MARKETAXESS HOLDINGS INC MKTX
MarketAxess Holdings Inc. (the "Company" or "MarketAxess") operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and significant cost savings to approximately 2,100 institutional investor and broker-dealer clients across the global fixed-income and other markets. We have built a differentiated market position through our integrated approach to electronic trading, combining diverse trading protocols, automated and algorithmic execution solutions, intelligent data products and analytics and comprehensive post-trade and technology services. The fixed-income markets we focus on remain significantly less electronified than other asset classes, creating significant opportunities for continued growth.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $846.3M | $817.1M | $752.5M | $718.3M | $699.0M | $689.1M | $511.4M | $435.6M | $393.4M | $367.7M |
| SG&A | $26.6M | $22.7M | $23.0M | $19.2M | $14.5M | $12.7M | $15.7M | $11.4M | $11.1M | $9.2M |
| Total operating expenses | $504.4M | $476.2M | $437.5M | $391.4M | $361.7M | $314.4M | $260.5M | $223.0M | $193.8M | $177.7M |
| Operating income | $341.8M | $340.9M | $315.0M | $326.9M | $337.2M | $374.7M | $250.9M | $212.6M | $199.6M | $190.0M |
| Interest expense | $1.5M | $1.6M | $2.0M | $700.0K | $842.0K | $1.1M | — | — | — | — |
| Pre-tax income | $367.0M | $360.5M | $332.7M | $338.3M | $333.9M | $374.4M | $257.4M | $218.1M | $201.8M | $191.6M |
| Income tax | $120.1M | $86.4M | $74.6M | $88.1M | $76.0M | $75.0M | $52.5M | $45.2M | $53.7M | $65.4M |
| Net income | $246.9M | $274.2M | $258.1M | $250.2M | $257.9M | $299.4M | $204.9M | $172.9M | $148.1M | $126.2M |
| EPS, basic | 6.66 | 7.29 | 6.87 | 6.68 | 6.88 | 8.01 | 5.53 | 4.68 | 4.02 | 3.42 |
| EPS, diluted | 6.64 | 7.28 | 6.85 | 6.65 | 6.77 | 7.85 | 5.40 | 4.57 | 3.89 | 3.34 |
| Shares, diluted (wtd. avg.) | $37.1M | $37.7M | $37.7M | $37.6M | $38.1M | $38.1M | $38.0M | $37.9M | $38.0M | $37.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $519.7M | $544.5M | $611.7M | $572.7M | $625.6M | $608.0M | $274.3M | $246.3M | $167.0M | $168.2M |
| Property, plant and equipment | $112.4M | $107.3M | $102.7M | $100.3M | $96.1M | $85.2M | $71.8M | $63.0M | $38.5M | $31.1M |
| Goodwill | $283.7M | $236.7M | $236.7M | $154.8M | $154.8M | $147.4M | $146.9M | $59.7M | — | — |
| Other intangibles | $110.6M | $98.1M | $119.1M | $98.1M | $116.4M | $95.4M | $61.0M | $3.0M | $3.3M | $3.7M |
| Total assets | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $954.9M | $695.5M | $581.2M | $528.0M |
| Short-term debt | $220.0M | $0 | — | — | — | — | — | — | — | — |
| Total liabilities | $776.6M | $400.6M | $722.1M | $526.7M | $489.1M | $376.4M | $184.8M | $87.7M | $66.5M | $60.0M |
| Retained earnings | $1.54B | $1.41B | $1.24B | $1.10B | $957.0M | $799.4M | $591.1M | $463.3M | $353.6M | $255.1M |
| Total equity | $1.15B | $1.39B | $1.29B | $1.08B | $1.04B | $955.1M | $770.1M | $607.9M | $514.8M | $468.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $382.1M | $385.2M | $333.8M | $289.2M | $282.1M | $404.5M | $265.9M | $223.9M | $168.0M | $89.7M |
| Depreciation and amortisation | $76.7M | $73.8M | $70.6M | $61.4M | $53.4M | $36.0M | $26.9M | $23.1M | $19.3M | $17.8M |
| Stock-based compensation | $30.9M | $29.7M | $29.2M | $29.9M | $27.3M | $25.6M | $25.3M | $15.8M | $14.4M | $14.5M |
| Capital expenditure | $8.2M | $9.9M | $9.3M | $13.1M | $17.5M | $15.0M | $12.3M | $35.9M | $12.1M | $6.4M |
| Investing cash flow | -$96.9M | -$86.9M | -$155.3M | -$86.3M | -$67.7M | $68.9M | -$122.1M | -$50.3M | -$53.7M | -$53.2M |
| Financing cash flow | -$332.4M | -$201.4M | -$147.1M | -$242.4M | -$189.8M | -$145.1M | -$118.1M | -$92.7M | -$117.1M | -$65.3M |
| Buybacks | $420.0M | $75.5M | $0 | $87.5M | $63.2M | $16.1M | $17.3M | $25.2M | $42.5M | $23.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191601.
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