BLK
BlackRock, Inc.
BLK offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
MKTX
MarketAxess Holdings Inc.
MKTX has the edge over BLK overall, supported by stronger valuation and stronger modeled upside.
BLK Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
BLK's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BLK.
MKTX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
MKTX's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MKTX.
BLK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $848 | -30% |
| Fair | 22x | $973 | -20% |
| Expensive | 26x | $1,149 | -5.5% |
| Current | 28x | $1,217 | — |
Historical ranges are pointers, not guarantees.
BLK's PE is in its expensive range at 28x.
MKTX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 20x | $165 | — |
| Forward | 20x | $165 | — |
| Cheap | 29x | $238 | +44% |
| Fair | 40x | $328 | +99% |
| Expensive | 66x | $535 | +224% |
Historical ranges are pointers, not guarantees.
MKTX has the edge over BLK in the historical PE scenario, which offers more potential upside but is not a forecast.
BLK Forward outlook
There aren't enough analyst estimates for BLK to show an outlook.
MKTX Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect MKTX's earnings to grow and its profitability to improve, with its revenue holding steady.
BLK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $43.87 | +11% |
| Q2 2026 | $41.73 | -0.4% |
| Q1 2026 | $39.73 | -4.7% |
| Q4 2025 | $35.31 | -17% |
| Q3 2025 | $39.42 | -2.7% |
| Q2 2025 | $41.89 | +4% |
| Q1 2025 | $41.69 | +5.9% |
| Q4 2024 | $42.53 | +16% |
BLK has the edge over MKTX on earnings, with stronger typical year-over-year growth.
MKTX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.43 | +3.4% |
| Q3 2026 | $8.15 | +38% |
| Q2 2026 | $8.46 | +42% |
| Q1 2026 | $8.44 | +47% |
| Q4 2025 | $6.64 | -8.8% |
| Q3 2025 | $5.89 | -20% |
| Q2 2025 | $5.95 | -14% |
| Q1 2025 | $5.76 | -15% |
| Q4 2024 | $7.28 | +6.3% |
MKTX earned $8.15 per share over the past year, up 38% from the year before.
BLK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.8B | +19% |
| Q2 2026 | $7.1B | +31% |
| Q1 2026 | $6.7B | +27% |
| Q4 2025 | $7B | +23% |
| Q3 2025 | $6.5B | +25% |
| Q2 2025 | $5.4B | +13% |
| Q1 2025 | $5.3B | +12% |
| Q4 2024 | $5.7B | +23% |
BLK has the edge over MKTX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | 0 points |
| Q2 2026 | 35% | +2.8 points |
| Q1 2026 | 42% | +9.8 points |
| Q4 2025 | 24% | -13 points |
| Q3 2025 | 30% | -8.6 points |
| Q2 2025 | 32% | -5.5 points |
| Q1 2025 | 32% | -3.6 points |
| Q4 2024 | 37% | +2.3 points |
BLK's operating margin was 30% last quarter, about level with the same quarter a year ago, near the bottom of its range since 2019.
MKTX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $210.4M | +0.8% |
| Q2 2026 | $218.4M | -0.5% |
| Q1 2026 | $233.4M | +12% |
| Q4 2025 | $209.4M | +3.5% |
| Q3 2025 | $208.8M | +1% |
| Q2 2025 | $219.5M | +11% |
| Q3 2022 | $172.1M | +6.2% |
| Q2 2022 | $182.2M | +3.3% |
MKTX's revenue has held roughly level: $210M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | -5.6 points |
| Q2 2026 | 41% | -0.7 points |
| Q1 2026 | 43% | +0.9 points |
| Q4 2025 | 36% | -3.2 points |
| Q3 2025 | 41% | -1.1 points |
| Q2 2025 | 42% | +0.7 points |
| Q1 2025 | 42% | N/A |
| Q4 2024 | 40% | N/A |
MKTX has the edge over BLK on profitability, with a higher operating margin.
BLK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +95% |
| Q2 2026 | $1.1B | -12% |
| Q1 2026 | -$1.1B | +$120M |
| Q4 2025 | $2.1B | -15% |
| Q2 2025 | $1.3B | -6.1% |
| Q1 2025 | -$1.2B | -$734M |
| Q4 2024 | $2.5B | +35% |
| Q2 2024 | $1.4B | +47% |
BLK has the edge over MKTX on cash flow, with more consistent year-over-year improvement.
MKTX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $246.7M | +178% |
| Q2 2026 | $26.2M | -74% |
| Q1 2026 | -$75.6M | -373% |
| Q4 2025 | $155.1M | -12% |
| Q3 2025 | $88.7M | -5.9% |
| Q2 2025 | $102.5M | -7.8% |
| Q1 2025 | $27.7M | +$33.8M |
| Q4 2024 | $176M | +26% |
MKTX's free cash flow was $352M over the past year, down 11% from the year before. Free cash flow isn't a meaningful measure for financial services companies like MKTX.
BLK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -148K shares |
| 1 year | -0.4% | -677K shares |
| 3 years | +9.3% | +14M shares |
| 5 years | +6.2% | +9.6M shares |
| Available history | +4.4% | +7M shares |
BLK has 165M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | $396M |
| Q1 2025 | $657M |
| Q4 2024 | $386M |
| Q2 2024 | $519M |
| Q1 2024 | $634M |
| Q4 2023 | $384M |
| Q3 2023 | $396M |
| Q2 2023 | $383M |
MKTX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +36K shares |
| 1 year | -4.9% | -1.8M shares |
| 3 years | -6.1% | -2.3M shares |
| 5 years | -7.4% | -2.8M shares |
| Available history | -7.1% | -2.7M shares |
MKTX has the edge over BLK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $300M |
| Q3 2025 | $45.3M |
| Q2 2025 | $36.7M |
| Q1 2025 | $38.1M |
| Q4 2024 | $16.8M |
MKTX spent $300M buying back its own shares over the past year, up 119% from the year before.
BLK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.2x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2024 | 0.2x | Very low |
| Q1 2024 | 0.3x | Very low |
| Q4 2023 | 0.1x | Very low |
BLK has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like BLK.
MKTX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | -0.7x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
MKTX has the edge over BLK on leverage, with a lower net debt burden relative to earnings.
BLK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 79.0 | Neutral |
BLK's weekly RSI is 64 (neutral) and its Stochastic is 79 (neutral).
MKTX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.8 | Neutral |
| Stochastic | 93.0 | Overbought |
MKTX's weekly RSI is 60 (neutral) and its Stochastic is 93 (overbought).
BLK PE vs Financial Services Sector
| Metric | BLK | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 13x | 113% above |
| PE % | 97 | 63 | 34 pts above |
BLK is trading at 28x earnings, a 113% premium to the Financial Services sector's median of 13x.
MKTX PE vs Financial Services Sector
| Metric | MKTX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 56% above |
| PE % | 7 | 63 | 56 pts below |
MKTX has the edge over BLK on valuation relative to its sector.
BLK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,128.0 | 7.9% above |
| 20 week MA | $1,108.9 | 9.7% above |
| 50 week MA | $1,071.6 | 14% above |
| 100 week MA | $1,051.1 | 16% above |
| 200 week MA | $914.1 | 33% above |
BLK has the edge over MKTX on trend strength, trading above more of its moving averages.
MKTX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $164.8 | 0.2% above |
| 20 week MA | $154.1 | 7.2% above |
| 50 week MA | $158.5 | 4.2% above |
| 100 week MA | $180.6 | 8.5% below |
| 200 week MA | $219.8 | 25% below |
MKTX has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 25% below its 200-week average.
BLK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $503.0 | $707.2 | +41% |
| 2021 | $707.2 | $913.9 | +29% |
| 2022 | $913.9 | $703.9 | -23% |
| 2023 | $703.9 | $811.8 | +15% |
| 2024 | $811.8 | $1,044.2 | +29% |
| 2025 | $1,044.2 | $1,088.1 | +4.2% |
| 2026 YTD | $1,088.1 | $1,216.6 | +12% |
BLK has the edge over MKTX on returns for 2026, with the stronger performance.
MKTX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $375.0 | $573.1 | +53% |
| 2021 | $573.1 | $410.7 | -28% |
| 2022 | $410.7 | $280.9 | -32% |
| 2023 | $280.9 | $292.9 | +4.3% |
| 2024 | $292.9 | $229.0 | -22% |
| 2025 | $229.0 | $182.9 | -20% |
| 2026 YTD | $182.9 | $165.2 | -9.7% |
MKTX has finished lower in four of the last six years. It's down 9.7% so far in 2026.