Comprehensive Stock Comparison
Compare Tradeweb Markets Inc. (TW) vs 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 | TW | 18.9% revenue growth vs MKTX's 8.6% |
| Value | MKTX | Lower P/E (23.5x vs 31.0x) |
| Quality / Margins | TW | 39.6% net margin vs MIAX's 9.0% |
| Stability / Safety | MIAX | Beta 0.35 vs TW's 0.43 |
| Dividends | MKTX | 1.6% yield, 11-year raise streak, vs TW's 0.4% |
| Momentum (1Y) | MIAX | +38.6% vs TW's -8.6% |
| Efficiency (ROA) | MKTX | 10.9% ROA vs MIAX's -7.9%, ROIC 18.0% vs -0.6% |
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
Tradeweb operates electronic marketplaces for institutional fixed income and derivatives trading. It generates revenue primarily from transaction fees — roughly 80% of revenue — with the remainder from subscription and other fees for data and analytics services. The company's moat lies in its deep institutional network, regulatory compliance infrastructure, and the liquidity network effects that come from connecting over 2,500 clients across 45 markets.
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 3 stocks. BestLagging
Financial Scorecard
TW leads in 2 of 6 categories (Financial Metrics, Total Returns). MKTX leads in 2 (Valuation Metrics, Analyst Outlook). 2 tied.
Financial Metrics (TTM)
TW is the larger business by revenue, generating $2.1B annually — 2.5x MKTX's $817M. TW is the more profitable business, keeping 39.6% of every revenue dollar as net income compared to MIAX's 9.0%.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| RevenueTrailing 12 months | $2.1B | $817M | $1.1B |
| EBITDAEarnings before interest/tax | $1.1B | $429M | $84M |
| Net IncomeAfter-tax profit | $813M | $220M | -$97M |
| Free Cash FlowCash after capex | $1.1B | $346M | $129M |
| Gross MarginGross profit ÷ Revenue | +66.1% | +68.9% | +24.2% |
| Operating MarginEBIT ÷ Revenue | +40.3% | +41.7% | -0.2% |
| Net MarginNet income ÷ Revenue | +39.6% | +33.6% | +9.0% |
| FCF MarginFCF ÷ Revenue | +54.9% | +45.9% | +6.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | +128.8% | -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. Adjusting for growth (PEG ratio), TW offers better value at 0.96x vs MKTX's 4.28x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| Market CapShares × price | $29.0B | $7.1B | $3.8B |
| Enterprise ValueMkt cap + debt − cash | $27.1B | $6.7B | $3.7B |
| Trailing P/EPrice ÷ TTM EPS | 32.61x | 26.37x | 33.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.83x | 23.53x | 30.97x |
| PEG RatioP/E ÷ EPS growth rate | 0.96x | 4.28x | — |
| EV / EBITDAEnterprise value multiple | 25.14x | 15.81x | 180.16x |
| Price / SalesMarket cap ÷ Revenue | 14.14x | 8.73x | 3.34x |
| Price / BookPrice ÷ Book value/share | 3.68x | 5.21x | 9.21x |
| Price / FCFMarket cap ÷ FCF | 25.75x | 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. TW carries lower financial leverage with a 0.02x debt-to-equity ratio, signaling a more conservative balance sheet compared to MIAX's 0.12x. On the Piotroski fundamental quality scale (0–9), TW scores 8/9 vs MKTX's 6/9, reflecting strong financial health.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| ROE (TTM)Return on equity | +11.3% | +15.8% | -11.7% |
| ROA (TTM)Return on assets | +9.9% | +10.9% | -7.9% |
| ROICReturn on invested capital | +9.0% | +18.0% | -0.6% |
| ROCEReturn on capital employed | +11.1% | +23.0% | -0.7% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 6 | 8 |
| Debt / EquityFinancial leverage | 0.02x | 0.05x | 0.12x |
| Net DebtTotal debt minus cash | -$1.9B | -$472M | -$107M |
| Cash & Equiv.Liquid assets | $2.1B | $544M | $150M |
| Total DebtShort + long-term debt | $139M | $73M | $44M |
| Interest CoverageEBIT ÷ Interest expense | 606.34x | 443.10x | -4.03x |
Total Returns (with DRIP)
A $10,000 investment in TW five years ago would be worth $16,970 today (with dividends reinvested), compared to $3,565 for MKTX. Over the past 12 months, MIAX leads with a +38.6% total return vs TW's -8.6%. The 3-year compound annual growth rate (CAGR) favors TW at 20.6% vs MKTX's -16.2% — a key indicator of consistent wealth creation.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| YTD ReturnYear-to-date | +16.1% | +8.0% | -2.4% |
| 1-Year ReturnPast 12 months | -8.6% | +1.2% | +38.6% |
| 3-Year ReturnCumulative with dividends | +75.6% | -41.2% | +38.6% |
| 5-Year ReturnCumulative with dividends | +69.7% | -64.3% | +38.6% |
| 10-Year ReturnCumulative with dividends | +251.0% | +81.8% | +38.6% |
| CAGR (3Y)Annualised 3-year return | +20.6% | -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 TW's 0.43 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.43x | -0.24x | 0.35x |
| 52-Week HighHighest price in past year | $152.65 | $232.84 | $51.38 |
| 52-Week LowLowest price in past year | $97.06 | $156.17 | $28.63 |
| % of 52W HighCurrent price vs 52-week peak | +80.7% | +82.5% | +82.9% |
| RSI (14)Momentum oscillator 0–100 | 69.7 | 66.5 | 51.6 |
| Avg Volume (50D)Average daily shares traded | 1.3M | 491K | 924K |
Analyst Outlook
Analyst consensus: TW as "Buy", MKTX as "Hold", MIAX as "Buy". Consensus price targets imply 17.4% upside for MIAX (target: $50) vs -0.9% for MKTX (target: $190). For income investors, MKTX offers the higher dividend yield at 1.56% vs TW's 0.39%.
| Metric | TWTradeweb Markets … | MKTXMarketAxess Holdi… | MIAXMIAMI INTERNATION… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $141.67 | $190.33 | $50.00 |
| # AnalystsCovering analysts | 28 | 23 | 5 |
| Dividend YieldAnnual dividend ÷ price | +0.4% | +1.6% | — |
| Dividend StreakConsecutive years of raises | 5 | 11 | — |
| Dividend / ShareAnnual DPS | $0.48 | $2.99 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.4% | +1.1% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | 100 | 204.6 | +104.6% |
| MarketAxess Holding… (MKTX) | 100 | 47.71 | -52.3% |
Tradeweb Markets In… (TW) returned +70% over 5 years vs MarketAxess Holding… (MKTX)'s -64%. A $10,000 investment in TW 5 years ago would be worth $16,970 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | $492M | $2.1B | +317.0% |
| MarketAxess Holding… (MKTX) | $368M | $817M | +122.2% |
| MIAMI INTERNATIONAL… (MIAX) | $452M | $1.1B | +152.0% |
Tradeweb Markets Inc.'s revenue grew from $492M (2016) to $2.1B (2025) — a 17.2% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | 18.9% | 39.6% | +109.2% |
| MarketAxess Holding… (MKTX) | 34.3% | 33.6% | -2.2% |
| MIAMI INTERNATIONAL… (MIAX) | -7.0% | 9.0% | +227.1% |
Tradeweb Markets Inc.'s net margin went from 19% (2016) to 40% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | 41.8 | 28.4 | -32.1% |
| MarketAxess Holding… (MKTX) | 51.9 | 31 | -40.3% |
Tradeweb Markets Inc. has traded in a 28x–92x P/E range over 7 years; current trailing P/E is ~33x. MarketAxess Holdings Inc. has traded in a 31x–73x P/E range over 8 years; current trailing P/E is ~26x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Tradeweb Markets In… (TW) | 0.41 | 3.78 | +822.0% |
| MarketAxess Holding… (MKTX) | 3.34 | 7.28 | +118.0% |
| MIAMI INTERNATIONAL… (MIAX) | -0.4 | 1.29 | +422.5% |
Tradeweb Markets Inc.'s EPS grew from $0.41 (2016) to $3.78 (2025) — a 28% CAGR.
Chart 6Free Cash Flow — 5 Years
Tradeweb Markets Inc. generated $1B FCF in 2025 (+114% vs 2021). MarketAxess Holdings Inc. generated $375M FCF in 2024 (+62% vs 2021).
TW vs MKTX vs MIAX: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is TW or 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 Tradeweb Markets Inc. (TW) a "Buy" — based on 28 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 — TW or 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. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Tradeweb Markets Inc. wins at 0.91x versus MarketAxess Holdings Inc.'s 3.82x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — TW or MKTX or MIAX?
Over the past 5 years, Tradeweb Markets Inc. (TW) delivered a total return of +69.7%, compared to -64.3% for MarketAxess Holdings Inc. (MKTX). A $10,000 investment in TW five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: TW returned +251.0% 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 — TW or MKTX or MIAX?
By beta (market sensitivity over 5 years), MarketAxess Holdings Inc. (MKTX) is the lower-risk stock at -0.24β versus Tradeweb Markets Inc.'s 0.43β — meaning TW is approximately -281% more volatile than MKTX relative to the S&P 500. On balance sheet safety, Tradeweb Markets Inc. (TW) carries a lower debt/equity ratio of 2% versus 12% for MIAMI INTERNATIONAL HOLDINGS, INC. — giving it more financial flexibility in a downturn.
05Which has better profit margins — TW or MKTX or MIAX?
Tradeweb Markets Inc. (TW) is the more profitable company, earning 39.6% net margin versus 9.0% for MIAMI INTERNATIONAL HOLDINGS, INC. — meaning it keeps 39.6% 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 TW or MKTX or MIAX 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, Tradeweb Markets Inc. (TW) is the more undervalued stock at a PEG of 0.91x versus MarketAxess Holdings Inc.'s 3.82x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. 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 — TW or MKTX or MIAX?
In this comparison, MKTX (1.6% yield), TW (0.4% yield) pay a dividend. MIAX does not pay a meaningful dividend and should not be held primarily for income.
08Is TW or 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 TW and 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 TW, MIAX do 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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