year ReturnCumulative with dividends | +37.2% | +351.9% |
| CAGR (3Y)Annualised 3-year return | -19.2% | +18.8% |
NDAQ leads this category, winning 6 of 6 comparable metrics.
Risk & Volatility
Evenly matched — MKTX and NDAQ 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 NDAQ's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. NDAQ currently trades 87.6% from its 52-week high vs MKTX's 63.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.28x | 0.78x |
| 52-Week HighHighest price in past year | $232.84 | $101.79 |
| 52-Week LowLowest price in past year | $148.47 | $77.09 |
| % of 52W HighCurrent price vs 52-week peak | +63.9% | +87.6% |
| RSI (14)Momentum oscillator 0–100 | 28.9 | 52.0 |
| Avg Volume (50D)Average daily shares traded | 443K | 3.3M |
Evenly matched — MKTX and NDAQ each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — MKTX and NDAQ each lead in 1 of 2 comparable metrics.
Analyst Outlook
Wall Street rates MKTX as "Hold" and NDAQ as "Buy". Consensus price targets imply 31.4% upside for MKTX (target: $196) vs 28.5% for NDAQ (target: $115). For income investors, MKTX offers the higher dividend yield at 2.01% vs NDAQ's 1.17%.
| Metric | MKTXMarketAxess Holdi… | NDAQNasdaq, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $195.60 | $114.60 |
| # AnalystsCovering analysts | 23 | 36 |
| Dividend YieldAnnual dividend ÷ price | +2.0% | +1.2% |
| Dividend StreakConsecutive years of raises | 11 | 13 |
| Dividend / ShareAnnual DPS | $2.99 | $1.04 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | +1.2% |
Evenly matched — MKTX and NDAQ each lead in 1 of 2 comparable metrics.
Key Takeaway
MKTX leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). NDAQ leads in 1 (Total Returns). 2 tied.
Best OverallMarketAxess Holdings Inc. (MKTX)Leads 3 of 6 categories
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MKTX vs NDAQ: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is MKTX or NDAQ a better buy right now?
For growth investors, Nasdaq, Inc.
(NDAQ) is the stronger pick with 11. 1% revenue growth year-over-year, versus 8. 6% for MarketAxess Holdings Inc. (MKTX). MarketAxess Holdings Inc. (MKTX) offers the better valuation at 20. 4x trailing P/E (18. 2x forward), making it the more compelling value choice. Analysts rate Nasdaq, Inc. (NDAQ) a "Buy" — based on 36 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 NDAQ?
On trailing P/E, MarketAxess Holdings Inc.
(MKTX) is the cheapest at 20. 4x versus Nasdaq, Inc. at 28. 9x. On forward P/E, MarketAxess Holdings Inc. is actually cheaper at 18. 2x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Nasdaq, Inc. wins at 2. 12x versus MarketAxess Holdings Inc. 's 2. 95x.
03Which is the better long-term investment — MKTX or NDAQ?
Over the past 5 years, Nasdaq, Inc.
(NDAQ) delivered a total return of +71. 7%, compared to -62. 8% for MarketAxess Holdings Inc. (MKTX). Over 10 years, the gap is even starker: NDAQ returned +351. 9% versus MKTX's +37. 2%. 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 NDAQ?
By beta (market sensitivity over 5 years), MarketAxess Holdings Inc.
(MKTX) is the lower-risk stock at -0. 28β versus Nasdaq, Inc. 's 0. 78β — meaning NDAQ is approximately -379% 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 81% for Nasdaq, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — MKTX or NDAQ?
By revenue growth (latest reported year), Nasdaq, Inc.
(NDAQ) is pulling ahead at 11. 1% versus 8. 6% for MarketAxess Holdings Inc. (MKTX). On earnings-per-share growth, the picture is similar: Nasdaq, Inc. grew EPS 60. 1% 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 NDAQ?
MarketAxess Holdings Inc.
(MKTX) is the more profitable company, earning 33. 6% net margin versus 21. 8% for Nasdaq, 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 28. 4% for NDAQ. 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 NDAQ 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, Nasdaq, Inc. (NDAQ) is the more undervalued stock at a PEG of 2. 12x versus MarketAxess Holdings Inc. 's 2. 95x. 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. 2x forward P/E versus 22. 7x for Nasdaq, Inc. — 4. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MKTX: 31. 4% to $195. 60.
08Which pays a better dividend — MKTX or NDAQ?
All stocks in this comparison pay dividends.
MarketAxess Holdings Inc. (MKTX) offers the highest yield at 2. 0%, versus 1. 2% for Nasdaq, Inc. (NDAQ).
09Is MKTX or NDAQ 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: +37. 2%, NDAQ: +351. 9%), 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 NDAQ?
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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Revenue Growth>
%
(MKTX: 8.6% · NDAQ: 11.1%)Net Margin>
%
(MKTX: 33.6% · NDAQ: 21.8%)P/E Ratio<
x
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