Marketaxess Holdings vs Tradeweb Markets
Tradeweb Markets is the larger business, with $2.05bn of revenue in fiscal 2025 against $846m for Marketaxess Holdings (2.4 times as much). Tradeweb Markets grew faster (18.9% against 3.6%). Tradeweb Markets kept more of each dollar of sales as profit: a net margin of 39.6% against 29.1%.
| Latest fiscal year | Marketaxess HoldingsMKTX, 2025 | Tradeweb MarketsTW, 2025 |
|---|---|---|
| Revenue | $846m | $2.05bn |
| Revenue growth | 3.6% | 18.9% |
| Net income | $247m | $813m |
| Operating margin | 40.4% | — |
| Net margin | 29.1% | 39.6% |
| Return on equity | 19.5% | 13.2% |
| Free cash flow | $374m | $1.13bn |
| Cash | $520m | $2.08bn |
| Total debt | $220m | $0 |
| Debt to equity | 19.2% | — |
| Dividend per share | $3.04 | $0.48 |
| Dividend yield | 1.9% | 0.4% |
| Share buybacks | $420m | $104m |
| Employees | 868 | 1,569 |
| Market value | $5.82bn | $26.56bn |
| Price vs our value range | — | — |
| Moat score | 90 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 12 sales | 0 buys, 23 sales |