MarketAxess Holdings Inc.
MKTX · Price history
Price at last available close
$164.88
+$0.94 (+0.58%) 1M
2026-10-28
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Company & revenue
About MarketAxess Holdings Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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 assets, including U. S.
How they make money
MarketAxess operates electronic trading platforms for global fixed-income markets, generating revenue primarily through transaction commissions paid by institutional investor and broker-dealer clients. The company also earns fees from information services, post-trade services, and technology services, leveraging its proprietary AI-driven pricing engine and liquidity solutions to facilitate trading efficiency.
Products & services
Electronic trading platforms for fixed-income securities, including credit and rates markets, alongside proprietary pre- and post-trade data, analytics tools, and AI-driven pricing engines like CP+.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Period ended 2025-12-31Source
Calculated from reported segment revenue. Check the source period and revenue basis before comparing shares. Categories can overlap and may not add to 100%.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
The company does not disclose specific customer concentration in its 2025 annual report.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Business relationships & partnerships
- China Foreign Exchange Trade System (CFETS) — A strategic arrangement under the Bond Connect and CIBM Direct schemes allowing clients to trade directly with onshore market makers in China.Source
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Total debt increased 158.4% versus the same quarter last year.
Compare the added borrowing with available cash, cash generation and maturities. A percentage increase from a small starting balance can look large without measuring the full debt burden.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
48
Weak
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
71
Strong
Financial Strength
65
Business Quality / Moat
69
Management
100
Growth Quality
31
Risk / Durability
99
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
35
Avoid
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
38/100
Building Historical Record
Model Score 38/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as less attractive based on the available valuation and market data.
The model outlook is currently cautious.
- •Recent buyback activity is present
- •Valuation is a weaker part of the current profile
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
- •Asset quality is a weaker factor
Company-specific research
Questions worth answering for MKTX
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can MKTX maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is MKTX's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Does MKTX's balance between cash and debt leave enough flexibility if business conditions weaken?
- •What future growth or profitability would be needed to justify MKTX's current valuation?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of MKTX's score?
Essential Investment Snapshot
Wall Street Score
48
Opportunity Score
35
Market Cap
$5.80B
P/E Ratio
19.3
EPS
$8.49
52-Week High
$195.97
52-Week Low
$108.75
Beta
0.82
Intrinsic Value
$169.27
Analyst Target
$132.00
Shares Outstanding
36.8M
Total Revenue
$869.8M
Total Debt
$178.9M
Dividend Yield (TTM)
1.88%
Liquidation Value / Share
$34.05
Dividend / Share (TTM)
$3.10
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for MKTX
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Community Sentiment
0 active · 0 total callsNo personal call yet on MKTX.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Open Trading liquidity solution.
- +Proprietary AI-driven pricing engine (CP+).
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Financial - Capital Markets industry.
- −Dependence on fixed-income market volumes and volatility.
- −Intense competition in electronic trading.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
3 historical score records availablePrevious Score
48
Oct 1, 2026
Change
Unchanged
Current Score
48
Oct 5, 2026
Category Changes
MKTX score was unchanged.
Projected Score
Projected Score
43
Projected Change
-5.0 points
Preliminary comparable-period financial changes suggest decline of approximately 5.0 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Near Fair ValueCurrent Price
$164.89
Model Intrinsic Value
$169.27
Difference
−$4.38
-2.6% vs IV
Margin of Safety
2.6%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $869.8M | $849.2M | $817.9M | $750.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $282.5M | $255.8M | $244.3M | $226.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $587.3M | $593.4M | $573.6M | $524.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $21.2M | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $235.0M | $243.4M | $234.7M | $205.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $449.9M | $452.7M | $442.6M | $411.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $352.3M | $350.0M | $338.9M | $318.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $5.9M | $1.5M | $1.6M | $2.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $367.1M | $367.0M | $360.5M | $332.7M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $60.0M | $120.1M | $86.4M | $74.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $306.4M | $246.6M | $274.2M | $258.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $8.49 | $6.66 | $7.29 | $6.87 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 35.20M | 36.81M | 37.60M | 37.55M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 35.24M | 36.81M | 37.67M | 37.65M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$218.4M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$1.93
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+158.4%
Cash Change
-46.9%
Margin Change
-0.5 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included EPS growth. Pressure indicators included revenue growth, cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue declined 2.6%. EPS increased 1.0%. Cash declined 46.9%. Total debt increased 158.4%. Net income margin declined by 0.5 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
41
Smart Money
41
Number of Gurus
1
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
3 historical recordsHistorical Score Chart
3 of 3 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
Financial - Capital MarketsNews
Compared to Estimates, MarketAxess (MKTX) Q3 Earnings: A Look at Key Metrics
MarketAxess (MKTX) Lags Q3 Earnings and Revenue Estimates
MarketAxess Reports Third Quarter 2026 Financial Results
MKTX Expands Fixed Income Data Reach Through Arcesium Integration
Rumor Mill · MKTX
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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