Last 46 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
MarketAxess Holdings Inc.'s quarterly P/E stands at 23.7x, down 29.8% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 34.3% YoY to 14.1x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.45 | 23.68 | 29.23 | 135.22 | 32.66 | 33.71 | 29.15 | 28.55 | 39.79 | 36.58 | 40.85 | 49.91 | 44.13 |
| — | -29.8% | +0.3% | +373.7% | -17.9% | -7.8% | -28.6% | -42.8% | -9.8% | +3.9% | +13.6% | +0.3% | -41.2% | |
| P/S Ratio | 6.77 | 7.74 | 9.49 | 9.71 | 10.50 | 11.65 | 9.56 | 9.85 | 14.03 | 11.65 | 13.66 | 18.13 | 14.73 |
| — | -33.6% | -0.7% | -1.4% | -25.2% | +0.0% | -30.0% | -45.7% | -4.7% | -4.1% | +3.4% | +4.8% | -37.9% | |
| P/B Ratio | 4.04 | 4.65 | 5.95 | 6.01 | 6.12 | 6.95 | 5.69 | 6.29 | 8.56 | 6.74 | 8.43 | 13.13 | 9.69 |
| — | -33.1% | +4.6% | -4.3% | -28.5% | +3.1% | -32.6% | -52.1% | -11.6% | -17.8% | -12.3% | +4.5% | -35.5% | |
| P/FCF | 14.73 | 20.95 | 22.89 | 159.92 | 12.86 | 29.05 | 18.77 | — | 21.58 | 31.81 | 26.33 | — | 22.56 |
| — | -27.9% | +21.9% | — | -40.4% | -8.7% | -28.7% | — | -4.4% | +10.5% | -9.0% | — | -22.5% | |
| EV / EBITDA | 12.00 | 14.14 | 17.57 | 17.73 | 20.04 | 21.53 | 17.76 | 17.78 | 27.24 | 22.35 | 25.27 | 31.98 | 26.69 |
| — | -34.3% | -1.1% | -0.3% | -26.4% | -3.7% | -29.7% | -44.4% | +2.1% | +2.2% | +8.8% | +6.6% | -37.6% | |
| EV / EBIT | 14.84 | 16.15 | 20.34 | 19.95 | 23.63 | 24.84 | 20.70 | 20.58 | 31.31 | 26.72 | 30.09 | 36.81 | 31.87 |
| — | -35.0% | -1.7% | -3.1% | -24.5% | -7.0% | -31.2% | -44.1% | -1.7% | +4.0% | +14.9% | +6.0% | -40.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
MarketAxess Holdings Inc.'s operating margin was 41.0% in Q3 2025, down 0.9 pp QoQ and down 1.1 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. Gross margin contracted 14.1% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.9% | 59.8% | 68.2% | 68.3% | 68.5% | 69.6% | 69.2% | 68.5% | 68.6% | 69.5% | 70.8% | 72.0% | 72.6% |
| — | -14.1% | -1.4% | -0.3% | -0.2% | +0.2% | -2.2% | -4.8% | -5.5% | -2.8% | -2.7% | +0.2% | -0.2% | |
| Operating Margin | 41.7% | 41.0% | 41.9% | 42.4% | 39.5% | 42.1% | 41.2% | 44.0% | 39.1% | 38.8% | 42.1% | 46.9% | 43.7% |
| — | -2.7% | +1.7% | -3.7% | +1.2% | +8.4% | -2.3% | -6.3% | -10.6% | -12.4% | -9.5% | -0.9% | -0.7% | |
| Net Margin | 33.6% | 32.6% | 32.4% | 7.2% | 32.2% | 34.6% | 32.9% | 34.5% | 35.3% | 31.9% | 33.3% | 36.2% | 33.3% |
| — | -5.6% | -1.3% | -79.1% | -8.8% | +8.4% | -1.3% | -4.7% | +6.0% | -7.5% | -9.4% | +4.1% | +5.3% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.4% | 4.9% | 5.2% | 1.1% | 4.7% | 5.3% | 4.9% | 5.6% | 5.6% | 4.7% | 5.2% | 6.7% | 5.6% |
| — | -7.2% | +5.6% | -80.2% | -16.3% | +12.9% | -6.3% | -16.8% | -0.6% | -20.6% | -20.8% | +6.6% | +13.3% | |
| ROA | 14.4% | 3.4% | 3.7% | 0.8% | 3.6% | 3.8% | 3.4% | 3.7% | 3.7% | 3.3% | 3.7% | 4.6% | 3.7% |
| — | -11.1% | +8.5% | -77.7% | -3.1% | +17.4% | -7.6% | -19.0% | -0.8% | -13.7% | -9.8% | +13.7% | +12.6% | |
| ROIC | 18.0% | 4.4% | 4.8% | 4.6% | 4.1% | 4.6% | 4.4% | 5.0% | 4.4% | 4.0% | 4.6% | 6.0% | 5.1% |
| — | -3.7% | +9.5% | -8.1% | -6.1% | +14.2% | -6.2% | -17.1% | -15.0% | -23.7% | -19.9% | +2.4% | +7.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
MarketAxess Holdings Inc.'s Debt/EBITDA ratio is 0.6x — comfortably within a safe range. The current ratio has weakened 30.4% YoY to 2.50x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 |
| — | -11.2% | -13.7% | -11.3% | -15.1% | -18.5% | -16.6% | -18.3% | -19.4% | -18.7% | -19.8% | -14.1% | -9.9% | |
| Debt / EBITDA | 0.17 | 0.62 | 0.61 | 0.65 | 0.73 | 0.70 | 0.75 | 0.70 | 0.81 | 0.92 | 0.85 | 0.72 | 0.87 |
| — | -10.6% | -18.3% | -6.0% | -10.6% | -24.2% | -11.6% | -3.2% | -6.9% | +2.7% | +0.7% | -12.8% | -12.4% | |
| Current Ratio | 4.41 | 2.50 | 2.59 | 2.81 | 4.41 | 3.58 | 2.89 | 2.50 | 2.31 | 2.67 | 3.08 | 2.70 | 2.76 |
| — | -30.4% | -10.4% | +12.2% | +90.9% | +34.3% | -6.0% | -7.3% | -16.3% | +2.4% | +26.9% | +26.3% | -9.5% | |
| Quick Ratio | 4.41 | 2.50 | 2.59 | 2.81 | 4.41 | 3.58 | 2.89 | 2.50 | 2.31 | 2.67 | 3.08 | 2.70 | 2.76 |
| — | -30.4% | -10.4% | +12.2% | +90.9% | +34.3% | -6.0% | -7.3% | -16.3% | +2.4% | +26.9% | +26.3% | -9.5% | |
| Interest Coverage | 212.91 | 500.46 | 660.89 | 414.94 | 251.50 | 251.60 | 130.98 | 292.72 | 47.08 | 407.98 | 1428.81 | 733.51 | 1493.71 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 years · Updated daily
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MarketAxess Holdings Inc.'s current P/E is 20.4x. The average P/E over the last 4 quarters is 55.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
MarketAxess Holdings Inc.'s current operating margin is 41.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking MarketAxess Holdings Inc.'s business trajectory between earnings reports.