Inside the research
MarketAxess Holdings Inc.
MKTX Research profile · latest available data
Price overview
$164.19
▲ +0.42 (+0.3%)
| 52w hi | $191.62 |
|---|---|
| 52w lo | $108.57 |
| Vol | 1.23M |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.18
| Short | +0.36 |
|---|---|
| Medium | +0.10 |
| Long | -0.01 |
computed 2026-09-27
Key fundamentals
MarketAxess Holdings Inc.
Financial Services · Capital Markets
| Market cap | $5.78B |
|---|---|
| Enterprise value | $5.63B |
| Trailing P/E | 19.41x |
| Forward P/E | 18.76x |
| EV / EBITDA | 12.93x |
| P / S (ttm) | 6.64x |
| Profit margin | 35.2% |
| Return on equity | 23.1% |
| Revenue growth | -0.5% |
| Earnings growth | +1.0% |
| Debt / equity | 14.28 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.20 | |
| Sector | +0.02 | |
| Technical | -0.02 | |
| Earnings | +0.00 | |
| Sentiment | +0.41 |
macro × 1.00 · 2026-09-27
Business overview
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. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.
Risk Metrics
| Beta vs SPX | -0.10 |
|---|---|
| Corr SPX | -0.05 |
| Annual vol | 33.9% |
| Annual ret | -17.0% |
| Sharpe | -0.50 |
| Max DD | -62.8% |
Window: 504 trading days (504 obs)
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-07-30 | Earnings Release, Other Material Event… | read |
| 2026-07-30 | Material Agreement, Officer / Director Change… | read |
| 2026-06-10 | Shareholder Vote | read |
| 2026-05-07 | Earnings Release, Other Material Event… | read |
| 2026-02-17 | Officer / Director Change | read |
| 2026-02-06 | Material Agreement, Earnings Release… | read |
| 2026-01-26 | Officer / Director Change, Reg FD Disclosure… | read |
| 2025-12-09 | Reg FD Disclosure, Exhibits | read |
| 2025-11-07 | Earnings Release, Other Material Event… | read |
| 2025-08-06 | Earnings Release, Other Material Event… | read |
| 2025-06-05 | Officer / Director Change, Shareholder Vote | read |
| 2025-05-21 | Officer / Director Change, Reg FD Disclosure… | read |
Flow & Concentration
| Insider 180d net | $0 |
|---|---|
| Insider buys / sells | 0 / 0 |
| Insider bias | Neutral |
| 13F holders | 10 |
| Top-5 share | 92.2% |
| HHI | 1,943 (moderate) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| AQR Capital Management | $222.76M | 1.99M |
| Fidelity / FMR LLC | $159.45M | 1.40M |
| State Street Corp | $145.43M | 1.28M |
| Millennium Management | $131.23M | 1.16M |
| Citadel Advisors | $62.25M | 548.49K |
| Capital Research / Capital World | $31.63M | 278.75K |
| Renaissance Technologies | $22.70M | 200.00K |
| Norges Bank (Norway sovereign) | $5.63M | 49.58K |
| Bridgewater Associates | $797.15K | 7.02K |
| T. Rowe Price Group | $4.37K | 38.52K |
As of 2026-06-30
Dividends
| Yield (TTM) | 0.94% |
|---|---|
| $ / share (TTM) | $1.54 |
| 5y CAGR | +4.8% |
Annual dividend per share
| 2021 | $2.64 |
|---|---|
| 2022 | $2.80 |
| 2023 | $2.88 |
| 2024 | $2.96 |
| 2025 | $3.04 |
| 2026 | $0.78 |
SEC Filings
The Long Run
FY 2011–2025 · 15 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $846.27M | +15.4% | |
| Operating income | $315.02M | +5.8% | |
| Net income | $246.63M | +12.5% | |
| Cash from ops | $333.77M | +16.0% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $163.77 | $164.20 | $163.55 | $164.19 | 1.23M |
| Sep 24 | $163.77 | $163.99 | $163.69 | $163.77 | 719.20K |
| Sep 23 | $163.56 | $163.89 | $163.40 | $163.71 | 729.50K |
| Sep 22 | $163.67 | $163.71 | $163.28 | $163.43 | 1.04M |
| Sep 21 | $163.35 | $163.79 | $163.32 | $163.44 | 795.80K |
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