Want to see MKTX full AI Analyst Report?
Top Page
Marketaxess Holdings
(NASDAQ:MKTX)
Select Model
Select Model
Rating:72Outperform
Price Target:
$129.00
▼(-23.67% Downside)
Action:Reiterated
Date:06/11/26
MKTX’s score is driven by strong underlying business quality and favorable valuation (high profitability, low leverage, and a low P/E with a meaningful yield), reinforced by a positive earnings call with record results and margin expansion. These strengths are partially offset by notably weak technical momentum and softer recent cash-flow momentum.
Positive Factors
High Profitability & Margins
MarketAxess sustains very high gross and net margins, reflecting scale in electronic execution and high-margin information services. Durable margin structure supports long-term cash generation and reinvestment capacity, insulating earnings through business-cycle variation in trade volumes.
Negative Factors
Volatile Cash Conversion
A meaningful year-over-year decline in trailing free cash flow and inconsistent operating cash relative to net income indicate cash conversion risk. This variability can constrain discretionary investments and capital returns if volumes or fee mix weaken for several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
MarketAxess sustains very high gross and net margins, reflecting scale in electronic execution and high-margin information services. Durable margin structure supports long-term cash generation and reinvestment capacity, insulating earnings through business-cycle variation in trade volumes.
Read all positive factors
Marketaxess Holdings Key Performance Indicators (KPIs)
Any
Average Daily Volume by Type
Monitors trading volumes across different product types, indicating market activity levels and the company's ability to capture trading demand.
Monitors trading volumes across different product types, indicating market activity levels and the company's ability to capture trading demand.
Data provided by:
The Fly
The FlyMarketaxess Holdings (MKTX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.05B
Dividend Yield1.66%
Average Volume (3M)778.52K
Price to Earnings (P/E)13.5
Beta (1Y)-0.11
Revenue Growth7.85%
EPS Growth46.95%
CountryUS
Employees891
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)8.47
Shares Outstanding35,539,450
10 Day Avg. Volume638,935
30 Day Avg. Volume778,522
Financial Highlights & Ratios
PEG Ratio-3.15
Price to Book (P/B)5.82
Price to Sales (P/S)7.86
P/FCF Ratio17.84
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue4.71
Enterprise Value/Gross Profit6.69
Enterprise Value/Ebitda8.93
Forecast
1Y Price Target
$159.44Price Target Upside-5.65% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)7.88
Revenue Forecast (FY)$895.79M
Marketaxess Holdings Business Overview & Revenue Model
Company Description
MarketAxess Holdings Inc. develops and operates a premier electronic trading platform, serving institutional investors and broker-dealers globally. This platform provides essential access to deep liquidity across a broad spectrum of fixed-income a...
How the Company Makes Money
MarketAxess primarily earns revenue by charging fees tied to activity on its electronic trading platforms and by selling subscription-based data, analytics, and related services. The largest driver is transaction-based revenue: when clients execut...
Marketaxess Holdings Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call presented a broadly positive operational and financial picture: record revenue, commission growth, EPS +20%, improved operating margin, strong free cash flow, and pronounced international/EM momentum. Management acknowledged near-term headwinds in April (lower volatility, heavy new issuance, TRACE duplicate reporting) and mix-driven fee pressure, but outlined concrete product initiatives (DirectBooks new-issue pilot, closing auction enhancements, AI-driven analytics) and technology investments to address market-share and execution gaps. Overall, highlights notably outweigh the lowlights.Positive Updates
Record Total Revenue and Revenue Growth
Record total revenue of ~$230–233 million in Q1 2026, up 12% year-over-year; revenue outside U.S. credit grew 20%, reflecting strong international product contributions and the RFQ Hub acquisition.
Negative Updates
April Volume Decline and Market Share Pressure
Trading volumes declined in April versus Q1 levels driven by a return to lower volatility and tighter credit spreads; April new issuance activity and holiday timing reduced estimated U.S. high-grade market share and made comps tougher year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Total Revenue and Revenue Growth
Record total revenue of ~$230–233 million in Q1 2026, up 12% year-over-year; revenue outside U.S. credit grew 20%, reflecting strong international product contributions and the RFQ Hub acquisition.
Read all positive updates
Company Guidance
The company reiterated near-term operational guidance emphasizing product rollouts and capital discipline: a pilot of its DirectBooks new-issue trading solution will begin at the end of May with a broader new-issue/block trading solution and click‑to‑trade on the break coming in H2 2026 (straight‑through processing of allocations slated for August), and management expects to address April market‑share headwinds (adjusted TRACE duplicates may have inflated volumes by up to ~8%, which would have raised MarketAxess’s April market share by ~160 bps) as activity rebounds in May amid a robust new‑issue market (industry forecasts ~ $2 trillion in 2026). Financial and operating metrics underpinning that guidance include record Q1 revenue up 12% to ~$230–233M, total commission revenue $203M (credit commissions $184M), services revenue $30M (+10%), diluted EPS $2.20 GAAP / $2.25 ex‑notables (+20% YoY), operating margin ~44% (+~200 bps), non‑GAAP expenses up 8%, trailing‑12‑month free cash flow $316M, cash/investments $537M, $137M drawn on the facility at end‑April and $205M remaining on the repurchase authorization after completing a $300M ASR and returning $60M; trading KPIs supporting growth include block ADD $7B, global portfolio trading ADV $1.9B (+51%), automation volume $144B, EM volumes +30% with 1,547 active client firms, and U.S. high‑yield open trading penetration at 47%.Marketaxess Holdings Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
83
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 875.65M | 849.20M | 817.92M | 750.90M | 718.71M | 701.03M |
| Gross Profit | 617.11M | 593.40M | 573.61M | 524.13M | 519.48M | 528.79M |
| EBITDA | 462.32M | 452.70M | 442.61M | 411.09M | 406.14M | 395.01M |
| Net Income | 309.44M | 246.63M | 274.18M | 258.06M | 250.22M | 257.89M |
Balance Sheet | ||||||
| Total Assets | 2.30B | 1.81B | 1.79B | 2.02B | 1.61B | 1.53B |
| Cash, Cash Equivalents and Short-Term Investments | 440.37M | 568.46M | 649.25M | 522.25M | 464.75M | 517.93M |
| Total Debt | 291.96M | 284.94M | 72.65M | 79.68M | 82.68M | 88.42M |
| Total Liabilities | 1.10B | 650.35M | 400.56M | 722.10M | 526.68M | 489.14M |
| Stockholders Equity | 1.19B | 1.15B | 1.39B | 1.29B | 1.08B | 1.04B |
Cash Flow | ||||||
| Free Cash Flow | 236.13M | 373.94M | 328.67M | 281.32M | 237.36M | 231.47M |
| Operating Cash Flow | 277.18M | 382.14M | 385.24M | 333.77M | 289.23M | 282.09M |
| Investing Cash Flow | -99.03M | -96.72M | -86.94M | -155.29M | -86.27M | -67.69M |
| Financing Cash Flow | -283.97M | -332.37M | -201.38M | -147.06M | -242.38M | -189.78M |
Marketaxess Holdings Technical Analysis
Negative
169.00
Price Trends
128.53
Negative
151.21
Negative
160.31
Negative
Market Momentum
-3.77
Negative
39.35
Neutral
55.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MKTX, the sentiment is Negative. The current price of 169 is above the 20-day moving average (MA) of 116.40, above the 50-day MA of 128.53, and above the 200-day MA of 160.31, indicating a bearish trend. The MACD of -3.77 indicates Negative momentum. The RSI at 39.35 is Neutral, neither overbought nor oversold. The STOCH value of 55.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MKTX.
Marketaxess Holdings Risk Analysis
Marketaxess Holdings disclosed 34 risk factors in its most recent earnings report. Marketaxess Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Marketaxess Holdings Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $22.92B | 24.06 | 13.64% | 0.45% | 18.26% | 66.10% | |
77 Outperform | $10.36B | 10.47 | 35.67% | 2.88% | 28.84% | 73.53% | |
76 Outperform | $5.22B | 17.31 | 21.56% | 1.63% | 30.99% | 32.50% | |
73 Outperform | $9.72B | 20.08 | 19.31% | ― | 23.83% | 45.00% | |
72 Outperform | $4.05B | 13.54 | 24.27% | 1.66% | 7.85% | 46.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $4.10B | 14.87 | 33.24% | 4.06% | 9.04% | -13.29% |
* Financial Sector Average
MKTX
Marketaxess Holdings
113.86
-99.43
-46.62%
SNEX
StoneX Group
117.72
55.25
88.43%
LAZ
Lazard
41.41
-9.73
-19.03%
PIPR
Piper Sandler
72.10
-2.35
-3.16%
VIRT
Virtu Financial
65.80
22.02
50.29%
TW
Tradeweb Markets
97.86
-38.00
-27.97%
Marketaxess Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
MarketAxess Shareholders Back Board, Pay and Governance Status Quo
Positive
Jun 10, 2026
On June 10, 2026, MarketAxess Holdings Inc. held its 2026 Annual Meeting of Stockholders, with 90.75% of eligible shares represented, and shareholders elected all nominated directors by wide margins, signaling strong support for the current board....
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
MarketAxess Posts Record Q1 Results and Boosts Capital Returns
Positive
May 7, 2026
On May 7, 2026, MarketAxess reported first-quarter 2026 results showing record revenue of $233.4 million, up 12% year on year, driven by a 20% rise in revenue outside U.S. credit and strong gains in emerging markets and eurobonds. Commission and s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.