MARKETAXESS HOLDINGS INC (MKTX) Fundamental Analysis & Valuation

NASDAQ:MKTX • US57060D1081

Current stock price

164.01 USD
-0.97 (-0.59%)
Last:

This MKTX fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

8

1. MKTX Profitability Analysis

1.1 Basic Checks

  • In the past year MKTX was profitable.
  • In the past year MKTX had a positive cash flow from operations.
  • MKTX had positive earnings in each of the past 5 years.
  • In the past 5 years MKTX always reported a positive cash flow from operatings.
MKTX Yearly Net Income VS EBIT VS OCF VS FCFMKTX Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M

1.2 Ratios

  • MKTX's Return On Assets of 12.75% is amongst the best of the industry. MKTX outperforms 88.33% of its industry peers.
  • MKTX's Return On Equity of 21.53% is amongst the best of the industry. MKTX outperforms 85.00% of its industry peers.
  • MKTX has a Return On Invested Capital of 17.71%. This is amongst the best in the industry. MKTX outperforms 92.50% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for MKTX is significantly above the industry average of 7.25%.
  • The 3 year average ROIC (17.56%) for MKTX is below the current ROIC(17.71%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 12.75%
ROE 21.53%
ROIC 17.71%
ROA(3y)13.63%
ROA(5y)14.66%
ROE(3y)20.41%
ROE(5y)21.83%
ROIC(3y)17.56%
ROIC(5y)19.48%
MKTX Yearly ROA, ROE, ROICMKTX Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

1.3 Margins

  • Looking at the Profit Margin, with a value of 29.14%, MKTX is in the better half of the industry, outperforming 72.92% of the companies in the same industry.
  • MKTX's Profit Margin has declined in the last couple of years.
  • With a decent Operating Margin value of 40.39%, MKTX is doing good in the industry, outperforming 72.50% of the companies in the same industry.
  • MKTX's Operating Margin has declined in the last couple of years.
  • The Gross Margin of MKTX (88.83%) is better than 93.75% of its industry peers.
  • In the last couple of years the Gross Margin of MKTX has remained more or less at the same level.
Industry RankSector Rank
OM 40.39%
PM (TTM) 29.14%
GM 88.84%
OM growth 3Y-3.83%
OM growth 5Y-5.73%
PM growth 3Y-5.82%
PM growth 5Y-7.7%
GM growth 3Y-1.38%
GM growth 5Y-1.34%
MKTX Yearly Profit, Operating, Gross MarginsMKTX Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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8

2. MKTX Health Analysis

2.1 Basic Checks

  • MKTX has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for MKTX has been reduced compared to 5 years ago.
  • The debt/assets ratio for MKTX is higher compared to a year ago.
MKTX Yearly Shares OutstandingMKTX Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M
MKTX Yearly Total Debt VS Total AssetsMKTX Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

2.2 Solvency

  • MKTX has an Altman-Z score of 7.00. This indicates that MKTX is financially healthy and has little risk of bankruptcy at the moment.
  • MKTX's Altman-Z score of 7.00 is amongst the best of the industry. MKTX outperforms 90.83% of its industry peers.
  • The Debt to FCF ratio of MKTX is 0.68, which is an excellent value as it means it would take MKTX, only 0.68 years of fcf income to pay off all of its debts.
  • The Debt to FCF ratio of MKTX (0.68) is better than 90.42% of its industry peers.
  • A Debt/Equity ratio of 0.19 indicates that MKTX is not too dependend on debt financing.
  • MKTX has a Debt to Equity ratio of 0.19. This is in the better half of the industry: MKTX outperforms 75.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.68
Altman-Z 7
ROIC/WACCN/A
WACCN/A
MKTX Yearly LT Debt VS Equity VS FCFMKTX Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B

2.3 Liquidity

  • A Current Ratio of 2.19 indicates that MKTX has no problem at all paying its short term obligations.
  • Looking at the Current ratio, with a value of 2.19, MKTX is in the better half of the industry, outperforming 76.67% of the companies in the same industry.
  • A Quick Ratio of 2.19 indicates that MKTX has no problem at all paying its short term obligations.
  • With a decent Quick ratio value of 2.19, MKTX is doing good in the industry, outperforming 76.67% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.19
Quick Ratio 2.19
MKTX Yearly Current Assets VS Current LiabilitesMKTX Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M 1B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. MKTX Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 13.07% over the past year.
  • The Earnings Per Share has been growing slightly by 0.93% on average over the past years.
  • MKTX shows a small growth in Revenue. In the last year, the Revenue has grown by 3.57%.
  • The Revenue has been growing slightly by 4.23% on average over the past years.
EPS 1Y (TTM)13.07%
EPS 3Y7.32%
EPS 5Y0.93%
EPS Q2Q%45.09%
Revenue 1Y (TTM)3.57%
Revenue growth 3Y5.67%
Revenue growth 5Y4.23%
Sales Q2Q%1.48%

3.2 Future

  • The Earnings Per Share is expected to grow by 9.63% on average over the next years. This is quite good.
  • The Revenue is expected to grow by 7.55% on average over the next years.
EPS Next Y1.27%
EPS Next 2Y5.43%
EPS Next 3Y7.21%
EPS Next 5Y9.63%
Revenue Next Year7.41%
Revenue Next 2Y7.4%
Revenue Next 3Y7.51%
Revenue Next 5Y7.55%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MKTX Yearly Revenue VS EstimatesMKTX Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 500M 1B
MKTX Yearly EPS VS EstimatesMKTX Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2 4 6 8 10

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3

4. MKTX Valuation Analysis

4.1 Price/Earnings Ratio

  • MKTX is valuated rather expensively with a Price/Earnings ratio of 19.95.
  • Based on the Price/Earnings ratio, MKTX is valued a bit more expensive than the industry average as 64.58% of the companies are valued more cheaply.
  • MKTX is valuated rather cheaply when we compare the Price/Earnings ratio to 25.35, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 19.70 indicates a rather expensive valuation of MKTX.
  • Based on the Price/Forward Earnings ratio, MKTX is valued a bit more expensive than the industry average as 61.25% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.61, MKTX is valued at the same level.
Industry RankSector Rank
PE 19.95
Fwd PE 19.7
MKTX Price Earnings VS Forward Price EarningsMKTX Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of MKTX indicates a somewhat cheap valuation: MKTX is cheaper than 80.00% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, MKTX is valued a bit cheaper than the industry average as 62.92% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 17.99
EV/EBITDA 13.3
MKTX Per share dataMKTX EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates MKTX does not grow enough to justify the current Price/Earnings ratio.
  • MKTX has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)15.68
PEG (5Y)21.56
EPS Next 2Y5.43%
EPS Next 3Y7.21%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. MKTX Dividend Analysis

5.1 Amount

  • MKTX has a Yearly Dividend Yield of 1.87%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 6.85, MKTX has a dividend in line with its industry peers.
  • MKTX's Dividend Yield is comparable with the S&P500 average which is at 1.89.
Industry RankSector Rank
Dividend Yield 1.87%

5.2 History

  • The dividend of MKTX has a limited annual growth rate of 5.62%.
  • MKTX has been paying a dividend for at least 10 years, so it has a reliable track record.
  • MKTX has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)5.62%
Div Incr Years11
Div Non Decr Years11
MKTX Yearly Dividends per shareMKTX Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 46.71% of the earnings are spent on dividend by MKTX. This is a bit on the high side, but may be sustainable.
  • The dividend of MKTX is growing, but earnings are growing more, so the dividend growth is sustainable.
DP46.71%
EPS Next 2Y5.43%
EPS Next 3Y7.21%
MKTX Yearly Income VS Free CF VS DividendMKTX Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
MKTX Dividend Payout.MKTX Dividend Payout, showing the Payout Ratio.MKTX Dividend Payout.PayoutRetained Earnings

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MKTX Fundamentals: All Metrics, Ratios and Statistics

MARKETAXESS HOLDINGS INC

NASDAQ:MKTX (4/1/2026, 10:14:18 AM)

164.01

-0.97 (-0.59%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-06
Earnings (Next)05-05
Inst Owners110.35%
Inst Owner Change-4.42%
Ins Owners0.82%
Ins Owner Change5.66%
Market Cap5.83B
Revenue(TTM)846.27M
Net Income(TTM)246.63M
Analysts74.74
Price Target198.19 (20.84%)
Short Float %6.44%
Short Ratio4.18
Dividend
Industry RankSector Rank
Dividend Yield 1.87%
Yearly Dividend3.14
Dividend Growth(5Y)5.62%
DP46.71%
Div Incr Years11
Div Non Decr Years11
Ex-Date02-18
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)27.82%
Min EPS beat(2)6.14%
Max EPS beat(2)49.5%
EPS beat(4)4
Avg EPS beat(4)14.29%
Min EPS beat(4)0.15%
Max EPS beat(4)49.5%
EPS beat(8)8
Avg EPS beat(8)7.52%
EPS beat(12)10
Avg EPS beat(12)6.33%
EPS beat(16)12
Avg EPS beat(16)5.07%
Revenue beat(2)0
Avg Revenue beat(2)-3.77%
Min Revenue beat(2)-5.49%
Max Revenue beat(2)-2.05%
Revenue beat(4)0
Avg Revenue beat(4)-3.06%
Min Revenue beat(4)-5.49%
Max Revenue beat(4)-2.05%
Revenue beat(8)0
Avg Revenue beat(8)-2.83%
Revenue beat(12)0
Avg Revenue beat(12)-2.62%
Revenue beat(16)0
Avg Revenue beat(16)-2.54%
PT rev (1m)-0.97%
PT rev (3m)-2.75%
EPS NQ rev (1m)0.15%
EPS NQ rev (3m)4.12%
EPS NY rev (1m)-0.35%
EPS NY rev (3m)-0.67%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)1.04%
Revenue NY rev (1m)-0.15%
Revenue NY rev (3m)-0.98%
Valuation
Industry RankSector Rank
PE 19.95
Fwd PE 19.7
P/S 6.89
P/FCF 17.99
P/OCF 15.26
P/B 5.09
P/tB 7.76
EV/EBITDA 13.3
EPS(TTM)8.22
EY5.01%
EPS(NY)8.32
Fwd EY5.08%
FCF(TTM)9.12
FCFY5.56%
OCF(TTM)10.75
OCFY6.55%
SpS23.81
BVpS32.23
TBVpS21.14
PEG (NY)15.68
PEG (5Y)21.56
Graham Number77.2
Profitability
Industry RankSector Rank
ROA 12.75%
ROE 21.53%
ROCE 24.71%
ROIC 17.71%
ROICexc 28.37%
ROICexgc 52.2%
OM 40.39%
PM (TTM) 29.14%
GM 88.84%
FCFM 38.3%
ROA(3y)13.63%
ROA(5y)14.66%
ROE(3y)20.41%
ROE(5y)21.83%
ROIC(3y)17.56%
ROIC(5y)19.48%
ROICexc(3y)27.96%
ROICexc(5y)32.9%
ROICexgc(3y)48.62%
ROICexgc(5y)58.89%
ROCE(3y)24.5%
ROCE(5y)27.18%
ROICexgc growth 3Y-3.52%
ROICexgc growth 5Y-12.99%
ROICexc growth 3Y-7.35%
ROICexc growth 5Y-11.98%
OM growth 3Y-3.83%
OM growth 5Y-5.73%
PM growth 3Y-5.82%
PM growth 5Y-7.7%
GM growth 3Y-1.38%
GM growth 5Y-1.34%
F-Score4
Asset Turnover0.44
Health
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.68
Debt/EBITDA 0.53
Cap/Depr 75.64%
Cap/Sales 6.86%
Interest Coverage 474.12
Cash Conversion 91.3%
Profit Quality 131.42%
Current Ratio 2.19
Quick Ratio 2.19
Altman-Z 7
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)75.53%
Cap/Depr(5y)81.18%
Cap/Sales(3y)6.91%
Cap/Sales(5y)7.04%
Profit Quality(3y)120.1%
Profit Quality(5y)108.98%
High Growth Momentum
Growth
EPS 1Y (TTM)13.07%
EPS 3Y7.32%
EPS 5Y0.93%
EPS Q2Q%45.09%
EPS Next Y1.27%
EPS Next 2Y5.43%
EPS Next 3Y7.21%
EPS Next 5Y9.63%
Revenue 1Y (TTM)3.57%
Revenue growth 3Y5.67%
Revenue growth 5Y4.23%
Sales Q2Q%1.48%
Revenue Next Year7.41%
Revenue Next 2Y7.4%
Revenue Next 3Y7.51%
Revenue Next 5Y7.55%
EBIT growth 1Y0.28%
EBIT growth 3Y1.63%
EBIT growth 5Y-1.75%
EBIT Next Year30.18%
EBIT Next 3Y15.18%
EBIT Next 5Y13.2%
FCF growth 1Y-1.38%
FCF growth 3Y10.95%
FCF growth 5Y-2.02%
OCF growth 1Y-0.8%
OCF growth 3Y9.73%
OCF growth 5Y-1.13%

MARKETAXESS HOLDINGS INC / MKTX Fundamental Analysis FAQ

What is the ChartMill fundamental rating of MARKETAXESS HOLDINGS INC (MKTX) stock?

ChartMill assigns a fundamental rating of 7 / 10 to MKTX.


What is the valuation status for MKTX stock?

ChartMill assigns a valuation rating of 3 / 10 to MARKETAXESS HOLDINGS INC (MKTX). This can be considered as Overvalued.


Can you provide the profitability details for MARKETAXESS HOLDINGS INC?

MARKETAXESS HOLDINGS INC (MKTX) has a profitability rating of 8 / 10.


What is the financial health of MARKETAXESS HOLDINGS INC (MKTX) stock?

The financial health rating of MARKETAXESS HOLDINGS INC (MKTX) is 8 / 10.


What is the earnings growth outlook for MARKETAXESS HOLDINGS INC?

The Earnings per Share (EPS) of MARKETAXESS HOLDINGS INC (MKTX) is expected to grow by 1.27% in the next year.