MarketAxess Holdings Inc (MKTX)
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.
- Symbol
- MKTX
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $5.78B
- 52 week range
- 108.75 - 195.97
Valuation
- Share price
- $164.14 (close of 2026-10-02)
- P/E (TTM)
- 19.33x
- Price to book
- 4.66x
- Price to free cash flow
- 29.73x
- Enterprise value
- $5.71B
- Book value per share
- $35.21
Price performance
| Period | Change |
|---|---|
| 1 day | -0.05% |
| 5 days | -0.03% |
| 1 month | +0.80% |
| 3 months | +40.86% |
| 6 months | -4.27% |
| Year to date | -9.44% |
| 1 year | -3.21% |
| 3 years | -21.82% |
| 5 years | -60.72% |
| 10 years | -0.88% |
| All time | +838.48% |
Members of Congress who disclosed MKTX trades
Julie Johnson · Josh Gottheimer
Super investors holding MKTX
Ken Griffin (Citadel) · First Eagle Investment (First Eagle Investment Management, LLC) · Ray Dalio (Bridgewater Associates)
Profitability and growth
- Return on equity
- 21.53%
- Return on invested capital
- 24.35%
- Return on assets
- 12.75%
- Gross margin
- 44.86%
- Net margin
- 29.14%
- EBITDA margin
- 49.46%
- Revenue growth
- 3.57%
- Net income growth
- -10.05%
- Free cash flow growth
- -0.36%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 3.36%
- Net debt to EBITDA
- -0.15x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $846.27M
- Cost of revenue
- $466.64M
- Gross profit
- $379.63M
- EBITDA
- $418.54M
- Net income
- $246.63M
- Earnings per share
- $6.66
- Shares outstanding
- 37.06M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $846.27M | $379.63M | $246.63M | $6.66 |
| 2024-12-31 | $817.10M | $375.29M | $274.18M | $7.29 |
| 2023-12-31 | $752.55M | $349.11M | $258.06M | $6.87 |
| 2022-12-31 | $718.30M | $356.05M | $250.22M | $6.68 |
| 2021-12-31 | $698.95M | $360.80M | $257.89M | $6.88 |
| 2020-12-31 | $689.13M | $395.37M | $299.38M | $8.01 |
| 2019-12-31 | $511.35M | $278.14M | $204.90M | $5.53 |
| 2018-12-31 | $435.56M | $236.05M | $172.85M | $4.68 |
| 2017-12-31 | $393.42M | $220.50M | $148.09M | $4.02 |
| 2016-12-31 | $367.73M | $208.08M | $126.17M | $3.42 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | 44.86% | 29.14% | 21.53% | 24.35% |
| 2024-12-31 | 45.93% | 33.56% | 19.74% | 27.76% |
| 2023-12-31 | 46.39% | 34.29% | 19.96% | 26.09% |
| 2022-12-31 | 49.57% | 34.84% | 23.15% | 32.58% |
| 2021-12-31 | 51.62% | 36.90% | 24.77% | 41.93% |
| 2020-12-31 | 57.37% | 43.44% | 31.35% | 50.99% |
| 2019-12-31 | 54.39% | 40.07% | 26.61% | 33.12% |
| 2018-12-31 | 54.19% | 39.68% | 28.44% | 46.07% |
| 2017-12-31 | 56.05% | 37.64% | 28.77% | 41.86% |
| 2016-12-31 | 56.58% | 34.31% | 26.96% | 41.43% |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $519.73M | - |
| 2024-12-31 | $544.48M | - |
| 2023-12-31 | $451.28M | - |
| 2022-12-31 | $430.75M | - |
| 2021-12-31 | $506.74M | - |
| 2020-12-31 | $460.86M | - |
| 2019-12-31 | $270.12M | $1.00M |
| 2018-12-31 | $246.32M | $1.70M |
| 2017-12-31 | $167.01M | $900.00K |
| 2016-12-31 | $168.24M | $900.00K |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $373.94M | $30.92M |
| 2024-12-31 | $375.30M | $29.68M |
| 2023-12-31 | $324.44M | $29.19M |
| 2022-12-31 | $276.09M | $29.86M |
| 2021-12-31 | $264.60M | $27.31M |
| 2020-12-31 | $389.48M | $25.61M |
| 2019-12-31 | $253.64M | $25.29M |
| 2018-12-31 | $188.03M | $15.85M |
| 2017-12-31 | $155.95M | $14.42M |
| 2016-12-31 | $83.36M | $14.51M |
Dividend history
- Most recent payment
- 2026-08-19
- Paid in the last twelve months
- $3.10
| Payment date | Dividend per share |
|---|---|
| 2026-08-19 | $0.78 |
| 2026-05-20 | $0.78 |
| 2026-02-18 | $0.78 |
| 2025-11-19 | $0.76 |
| 2025-08-20 | $0.76 |
| 2025-05-21 | $0.76 |
| 2025-02-19 | $0.76 |
| 2024-11-20 | $0.74 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-06
- Consensus EPS estimate
- $1.93
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-07-30 | Jun/2026 | $1.88 |
| 2026-05-07 | Mar/2026 | $2.15 |
| 2026-02-06 | Dec/2025 | $1.66 |
| 2025-11-07 | Sep/2025 | $1.69 |
| 2025-08-06 | Jun/2025 | $1.94 |
| 2025-05-07 | Mar/2025 | $1.82 |
| 2025-02-06 | Dec/2024 | $1.70 |
| 2024-11-06 | Sep/2024 | $1.82 |
Filings and sources
- Company website
- marketaxess.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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