Last 48 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 18.7x, down 86.1% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 31.3% YoY to 11.9x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.07 | 18.75 | 18.05 | 23.68 | 29.23 | 135.22 | 32.66 | 33.71 | 29.15 | 28.55 | 39.79 | 36.58 | 40.85 |
| — | -86.1% | -44.7% | -29.8% | +0.3% | +373.7% | -17.9% | -7.8% | -28.6% | -42.8% | -9.8% | +3.9% | +13.6% | |
| P/S Ratio | 5.04 | 6.25 | 8.04 | 7.68 | 9.28 | 9.79 | 10.53 | 11.58 | 9.58 | 9.79 | 14.23 | 11.60 | 13.66 |
| — | -36.1% | -23.6% | -33.7% | -3.1% | +0.0% | -26.0% | -0.1% | -29.9% | -46.0% | -3.4% | -4.5% | +3.4% | |
| P/B Ratio | 3.82 | 4.85 | 5.76 | 4.65 | 5.95 | 6.01 | 6.12 | 6.95 | 5.69 | 6.29 | 8.56 | 6.74 | 8.43 |
| — | -19.4% | -5.9% | -33.1% | +4.6% | -4.3% | -28.5% | +3.1% | -32.6% | -52.1% | -11.6% | -17.8% | -12.3% | |
| P/FCF | 11.44 | — | 11.62 | 20.95 | 22.89 | 159.92 | 12.86 | 29.05 | 18.77 | — | 21.58 | 31.81 | 26.33 |
| — | — | -9.7% | -27.9% | +21.9% | — | -40.4% | -8.7% | -28.7% | — | -4.4% | +10.5% | -9.0% | |
| EV / EBITDA | 9.31 | 11.87 | 16.34 | 14.27 | 16.77 | 17.29 | 21.61 | 20.54 | 17.67 | 17.85 | 26.26 | 23.21 | 25.27 |
| — | -31.3% | -24.4% | -30.6% | -5.1% | -3.1% | -17.7% | -11.5% | -30.1% | -44.2% | -1.6% | +6.1% | +8.8% | |
| EV / EBIT | 11.55 | 13.35 | 19.93 | 16.15 | 20.34 | 19.95 | 23.63 | 24.84 | 20.70 | 20.58 | 31.31 | 26.72 | 30.09 |
| — | -33.0% | -15.7% | -35.0% | -1.7% | -3.1% | -24.5% | -7.0% | -31.2% | -44.1% | -1.7% | +4.0% | +14.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
MarketAxess Holdings Inc.'s operating margin was 43.2% in Q1 2026, up 6.2 pp QoQ and down 0.8 pp YoY. The trailing four-quarter average of 41.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 3.0% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.9% | 72.9% | 68.1% | 69.1% | 71.4% | 70.8% | 69.3% | 70.1% | 69.5% | 71.7% | 67.9% | 67.9% | 69.5% |
| — | +3.0% | -1.7% | -1.5% | +2.8% | -1.2% | +2.1% | +3.3% | -0.1% | -2.5% | -4.4% | -4.2% | -5.1% | |
| Operating Margin | 41.2% | 43.2% | 37.1% | 40.2% | 43.4% | 44.1% | 36.0% | 44.4% | 41.5% | 43.5% | 41.5% | 36.9% | 42.1% |
| — | -1.9% | +2.9% | -9.4% | +4.5% | +1.3% | -13.1% | +20.4% | -1.5% | -7.3% | -5.0% | -16.9% | -9.5% | |
| Net Margin | 29.0% | 33.4% | 44.5% | 32.4% | 31.7% | 7.3% | 32.3% | 34.4% | 32.9% | 34.3% | 35.8% | 31.8% | 33.3% |
| — | +358.4% | +37.8% | -5.8% | -3.6% | -78.8% | -9.8% | +8.3% | -1.1% | -5.3% | +7.5% | -7.8% | -9.4% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.4% | 6.6% | 7.2% | 4.9% | 5.2% | 1.1% | 4.7% | 5.3% | 4.9% | 5.6% | 5.6% | 4.7% | 5.2% |
| — | +498.8% | +54.2% | -7.2% | +5.5% | -80.2% | -16.3% | +12.9% | -6.3% | -16.8% | -0.6% | -20.6% | -20.8% | |
| ROA | 13.7% | 3.8% | 4.8% | 3.4% | 3.7% | 0.8% | 3.6% | 3.8% | 3.4% | 3.7% | 3.7% | 3.3% | 3.7% |
| — | +361.3% | +34.2% | -11.1% | +8.4% | -77.7% | -3.1% | +17.4% | -7.6% | -19.0% | -0.8% | -13.7% | -9.8% | |
| ROIC | 18.1% | 5.2% | 4.0% | 4.3% | 5.1% | 4.7% | 3.7% | 4.8% | 4.4% | 5.0% | 4.6% | 3.8% | 4.6% |
| — | +8.4% | +6.6% | -10.2% | +15.3% | -4.8% | -18.5% | +26.9% | -5.6% | -17.5% | -10.9% | -27.3% | -19.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
MarketAxess Holdings Inc.'s Debt/EBITDA ratio is 2.4x, down from 2.9x last quarter — at a moderate level that warrants monitoring. The current ratio has improved 763.5% YoY to 24.26x, strengthening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.24 | 0.25 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 |
| — | +361.5% | +370.2% | -11.2% | -13.7% | -11.3% | -15.1% | -18.5% | -16.6% | -18.3% | -19.4% | -18.7% | -19.8% | |
| Debt / EBITDA | 0.66 | 2.43 | 2.89 | 0.63 | 0.59 | 0.64 | 0.78 | 0.67 | 0.75 | 0.70 | 0.78 | 0.96 | 0.85 |
| — | +281.6% | +269.7% | -5.4% | -21.7% | -8.7% | +0.0% | -30.3% | -12.1% | -2.9% | -10.2% | +6.6% | +0.7% | |
| Current Ratio | 1.84 | 24.26 | 1.84 | 2.50 | 2.59 | 2.81 | 4.41 | 3.58 | 2.89 | 2.50 | 2.31 | 2.67 | 3.08 |
| — | +763.5% | -58.2% | -30.4% | -10.4% | +12.2% | +90.9% | +34.3% | -6.0% | -7.3% | -16.3% | +2.4% | +26.9% | |
| Quick Ratio | 1.84 | 24.26 | 1.84 | 2.50 | 2.59 | 2.81 | 4.41 | 3.58 | 2.89 | 2.50 | 2.31 | 2.67 | 3.08 |
| — | +763.5% | -58.2% | -30.4% | -10.4% | +12.2% | +90.9% | +34.3% | -6.0% | -7.3% | -16.3% | +2.4% | +26.9% | |
| Interest Coverage | 247.80 | 36.97 | 83.77 | 548.60 | 701.83 | 452.43 | 267.02 | 269.49 | 140.03 | 307.07 | 52.23 | 438.46 | 1490.62 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 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 is 18.1x. The average P/E over the last 4 quarters is 22.4x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
MarketAxess Holdings Inc.'s current operating margin is 41.2%. Margins have been compressing 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.