MarketAxess Holdings Inc.
- Open
- 115.03
- Day high
- 116.32
- Day low
- 113.45
- Prev close
- 113.98
- Volume
- 513K
- Mkt cap
- $4.0B
- P/E (TTM)
- 13.4
- EPS (TTM)
- $8.47
- P/B
- 3.4
- P/S
- 4.6
- Yield
- 2.71%
- Per share
- $3.08
- ▼Insiders net selling -$26K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
MarketAxess Holdings Inc. (MKTX) is a Financial Services company listed on NASDAQ. The stock is down 48% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
MarketAxess Holdings Inc. (MKTX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MKTX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $2.15 | $2.25 | +4.7% | $233M | +0.5% |
| Feb 6, 2026 | $1.65 | $1.68 | +1.8% | $209M | -1.1% |
| Nov 7, 2025 | $1.70 | $1.84 | +8.2% | $209M | +0.7% |
| Aug 6, 2025 | $1.94 | $2.00 | +3.1% | $224M | +3.1% |
| May 7, 2025 | $1.81 | $1.87 | +3.3% | $209M | -0.7% |
| Feb 6, 2025 | $1.70 | $1.73 | +1.8% | $202M | -5.0% |
| Jan 31, 2024 | $1.73 | $2.09 | +20.8% | $197M | +0.3% |
| Oct 25, 2023 | $1.48 | $1.46 | -1.4% | $172M | -0.0% |
| Jul 20, 2023 | $1.57 | $1.59 | +1.3% | $180M | +0.2% |
| Jan 25, 2023 | $1.56 | $1.58 | +1.3% | $178M | +0.6% |
| Oct 19, 2022 | $1.50 | $1.58 | +5.3% | $172M | -0.2% |
| Jul 20, 2022 | $1.70 | $1.78 | +4.7% | $182M | -0.8% |
MKTX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 12, 2026 | Cruger William Frank Jr.director | Grant | 1,390 | — |
| Jun 12, 2026 | Gibson Kourtneydirector | Grant | 1,390 | — |
| Jun 12, 2026 | Begleiter Steven Ldirector | Grant | 1,390 | — |
| Jun 12, 2026 | Altobello Nancy A.director | Grant | 1,390 | — |
| Jun 12, 2026 | Pintoff Scottofficer: General Counsel and Secretary | Sell | 100 | $116.03 |
| Jun 12, 2026 | HERNANDEZ CARLOS MAURICIOdirector | Grant | 2,616 | — |
| Jun 12, 2026 | Hoornweg Robertodirector | Grant | 1,390 | — |
| Jun 12, 2026 | Cifu Douglas Adirector | Grant | 1,390 | — |
| Jun 12, 2026 | SCHICIANO KENNETH Tdirector | Grant | 1,390 | — |
| Jun 12, 2026 | KETCHUM RICHARD Gdirector | Grant | 1,390 | — |
| Jun 12, 2026 | Portney Emily Hopedirector | Grant | 1,390 | — |
| Jun 12, 2026 | Chwick Janedirector | Grant | 1,390 | — |
| May 11, 2026 | Pintoff Scottofficer: General Counsel and Secretary | Sell | 100 | $146.99 |
| May 4, 2026 | Quan Williamofficer: Chief Technology Officer | Grant | 218 | — |
| Apr 10, 2026 | Pintoff Scottofficer: General Counsel and Secretary | Sell | 100 | $171.96 |
Source: MKTX SEC Form 4 filings, latest Jun 12, 2026. For informational purposes only — not investment advice.
See the full MKTX insider & 13F page →MarketAxess Holdings Inc. company profile
Overview
MarketAxess Holdings Inc. (NASDAQ:MKTX) is a leading electronic trading platform provider for fixed-income securities, founded in 2000 and headquartered in New York. The company went public in 2004 and has established itself as the dominant electronic marketplace for institutional bond trading, serving over 2,100 active client firms across 67 countries. MarketAxess operates the world's largest electronic credit trading platform, facilitating transactions between institutional investors, broker-dealers, and other market participants in an increasingly digital fixed-income market.
Business
MarketAxess operates in the fixed-income electronic trading industry, providing a sophisticated marketplace where institutional investors and broker-dealers can trade bonds electronically rather than through traditional phone-based methods. The fixed-income market encompasses various debt securities including corporate bonds, government bonds, municipal bonds, and emerging market debt. The company's core offering is its electronic trading platform that enables clients to execute bond trades in multiple ways. The platform supports various bond categories including U.S. investment-grade corporate bonds, U.S. high-yield bonds, U.S. Treasuries, municipal bonds, emerging market debt, and Eurobonds. What makes MarketAxess unique is its "Open Trading" protocol, which allows all participants to trade with each other in an anonymous, all-to-all environment, rather than being limited to traditional dealer-to-client transactions. The business operates through several key segments. **Commission revenue** represents approximately 85-90% of total revenue, generated from electronic bond trading transactions. **Information services** contribute around 6-7% of revenue, providing market data, pricing information, and analytics to help clients make trading decisions. **Post-trade services** account for about 5-6% of revenue, offering trade matching, regulatory reporting, and settlement services. **Technology services** make up the remaining 2-3%, providing connectivity solutions and workflow optimization tools. The company has developed multiple trading protocols to serve different client needs: traditional request-for-quote (RFQ) systems, portfolio trading for large block transactions, automated trading algorithms, and high-touch block trading solutions for complex trades that require human intervention.
Competitive moat
MarketAxess possesses a strong network effects moat that has proven durable over two decades. The company's competitive advantage stems from its position as the central hub connecting the fragmented fixed-income market. As more participants join the platform, it becomes increasingly valuable to all users due to enhanced liquidity and better price discovery. This creates a self-reinforcing cycle where the platform's utility grows with each additional participant. The company's **Open Trading protocol** represents a significant competitive differentiator, allowing all participants to trade with each other rather than being limited to traditional dealer intermediation. This innovation has generated over $945 million in price improvements for clients annually, creating strong switching costs as clients become dependent on this liquidity advantage. **Data and analytics capabilities** provide another moat layer. MarketAxess has accumulated vast amounts of proprietary trading data over 20+ years, enabling superior pricing models, market analytics, and algorithmic trading tools that competitors cannot easily replicate. The company's Composite+ pricing service and pre-trade analytics have become integral to clients' trading workflows. However, the moat faces several challenges. **Large broker-dealers** are increasingly building proprietary electronic platforms to compete directly, potentially fragmenting liquidity. **Alternative trading systems (ATS)** and new fintech entrants are targeting specific market segments with innovative approaches. **Regulatory changes** promoting market competition could reduce MarketAxess's advantages. The company's **high market share** in certain segments (particularly U.S. investment-grade bonds) may face natural limits as it becomes harder to gain incremental share. Despite these challenges, MarketAxess's moat remains relatively strong due to the critical mass of participants, switching costs associated with integrated workflows, and the ongoing secular trend toward electronic trading in previously manual markets.
Risks & safety
MarketAxess demonstrates a strong margin of safety with robust financial fundamentals and conservative capital structure. **Liquidity and Solvency:** - Cash and short-term investments of $486 million provide substantial liquidity buffer - Current ratio of 3.92 indicates strong ability to meet short-term obligations - Minimal debt with debt-to-equity ratio of only 5.3% - Strong free cash flow generation of $27.7 million in Q1 2025, with annual free cash flow typically exceeding $200 million **Valuation Metrics:** - EV/EBITDA of 16.8x appears reasonable for a dominant platform business with network effects - Price-to-book ratio of 6.0x reflects the asset-light, technology-driven business model - Graham number of $18.07 suggests potential undervaluation from a conservative perspective **Other Considerations:** - High return on equity of 19.7% (FY 2024) demonstrates efficient capital allocation - Predictable, recurring revenue model with high customer retention - Strong competitive position in growing electronic trading market - Conservative management approach to capital allocation and expense management
Recent development
Over the past few years, MarketAxess has pursued several strategic initiatives to expand its market presence and technological capabilities. The company has been investing heavily in **protocol diversification**, moving beyond traditional request-for-quote systems to offer portfolio trading, block trading, and automated trading solutions. The launch of the **X-Pro platform** represents a significant technological advancement, providing enhanced user experience and expanded functionality across global markets. **International expansion** has been a key focus, with particular emphasis on emerging markets where electronic trading penetration remains low. The company has achieved strong growth in regions like Latin America and Asia-Pacific, with emerging markets revenue growing 18-22% in recent quarters. The **block trading initiative** has been strategically rolled out first in emerging markets and Eurobonds before expanding to U.S. markets. The company has enhanced its **data and analytics capabilities** through partnerships like the one with S&P Global and continued investment in proprietary market data products. The development of **AI-powered solutions** including Adaptive Auto-X algorithms and enhanced dealer selection tools represents the company's push into more sophisticated trading automation. **Leadership transition** occurred in 2023 with Chris Concannon becoming CEO while founder Rick McVey transitioned to Executive Chairman before retiring from the board. The company has also been **acquiring complementary technologies**, including the Pragma acquisition to enhance algorithmic trading capabilities, and forming strategic partnerships like the one with ICE to expand liquidity access.
MKTX company profile · for informational purposes only — not investment advice.
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