Is MarketAxess Holdings (MKTX) overvalued or fairly valued?

MarketChacha shows MarketAxess Holdings's valuation in context — a trailing P/E of about 17.8, a forward P/E of about 13.0, a price-to-book of about 3.4 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does MarketAxess Holdings's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.41×) from reported figures — education, not a rating.

What is MarketAxess Holdings's revenue?

MarketAxess Holdings reported revenue of $846.3M for FY2025, with net profit of $246.6M, per official filings.

What is the share price of MarketAxess Holdings (MKTX)?

MarketAxess Holdings last traded at $113.21 (+0.8% on the day), as of 7/22/2026 — a delayed quote shown for education, not investment advice.

MarketAxess Holdings

MKTX · NYSE · Financials · United States

$113.21+0.8%

Delayed · as reported by Yahoo Finance · as of Jul 22, 2026, 7:32 PM

Snapshot

TickerMKTX

ExchangeNYSE

SectorFinancials

IndustryCapital Markets

CountryUnited States

Employees859

HeadquartersNew York, United States

Market cap$4.0B

P/E (TTM)17.8

P/B3.4

Volume310.54K

Websitewww.marketaxess.com

Filings tracked4

About MarketAxess Holdings

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.

Profile as reported by Yahoo Finance.

Who owns it

Insiders0.9%
Institutions99.1%
Public & other0.0%

599 institutional holders

As reported by Yahoo Finance.

Top holders

Blackrock Inc.11.47%
Primecap Management Company9.42%
AQR Capital Management, LLC7.55%
Vanguard Portfolio Management LLC6.09%
North Reef Capital Management LP5.28%
Vanguard Capital Management LLC4.53%
FMR, LLC4.28%
State Street Corporation3.60%

Largest institutional holders, as reported by Yahoo Finance (as of 3/31/2026).

Forensic scorecard

Margin has compressed by about 5.1 points over the period — profitability is trending down.

Cash conversion1.41×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend34.3% → 29.1%

Margin has compressed by about 5.1 points over the period — profitability is trending down.

Return on equity21.5%

Latest ROE of 21.5% — capital is generating a healthy return.

Growth qualityrev 6% · PAT -2%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $218.8M · EPS 1.95

Est. earnings growth +5.9%

Next fiscal year

Rev $953.3M · EPS 8.74

Est. earnings growth +10.2%

Analyst consensus estimates — not the company's own guidance. As reported by Yahoo Finance.

$108.7552-wk range$214.98

Delayed · as reported by Yahoo Finance

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Market cap

$4.0B

Day change

+0.8%

P/E (TTM)

17.8

Fwd P/E

13.0

P/B

3.4

Div yield

2.78%

Beta

0.87

Revenue (FY2025)

$846.3M

Net margin

29.1%

ROE

21.5%

Revenue CAGR (2y)

+6.0%

Profit CAGR (2y)

-2.2%

EPS (FY2025)

6.64

Net profit (FY2025)

$246.6M

Market figures: Delayed · as reported by Yahoo Finance. Financials as reported in company filings.

Ask MarketChacha about MKTX

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Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$846.3M	$246.6M	6.64	29.1%	21.5%
FY2024	$817.1M	$274.2M	7.28	33.6%	19.7%
FY2023	$752.5M	$258.1M	6.85	34.3%	20.0%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q1	$233.4M	$77.9M	2.20	33.4%
2025Q3	$208.8M	$68.2M	1.84	32.6%
2025Q2	$219.5M	$71.1M	1.91	32.4%
2025Q1	$208.6M	$15.1M	0.40	7.2%
2024Q3	$206.7M	$71.5M	1.90	34.6%
2024Q2	$197.7M	$64.9M	1.72	32.9%
2024Q1	$210.3M	$72.6M	1.92	34.5%
2023Q3	$172.3M	$54.9M	1.46	31.9%
2023Q2	$179.8M	$59.9M	1.59	33.3%
2023Q1	$203.2M	$73.6M	1.96	36.2%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Shareholder vote results
SEC6/10/2026material
8-K — Results of operations, Other events, Exhibits
SEC5/7/2026material
10-Q filing
SEC5/7/2026
8-K/A — Executive/director change
SEC4/17/2026

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed · as reported by yahoo finance) are delayed and shown for reference only. Verify with the linked sources before acting.