23 years of historical data (2002–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MarketAxess Holdings Inc. trades at 26.4x earnings, 47% below its 5-year average of 49.8x, sitting at the 19th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 92%. On a free-cash-flow basis, the stock trades at 19.0x P/FCF, 59% below the 5-year average of 46.9x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.1B | $8.5B | $11.0B | $10.5B | $15.7B | $21.8B | $14.4B | $8.0B | $7.7B | $5.5B | $4.2B |
| Enterprise Value | $6.7B | $8.0B | $10.7B | $10.2B | $15.2B | $21.4B | $14.2B | $7.8B | $7.5B | $5.4B | $4.0B |
| P/E Ratio → | 26.37 | 31.05 | 42.75 | 41.94 | 60.75 | 72.68 | 70.21 | 46.24 | 51.86 | 43.99 | 43.76 |
| P/S Ratio | 8.73 | 10.42 | 14.65 | 14.62 | 22.42 | 31.58 | 28.14 | 18.36 | 19.51 | 15.08 | 13.86 |
| P/B Ratio | 5.21 | 6.13 | 8.53 | 9.71 | 15.05 | 22.79 | 18.69 | 22.12 | 22.14 | 18.56 | 10.75 |
| P/FCF | 19.01 | 22.69 | 39.20 | 44.23 | 67.69 | 60.65 | 62.23 | 45.37 | 53.86 | 89.74 | 40.07 |
| P/OCF | 18.52 | 22.10 | 33.04 | 36.30 | 55.54 | 53.80 | 54.11 | 35.72 | 45.67 | 69.06 | 34.94 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
MarketAxess Holdings Inc.'s enterprise value stands at 15.8x EBITDA, 51% below its 5-year average of 32.3x. The Financial Services sector median is 11.1x, placing the stock at a 42% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.84 | 14.16 | 14.13 | 21.82 | 31.05 | 27.80 | 17.85 | 19.13 | 14.65 | 13.20 |
| EV / EBITDA | 15.81 | 19.09 | 27.22 | 25.76 | 38.37 | 51.24 | 50.14 | 32.99 | 34.38 | 25.92 | 24.03 |
| EV / EBIT | 19.54 | 22.21 | 31.84 | 29.94 | 45.55 | 56.98 | 55.23 | 35.65 | 37.70 | 28.35 | 27.05 |
| EV / FCF | — | 21.43 | 37.88 | 42.76 | 65.88 | 59.62 | 61.48 | 44.10 | 52.81 | 87.18 | 38.17 |
Margins and return-on-capital ratios measuring operating efficiency
MarketAxess Holdings Inc. earns an operating margin of 41.7%, significantly above the Financial Services sector average of 21.9%. Operating margins have compressed from 45.5% to 41.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 20.4% indicates solid capital efficiency, compared to the sector median of 9.1%. ROIC of 18.0% represents solid returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.9% | 68.9% | 70.2% | 72.2% | 73.2% | 74.2% | 72.2% | 73.2% | 72.5% | 72.1% | 72.3% |
| Operating Margin | 41.7% | 41.7% | 41.9% | 45.5% | 48.2% | 54.4% | 49.1% | 48.8% | 50.7% | 51.7% | 48.8% |
| Net Profit Margin | 33.6% | 33.6% | 34.3% | 34.8% | 36.9% | 43.4% | 40.1% | 39.7% | 37.6% | 34.3% | 31.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.4% | 20.4% | 21.7% | 23.6% | 25.8% | 34.7% | 36.2% | 48.8% | 45.9% | 36.6% | 26.5% |
| ROA | 14.4% | 14.4% | 14.2% | 15.9% | 18.0% | 26.2% | 24.8% | 27.1% | 26.7% | 26.1% | 23.5% |
| ROIC | 18.0% | 18.0% | 18.6% | 21.4% | 23.2% | 29.3% | 30.1% | 42.6% | 44.5% | 40.7% | 30.6% |
| ROCE | 23.0% | 23.0% | 23.7% | 27.1% | 29.3% | 37.0% | 32.1% | 35.5% | 37.9% | 41.2% | 37.9% |
Solvency and debt-coverage ratios — lower is generally safer
MarketAxess Holdings Inc. carries a Debt/EBITDA ratio of 0.2x, which is very conservative (96% below the sector average of 4.1x). The company holds a net cash position — cash of $544M exceeds total debt of $73M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 212.9x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.06 | 0.08 | 0.08 | 0.10 | 0.13 | 0.06 | 0.05 | 0.04 | — |
| Debt / EBITDA | 0.17 | 0.17 | 0.20 | 0.21 | 0.22 | 0.22 | 0.35 | 0.10 | 0.08 | 0.05 | — |
| Net Debt / Equity | — | -0.34 | -0.29 | -0.32 | -0.40 | -0.38 | -0.22 | -0.62 | -0.43 | -0.53 | -0.51 |
| Net Debt / EBITDA | -1.12 | -1.12 | -0.95 | -0.88 | -1.05 | -0.88 | -0.61 | -0.95 | -0.68 | -0.76 | -1.20 |
| Debt / FCF | — | -1.26 | -1.32 | -1.47 | -1.81 | -1.02 | -0.74 | -1.27 | -1.05 | -2.55 | -1.91 |
| Interest Coverage | 212.91 | 212.91 | 158.86 | 466.97 | 400.52 | 328.13 | — | — | — | — | — |
Net cash position: cash ($544M) exceeds total debt ($73M)
Short-term solvency ratios and asset-utilisation metrics
MarketAxess Holdings Inc.'s current ratio of 4.41x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.76x to 4.41x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.41 | 4.41 | 2.31 | 2.76 | 3.05 | 4.03 | 11.47 | 6.25 | 7.33 | 8.67 | 17.07 |
| Quick Ratio | 4.41 | 4.41 | 2.31 | 2.76 | 3.05 | 4.03 | 11.47 | 6.25 | 7.33 | 8.67 | 17.07 |
| Cash Ratio | 2.10 | 2.10 | 0.77 | 1.11 | 1.49 | 2.09 | 6.84 | 5.07 | 5.57 | 6.66 | 10.49 |
| Asset Turnover | — | 0.46 | 0.37 | 0.45 | 0.46 | 0.52 | 0.54 | 0.63 | 0.68 | 0.70 | 0.69 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MarketAxess Holdings Inc. returns 2.6% to shareholders annually — split between a 1.6% dividend yield and 1.1% buyback yield. A payout ratio of 41.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 3.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.3% | 1.0% | 1.0% | 0.6% | 0.4% | 0.5% | 0.8% | 0.6% | 0.7% | 0.7% |
| Payout Ratio | 41.1% | 41.1% | 42.5% | 42.3% | 38.7% | 30.3% | 37.2% | 36.1% | 33.0% | 30.5% | 30.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.2% | 2.3% | 2.4% | 1.6% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% | 2.3% |
| FCF Yield | 5.3% | 4.4% | 2.6% | 2.3% | 1.5% | 1.6% | 1.6% | 2.2% | 1.9% | 1.1% | 2.5% |
| Buyback Yield | 1.1% | 0.9% | 0.2% | 0.8% | 0.4% | 0.1% | 0.1% | 0.3% | 0.6% | 0.4% | 0.6% |
| Total Shareholder Yield | 2.6% | 2.2% | 1.2% | 1.8% | 1.0% | 0.5% | 0.6% | 1.1% | 1.2% | 1.1% | 1.3% |
| Shares Outstanding | — | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M |
Compare MKTX with 2 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| MKTXYou | $7B | 26.4 | 15.8 | 19.0 | 68.9% | 41.7% | 20.4% | 18.0% | 0.2 |
| TW | $29B | 32.6 | 25.1 | 25.8 | 66.1% | 40.3% | 12.0% | 9.0% | 0.1 |
| MIAX | $4B | 33.0 | 180.2 | 52.6 | 24.2% | -0.2% | 38.4% | -0.6% | 2.1 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 23 years · Updated daily
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Start ComparisonMarketAxess Holdings Inc.'s current P/E ratio is 26.4x. The historical average is 43.4x. This places it at the 19th percentile of its historical range.
MarketAxess Holdings Inc.'s current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
MarketAxess Holdings Inc.'s return on equity (ROE) is 20.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 36.7%.
Based on historical data, MarketAxess Holdings Inc. is trading at a P/E of 26.4x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MarketAxess Holdings Inc.'s current dividend yield is 1.56% with a payout ratio of 41.1%.
MarketAxess Holdings Inc. has 68.9% gross margin and 41.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MarketAxess Holdings Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.