MKTX
MarketAxess Holdings Inc.
MKTX's fundamentals are mixed, but it looks cheap: trading at 20x earnings, about half its usual 40x. Analysts expect earnings growth.
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.
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's PE is in its cheap range at 20.3x. If earnings grow as analysts expect, today's price would be 19.6x next year's earnings.
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.
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.
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's operating margin was 35% last quarter, down 5.6 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
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 35M diluted shares, down 4.9% from a year ago, with $300M in buybacks over the past year.
| 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.
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 more cash than debt. Net leverage isn't a meaningful measure for financial services companies like MKTX.
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).
MKTX PE vs Financial Services Sector
| Metric | MKTX | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 56% above |
| PE % | 7 | 63 | 56 pts below |
MKTX is trading at 20x earnings, a 56% premium to the Financial Services sector's median of 13x.
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.
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.