MarketAxess Holdings Inc. (MKTX) Financial Ratios
24 years of historical data (2002–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↓
9.31
↓-63% vs avg
5yr avg: 25.02
30Y Low8.9·High51.2
P/FCF
↓
11.44
↓-70% vs avg
5yr avg: 38.33
30Y Low12.4·High89.7
P/B Ratio
↓
3.82
↓-58% vs avg
5yr avg: 9.04
30Y Low1.5·High22.8
ROE
↓
19.4%
-13% vs avg
5yr avg: 22.2%
30Y Low3%·High320%
Debt/EBITDA
↑
0.66
↑+124% vs avg
5yr avg: 0.29
30Y Low0.1·High0.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MKTX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
MarketAxess Holdings Inc. trades at 18.1x earnings, 56% below its 5-year average of 40.7x, sitting at the 5th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a premium of 33%. On a free-cash-flow basis, the stock trades at 11.4x P/FCF, 70% below the 5-year average of 38.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $6.7B | $8.5B | $11.0B | $10.5B | $15.7B | $21.8B | $14.4B | $8.0B | $7.7B | $5.5B |
| Enterprise Value | $4.0B | $6.4B | $8.0B | $10.7B | $10.2B | $15.2B | $21.4B | $14.2B | $7.8B | $7.5B | $5.4B |
| P/E Ratio → | 18.07 | 27.21 | 31.05 | 42.75 | 41.94 | 60.75 | 72.68 | 70.21 | 46.24 | 51.86 | 43.99 |
| P/S Ratio | 5.04 | 7.86 | 10.41 | 14.69 | 14.61 | 22.35 | 31.58 | 28.14 | 18.36 | 19.31 | 14.99 |
| P/B Ratio | 3.82 | 5.76 | 6.13 | 8.53 | 9.71 | 15.05 | 22.79 | 18.69 | 22.12 | 22.14 | 18.56 |
| P/FCF | 11.44 | 17.84 | 22.69 | 39.20 | 44.23 | 67.69 | 60.65 | 62.23 | 45.37 | 53.86 | 89.74 |
| P/OCF | 11.19 | 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
MKTX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
MarketAxess Holdings Inc.'s enterprise value stands at 9.3x EBITDA, 63% below its 5-year average of 25.0x. The Financial Services sector median is 11.4x, placing the stock at a 18% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.58 | 9.83 | 14.19 | 14.12 | 21.75 | 31.05 | 27.80 | 17.85 | 18.93 | 14.56 |
| EV / EBITDA | 9.31 | 14.83 | 19.18 | 26.97 | 25.76 | 38.36 | 51.24 | 50.14 | 32.99 | 34.04 | 25.72 |
| EV / EBIT | 11.55 | 17.47 | 22.21 | 31.84 | 29.94 | 45.55 | 56.98 | 55.23 | 35.65 | 37.29 | 28.11 |
| EV / FCF | — | 17.22 | 21.43 | 37.88 | 42.76 | 65.88 | 59.62 | 61.48 | 44.10 | 52.81 | 87.18 |
MKTX Profitability
Margins and return-on-capital ratios measuring operating efficiency
MarketAxess Holdings Inc. earns an operating margin of 41.2%, significantly above the Financial Services sector average of 20.3%. Operating margins have compressed from 42.4% to 41.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 19.4% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 18.1% represents solid returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
MKTX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
MarketAxess Holdings Inc. carries a Debt/EBITDA ratio of 0.7x, which is very conservative (85% below the sector average of 4.3x). The company holds a net cash position — cash of $520M exceeds total debt of $285M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 247.8x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | -1.26 | -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)
MKTX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.84x means MarketAxess Holdings Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 2.31x to 1.84x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
MKTX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
MarketAxess Holdings Inc. returns 12.4% to shareholders annually — split between a 2.6% dividend yield and 9.8% buyback yield. A payout ratio of 46.7% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 46.7% | 46.7% | 41.1% | 42.5% | 42.3% | 38.7% | 30.3% | 37.2% | 36.1% | 33.0% | 30.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.5% | 3.7% | 3.2% | 2.3% | 2.4% | 1.6% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% |
| FCF Yield | 8.7% | 5.6% | 4.4% | 2.6% | 2.3% | 1.5% | 1.6% | 1.6% | 2.2% | 1.9% | 1.1% |
| Buyback Yield | 9.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 12.4% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $37M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M | $38M |
Peer Comparison
Compare MKTX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MKTXYou | $4B | 18.1 | 9.3 | 11.4 | 69.9% | 41.2% | 19.4% | 18.1% | 0.7 |
 TW | $21B | 26.3 | 17.7 | 18.8 | 67.3% | 41.2% | 12.0% | 9.1% | 0.3 |
 ICE | $76B | 23.2 | 14.8 | 17.7 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 CME | $89B | 22.1 | 19.7 | 21.3 | 86.1% | 64.9% | 14.6% | 10.2% | 0.8 |
 CBOE | $26B | 23.9 | 15.6 | 22.6 | 48.9% | 32.1% | 23.4% | 17.9% | 1.0 |
 NDAQ | $47B | 26.6 | 18.8 | 23.5 | 47.9% | 28.4% | 15.3% | 8.1% | 3.3 |
 BGC | $6B | 38.9 | 15.9 | 21.4 | 89.5% | 10.5% | 13.9% | 8.6% | 4.3 |
 VIRT | $5B | 12.3 | 9.9 | 4.1 | 48.0% | 33.8% | 27.1% | 10.1% | 6.7 |
 LPLA | $24B | 26.9 | 10.2 | — | 25.6% | 13.4% | 20.9% | 16.1% | 2.5 |
 IBKR | $43B | 43.2 | 4.3 | 2.7 | 89.8% | 86.0% | 5.3% | 24.7% | 0.0 |
 BLK | $174B | 29.6 | 23.0 | 46.3 | 55.5% | 29.1% | 10.0% | 7.5% | 1.9 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 24 years · Updated daily
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MKTX — Frequently Asked Questions
Quick answers to the most common questions about buying MKTX stock.
What is MarketAxess Holdings Inc.'s P/E ratio?
MarketAxess Holdings Inc.'s current P/E ratio is 18.1x. The historical average is 42.6x. This places it at the 5th percentile of its historical range.
What is MarketAxess Holdings Inc.'s EV/EBITDA?
MarketAxess Holdings Inc.'s current EV/EBITDA is 9.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.7x.
What is MarketAxess Holdings Inc.'s ROE?
MarketAxess Holdings Inc.'s return on equity (ROE) is 19.4%. The historical average is 35.7%.
Is MKTX stock overvalued?
Based on historical data, MarketAxess Holdings Inc. is trading at a P/E of 18.1x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is MarketAxess Holdings Inc.'s dividend yield?
MarketAxess Holdings Inc.'s current dividend yield is 2.60% with a payout ratio of 46.7%.
What are MarketAxess Holdings Inc.'s profit margins?
MarketAxess Holdings Inc. has 69.9% gross margin and 41.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does MarketAxess Holdings Inc. have?
MarketAxess Holdings Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.