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CompareEarnings: May 31, 2026

MarketAxess Holdings Inc

Exchange: NASDAQSector: Financial ServicesIndustry: Capital Markets

MarketAxess operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading ® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services.

Did you know?

Generated $5.6 in free cash flow for every $1 of capital expenditure in FY25.

Current Price

$172.77

-2.31%

GoodMoat Value

$123.87

28.3% overvalued
Profile
Valuation (TTM)
Market Cap$6.42B
P/E26.04
EV$6.06B
P/B5.61
Shares Out37.17M
P/Sales7.59
Revenue$846.27M
EV/EBITDA13.57

MarketAxess Holdings Inc (MKTX) Company Profile

GoodMoat Analysis

Based on data as of March 26, 2026

MarketAxess operates a dominant electronic bond trading platform, benefiting from high switching costs and network effects. However, its growth has slowed sharply, and its current valuation appears high relative to its fundamentals, warranting a cautious view.

Read full analysis
MarketAxess operates an electronic trading platform for fixed-income securities, primarily corporate and government bonds. It connects institutional investors (like asset managers and hedge funds) with broker-dealers, earning a fee for each trade executed on its network. This creates a classic two-sided marketplace. Its moat is anchored in high switching costs (Section 1, Criterion 2), as its platform is deeply integrated into clients' complex workflows, and network effects (Criterion 1), where more liquidity attracts more participants, creating a virtuous cycle. The company has historically been highly profitable, with an operating margin of 40.4% and an ROE of 21.5%, which exceeds the 15-20% high-quality threshold. However, key risks are emerging. The most prominent red flag (Section 5, Criterion 13) is growth deceleration, with revenue growth of just 3.5% YoY, which is sharply lower than typical historical rates and may not justify its P/E of 25x. The GoodMoat Target of $123.87, significantly below the current price of $166.11, suggests the stock is unfavourable from a valuation perspective. A value investor might be interested in the company's durable platform and high profitability but would likely be deterred by the combination of slowing growth and a valuation that appears to lack a margin of safety. Analysis based on data as of 2024-05-15.

MKTX Company Information

MarketAxess operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets.

Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities.

Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform.

MarketAxess’ award-winning Open Trading ® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets.

Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services.

Sector

Financial Services

Industry

Capital Markets

Exchange

NASDAQ

Country

New York, USA

MKTX Key Officers

Key officers data coming soon

MKTX Company Profile

MarketAxess Holdings Inc (MKTX) is a Financial Services company in the Capital Markets industry. It trades on NASDAQ. The company is based in New York, USA.

MarketAxess operates a leading electronic trading platform that delivers greater trading efficiency, a diversified pool of liquidity and significant cost savings to institutional investors and broker-dealers across the global fixed-income markets. Approximately 2,100 firms leverage MarketAxess’ patented technology to efficiently trade fixed-income securities. Our automated and algorithmic trading solutions, combined with our integrated and actionable data offerings, help our clients make faster, better-informed decisions on when and how to trade on our platform. MarketAxess’ award-winning Open Trading ® marketplace is widely regarded as the preferred all-to-all trading solution in the global credit markets. Founded in 2000, MarketAxess connects a robust network of market participants through an advanced full trading lifecycle solution that includes automated trading solutions, intelligent data and index products and a range of post-trade services.

Market cap is $6.42B. There are 37.2M shares outstanding. Dividend yield is 1.79%.

See the full MarketAxess Holdings Inc profile on GoodMoat. It covers key officers, financial metrics, and sector details. You can also use GoodMoat's DCF calculator, fair value models, and quality score to help decide if MKTX is a good investment.