MarketAxess Holdings Inc. MKTX
NasdaqExchanges and financial dataFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 0.5 | 0.4 |
| Securities | 0.2 | 0.2 |
| Restricted cash | 0.2 | 0.2 |
| Debt | 0.2 | 0.1 |
| Net cash | 0.5 | 0.4 |
| Equity | 1.1 | 1.3 |
- Debt / EBITDA
- 0.22×
- Debt / equity
- 0.07×
- Leases (9/30/26)
- $61M
- Diluted shares
- 35M
- Book value / share
- $36.14
- Price / book
- 4.6×
- Net cash / share
- $12.69
- Market cap
- $5.8B
- Enterprise value
- $5.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 0.8% | -0.3 pts | |
| Operating margin | 35.4% | -5.6 pts | |
| FCF margin | 39.5% | -10.9 pts | |
| Capex / revenue | 5.6% | -0.6 pts | |
| Credit trading volume | $997.6B | +7% | |
| Credit fees per million | $127.00 | -9% | |
| Information services revenue | $15M | +10% | |
| Portfolio trading average daily volume | $1.9B | – | |
| U.S. high-grade market share including single-dealer portfolios | 17.4% | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About MKTX
MarketAxess connects institutional bond investors and dealers through electronic trading, data and post-trade services. Its roughly 2,100-firm network and integrated workflows remain useful, but the core credit network is losing share: Q2 2026 U.S. high-grade share was 17.5% including single-dealer portfolios, versus 19.8% a year earlier.
- Two Sided Network
A network of roughly 2,100 investors and dealers aggregates fixed-income liquidity; Open Trading broadens potential counterparties and strengthens execution choice.
- Data Workflow Lockin
Connectivity, execution protocols, automation and analytics are integrated into institutional trading workflows, creating retraining and integration costs without preventing multi-venue routing.
- Data Network Effects
Large inquiry and execution datasets feed CP+ pricing and related analytics, which can improve execution decisions and attract further usage; comparable market data remains available elsewhere.
- Sep 30, 2026 · One-off charge −$13M
Merger-related professional and other expenses associated with the pending ICE acquisition. Costs are separate from ongoing execution-platform operations.
- Sep 29, 2026
ICE and MarketAxess refiled their U.S. antitrust notifications, resetting the waiting-period expiry to October 29. Other merger conditions and approvals remain required.
- Sep 25, 2026
ICE and MarketAxess withdrew their U.S. antitrust notifications to give DOJ additional review time, extending the uncertainty around acquisition approval.
- Sep 18, 2026
MarketAxess scheduled its ICE merger shareholder vote for October 29, setting the next decision on the cash acquisition.
- Sep 9, 2026
IMTC connected its portfolio and order workflows to MarketAxess credit liquidity, letting mutual clients route portfolio decisions directly to execution.
Ownership
Go deeper on MKTX
- Compare stock research toolsFundamentals, valuation and screening platforms for MKTX.19 tools
- See MKTX's price chartNo price chart here yet. See price history and indicators.17 tools
- Read MKTX's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 9.74 | 10.34 | 11.51 | 13.47 | 18.07 | 18.35 | 19.08 | 19.99 | 21.69 | 22.79 | 24.71 | +9.9%/yr | |
| Cash flow | 2.38 | 4.42 | 5.92 | 7.01 | 11.90 | 9.00 | 6.97 | 7.62 | 10.18 | 10.93 | 9.30 | +18.5%/yr | |
| Earnings | 3.34 | 3.89 | 4.57 | 5.40 | 7.85 | 6.77 | 6.65 | 6.85 | 7.28 | 6.64 | 8.28 | +7.9%/yr | |
| Free cash flow | 1.89 | 3.75 | 4.66 | 6.09 | 10.71 | 7.67 | 5.59 | 6.23 | 8.68 | 9.37 | 7.70 | +19.5%/yr | |
| Capex | 0.49 | 0.67 | 1.26 | 0.91 | 1.20 | 1.33 | 1.38 | 1.39 | 1.50 | 1.56 | 1.60 | +13.7%/yr | |
| Dividends | 1.02 | 1.29 | 1.65 | 2.01 | 2.37 | 2.62 | 2.81 | 2.91 | 2.99 | 3.10 | 3.16 | +13.2%/yr | |
| Book value | 12.40 | 13.53 | 16.06 | 20.29 | 25.04 | 27.33 | 28.72 | 34.34 | 36.86 | 30.85 | 36.14 | +10.7%/yr | |
| Diluted shares (M) | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 38 | 37 | 35 | -0.2%/yr | |
| Totals ($M) | |||||||||||||
| Revenue | 367.7 | 393.4 | 435.6 | 511.4 | 689.1 | 699.0 | 718.3 | 752.5 | 817.1 | 846.3 | 871.6 | +9.7%/yr | |
| Operating income | 190.0 | 199.6 | 212.6 | 250.9 | 374.7 | 337.2 | 326.9 | 315.0 | 340.9 | 341.8 | 341.2 | +6.7%/yr | |
| Net income | 126.2 | 148.1 | 172.9 | 204.9 | 299.4 | 257.9 | 250.2 | 258.1 | 274.2 | 246.6 | 292.1 | +7.7%/yr | |
| Free cash flow | 71.2 | 142.5 | 176.3 | 231.2 | 408.4 | 292.4 | 210.3 | 234.4 | 326.8 | 348.0 | 271.7 | +19.3%/yr | |
| Buybacks | 23.9 | 42.5 | 25.2 | 17.3 | 16.1 | 63.2 | 87.5 | 0.0 | 75.5 | 420.0 | 300.0 | +37.5%/yr | |
| Dividends | 38.5 | 48.9 | 62.4 | 76.2 | 90.6 | 99.8 | 105.9 | 109.7 | 112.7 | 115.2 | 111.4 | +13.0%/yr | |
| Net cash | 361.3 | 403.4 | 482.3 | 494.4 | 480.1 | 531.6 | 505.2 | 575.7 | 698.6 | 458.9 | 447.6 | +$97.6M | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 51.7 | 50.7 | 48.8 | 49.1 | 54.4 | 48.2 | 45.5 | 41.9 | 41.7 | 40.4 | 39.1 | -11.3 pts | |
| Net margin | 34.3 | 37.6 | 39.7 | 40.1 | 43.4 | 36.9 | 34.8 | 34.3 | 33.6 | 29.1 | 33.5 | -5.2 pts | |
| FCF margin | 19.4 | 36.2 | 40.5 | 45.2 | 59.3 | 41.8 | 29.3 | 31.2 | 40.0 | 41.1 | 31.2 | +21.7 pts | |
| ROIC | 134.8 | 135.7 | 128.2 | 68.9 | 59.7 | 50.1 | 43.0 | 33.3 | 37.4 | 37.7 | 31.2 | -97.1 pts | |
| Return on equity | 27.0 | 28.8 | 28.4 | 26.6 | 31.3 | 24.8 | 23.1 | 20.0 | 19.7 | 21.5 | 22.9 | -5.4 pts | |
| Stock pay % of revenue | 3.9 | 3.7 | 3.6 | 4.9 | 3.7 | 3.9 | 4.2 | 3.9 | 3.6 | 3.7 | 3.8 | -0.3 pts | |
| Capex % of revenue | 5.0 | 6.5 | 10.9 | 6.8 | 6.6 | 7.2 | 7.2 | 7.0 | 6.9 | 6.9 | 6.5 | +1.8 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- moderate
- Trade Execution Solutions85.6%3 claims
- Services (Data, Post-Trade and Technology)14.4%No moat
Moat claims
- Applies to
- Trade Execution Solutions
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Oct 6, 2026
A network of roughly 2,100 investors and dealers aggregates fixed-income liquidity; Open Trading broadens potential counterparties and strengthens execution choice.
Q2 2026 U.S. high-grade share fell to 17.5% from 19.8% including single-dealer portfolios, while credit fees per million fell 7%. A large network still helps execution, but rivals are taking core flow.
- Credit trading volume$997.6B+7%
- Credit fees per million$127.00-9%
- U.S. high-grade market share16.4%-3.0 pts
- Portfolio trading average daily volume$1.9B
- U.S. high-grade market share including single-dealer portfolios17.4%
- Liquidity fragments across competing venues
- Dealer internalization reduces addressable flow
- Buy-side and dealers multi-home
- Fee incentives move liquidity between protocols
- FilingMarketAxess Holdings Inc. Form 10-K (FY2025)Feb 24, 2026
- SourceMarketAxess June and Second Quarter 2026 Trading Volume StatisticsJul 7, 2026
- FilingMarketAxess Q2 2026 Form 10-QAug 7, 2026
- Applies to
- Trade Execution Solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Connectivity, execution protocols, automation and analytics are integrated into institutional trading workflows, creating retraining and integration costs without preventing multi-venue routing.
Portfolio-trading daily volume rose 33% to about $2.0 billion in Q2 2026, and the September IMTC integration puts liquidity into portfolio workflows. Clients can still route orders to competing venues.
- Credit fees per million$127.00-9%
- Information services revenue$15M+10%
- Portfolio trading average daily volume$1.9B
- Standardized APIs and EMS/OMS tools lower switching costs
- Best-execution routing normalizes multi-venue use
- Competitors match automation and portfolio-trading features
- FilingMarketAxess Holdings Inc. Form 10-K (FY2025)Feb 24, 2026
- SourceIMTC and MarketAxess trading integrationSep 9, 2026
- Applies to
- Trade Execution Solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 6, 2026
Large inquiry and execution datasets feed CP+ pricing and related analytics, which can improve execution decisions and attract further usage; comparable market data remains available elsewhere.
Information-services revenue reached $16.094 million in Q2 2026, up 23% in the company release. This shows paid demand for data, while the filing does not disclose pricing accuracy or customer retention against rival feeds.
- Information services revenue$15M+10%
- Composite feeds and public data narrow differentiation
- Competitor datasets grow with multi-homing
- Regulation changes data use or transparency
- FilingMarketAxess FY2025 Form 10-KFeb 24, 2026
- FilingMarketAxess Q2 2026 Form 10-QAug 7, 2026
Profile change log
- Oct 6, 2026 · business change
ICE and MarketAxess refiled their U.S. antitrust notifications, resetting the waiting-period expiry to October 29. Other merger conditions and approvals remain required.
- Oct 6, 2026 · business change
ICE and MarketAxess withdrew their U.S. antitrust notifications to give DOJ additional review time, extending the uncertainty around acquisition approval.
- Oct 6, 2026 · business change
MarketAxess scheduled its ICE merger shareholder vote for October 29, setting the next decision on the cash acquisition.
- Oct 6, 2026 · business change
IMTC connected its portfolio and order workflows to MarketAxess credit liquidity, letting mutual clients route portfolio decisions directly to execution.
- Oct 6, 2026 · business change
MarketAxess withdrew 2026 guidance and medium-term targets and suspended earnings calls and monthly trading-volume releases after the ICE agreement, reducing interim operating visibility.
- Oct 6, 2026 · business change
ICE signed an agreement to buy MarketAxess for $167 per share in cash, connecting institutional bond execution with its retail trading, pricing and index businesses if approvals are received.
- Oct 6, 2026 · business change
MarketAxess reached a New York State closing agreement for 2015–2023 tax liabilities. The settlement reduced uncertainty around the earlier tax reserve; a New York City examination remains open.
- Oct 6, 2026 · business change
MarketAxess acquired control of RFQ-hub for $82.3 million in total consideration, adding ETF and derivative quote workflows and bringing the former equity-method investment into consolidated results.
- Oct 6, 2026 · analyst revision
The 2025 filing identifies alternative data and reporting providers and direct reporting. Services are assessed as verified without a moat; their Q2 revenue share is included as zero protection in the company score.
- Oct 6, 2026 · analyst revision
Core credit share losses and lower fee yield support a narrowing trading network. Network strength changes from 5 to 4 and workflow strength from 4 to 3; integrations remain useful but clients use several venues.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Institutional trading and central clearing
Global institutional trading venues, exchange listing and capital formation services, money-market investment portals and central-counterparty clearing for equities, ETFs, bonds, FX, repo, derivatives and commodity benchmark futures. Excludes principal dealing, retail brokerage, stand-alone data and workflow software, custody and fund administration; traded notional, securities outstanding and participant collateral measure underlying activity rather than provider revenue.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| MKTX | 74 | – | 39.1% | |
| Industry median | 17 | 82 | 62.9% | 41.6% |
| Sector median | 49 | 73 | 61.5% | 35.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Rate, currency and credit volatility increase institutional hedging and rebalancing, while energy supply shocks, weather and metal-price moves create demand for commodity benchmark futures. Equity-option participation and short-dated expiries add hedging occasions.
- Electronic requests for quotes, portfolio trading and automated execution move dealer and investor workflows onto venues; access to multiple counterparties and connected clearing can improve liquidity, netting and capital use.
- Government debt issuance, corporate refinancing and public equity issuance expand the instruments available to trade and list. Issuer market value can lift annual listing fees even when the number of listed companies falls.
- Collateral balances, investment yields and corporate treasury cash determine clearing investment income and money-market portal demand. Interest rates and product mix can move these revenue streams differently from trading volume.
- Longer trading hours, cross-border securities-lending clearing and local settlement connections open additional trading occasions and participant access. Adoption depends on institutional onboarding, eligible counterparties and reliable operations.
- Product-level liquidity networks and licenses face competing venues, dealer internalization, bilateral trading and alternative hedges. Rebates, fee caps, portfolio protocols and compression can lower retained revenue per unit; exclusive benchmark royalties can rise.
- Clearing-location requirements, collateral fragmentation and affiliated-clearing objections can redirect activity or raise participant funding costs. Tokenized instruments and event products remain exposed to approval and classification decisions.
- Member defaults, failed auctions, cyber incidents and settlement outages can trigger capital calls, remediation and loss of trust. Multi-year technology replacement and regulatory capital requirements can reduce cash available for shareholder distributions.
- Quiet markets and reduced dealer risk appetite can lower execution demand; weaker confidence can depress issuance and listings. Falling rates can reduce net treasury income, while high rates can weaken mortgage origination and related trading.
- Reporting-rule changes, product mix, foreign-exchange translation and regulatory pass-through fees can distort reported growth and headline market shares. Notional, loan balances, collateral and securities outstanding do not establish retained revenue or a durable competitive advantage.
Bulls & bears
Can the credit network keep clients and fee revenue while the ICE transaction clears shareholder and regulatory approval?
Arguments
What to watch
- 1U.S. high-grade and high-yield share on a consistent TRACE basis, with single-dealer portfolios shown separately
- 2Credit volume and variable fee per million
- 3Portfolio-trading average daily volume and data contract revenue
- 4Client settlement working capital and unrestricted cash after borrowings
- 5Merger vote, HSR review and required financial-regulator approvals
Next check: Remaining merger regulatory approvals and closing disclosures after October 21 HSR early termination and October 29 shareholder approval. Q3 financials are published; monthly releases and guidance remain suspended.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 74/100 by <a href="https://www.findmymoat.com/stocks/XNAS:MKTX">Find My Moat</a> (as of September 2026)Curation & Accuracy
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