MarketAxess Holdings Inc. (MKTX) Stock Analysis
Financial Services · Capital Markets · NasdaqGS
MarketAxess Holdings Inc. (MKTX) posted $846.27M in revenue for fiscal 2025 (up 3.6% year over year), at a 29.1% net margin, and has compounded revenue about 4.2%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on MarketAxess Holdings Inc.
MarketAxess Holdings Inc. has grown revenue from $369.92M to $846.27M over the last 10 fiscal years, compounding about 4.2% a year. The most recent year was up 3.6%, roughly in line with its longer-run pace.
Net margin sits at 29.1%, down 4.5 points year over year. It carries about $220.00M of total debt.
At today's valuation the market is pricing in roughly -0.5% annual free-cash-flow growth — versus the -0.8% it actually delivered over the last five years, broadly in line with what it has delivered. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from MarketAxess Holdings Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
MarketAxess Holdings Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $369.92M | $397.47M | $435.56M | $511.35M | $689.13M | $698.95M | $718.30M | $752.55M | $817.10M | $846.27M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $126.17M | $148.09M | $172.85M | $204.90M | $299.38M | $257.89M | $250.22M | $258.06M | $274.18M | $246.63M |
| Net margin | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.9% | 34.8% | 34.3% | 33.6% | 29.1% |
Source: MarketAxess Holdings Inc. SEC filings (10-K). 17 years of history available in the interactive view.
MarketAxess Holdings Inc.: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 34.8% to 29.1% over ~3 years — profitability is compressing.
What growth is priced into MKTX stock?
At today's market cap of $4.11B, MarketAxess Holdings Inc. is priced for free-cash-flow growth of about -0.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $373.94M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.8%/yr over the last five fiscal years and revenue 4.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of MarketAxess Holdings Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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MarketAxess Holdings Inc. financial history by metric
Compare MarketAxess Holdings Inc. with peers
About MarketAxess Holdings Inc.
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.
MarketAxess Holdings Inc. — frequently asked questions
What is MarketAxess Holdings Inc.'s revenue?
MarketAxess Holdings Inc. (MKTX) reported revenue of $846.27M for fiscal year 2025, up 3.6% from the prior year, according to its SEC filings.
Is MarketAxess Holdings Inc. profitable?
Yes. MKTX earned net income of $246.63M in fiscal 2025, a net margin of 29.1%.
What is MKTX's P/E ratio?
MarketAxess Holdings Inc. trades at a price-to-earnings ratio of about 13.7 based on the latest data in our nightly-refreshed cache.
How fast is MarketAxess Holdings Inc. growing?
MKTX's revenue grew at roughly 4.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does MarketAxess Holdings Inc. have?
As of fiscal year 2025, MKTX carried roughly $220.00M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is MarketAxess Holdings Inc.'s market cap?
MarketAxess Holdings Inc. (MKTX) has a market capitalization of about $4.11B, based on the latest data in our nightly-refreshed cache.
When does MarketAxess Holdings Inc.'s fiscal year end?
MKTX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into MKTX stock?
At today's market cap of $4.11B, MarketAxess Holdings Inc. is priced for free-cash-flow growth of about -0.5% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $373.94M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -0.8%/yr over the last five fiscal years and revenue 4.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from MarketAxess Holdings Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.