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Marketaxess Holdings
(NASDAQ:MKTX)
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Rating:83Outperform
Price Target:
$190.00
▲(62.82% Upside)
Action:Reiterated
Date:07/31/26
MKTX scores well primarily on strong financial quality and an improving operating profile, supported by a clear bullish price trend above key moving averages. Valuation looks reasonable for the profitability and dividend yield. The main offsets are weaker recent free-cash-flow momentum and near-term volume/fee-mix headwinds discussed on the earnings call, while the announced all-cash ICE deal meaningfully strengthens the near-term risk/reward by anchoring value pending deal completion.
Positive Factors
High Profitability & Margins
MarketAxess sustains very high gross and net margins, reflecting a scalable, low-capital software-enabled trading model. Durable margins support reinvestment in products, capital returns and resilience through volume cycles, underpinning long-term cash generation and shareholder returns.
Negative Factors
Declining & Volatile Free Cash Flow
A 27% TTM free cash flow decline and variable cash conversion reduce financial flexibility. Volatility in operating cash versus net income limits consistent buybacks/dividend expansion and makes the company more sensitive to trading volume swings and episodic expenses.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability & Margins
MarketAxess sustains very high gross and net margins, reflecting a scalable, low-capital software-enabled trading model. Durable margins support reinvestment in products, capital returns and resilience through volume cycles, underpinning long-term cash generation and shareholder returns.
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
$5.71B
Dividend Yield1.9%
Average Volume (3M)634.93K
Price to Earnings (P/E)19.1
Beta (1Y)-0.03
Revenue Growth3.68%
EPS Growth42.71%
CountryUS
Employees868
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)N/A
Shares Outstanding35,192,890
10 Day Avg. Volume427,931
30 Day Avg. Volume634,935
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$144.63Price Target Upside23.94% Upside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 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
Positive
116.69
Price Trends
122.76
Positive
141.54
Positive
156.54
Positive
Market Momentum
10.92
Negative
84.84
Negative
96.87
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MKTX, the sentiment is Positive. The current price of 116.69 is below the 20-day moving average (MA) of 127.60, below the 50-day MA of 122.76, and below the 200-day MA of 156.54, indicating a bullish trend. The MACD of 10.92 indicates Negative momentum. The RSI at 84.84 is Negative, neither overbought nor oversold. The STOCH value of 96.87 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $5.71B | 19.12 | 24.74% | 2.64% | 3.68% | 42.71% | |
78 Outperform | $23.52B | 23.93 | 13.78% | 0.52% | 14.04% | 60.95% | |
76 Outperform | $5.39B | 16.65 | 23.52% | 2.59% | 32.12% | 40.51% | |
76 Outperform | $9.11B | 7.43 | 41.25% | 2.88% | 27.58% | 36.35% | |
69 Neutral | $9.10B | 12.87 | 19.31% | ― | 23.83% | 45.00% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $4.13B | 18.53 | 25.84% | 4.51% | 5.74% | -30.53% |
* Financial Sector Average
MKTX
Marketaxess Holdings
162.41
-20.99
-11.44%
SNEX
StoneX Group
76.02
39.60
108.75%
LAZ
Lazard
43.75
-5.83
-11.76%
PIPR
Piper Sandler
76.18
-2.48
-3.15%
VIRT
Virtu Financial
58.47
16.99
40.94%
TW
Tradeweb Markets
102.32
-34.18
-25.04%
Marketaxess Holdings Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
ICE to Acquire MarketAxess in All-Cash Merger
Positive
Jul 30, 2026
On July 29, 2026, MarketAxess agreed to be acquired by Intercontinental Exchange (ICE) in an all-cash merger under which ICE will pay $167 per share, a 33% premium to the prior close, valuing MarketAxess at about $6.0 billion in equity and $5.7 bi...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
MarketAxess Reports Q2 Results Amid ICE Acquisition Deal
Positive
Jul 30, 2026
On July 30, 2026, MarketAxess reported second-quarter 2026 results showing total revenue of $218.4 million, broadly unchanged from a year earlier when heightened market volatility had boosted activity, with EPS edging up to $1.93 and record servic...
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.