Marketaxess Holdings vs Morningstar
Morningstar is the larger business, with $2.45bn of revenue in fiscal 2025 against $846m for Marketaxess Holdings (2.9 times as much). Morningstar grew faster (7.5% against 3.6%). Marketaxess Holdings kept more of each dollar of sales as profit: a net margin of 29.1% against 15.3%. Marketaxess Holdings carries less debt relative to equity (19.2% against 88.0%).
| Latest fiscal year | Marketaxess HoldingsMKTX, 2025 | MorningstarMORN, 2025 |
|---|---|---|
| Revenue | $846m | $2.45bn |
| Revenue growth | 3.6% | 7.5% |
| Net income | $247m | $374m |
| Operating margin | 40.4% | 21.5% |
| Net margin | 29.1% | 15.3% |
| Return on equity | 19.5% | 26.3% |
| Free cash flow | $374m | $443m |
| Cash | $520m | $475m |
| Total debt | $220m | $1.07bn |
| Debt to equity | 19.2% | 88.0% |
| Dividend per share | $3.04 | $1.87 |
| Dividend yield | 1.9% | 0.9% |
| Share buybacks | $420m | $787m |
| Employees | 868 | 10,973 |
| Market value | $5.82bn | $8.84bn |
| Price vs our value range | — | — |
| Moat score | 90 (Strong) | 79 (Strong) |
| Insider trades, 12 months | 0 buys, 12 sales | 1 buys, 259 sales |