Is MarketAxess Holdings (MKTX) overvalued or fairly valued?

MarketChacha shows MarketAxess Holdings's valuation in context — a trailing P/E of about 20.9, a forward P/E of about 18.8, a price-to-book of about 4.7 — 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 $164.51 (-0.0% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

MarketAxess Holdings

MKTX · NYSE · Financials · United States

Snapshot

TickerMKTX

ExchangeNYSE

SectorFinancials

IndustryCapital Markets

CountryUnited States

Employees863

HeadquartersNew York, United States

Websitewww.marketaxess.com

Filings tracked16

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.

Who owns it

Insiders0.7%
Institutions99.3%
Public & other0.0%

558 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.11.37%
Primecap Management Company9.96%
North Reef Capital Management LP9.65%
Vanguard Portfolio Management LLC5.97%
AQR Capital Management, LLC5.65%
Vanguard Capital Management LLC4.39%
FMR, LLC3.99%
State Street Corporation3.64%

Largest institutional holders — last updated 6/30/2026.

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 $220.3M · EPS 1.82

Est. earnings growth +8.4%

Next fiscal year

Rev $954.8M · EPS 8.75

Est. earnings growth +9.8%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

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

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
2026Q2	$218.4M	$68.1M	1.93	31.2%
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

10-Q filing
SEC8/7/2026
8-K — Material agreement, Executive/director change, Reg FD disclosure, Exhibits
SEC7/30/2026material
8-K — Results of operations, Other events, Exhibits
SEC7/30/2026material
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
10-K filing
SEC2/24/2026
8-K — Executive/director change
SEC2/17/2026material
8-K — Material agreement, Results of operations, Material financial obligation, Other events, Exhibits
SEC2/6/2026material
8-K — Executive/director change, Reg FD disclosure, Exhibits
SEC1/26/2026material

2025

8-K — Reg FD disclosure, Exhibits
SEC12/9/2025material
8-K — Results of operations, Other events, Exhibits
SEC11/7/2025material
10-Q filing
SEC11/7/2025
8-K — Results of operations, Other events, Exhibits
SEC8/6/2025material
10-Q filing
SEC8/6/2025

In the news

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