Marketaxess Holdings Inc

MKTX · Financials (security brokers, dealers & flotation companies) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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Marketaxess Holdings Inc reported revenue of $846.3 million in fiscal 2025, after growing 9.7% a year over the previous 9 years. Its operating margin narrowed from 51.7% in 2016 to 40.4%, and it earned 16.8% on its invested capital in the latest year. Of the $2.8 billion its operations generated over 10 years, 30.4% went to dividends and 27.3% to buybacks. On the accounting screens, it passes 4 of 7 Piotroski tests; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2025 846.3M +9.7% a year over 9 years

Operating margin 40.4% gross margin —

Return on invested capital 16.8% 17.8% on average over 2 years

Free cash flow after stock pay 343.0M 40.5% of revenue

Net debt ÷ EBITDA Net cash 299.7M more cash than debt

Piotroski F-score 4/7 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income

Compound growth a year
	3 yrs	5 yrs	9 yrs
Revenue	+5.6%	+4.2%	+9.7%
Operating income	+1.5%	-1.8%	+6.7%
Net income	-0.5%	-3.8%	+7.7%
Earnings per share	-0.0%	-3.3%	+7.9%
Free cash flow per share	+11.1%	-0.3%	+18.4%
Dividend per share	+3.3%	+5.5%	+13.2%
Shares	-0.5%	-0.5%	-0.2%

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

    GrossOperatingNetFree cash flow
    
  

Return on invested capital

Return on invested capital Cost of capital today · 9.2%

Economic profit

(return on capital − cost of capital) × capital invested: the profit left after paying for the money used. Today's cost of capital is applied to every year, since a past one cannot be rebuilt honestly.

Return on equity: 21.5%
Return on assets: 12.7%
Asset turnover: 0.44×
Overheads (SG&A): 3.1% of revenue

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Where 10 years of operating cash went, 2016–2025

2.8B generated by the business. Each band is its share of that total.

Reinvested in the business 5% 139.8M
Acquisitions 4% 115.0M
Dividends 30% 859.9M
Share buybacks 27% 771.2M
Kept, or used to pay down debt 33% 938.8M

Over the same years it paid 242.7M in stock. The share count fell 1.6%. 528.5M of the buybacks went beyond offsetting that dilution.

Per share

    Earnings per shareFree cash flow per shareDividend per share
    
  

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt

Net debt ÷ EBITDA: -0.7×
Interest coverage: 230× operating income ÷ interest
Current ratio: — current assets ÷ current liabilities
Cash conversion cycle: —

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

4of 7 tests passed

ProfitableReturn on assets above zero passed
Cash from operationsOperating cash flow above zero passed
Profitability improvedReturn on assets higher than a year before failed
Profit backed by cashOperating cash flow above net income (low accruals) passed
Less long-term debtLong-term debt as a share of assets fell failed
More liquidCurrent ratio higher than a year before — not reported no data
No new sharesShare count did not grow passed
Better gross marginGross margin higher than a year before — not reported no data
Sells more per assetAsset turnover higher than a year before failed

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

The accounts lack a line it needs (retained earnings, current assets or liabilities).

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Capital spending (8M) is well below depreciation (77M).

Benign

Mature assets, or a business that has become less capital-intensive.

Worrying

Under-investing: today's profit is being held up by consuming tomorrow's capacity.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue

Starting revenue

M $

revenue of fiscal 2025

Growth in year one

revenue grew +4.2% a year over the last 5 years; it fades to the terminal rate by the last year

Years until it settles

yrs

ten years for growth to fade to the terminal rate

Cash from each sale

Free cash flow margin today

free cash flow to the firm after stock-based pay ÷ revenue, last 3 fiscal years together

Margin in the last year

the margin in year ten; by default the business keeps today's

Count stock-based pay as a costIt is paid in shares instead of cash, and shareholders bear it through dilution. Most free cash flow figures leave it out.

The long run

Growth after that, forever

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate

Risk-free rate

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

Beta

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

Equity risk premium

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

Cost of debt, before tax

interest expense ÷ debt = 0.7%, kept between the risk-free rate and +8 points

Tax rate

effective rate in the last fiscal year, 32.7%, kept within 0–35%

The price

Share price

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

Value per share, with these assumptions $137.47 discounted at 9.2% a year · 54% of it from after year 10

$105.6480% of 5,000 simulations$186.34

Cautious $89.33 0.0% growth · 29.5% margin · 10.2% discount · 2.0% forever

Your assumptions $137.47 4.0% growth · 34.7% margin · 9.2% discount · 2.5% forever

Generous $227.16 8.0% growth · 39.9% margin · 8.2% discount · 3.0% forever

Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.

What the value implies, in the usual multiples

	At this model's value
Price ÷ earnings	20.7×
Enterprise value ÷ EBITDA	11.5×
Enterprise value ÷ revenue	5.7×
Free cash flow yield	6.7%

From cash flows to a value per share

10 years of cash flow, today2.2B

Everything after, today2.6B

The whole business4.8B

Plus net cash299.7M

What belongs to shareholders5.1B

Divided among 37.1M shares: $137.47 each.

The projection next to its history

Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.

ReportedProjected

Year by year

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035
Revenue	880.1M	913.9M	947.4M	980.5M	1.0B	1.0B	1.1B	1.1B	1.1B	1.2B
Growth	4.0%	3.8%	3.7%	3.5%	3.3%	3.2%	3.0%	2.8%	2.7%	2.5%
Cash margin	34.7%	34.7%	34.7%	34.7%	34.7%	34.7%	34.7%	34.7%	34.7%	34.7%
Free cash flow	305.1M	316.7M	328.4M	339.9M	351.2M	362.3M	373.2M	383.7M	394.0M	403.8M
Worth today	279.5M	265.8M	252.5M	239.4M	226.6M	214.2M	202.1M	190.4M	179.0M	168.1M

If the least-known inputs move

Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.

The discount rate and growth forever

discount ↓ · forever →	1.5%	2.0%	2.5%	3.0%	3.5%
8.2%	142	150	161	173	187
8.7%	132	140	148	158	170
9.2%	124	130	137	146	156
9.7%	117	122	128	135	144
10.2%	110	115	120	126	133

Year-one growth and the final margin

margin ↓ · growth →	0.0%	2.0%	4.0%	6.0%	8.0%
27.7%	101	109	118	127	137
31.2%	109	118	127	138	149
34.7%	118	127	137	149	161
38.1%	126	136	147	160	173
41.6%	134	145	157	170	185

All the inputs moving at once

5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 5.2%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.

10th percentile$105.64

Median$137.65

90th percentile$186.34

Half of the simulations land between $119.09 and $160.14; one in ten below $105.64, one in ten above $186.34.

Does the long run make sense?

10.8×The terminal value prices the business in year 10 at 10.8 times that year's EBITDA.
Free growthIn year 10 free cash flow is at or above after-tax operating profit, yet the model grows 2.5% forever. Growth needs reinvestment; this assumes it comes for free, which flatters the terminal value.
54%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.

The discount rate, taken apart

What shareholders demand (CAPM): 5.24% risk-free + 1.00 beta × 5.0% premium = 10.24%.
What lenders charge, after the tax saving on interest: 5.24% × (1 − 32.7%) = 3.53%.
Weighted by how much of each the company uses (book value (no price given)): 9.16%, the rate every future cash flow is discounted at.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Quarterly 2026-08-07

Quarterly report

Results 2026-07-30

Reported results; published other information

Event 2026-07-30

Signed a material agreement; changed a director or officer; published information for investors

Event 2026-06-10

Published the results of a shareholder vote

Quarterly 2026-05-07

Quarterly report

Results 2026-05-07

Reported results; published other information

Annual 2026-02-24

Annual report

Event 2026-02-17

Changed a director or officer

Estimatein 38d

Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period

Sold on the open market$1.1M4 sale(s) by 2 insider(s)

Under pre-arranged plans75%of the sales followed a 10b5-1 plan set months earlier

Other lines30 awards · 0 option exercises · 0 tax withholdings

Date	Who	What	Shares	Price	Value	Holds after
10 Sep 2026	Cruger William Frank Jr.Director	Sold on the open market	6,164	$163.20	$1.0M	4,033
10 Sep 2026	Pintoff ScottGeneral Counsel and Secretary	Sold on the open market · pre-arranged plan	100	$163.32	$16,332	11,486
12 Aug 2026	Portney Emily HopeDirector	Gave as a gift	2,085	—	—	4,259
12 Aug 2026	Portney Emily HopeDirector	Gave as a gift · indirect	2,085	—	—	1,571
10 Aug 2026	Pintoff ScottGeneral Counsel and Secretary	Sold on the open market · pre-arranged plan	100	$162.60	$16,260	11,586
7 Aug 2026	Chwick JaneDirector	Gave as a gift	606	—	—	9,223
10 Jul 2026	Pintoff ScottGeneral Counsel and Secretary	Sold on the open market · pre-arranged plan	100	$115.12	$11,512	11,686

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

Fund	Shares	Value	Share of the fund	Since the quarter before
Norges Bank (Norway's sovereign fund) 30 Jun 2026	572,422	$65.0M	0.0%	New
Tudor Investment 30 Jun 2026	137,847	$15.6M	0.1%	New
Bridgewater Associates 30 Jun 2026	7,024	$797,154	0.0%	Added to

All the funds and what they reported ›

Companies like this one

Same SEC industry (security brokers, dealers & flotation companies) first, then the rest of financials.

SCHW Schwab Charles Corp IBKR Interactive Brokers Group, Inc.HOOD Robinhood Markets, Inc.RJF Raymond James Financial Inc SEIC SEI Investments Co SF Stifel Financial Corp JEF Jefferies Financial Group Inc.WT WisdomTree, Inc.

Every figure, year by year

10 fiscal years · 30 measures

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Size
Revenue	367.7M	393.4M	435.6M	511.4M	689.1M	699.0M	718.3M	752.5M	817.1M	846.3M
Revenue growth	—	+7.0%	+10.7%	+17.4%	+34.8%	+1.4%	+2.8%	+4.8%	+8.6%	+3.6%
Operating income	190.0M	199.6M	212.6M	250.9M	374.7M	337.2M	326.9M	315.0M	340.9M	341.8M
Net income	126.2M	148.1M	172.9M	204.9M	299.4M	257.9M	250.2M	258.1M	274.2M	246.6M
Margins
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	51.7%	50.7%	48.8%	49.1%	54.4%	48.2%	45.5%	41.9%	41.7%	40.4%
Net margin	34.3%	37.6%	39.7%	40.1%	43.4%	36.9%	34.8%	34.3%	33.6%	29.1%
Free cash flow margin	22.7%	39.6%	43.2%	49.6%	56.5%	37.9%	38.4%	43.1%	45.9%	44.2%
R&D ÷ revenue	—	—	—	—	—	—	—	—	—	—
SG&A ÷ revenue	2.5%	2.8%	2.6%	3.1%	1.8%	2.1%	2.7%	3.1%	2.8%	3.1%
Cash
Free cash flow	83.4M	155.9M	188.0M	253.6M	389.5M	264.6M	276.1M	324.4M	375.3M	373.9M
Stock-based pay	14.5M	14.4M	15.8M	25.3M	25.6M	27.3M	29.9M	29.2M	29.7M	30.9M
Free cash flow after stock pay	68.9M	141.5M	172.2M	228.3M	363.9M	237.3M	246.2M	295.3M	345.6M	343.0M
Free cash flow to the firm	136.6M	153.7M	155.7M	214.3M	320.7M	296.4M	290.1M	305.6M	323.1M	298.5M
Free cash flow ÷ net income	0.7×	1.1×	1.1×	1.2×	1.3×	1.0×	1.1×	1.3×	1.4×	1.5×
Capex ÷ revenue	1.7%	3.1%	8.2%	2.4%	2.2%	2.5%	1.8%	1.2%	1.2%	1.0%
Returns
Return on invested capital	—	—	—	—	—	—	—	—	18.7%	16.8%
Return on equity	27.0%	28.8%	28.4%	26.6%	31.3%	24.8%	23.1%	20.0%	19.7%	21.5%
Return on assets	23.9%	25.5%	24.9%	21.5%	22.5%	16.9%	15.6%	12.8%	15.3%	12.7%
Asset turnover	0.7×	0.7×	0.6×	0.5×	0.5×	0.5×	0.4×	0.4×	0.5×	0.4×
Economic profit	—	—	—	—	—	—	—	—	132.0M	104.9M
Per share
Earnings per share	$3.34	$3.89	$4.57	$5.40	$7.85	$6.77	$6.65	$6.85	$7.28	$6.64
Free cash flow per share	$2.21	$4.10	$4.97	$6.68	$10.21	$6.95	$7.33	$8.62	$9.96	$10.07
Dividend per share	$1.02	$1.29	$1.65	$2.01	$2.37	$2.62	$2.81	$2.91	$2.99	$3.10
Payout ratio	30.5%	33.0%	36.1%	37.2%	30.3%	38.7%	42.3%	42.5%	41.1%	46.7%
Book value per share	$12.47	$13.68	$16.15	$20.30	$25.13	$27.46	$28.72	$34.12	$36.89	$32.02
Diluted shares	37.7M	38.0M	37.9M	38.0M	38.1M	38.1M	37.6M	37.7M	37.7M	37.1M
Balance sheet
Net debt	—	—	—	—	—	—	—	—	-544.5M	-299.7M
Net debt ÷ EBITDA	—	—	—	—	—	—	—	—	-1.3×	-0.7×
Interest coverage	—	—	—	—	328.1×	400.5×	467.0×	158.9×	212.9×	229.9×
Current ratio	—	—	—	—	—	—	—	—	—	—
Cash conversion cycle (days)	—	—	—	—	—	—	—	—	—	—
Scores
Piotroski F-score	—	4	4	3	4	4	4	3	5	4
Altman Z''	—	—	—	—	—	—	—	—	—	—
Beneish M	—	—	—	—	—	—	—	—	—	—

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.