MarketAxess Holdings (MKTX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MarketAxess Holdings

NasdaqGS•Financial Services•Capital Markets

$163.35-0.03(<0.01%)Pre-market

Market Cap

$5.75B

P/E

18.8x

P/S

6.6x

P/B

4.6x

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.

How this company scores

GoodMetricSide Score: 71/100

Strongest: Profitability (22/25); weakest: Cash & Earnings Quality (15/25).

Profitability22/25

Growth19/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality15/25

Strengths

Strong marginsHigh ROERising earningsInterest easily covered

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.8x5y range 18.8x – 60.0x

Currently below its 20-quarter median.

P/S · 6.6x5y range 6.6x – 22.5x

Currently below its 20-quarter median.

P/B · 4.6x5y range 4.6x – 15.1x

Price & Volume

Market Cap $5.75B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $870.02M
Q. Revenue: $218.41M
TTM EBITDA: $352.39M
TTM Op. Income: $352.39M
Q. Op. Income: $89.88M
TTM Net Income: $306.40M
Q. Net Income: $68.11M
EPS: $1.93
Shares Out.: $35.20M

$870.02M in TTM revenue grew 3.9% YoY, reaching $218.41M last quarter. TTM EBITDA of $352.39M and TTM operating income of $352.39M show growth is flowing through to the bottom line. TTM net income of $306.40M means revenue is converting into profit. Over the past year, TTM revenue is up 4% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 41.1%
Op. Margin: 41.1%
Net Margin: 31.2%

Op. margin of 41.1% is down 0.7% YoY — costs are rising relative to revenue. Net margin at 31.2% Over the past year, operating margin is down 2% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.8x
P/S Ratio: 6.6x
P/B Ratio: 4.6x

At 18.8x P/E, the stock trades within typical market levels. P/S of 6.6x and P/B of 4.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 5 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.42B
Cash: $245.79M
Long-Term Debt: N/A
Book Value: $1.24B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $26.81M
TTM Free Cash Flow: $194.30M
FCF Margin: 22.3%
FCF / Net Income: 0.6

TTM FCF of $194.30M on $26.81M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.