MarketAxess Holdings Inc. (MKTX) 10-Year Financial Performance & Capital Metrics

MKTX • • Banking & Credit

Financial ServicesCapital MarketsCapital Markets InfrastructureElectronic Trading Platforms

AboutMarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.Show more

Net Interest Income $24M +19.6%
Total Revenue $817M +8.6%
Net Income $274M +6.2%
Return on Equity 20.45% -5.9%
Net Interest Margin 1.37% +34.7%
Efficiency Ratio 27.23% -4.1%
ROA 14.41% +1.2%
Equity / Assets 77.61% +21.0%
Book Value per Share 36.86 +7.4%
Tangible BV/Share 27.98 +12.4%
Debt/Equity 0.05 -15.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 21.9%
✓Efficient operations: 27.2% efficiency ratio
✓11 consecutive years of dividend growth
✓Well capitalized: 77.6% equity/assets
✓Diversified revenue: 96.8% from non-interest income

✗Weaknesses

✗Weak NIM of 1.4%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y12.01%

5Y9.83%

3Y5.34%

TTM-

Profit (Net Income) CAGR

10Y13.87%

5Y6%

3Y2.06%

TTM-21.21%

EPS CAGR

10Y13.96%

5Y6.16%

3Y2.45%

TTM-20.33%

ROCE

10Y Avg32.48%

5Y Avg28.04%

3Y Avg24.63%

Latest23.02%

Peer Comparison

Electronic Trading Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWTradeweb Markets Inc.	12.13B	104.11	44.49	28.97%	29.06%	9.08%	7.06%	0.01
BGCBGC Group, Inc	3.22B	8.95	35.80	11.45%	5.75%	14.52%	7.57%	1.37
MKTXMarketAxess Holdings Inc.	6.49B	174.66	23.99	8.58%	33.56%	15.79%	5.78%	0.05
DFINDonnelley Financial Solutions, Inc.	1.46B	55.18	18.03	-1.92%	11.82%	7.68%	7.18%	0.33
SNEXStoneX Group Inc.	5.53B	105.89	17.98	32.53%	0.23%	12.87%		7.68
MRXMarex Group plc Ordinary Shares	2.86B	39.94	14.68	23.06%	7.53%	31.07%	39.93%	6.28
VIRTVirtu Financial, Inc.	3.05B	35.88	12.08	25.45%	9.61%	24.84%	17.88%	3.84
HGBLHeritage Global Inc.	49.33M	1.42	10.14	-25.08%	11.42%	4.64%	15.42%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	0	0	0	8.06M	-1.14M	-441K	4.34M	20.44M	24.45M
NII Growth %	-	-	-	-	-	-1.14%	0.61%	10.84%	3.71%	0.2%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	8.06M	0	401K	5.04M	22.43M	26.05M
Interest Expense	0	0	0	0	0	1.14M	842K	700K	1.98M	1.6M
Loan Loss Provision	83.86M	102.69M	108.11M	116.87M	142.39M	176.8M	186.15M	199.07M	221.94M	252.14M
Non-Interest Income+	303.1M	367.73M	393.42M	435.56M	503.29M	689.13M	698.55M	713.26M	730.12M	791.05M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	303.1M	367.73M	393.42M	435.56M	511.35M	689.13M	698.95M	718.3M	752.55M	817.1M
Revenue Growth %	0.15%	0.21%	0.07%	0.11%	0.17%	0.35%	0.01%	0.03%	0.05%	0.09%
Non-Interest Expense	71.34M	75.06M	85.7M	106.11M	118.08M	136.45M	174.73M	191.66M	213.6M	222.48M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	147.9M	189.99M	199.62M	212.58M	250.88M	374.73M	337.24M	326.88M	315.02M	340.87M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.25%	0.28%	0.05%	0.06%	0.18%	0.49%	-0.1%	-0.03%	-0.04%	0.08%
Pretax Income+	147.9M	191.6M	201.77M	218.09M	257.42M	374.36M	333.92M	338.29M	332.7M	360.55M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	51.86M	65.43M	53.68M	45.23M	52.52M	74.98M	76.03M	88.06M	74.64M	86.36M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	96.04M	126.17M	148.09M	172.85M	204.9M	299.38M	257.89M	250.22M	258.06M	274.18M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.28%	0.31%	0.17%	0.17%	0.19%	0.46%	-0.14%	-0.03%	0.03%	0.06%
Net Income (Continuing)	96.04M	126.17M	148.09M	172.85M	204.9M	299.38M	257.89M	250.22M	258.06M	274.18M
EPS (Diluted)+	2.55	3.34	3.89	4.57	5.40	7.85	6.77	6.65	6.85	7.28
EPS Growth %	0.29%	0.31%	0.16%	0.17%	0.18%	0.45%	-0.14%	-0.02%	0.03%	0.06%
EPS (Basic)	2.62	3.42	4.02	4.68	5.53	8.01	6.88	6.68	6.87	7.29
Diluted Shares Outstanding	37.64M	37.74M	38.04M	37.85M	37.96M	38.14M	38.1M	37.64M	37.65M	37.67M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	199.73M	168.24M	167.01M	246.32M	270.12M	460.86M	506.74M	430.75M	451.28M	544.48M
Short Term Investments	1000K	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	-19.56M	194.4M	239.52M	240.1M	230.48M	28.11M	36.08M	83.79M	134.86M	165.26M
Investments Growth %	0.52%	10.94%	0.23%	0%	-0.04%	-0.88%	0.28%	1.32%	0.61%	0.23%
Long-Term Investments	-104.27M	194.4M	239.52M	240.1M	109.63M	9.82M	24.88M	49.79M	63.89M	60.48M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	59.71M	59.71M	59.71M	59.71M	146.86M	147.39M	154.79M	154.79M	236.71M	236.71M
Intangible Assets	4.43M	3.73M	3.35M	2.96M	60.99M	95.35M	116.38M	98.06M	119.11M	98.08M
PP&E (Net)	30.9M	31.1M	38.55M	63.01M	153.19M	161.13M	167.02M	166.36M	165.72M	165.43M
Other Assets	114.15M	11.62M	18.72M	22.47M	30.77M	29.04M	27.07M	68.29M	84.5M	82.58M
Total Current Assets	324.89M	218.91M	219.65M	303.86M	452.99M	888.7M	1.04B	1.07B	1.35B	1.15B
Total Non-Current Assets	114.15M	309.13M	361.58M	391.68M	501.94M	442.73M	490.14M	537.3M	669.92M	643.28M
Total Assets+	439.04M	528.04M	581.23M	695.54M	954.93M	1.33B	1.53B	1.61B	2.02B	1.79B
Asset Growth %	0.16%	0.2%	0.1%	0.2%	0.37%	0.39%	0.15%	0.05%	0.25%	-0.11%
Return on Assets (ROA)	0.23%	0.26%	0.27%	0.27%	0.25%	0.26%	0.18%	0.16%	0.14%	0.14%
Accounts Payable	12.26M	15.15M	14.24M	29.37M	22.79M	44.35M	71.22M	55.26M	37.01M	37.32M
Total Debt+	0	10.52M	17.52M	22.47M	97.99M	93.61M	88.42M	82.68M	79.68M	72.65M
Net Debt	-199.73M	-157.72M	-149.5M	-223.85M	-172.13M	-367.25M	-418.31M	-348.07M	-371.6M	-471.82M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	39.24M	47.42M	48.08M	65.61M	43.87M	62.33M	59.72M	56.3M	60.12M	68.05M
Total Current Liabilities	19.03M	25.25M	29.96M	48.61M	39.48M	220.43M	341M	387.7M	582.3M	259.85M
Total Non-Current Liabilities	29.3M	34.78M	36.5M	39.05M	145.36M	155.94M	148.14M	138.98M	139.8M	140.71M
Total Liabilities	48.33M	60.03M	66.46M	87.66M	184.84M	376.37M	489.14M	526.68M	722.1M	400.56M
Total Equity+	390.71M	298.67M	346.55M	361.56M	770.09M	955.06M	1.04B	1.08B	1.29B	1.39B
Equity Growth %	0.17%	-0.24%	0.16%	0.04%	1.13%	0.24%	0.09%	0.04%	0.2%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.26%	0.37%	0.46%	0.49%	0.36%	0.35%	0.26%	0.24%	0.22%	0.2%
Book Value per Share	10.38	7.91	9.11	9.55	20.29	25.04	27.33	28.72	34.34	36.86
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	121K	120K	121K	122K	122K	123K	123K	123K	123K	123K
Additional Paid-in Capital	321.21M	342.31M	331.08M	341.86M	342.54M	329.74M	330.26M	345.47M	333.29M	350.7M
Retained Earnings	168.01M	255.14M	353.58M	463.25M	591.09M	799.37M	956.97M	1.1B	1.24B	1.41B
Accumulated OCI	-5.23M	-12.23M	-10.23M	-12.39M	-10.27M	-4.65M	-13.33M	-37.7M	-24.37M	-34.7M
Treasury Stock	-93.41M	-117.33M	-159.79M	-184.96M	-153.39M	-169.52M	-232.71M	-328.33M	-260.3M	-333.37M
Preferred Stock	229K	228K	226K	394K	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	120.2M	80.29M	168.03M	223.92M	265.94M	404.49M	282.09M	289.23M	333.77M	385.24M
Operating CF Growth %	0.09%	-0.33%	1.09%	0.33%	0.19%	0.52%	-0.3%	0.03%	0.15%	0.15%
Net Income	96.04M	126.17M	148.09M	172.85M	204.9M	299.38M	257.89M	250.22M	258.06M	274.18M
Depreciation & Amortization	18.54M	17.84M	19.27M	23.08M	32.65M	42.84M	60.25M	67.15M	76.41M	80.46M
Deferred Taxes	-2.42M	-2.58M	6.59M	-1.26M	2.68M	10.1M	3.12M	-6.55M	-5.82M	-3.88M
Other Non-Cash Items	2.05M	1.17M	1.95M	2.34M	-786K	-550K	-466K	-8.23M	1.6M	8.32M
Working Capital Changes	-6.53M	-76.82M	-22.29M	11.05M	1.19M	27.11M	-66.01M	-43.24M	-25.68M	-3.53M
Cash from Investing+	-37.95M	-53.18M	-53.65M	-50.3M	-122.05M	68.87M	-67.69M	-86.27M	-155.29M	-86.94M
Purchase of Investments	-57.17M	-81.44M	-215.83M	-336.53M	-160.83M	-32.87M	-7.88M	-83.93M	-28.82M	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-10.59M	-12.12M	-13.47M	11.71M	-97.43M	-23.3M	-17.08M	-34.4M	-78.48M	0
Other Investing	9.95M	12.53M	13.41M	-11.67M	-30K	-30.62M	-50.2M	-73.13M	-43.12M	-76.99M
Cash from Financing+	-51.05M	-55.84M	-117.07M	-92.67M	-118.1M	-145.11M	-189.78M	-242.38M	-147.06M	-201.38M
Dividends Paid	-29.53M	-38.49M	-48.89M	-62.43M	-76.23M	-90.57M	-99.79M	-105.94M	-109.66M	-112.7M
Share Repurchases	-23.16M	-23.93M	-42.46M	-25.17M	-17.26M	-16.14M	-63.19M	-87.54M	-25.84M	-75.47M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0	0
Other Financing	-186K	4.29M	-27.69M	0	-25.82M	-38.41M	-26.79M	-26.16M	-12.5M	-13.21M
Net Change in Cash+	30.8M	-31.48M	-1.23M	79.31M	26.8M	333.8M	17.52M	-52.9M	39.01M	88.79M
Exchange Rate Effect	-385K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	168.92M	199.73M	168.24M	168.15M	247.46M	274.25M	608.05M	625.57M	572.66M	611.67M
Cash at End	199.73M	168.24M	167.01M	247.46M	274.25M	608.05M	625.57M	572.66M	611.67M	700.46M
Interest Paid	0	0	0	0	0	1.14M	830K	652K	1.87M	1.72M
Income Taxes Paid	50.88M	58.27M	44M	47.21M	51.77M	45.05M	70M	88.68M	94.81M	96.93M
Free Cash Flow+	104.81M	61.79M	142.48M	176.32M	231.24M	358.86M	231.47M	237.36M	281.32M	375.3M
FCF Growth %	0.1%	-0.41%	1.31%	0.24%	0.31%	0.55%	-0.35%	0.03%	0.19%	0.33%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	26.5%	36.6%	45.9%	48.82%	36.21%	34.71%	25.84%	23.58%	21.74%	20.45%
Return on Assets (ROA)	23.45%	26.09%	26.7%	27.08%	24.83%	26.19%	18.02%	15.95%	14.25%	14.41%
Net Interest Margin	0%	0%	0%	0%	0.84%	-0.09%	-0.03%	0.27%	1.01%	1.37%
Efficiency Ratio	23.54%	20.41%	21.78%	24.36%	23.09%	19.8%	25%	26.68%	28.38%	27.23%
Equity / Assets	88.99%	56.56%	59.62%	51.98%	80.64%	71.73%	68.04%	67.24%	64.16%	77.61%
Book Value / Share	10.38	7.91	9.11	9.55	20.29	25.04	27.33	28.72	34.34	36.86
NII Growth	-	-	-	-	-	-114.16%	61.38%	1084.13%	371.01%	19.58%
Dividend Payout	30.75%	30.51%	33.01%	36.12%	37.2%	30.25%	38.7%	42.34%	42.49%	41.1%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commission Revenue	-	-	-	390.83M	463.86M	634.45M	621.01M	641.18M	662.96M	711.71M
Commission Revenue Growth	-	-	-	-	18.68%	36.78%	-2.12%	3.25%	3.40%	7.35%
Information Services	-	-	-	-	7.26M	34.34M	10.33M	11.23M	46.38M	50.54M
Information Services Growth	-	-	-	-	-	373.02%	-69.91%	8.67%	313.10%	8.96%
Post Trade Services	-	-	-	-	13.14M	19.46M	15.8M	15.88M	40.18M	42.49M
Post Trade Services Growth	-	-	-	-	-	48.14%	-18.80%	0.47%	153.07%	5.75%
Technology Services	-	-	-	-	-	-	-	-	3.02M	12.36M
Technology Services Growth	-	-	-	-	-	-	-	-	-	309.00%
Other Revenues	-	-	-	1.16M	1M	879K	846K	926K	-	-
Other Revenues Growth	-	-	-	-	-13.39%	-12.36%	-3.75%	9.46%	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	262.56M	314.34M	336.87M	367.37M	424.73M	-	-	-	-	568.6M
UNITED STATES Growth	-	19.72%	7.17%	9.06%	15.61%	-	-	-	-	-
UNITED KINGDOM	39.34M	54.02M	-	-	-	-	-	-	-	161.84M
UNITED KINGDOM Growth	-	37.31%	-	-	-	-	-	-	-	-
Americas	-	-	-	-	-	583.16M	568.92M	581.93M	597.14M	-
Americas Growth	-	-	-	-	-	-	-2.44%	2.29%	2.61%	-
Europe	-	-	-	-	-	89.75M	110.07M	119.11M	136.99M	-
Europe Growth	-	-	-	-	-	-	22.64%	8.22%	15.01%	-
Asia	-	-	-	-	-	-	19.96M	17.25M	18.41M	-
Asia Growth	-	-	-	-	-	-	-	-13.58%	6.72%	-
Other Geographic Area	1.2M	1.56M	1.45M	1.95M	2.54M	16.21M	-	-	-	-
Other Geographic Area Growth	-	29.87%	-6.92%	34.27%	30.45%	536.94%	-	-	-	-

Frequently Asked Questions

Valuation & Price

MarketAxess Holdings Inc. (MKTX) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

MarketAxess Holdings Inc. (MKTX) grew revenue by 8.6% over the past year. This is steady growth.

Yes, MarketAxess Holdings Inc. (MKTX) is profitable, generating $219.6M in net income for fiscal year 2024 (33.6% net margin).

Dividend & Returns

Yes, MarketAxess Holdings Inc. (MKTX) pays a dividend with a yield of 1.71%. This makes it attractive for income-focused investors.

MarketAxess Holdings Inc. (MKTX) has a return on equity (ROE) of 20.4%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

MarketAxess Holdings Inc. (MKTX) has a net interest margin (NIM) of 1.4%. NIM has been under pressure due to interest rate environment.

MarketAxess Holdings Inc. (MKTX) has an efficiency ratio of 27.2%. This is excellent, indicating strong cost control.

US Stock Screener

...