Latest Ratios: P/E Ratio 24.6x · EV/EBITDA 12.7x · ROE 19.4%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.8B | $6.7B | $8.5B | $11.0B | $10.5B | $15.7B | $21.8B | $14.4B | $8.0B | $7.7B | $5.5B |
| Enterprise Value | $5.5B | $6.4B | $8.0B | $10.7B | $10.2B | $15.2B | $21.4B | $14.2B | $7.8B | $7.5B | $5.4B |
| P/E Ratio → | 24.58 | 27.21 | 31.05 | 42.75 | 41.94 | 60.75 | 72.68 | 70.21 | 46.24 | 51.86 | 43.99 |
| P/S Ratio | 6.80 | 7.87 | 10.43 | 14.72 | 14.62 | 22.38 | 31.63 | 28.14 | 18.36 | 19.31 | 14.99 |
| P/B Ratio | 5.20 | 5.76 | 6.13 | 8.53 | 9.71 | 15.05 | 22.79 | 18.69 | 22.12 | 22.14 | 18.56 |
| P/FCF | 15.41 | 17.84 | 25.91 | 39.20 | 44.23 | 67.69 | 60.65 | 62.23 | 45.37 | 53.86 | 89.74 |
| P/OCF | 15.08 | 17.46 | 22.10 | 33.04 | 36.30 | 55.54 | 53.80 | 54.11 | 35.72 | 45.67 | 69.06 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.59 | 9.85 | 14.23 | 14.14 | 21.78 | 31.10 | 27.80 | 17.85 | 18.93 | 14.56 |
| EV / EBITDA | 12.73 | 14.83 | 19.18 | 26.97 | 25.76 | 38.36 | 51.24 | 50.14 | 32.99 | 34.04 | 25.72 |
| EV / EBIT | 15.79 | 17.47 | 22.21 | 31.84 | 29.94 | 45.55 | 56.98 | 55.23 | 35.65 | 37.29 | 28.11 |
| EV / FCF | — | 17.22 | 24.47 | 37.88 | 42.76 | 65.88 | 59.62 | 61.48 | 44.10 | 52.81 | 87.18 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.9% | 69.9% | 70.1% | 69.8% | 72.3% | 75.4% | 80.6% | 80.9% | 82.1% | 83.8% | 85.7% |
| Operating Margin | 41.2% | 41.2% | 41.4% | 42.4% | 45.5% | 48.1% | 54.4% | 49.1% | 48.8% | 50.8% | 51.8% |
| Net Profit Margin | 29.0% | 29.0% | 33.5% | 34.4% | 34.8% | 36.8% | 43.4% | 40.1% | 39.7% | 37.3% | 34.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 19.4% | 20.4% | 21.7% | 23.6% | 25.8% | 34.7% | 36.2% | 48.8% | 45.9% | 36.6% |
| ROA | 13.7% | 13.7% | 14.4% | 14.2% | 15.9% | 18.0% | 26.2% | 24.8% | 27.1% | 26.7% | 26.1% |
| ROIC | 18.1% | 18.1% | 17.9% | 18.8% | 21.4% | 23.2% | 29.3% | 30.1% | 42.6% | 45.0% | 41.1% |
| ROCE | 25.4% | 25.4% | 22.9% | 24.0% | 27.1% | 29.3% | 37.0% | 32.1% | 35.5% | 38.3% | 41.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.05 | 0.06 | 0.08 | 0.08 | 0.10 | 0.13 | 0.06 | 0.05 | 0.04 |
| Debt / EBITDA | 0.66 | 0.66 | 0.17 | 0.20 | 0.21 | 0.22 | 0.22 | 0.35 | 0.10 | 0.08 | 0.05 |
| Net Debt / Equity | — | -0.20 | -0.34 | -0.29 | -0.32 | -0.40 | -0.38 | -0.22 | -0.62 | -0.43 | -0.53 |
| Net Debt / EBITDA | -0.54 | -0.54 | -1.13 | -0.94 | -0.88 | -1.05 | -0.88 | -0.61 | -0.95 | -0.68 | -0.75 |
| Debt / FCF | — | -0.63 | -1.44 | -1.32 | -1.47 | -1.81 | -1.02 | -0.74 | -1.27 | -1.05 | -2.55 |
| Interest Coverage | 247.80 | 247.80 | 226.20 | 168.78 | 484.27 | 397.58 | 328.81 | — | — | — | — |
Net cash position: cash ($520M) exceeds total debt ($285M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.84 | 1.84 | 4.41 | 2.31 | 2.76 | 3.05 | 4.03 | 11.47 | 6.25 | 7.33 | 8.67 |
| Quick Ratio | 1.84 | 1.84 | 4.41 | 2.31 | 2.76 | 3.05 | 4.03 | 11.47 | 6.25 | 7.33 | 8.67 |
| Cash Ratio | 0.89 | 0.89 | 2.10 | 0.77 | 1.11 | 1.49 | 2.09 | 6.84 | 5.07 | 5.57 | 6.66 |
| Asset Turnover | — | 0.47 | 0.46 | 0.37 | 0.45 | 0.46 | 0.52 | 0.54 | 0.63 | 0.68 | 0.70 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.9% | 1.7% | 1.3% | 1.0% | 1.0% | 0.6% | 0.4% | 0.5% | 0.8% | 0.6% | 0.7% |
| Payout Ratio | 46.7% | 46.7% | 41.1% | 42.5% | 42.3% | 38.7% | 30.3% | 37.2% | 36.1% | 33.0% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 3.7% | 3.2% | 2.3% | 2.4% | 1.6% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% |
| FCF Yield | 6.5% | 5.6% | 3.9% | 2.6% | 2.3% | 1.5% | 1.6% | 1.6% | 2.2% | 1.9% | 1.1% |
| Buyback Yield | 7.3% | 6.3% | 0.9% | 0.2% | 0.8% | 0.4% | 0.1% | 0.1% | 0.3% | 0.6% | 0.4% |
| Total Shareholder Yield | 9.2% | 8.0% | 2.2% | 1.2% | 1.8% | 1.0% | 0.5% | 0.6% | 1.1% | 1.2% | 1.1% |
| Shares Outstanding | — | $37M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying MKTX stock.
MarketAxess Holdings Inc.'s current P/E ratio is 24.6x. The historical average is 42.6x. This places it at the 9th percentile of its historical range.
MarketAxess Holdings Inc.'s current EV/EBITDA is 12.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.7x.
MarketAxess Holdings Inc.'s return on equity (ROE) is 19.4%. The historical average is 35.7%.
Based on historical data, MarketAxess Holdings Inc. is trading at a P/E of 24.6x. This is at the 9th 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 1.91% with a payout ratio of 46.7%.
MarketAxess Holdings Inc. has 69.9% gross margin and 41.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MarketAxess Holdings Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Acquisition integration and regulatory approval
Metrics are mathematically derived from official filings.
Premium Multiple Compresses on Acquisition
MarketAxess trades at 5.14x book value and 24.29x trailing earnings, a premium to peers like Tradeweb's 3.09x P/B, reflecting its dominant credit franchise, though the ICE acquisition may cap upside.
The P/B of 5.14x is well above the peer median of 3.35x, indicating the market still prices MarketAxess as a premium franchise with strong network effects. However, the forward P/E of 20.45x implies expectations of earnings growth that may be challenged by stagnant revenue and the pending acquisition. The premium appears justified by the company's high ROE and asset-light model, but investors should monitor whether the acquisition price reflects this premium or if regulatory hurdles compress it further.
ROE Stability Masks Provision Volatility
ROE averaged 5.5% in Q2 2026, down from 7.2% in Q4 2025, as provision expenses surged 34.7% year-over-year, according to reported figures, compressing profitability despite stable fee income.
The DuPont decomposition shows ROE is driven by high asset utilization (ROA of 2.9%) but constrained by low leverage (equity-to-assets of 0.52), reflecting the balance-sheet-light exchange model. The provision expense of $86.2M, which is not tied to lending activity, appears to be a one-time charge that distorts underlying profitability. Excluding this, core ROE would be higher, but the lack of disclosure warrants caution in interpreting the quality of earnings.
Efficiency Gains Offset Margin Compression
The efficiency ratio improved to 18.5% in Q2 2026 from 28.1% a year earlier, as per financial statements, while NIM remained negligible at 0.1%, indicating cost discipline is the primary driver of profitability.
The sharp improvement in the efficiency ratio suggests strong operating leverage, as fixed costs are spread over a stable revenue base. However, NIM of 0.1% confirms that interest income is immaterial, making the company's profitability entirely dependent on fee generation. The stagnant revenue growth of 3.8% year-over-year indicates that efficiency gains may be nearing their limit, and future margin expansion will require volume growth or higher fee capture.
Equity Buffer Thins Ahead of Deal
Equity-to-assets slipped to 0.52 in Q2 2026 from 0.64 in Q4 2025, as reported, reflecting a modest deleveraging of the capital base despite stable absolute equity, reducing the buffer for potential acquisition-related costs.
The decline in the equity-to-assets ratio is driven by a 53% drop in cash and securities, which fell to $245.8M from $519.7M, as per financial statements. This suggests the company is deploying cash for deal-related purposes, potentially reducing its ability to absorb unexpected losses. While the absolute equity level remains stable, the thinning buffer may indicate a strategic shift toward capital preservation ahead of the ICE acquisition, which could limit future capital returns.
Provision Spike Raises Credit Quality Questions
Loan loss provisions surged to $86.2M in Q2 2026, up 34.7% year-over-year, according to reported data, yet no corresponding loan growth is evident, suggesting the charge may be a one-time item rather than a deterioration in asset quality.
The provision expense appears inconsistent with the company's asset-light model, as MarketAxess does not have a significant loan book. This raises questions about whether the charge is related to the acquisition or a non-cash adjustment, and investors should monitor whether it reverses in subsequent quarters. The lack of disclosure on the provision's nature warrants further investigation, as it could obscure the true credit quality of the balance sheet.
P/E Misleads Amid Provision Distortions
The P/E ratio of 24.29x is distorted by the $86.2M provision expense in Q2 2026, which appears to be a one-time charge, as reported, making trailing earnings appear lower than the underlying run-rate.
For a capital markets firm like MarketAxess, P/E can be misleading because non-recurring items such as provisions or acquisition costs can temporarily depress earnings. A more appropriate metric is P/B or P/TBV, which better reflects the franchise value and is less sensitive to earnings volatility. Investors should adjust for the provision to assess the true earnings power, or use EV/EBITDA, though this is also not ideal for banks. The counter-analysis highlights that relying solely on P/E could undervalue the company's core profitability.