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MarketAxess Holdings Inc.
NASDAQ: MKTX Financials Cap Markets 🔎 Screen
$6.0B
Market Cap
27.3
P/E
6.17
PEG
25.0%
ROCE
19.4%
ROE
0.25
D/E
40.4%
OPM
-15.2%
% from 52W High
59
α RS
🔍 MKTX is showing a high-conviction setup because it matches 9 of 37 tracked screener presets, Sector RRG has Financials in the Improving quadrant with the trail still strengthening, and an ECS of 56.3 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 9/37 · Financials in Improving quadrant · ECS 56.3
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🌏 Global Investor Returns
Currency-adjusted total returns for MKTX including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding MKTX
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 252.8K $41.7M 0.05% Mar 2026
Jim Simons Renaissance Technologies LLC 167.1K $27.6M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED MarketAxess Q1 2026: Record revenue $233M, up 12%; new issue solution pilot.
Revenue & Profitability
Total revenue was a record $233 million, up 12% YoY. Non-GAAP diluted EPS was $2.25, up 20%. Operating margin improved nearly 200 basis points to 44%. Trailing-12-month free cash flow was $316 million. Non-GAAP expenses grew 8%, including a $2 million FX headwind.
Outlook
Management noted that April saw lower volatility and tighter credit spreads after a strong Q1, with record new issuance continuing. They described the market as 'healthy' and observed a return to higher activity levels in early May. No formal guidance was provided, but the tone was positive, citing the inherent operating leverage and momentum from new initiatives.
Growth Drivers
Key growth levers include emerging markets (30% ADV growth, 68% of incremental credit revenue), block trading (35% ADV growth to record $7 billion), portfolio trading (51% ADV growth to record $1.9 billion), and automation (record $144 billion volume). The new issue trading solution and continued expansion of protocols like Mid-X and closing auction are expected to drive further growth.
Balance Sheet & CapEx
Not discussed in detail in this transcript. Investments in technology modernization and AI were mentioned, including the strategic hire of a new CTO and leveraging AI for refactoring legacy code, but no specific CapEx numbers or guidance were provided.
Margins
Operating margin improved to 44% in Q1, up almost 200 basis points year-over-year, reflecting strong revenue growth and disciplined expense management. Non-GAAP expenses grew only 8%, and headcount declined 1%. Management emphasized the inherent operating leverage in the model.
Key Risks
Management flagged risks including duplicate TRACE reporting distorting market share calculations, the crowding out of secondary trading during heavy new issue periods, and the inherent month-to-month volatility in trading volumes. They cautioned that 'one month does not make the year' when assessing April's decline.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q1 2026 Q1 2026 2026-05-07
Record Q1 revenue and trading volumes were driven by strong growth in non-U.S. credit, emerging markets, and new initiatives. AI-powered analytics, technology investments, and a new issue trading solution position the business for continued expansion despite April's market slowdown.
Q4 2025 Q4 2025 2026-02-06
Record 2025 revenue of $846M was driven by growth outside U.S. credit and strong new protocol adoption. Block and portfolio trading volumes surged, with emerging markets and automation initiatives showing exceptional gains. Capital returns remained robust, and 2026 guidance targets continued growth.
Q3 2025 Q3 2025 2025-11-07
Q3 2025 revenue rose 1% to $209M, with strong growth in non-U.S. credit and new trading protocols, but U.S. credit revenue remains challenged by tight spreads and protocol mix. Technology innovation, new protocols, and international expansion are driving future growth, while disciplined expense management and share repurchases support capital allocation.
Q2 2025 Q2 2025 2025-08-06
Record Q2 results with 11% revenue growth and strong gains in block, portfolio, and dealer-initiated trading. Strategic hires and new product launches are set to drive further growth, despite a temporary dip in U.S. high-grade market share in July.
Q1 2025 Q1 2025 2025-05-07
Technology investments and product diversification drove record volumes in multiple segments, despite a slight revenue decline due to lower fee capture in U.S. credit. Cost discipline, strong automation growth, and new protocol launches position the firm for continued share gains amid sustained market volatility.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Conflict of Interest Disclosure:
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Information Sources:
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