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Marketaxess Holdings Inc (MKTX) stock

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NASDAQ: MKTX Nasdaq Financial Exchanges & Data Next results ~February 5, 2027

D Fundamentals grade

Marketaxess Holdings Inc is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Valuation models combined (4)

Base case. Range ~$120–$150. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 22% below it.

Price used: $165.48, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Marketaxess files

Where Marketaxess stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $870m, up 3.9% on a year earlier, slower than 6.8% a quarter earlier. The diluted share count is down 3.7% on a year earlier, which lifts each remaining share. Our valuation models combined value is $132 a share, against a share price of $165.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 5, 2027 (estimated)

Marketaxess Holdings Inc's trailing-twelve-month revenue grew 3.9% year on year, with a free-cash-flow margin of 22.3%. Where it lags: revenue growth of 3.9% ranks 10 of 11 financial exchanges & data companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 51.5% while net income grew 37.5%: a 89pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • High operating margin. 40.5% of revenue is left as operating profit, against a median of 40.5% for financial exchanges & data companies we cover.
  • Strong cash generation. 22.3% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 3.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Priced above our value. The share price of $165.48 is 22% above our value per share of $130.
  • Growth easing. The growth rate is 2.9 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was 63% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 3.9% ranks 10 of 11 financial exchanges & data companies we cover (median 9.4%).
  • Below peers: change in growth rate. Change in growth rate of -2.9pp ranks 10 of 11 financial exchanges & data companies we cover (median +0.4pp).
  • Heavily shorted. 12.5% of the shares available to trade are sold short (4.3 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$1.86 against an average estimate of $1.95: missed by 4.7%
Revenue
$218m, down 0.5% on a year earlier
Share reaction
+0.2% in the first session after the results on October 23, 2026, against +0.2% for the S&P 500
Next report
October 23, 2026; average EPS estimate $1.82

Marketaxess' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.1%
  • 1 week+0.3%
  • 1 month+0.8%
  • This year-7.3%
  • 1 year+5.4%
  • 5 years-56.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$870M
Operating margin
40.5%
Net margin
35.2%
EPS (TTM, diluted)
$8.49

Growth

Revenue growth
+3.9%
Change in growth rate
−2.9 pts
Share count change
−3.7%

Earnings

Last results
October 23, 2026
Next results (est.)
February 5, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Shareholder vote
  2. Results
  3. Announcement
  4. Announcement
  5. Announcement
  6. Announcement
  7. Insider trade
  8. Announcement
  9. Results
  10. Deal
  11. Leadership
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$130
Price used
$165.38close November 3, 2026
Implied change
▼ 22%
Uncertainty
Low

How we got here: the combined value of 4 valuation models built for a business like Marketaxess Holdings Inc (see the models table below and how they are combined) , with a 8.2% cost of equity. The models span ~$120–~$150; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Marketaxess Holdings Inc as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$130 ~$97–$200 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$89–$170 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$3.5 ~$36–$150 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$150 ~$120–$190 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$120–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Marketaxess Holdings Inc with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

90 /100

Strong moat

How hard Marketaxess's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 17.2% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 45.9%; its worst year was 40.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 42.3% of revenue.

  • Discipline 16 / 20

    The diluted share count fell 5.4% over five years; stock-based pay has been a median 3.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (95 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Marketaxess Holdings Inc: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $7.85 +6% $889m +5%
Next $8.69 +11% $950m +7%

Next year's EPS estimate has moved −0.6% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.9% on 90 days ago. In the last 30 days, 1 analyst raised Marketaxess Holdings Inc's forecast and 1 cut it.

Consensus EPS forecast Marketaxess Holdings Inc, last 90 days
$7.50 $8.00 $8.50 $9.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.92 Current fiscal year, 60 days ago: $7.98 Current fiscal year, 30 days ago: $7.98 Current fiscal year, 7 days ago: $7.98 Current fiscal year, Now: $7.85 $7.85 Next fiscal year, 90 days ago: $8.74 Next fiscal year, 60 days ago: $8.75 Next fiscal year, 30 days ago: $8.75 Next fiscal year, 7 days ago: $8.76 Next fiscal year, Now: $8.69 $8.69

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.92$8.74
60 days ago $7.98$8.75
30 days ago $7.98$8.75
7 days ago $7.98$8.76
Now $7.85$8.69

Earnings against estimates

Marketaxess Holdings Inc: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $1.95 $1.86 −4.7%
Jun 2026 $1.86 $1.95 +5.0%
Mar 2026 $2.15 $2.25 +4.4%
Dec 2025 $1.64 $1.68 +2.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 23, 2026

No numeric guidance in Marketaxess Holdings Inc's latest earnings release (filed October 23, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

12 analysts, Oct 2026
Buy00%
Hold12100%
Sell00%

Monthly trend

  1. Oct 20261212
  2. Sep 20261212
  3. Aug 20261212
  4. Jul 202611112

Counts of recommendations published by analysts covering Marketaxess Holdings Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.5%
of tradable shares
Days to cover
4.3
at average volume
Short interest, 1 month
+46%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
858
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +5.4%

$157.03 on October 31, 2025 to $165.48

Marketaxess Holdings Inc: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $837m $870m +3.9%
Net margin 26.6% 35.2% +32.3%
P/E multiple 26.4x 19.5x −26.2%
Share count 37m 36m +3.8%

Biggest factor: p/e multiple.

Last 3 years −21.2%

$210.07 on November 3, 2023 to $165.48

Marketaxess Holdings Inc: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $733m $870m +18.7%
Net margin 34.4% 35.2% +2.4%
P/E multiple 31.3x 19.5x −37.8%
Share count 38m 36m +4.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Marketaxess Holdings Inc: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 202120222023202420252026 to date
Return
MKTX−28%−32%+6%−22%−19%−7%
Industry peers (median)+44%−24%+33%+18%+6%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MKTX33%50%50%50%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MKTX−40%−46%−48%−34%−31%−43%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 80% from December 22, 2020 to June 25, 2026. Getting back needed a 407% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$108.57 – $191.62
From 52-week high
−13.6%
vs 50-day average
+1.0%
vs 200-day average
+7.3%
Volatility (1 year)
39%
Beta vs S&P 500
0.20

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.5%
After a week
5 up, 7 down
typical move ±8.5%
After a month
6 up, 5 down
typical move ±12.6%
Marketaxess Holdings Inc: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
October 23, 2026 +0.2% +0.2% +0.4% —
July 30, 2026 +29.1% +2.4% +29.3% +30.0%
May 7, 2026 −0.9% +0.5% −5.6% −21.5%
February 6, 2026 +5.2% +2.4% +10.2% +12.4%
November 7, 2025 +2.1% +1.7% +5.6% +4.9%
August 6, 2025 −11.3% +0.7% −9.1% −9.4%
May 7, 2025 −1.2% +1.1% −7.9% −2.6%
February 6, 2025 +1.7% −0.6% −3.4% +7.7%
November 6, 2024 −1.7% +3.3% −4.3% −13.8%
August 6, 2024 +2.9% +0.2% +8.1% +16.1%
May 7, 2024 −1.7% +0.1% −0.7% +0.4%
January 31, 2024 −20.2% −0.3% −17.5% −20.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Marketaxess Holdings Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Marketaxess Holdings Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Marketaxess Holdings Inc
$700M $750M $800M $850M $900M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $733.2M Revenue (TTM), FY23 Q4: $752.5M Revenue (TTM), FY24 Q1: $759.7M Revenue (TTM), FY24 Q2: $777.5M Revenue (TTM), FY24 Q3: $811.9M Revenue (TTM), FY24 Q4: $817.1M Revenue (TTM), FY25 Q1: $815.4M Revenue (TTM), FY25 Q2: $837.2M Revenue (TTM), FY25 Q3: $839.3M Revenue (TTM), FY25 Q4: $846.3M Revenue (TTM), FY26 Q1: $871.1M Revenue (TTM), FY26 Q2: $870M $870M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $733.2M
FY23 Q4 $752.5M
FY24 Q1 $759.7M
FY24 Q2 $777.5M
FY24 Q3 $811.9M
FY24 Q4 $817.1M
FY25 Q1 $815.4M
FY25 Q2 $837.2M
FY25 Q3 $839.3M
FY25 Q4 $846.3M
FY26 Q1 $871.1M
FY26 Q2 $870M
Revenue growth, TTM YoY Marketaxess Holdings Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 3.9% Revenue growth, TTM YoY, FY23 Q4: 4.8% Revenue growth, TTM YoY, FY24 Q1: 3.3% Revenue growth, TTM YoY, FY24 Q2: 6.1% Revenue growth, TTM YoY, FY24 Q3: 10.7% Revenue growth, TTM YoY, FY24 Q4: 8.6% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: 7.7% Revenue growth, TTM YoY, FY25 Q3: 3.4% Revenue growth, TTM YoY, FY25 Q4: 3.6% Revenue growth, TTM YoY, FY26 Q1: 6.8% Revenue growth, TTM YoY, FY26 Q2: 3.9% 3.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 3.9%
FY23 Q4 4.8%
FY24 Q1 3.3%
FY24 Q2 6.1%
FY24 Q3 10.7%
FY24 Q4 8.6%
FY25 Q1 7.3%
FY25 Q2 7.7%
FY25 Q3 3.4%
FY25 Q4 3.6%
FY26 Q1 6.8%
FY26 Q2 3.9%
Operating margin (TTM) Marketaxess Holdings Inc
40% 41% 42% 43% 44% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 43.1% Operating margin (TTM), FY23 Q4: 41.9% Operating margin (TTM), FY24 Q1: 41.1% Operating margin (TTM), FY24 Q2: 40.9% Operating margin (TTM), FY24 Q3: 41.6% Operating margin (TTM), FY24 Q4: 41.7% Operating margin (TTM), FY25 Q1: 41.3% Operating margin (TTM), FY25 Q2: 41.5% Operating margin (TTM), FY25 Q3: 41.2% Operating margin (TTM), FY25 Q4: 40.4% Operating margin (TTM), FY26 Q1: 40.7% Operating margin (TTM), FY26 Q2: 40.5% 40.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 43.1%
FY23 Q4 41.9%
FY24 Q1 41.1%
FY24 Q2 40.9%
FY24 Q3 41.6%
FY24 Q4 41.7%
FY25 Q1 41.3%
FY25 Q2 41.5%
FY25 Q3 41.2%
FY25 Q4 40.4%
FY26 Q1 40.7%
FY26 Q2 40.5%
FCF margin (TTM) Marketaxess Holdings Inc
20% 30% 40% 50% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 42.6% FCF margin (TTM), FY23 Q4: 43.1% FCF margin (TTM), FY24 Q1: 40.9% FCF margin (TTM), FY24 Q2: 40.9% FCF margin (TTM), FY24 Q3: 41.7% FCF margin (TTM), FY24 Q4: 45.9% FCF margin (TTM), FY25 Q1: 50.2% FCF margin (TTM), FY25 Q2: 47.8% FCF margin (TTM), FY25 Q3: 47.1% FCF margin (TTM), FY25 Q4: 44.2% FCF margin (TTM), FY26 Q1: 31.1% FCF margin (TTM), FY26 Q2: 22.3% 22.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 42.6%
FY23 Q4 43.1%
FY24 Q1 40.9%
FY24 Q2 40.9%
FY24 Q3 41.7%
FY24 Q4 45.9%
FY25 Q1 50.2%
FY25 Q2 47.8%
FY25 Q3 47.1%
FY25 Q4 44.2%
FY26 Q1 31.1%
FY26 Q2 22.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Marketaxess Holdings Inc: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 114 146 172 191 239 263 303 370 397 436 511 689 699 718 753 817 846 870
EBITDA — — — — — — — 208 219 236 278 411 391 388 386 415 419 430
Operating income — — — — — — — 190 200 213 251 375 337 327 315 341 342 352
Net income 16 31 48 60 76 75 96 126 148 173 205 299 258 250 258 274 247 306
Diluted EPS $0.42 $0.80 $1.20 $1.59 $2.01 $1.97 $2.55 $3.34 $3.89 $4.57 $5.40 $7.85 $6.77 $6.65 $6.85 $7.28 $6.64 $8.49
Growth (year on year)
Revenue — +27.8% +17.5% +11.0% +25.1% +10.1% +15.3% +22.0% +7.4% +9.6% +17.4% +34.8% +1.4% +2.8% +4.8% +8.6% +3.6% +3.9%
EBITDA — — — — — — — — +5.3% +7.7% +17.9% +47.9% −4.9% −0.6% −0.7% +7.6% +0.9% +1.9%
Operating income — — — — — — — — +5.1% +6.5% +18.0% +49.4% −10.0% −3.1% −3.6% +8.2% +0.3% +1.5%
Net income — +95.2% +51.8% +25.9% +26.5% −1.6% +28.4% +31.4% +17.4% +16.7% +18.5% +46.1% −13.9% −3.0% +3.1% +6.2% −10.0% +37.5%
Diluted EPS — +90.5% +50.0% +32.5% +26.4% −2.0% +29.4% +31.0% +16.5% +17.5% +18.2% +45.4% −13.8% −1.8% +3.0% +6.3% −8.8% +42.8%
Margins
EBITDA margin — — — — — — — 56.2% 55.1% 54.1% 54.3% 59.6% 55.9% 54.1% 51.2% 50.8% 49.5% 49.4%
Operating margin — — — — — — — 51.4% 50.2% 48.8% 49.1% 54.4% 48.2% 45.5% 41.9% 41.7% 40.4% 40.5%
Net margin 14.1% 21.5% 27.8% 31.5% 31.8% 28.5% 31.7% 34.1% 37.3% 39.7% 40.1% 43.4% 36.9% 34.8% 34.3% 33.6% 29.1% 35.2%
Free-cash-flow margin 33.6% 40.3% 36.3% 40.0% 31.6% 40.1% 38.1% 22.5% 39.2% 43.2% 49.6% 56.5% 37.9% 38.4% 43.1% 45.9% 44.2% 22.3%
Cash flow
Cash from operations 43 64 65 82 91 110 120 90 168 224 266 404 282 289 334 385 382 200
Capital spending 5 5 3 5 15 5 5 6 12 36 12 15 17 13 9 10 8 6
Free cash flow 38 59 62 76 76 105 115 83 156 188 254 389 265 276 324 375 374 194
Stock-based pay 8 9 7 8 9 10 13 15 14 16 25 26 27 30 29 30 31 34
Free cash flow after stock pay 30 50 55 68 67 96 103 69 142 172 228 364 237 246 295 346 343 160
Balance sheet
Cash 103 125 170 129 133 169 200 168 167 246 270 461 507 431 451 544 520 246
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 220 116
Net debt (negative = net cash) −103 −125 −170 −129 −133 −169 −200 −168 −167 −246 −270 −461 −507 −431 −451 −544 −300 −130
Diluted shares 38m 39m 40m 38m 38m 38m 38m 38m 38m 38m 38m 38m 38m 38m 38m 38m 37m 36m
Returned to shareholders
Dividends 3 11 14 64 20 24 30 38 49 62 76 91 100 106 110 113 115 113
Buybacks — 30 7 75 — 38 23 24 42 25 17 16 63 88 0 75 420 345
Total returned 3 41 21 139 20 62 53 62 91 88 93 107 163 193 110 188 535 459

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$345M
Dividends (TTM)
$113M
Returned to shareholders
236%
of free cash flow
Buybacks, last 3 fiscal years
$495M
Diluted share count
−3.7%
year over year
Total shareholder yield
7.9%
dividends 1.9% + buybacks 5.9% of market value
Dividend payout ratio
37%
of net income paid out

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Growth, margins and cash generation against peers
Last 12 months unless stated MKTX TW FDS MORN MSCI CBOE Median
Revenue, last 12 months $870m $2.3bn $2.5bn $2.6bn $3.4bn $5.3bn $5.3bn
Revenue growth, last 12 months 3.9% 14.4% 6.7% 9.4% 12.3% 14.3% 9.4%
Revenue growth, 3-year average 5.9% 21.9% 5.9% 9.9% 12.4% 11.5% 12.4%
Revenue growth, latest quarter −0.5% 14.9% 6.3% 8.9% 12.4% 19.0% 12.4%
Gross margin — — 50.6% 63.1% 82.4% 53.9% 63.1%
Operating margin 40.5% 44.1% 28.3% 24.5% 55.7% 36.4% 40.5%
Operating margin, 3-year average 41.0% 41.0% 30.8% 21.8% 54.4% 31.2% 38.4%
Net margin 35.2% 39.8% 21.5% 17.0% 40.3% 28.0% 29.6%
Cash from operations / revenue 23.0% 52.6% 33.2% 24.5% 47.0% 49.7% 40.7%
Free-cash-flow margin 22.3% 50.6% 28.6% 18.8% 45.9% 47.9% 36.4%
Free-cash-flow margin, 3-year average 37.0% 51.6% 27.7% 18.4% 48.5% 33.6% 34.0%
Stock pay / revenue 4.0% 4.8% 3.4% 2.5% 3.7% 1.0% 2.9%
Change in share count −3.7% −0.9% −4.6% −8.7% −5.5% −0.1% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 3.9% 9.4% 10 of 11
Change in growth rate Growth -2.9pp +0.4pp 10 of 11
Operating margin Profitability 40.5% 40.5% 6 of 11
Net margin Profitability 35.2% 29.6% 5 of 11
Stock pay as % of revenue Cash generation 4.0% 2.9% 9 of 11
Change in share count Balance sheet -3.7% -1.7% 4 of 11

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Commission Revenue $735M 86.8% ▲ 3.2%
Information Services $53.2M 6.3% ▲ 5.3%
Post Trade Services $44.5M 5.3% ▲ 4.7%
Technology Services $13.9M 1.6% ▲ 12.7%
Geography
Region Revenue Share YoY
United States $568M 67.2% 0.0%
United Kingdom $177M 20.9% ▲ 9.5%
Other $101M 11.9% ▲ 16.1%

From Marketaxess Holdings Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$4.4B
Institutions reporting
393
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
52 / 103

Top buyers and sellers, Q2 2026: 182 institutions bought and 271 sold ; the biggest buyer was North Reef Capital Management LP (+1.5M shares) and the biggest seller Millennium Management LLC (−978K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $454M 4.0M 10.2% ▼ 1.8%
Primecap Management Co $398M 3.5M 9.0% ▲ 4.7%
North Reef Capital Management LP $385M 3.4M 8.7% ▲ 81.1%
Vanguard Portfolio Management LLC $238M 2.1M 5.4% ▼ 2.9%
AQR Capital Management LLC $223M 2.0M 5.0% ▼ 26.0%
Vanguard Capital Management LLC $176M 1.5M 4.0% ▼ 3.9%
FMR LLC $159M 1.4M 3.6% ▼ 7.5%
State Street Corp $145M 1.3M 3.3% ▲ 0.1%
Neuberger Berman Group LLC $140M 1.2M 3.1% ▲ 27.3%
Goldman Sachs Group Inc $117M 1.0M 2.6% ▲ 102.6%
Bank Of Montreal $115M 1.0M 2.6% ▼ 0.3%
Geode Capital Management, LLC $113M 995K 2.5% ▲ 15.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Marketaxess Holdings Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Pintoff Scott General Counsel and Secretary October 12, 2026 Sell pre-set plan 100 $164.65 $16,465
Cruger William Frank Jr. Director September 10, 2026 Sell 6,164 $163.20 $1M
Pintoff Scott General Counsel and Secretary September 10, 2026 Sell pre-set plan 100 $163.32 $16,332
Pintoff Scott General Counsel and Secretary August 10, 2026 Sell pre-set plan 100 $162.60 $16,260
Pintoff Scott General Counsel and Secretary July 10, 2026 Sell pre-set plan 100 $115.12 $11,512
Pintoff Scott General Counsel and Secretary June 10, 2026 Sell pre-set plan 100 $116.03 $11,603
Pintoff Scott General Counsel and Secretary May 11, 2026 Sell pre-set plan 100 $146.99 $14,699
Pintoff Scott General Counsel and Secretary April 10, 2026 Sell pre-set plan 100 $171.96 $17,196
Pintoff Scott General Counsel and Secretary March 10, 2026 Sell pre-set plan 100 $184.93 $18,493
Pintoff Scott General Counsel and Secretary February 10, 2026 Sell pre-set plan 100 $171.91 $17,191
Pintoff Scott General Counsel and Secretary January 12, 2026 Sell pre-set plan 100 $168.63 $16,863
Pintoff Scott General Counsel and Secretary December 12, 2025 Sell pre-set plan 100 $177.85 $17,785

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Marketaxess Holdings Inc shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded April 9, 2026, filed May 19, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded February 12, 2025, filed March 12, 2025
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded January 15, 2025, filed February 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 5, 2027 estimated from the company's past filing pattern, not announced

  • October 23, 2026
  • July 30, 2026
  • May 7, 2026
  • February 6, 2026
  • November 7, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on Marketaxess Holdings Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Marketaxess Holdings Inc in brief

What does Marketaxess Holdings Inc do?
Marketaxess Holdings Inc is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Marketaxess Holdings Inc's stock ticker?
Marketaxess Holdings Inc trades under the ticker MKTX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Marketaxess Holdings Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Marketaxess Holdings Inc reported revenue of $870M, 3.9% higher than a year earlier, according to its SEC filings.
What is Marketaxess Holdings Inc's free cash flow?
Marketaxess Holdings Inc's free-cash-flow margin is 22.3% of revenue over the trailing twelve months.
Who are Marketaxess Holdings Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Primecap Management Co and North Reef Capital Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Marketaxess Holdings Inc buying back stock, and does it pay a dividend?
Marketaxess Holdings Inc spent $345M on share repurchases over the trailing twelve months, and its diluted share count fell 3.7% over the year.
What is Marketaxess Holdings Inc's market cap?
On November 2, 2026, Marketaxess Holdings Inc's market capitalisation was about $6B, with a price-to-earnings ratio of 19.5 and net debt of -$130M. Market figures come from third-party market data and may be delayed.
Does Marketaxess Holdings Inc pay a dividend?
Yes: Marketaxess Holdings Inc paid $113M in dividends over the trailing twelve months, a dividend yield of 1.95% and a payout ratio of 37.0%.
Who are Marketaxess Holdings Inc's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Marketaxess Holdings Inc are Tradeweb Markets Inc., Factset Research Systems Inc, Morningstar, Inc., MSCI and Cboe Global Markets. The side-by-side comparison below sets their revenue, margins and growth against Marketaxess Holdings Inc's.
Are insiders buying or selling Marketaxess Holdings Inc stock?
Over the last 12 months, Marketaxess Holdings Inc's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.
When is Marketaxess Holdings Inc's next earnings date?
Around February 5, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Marketaxess Holdings Inc announces its own schedule.