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MKTX

MKTX

MarketAxess
$164.38
-0.07% Oct 21 close
FinancialsS&P 600 Compare
1M3M6M1Y2Y
-35%-22%-9%+4%+17%Oct 2025Oct 2026Apr 2026
MKTXSPY
1W
-0.1%
1M
+0.6%
3M
+46.2%
6M
+2.1%
YTD
-8.0%
1Y
-3.1%

Live chart

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What they do

MarketAxess Holdings Inc. 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. It also provides automated and algorithmic trading solutions, such as X-Pro.

Financial Services · Capital Markets

For information only · Important disclosures

Grades vs sector

Momentum
37th percentile in sector
C-
12-1 return: +4.4%
Percentile within its GICS sector across the S&P 1500.
Growth
9th percentile in sector
D-
Revenue growth (YoY): -0.5%
Percentile within its GICS sector across the S&P 1500.
Value
22nd percentile in sector
D
Forward E/P: 5.3% · EBITDA/EV: 7.7%
Percentile within its GICS sector across the S&P 1500.
Profitability
82nd percentile in sector
A-
Profit margin: +35.2% · Return on equity: +23.1%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
 Momentum Top 15
Outside this model's universe or screens
 Momentum Blend
Not in the current book
 New Highs Growth
Outside this model's universe or screens
 Coteau Long Book
Not in the current book

News

More news
No recent headlines.

Key stats

52-week range$108.57 – $191.62
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans expensive
Model read-out from the numbers below, not advice. Score -2 (DCF counts double).
▼DCF (base case)below the price by 34%
•Piotroski F-score5/9
▲Net debt / EBITDA-0.7x

Discounted cash flow

Bear
$72
-56%
growth 1% · disc. 10.2% · term. 2.0%
Base
$108
-34%
growth 6% · disc. 9.2% · term. 2.5%
Bull
$158
-4%
growth 9% · disc. 8.2% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Not enough data to run a reverse DCF.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.00 (n/a) × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Financials

P/E (trailing)
sector median 13.0×
 –
Forward P/E
sector median 10.2×
 –
EV / EBITDA
sector median 10.9×
 –
Price / sales
sector median 2.8×
 –
Price / book
sector median 1.6×
 –
FCF yield
sector median 8.2%
 –

Backlog (remaining performance obligations)

RPO
$8.8M
as of 2018-09-30
vs a year ago
–
YoY
× TTM revenue
0.01×
coverage
18-03
18-06
18-09

Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).

Quality & financial health

Gross margin
–
Operating margin
40.5%
FCF margin
22.3%
Net margin
35.2%
Return on equity
24.7%
Return on invested capital
31.4%
Net debt / EBITDA
-0.7×
Current ratio
–
Interest cover
59.9×
Cash conversion (OCF/NI)
0.7×
Piotroski F-score 5/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✓ No share dilution✗ Gross margin improved✗ Asset turnover improved

Analysts

No analyst targets available.

Annual history

FYRevenueNet incomeFree cash flow
2025$846.3M$246.6M$373.9M
2024$817.1M$274.2M$375.3M
2023$752.5M$258.1M$324.4M
2022$718.3M$250.2M$276.1M
2021$699.0M$257.9M$264.6M
2020$689.1M$299.4M$389.5M

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +5.6%.

Earnings

Next report: –
No EPS history available.
Insider trades
Pintoff Scott
General Counsel and Secretary · 2026-10-12
Sell
$16.5K
Cruger William Frank Jr.
Director · 2026-09-10
Sell
$1.0M
Pintoff Scott
General Counsel and Secretary · 2026-09-10
Sell
$16.3K
Pintoff Scott
General Counsel and Secretary · 2026-08-10
Sell
$16.3K
None
None · None
Sell
–
None
None · None
Sell
–

Stats refreshed – ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

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Beta 0.9 · Oct 21, 2026