MKTXNasdaqSecurity Brokers, Dealers & Flotation CompaniesFiscal year ends December 31
MARKETAXESS HOLDINGS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$164.53−0.11 (-0.07%)
Close on Oct 19, 2026
- Market cap
- $5.80B
- P/E (TTM)
- 19.4
- Dividend yield
- 1.85%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
40.4%−14.0 pts over 5 years
Net margin
29.1%−14.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.6% | +5.6% | +4.2% | +10.8% | |
| Operating income | +0.3% | +1.5% | -1.8% | – | |
| Net income | -10.0% | -0.5% | -3.8% | +9.9% | |
| EPS, diluted | -8.8% | -0.1% | -3.3% | +10.0% | |
| Free cash flow | -0.4% | +10.6% | -0.8% | +12.1% | |
| Dividend per share | +2.7% | +2.8% | +4.8% | +14.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 29.4% | 34.7% | 19.5% | |
| Return on assets | 26.1% | 26.2% | 13.2% | |
| Interest coverage | – | 328.1× | 229.9× | |
| Capex to revenue | 1.7% | 2.2% | 1.0% | |
| Diluted shares | 38M | 38M | 37M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Marketaxess generated $1.67B from operations and spent $704.33M on capital expenditure, dividends and share buybacks. 8% of that went back into the business.
Generated
$1.67B
Used
$704.33M
Capital expenditure$58.11M8%Dividends$00%Share buybacks$646.22M92%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin29.1%
×Asset turnover0.45×
×Equity multiplier1.47×
=Return on equity, FY202519.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.1% | 0.45× | 1.47× | 19.5% |
| FY2024 | 33.6% | 0.43× | 1.42× | 20.4% |
| FY2023 | 34.3% | 0.42× | 1.53× | 21.7% |
| FY2022 | 34.8% | 0.46× | 1.48× | 23.6% |
| FY2021 | 36.9% | 0.49× | 1.43× | 25.8% |
| FY2020 | 43.4% | 0.60× | 1.33× | 34.7% |
| FY2019 | 40.1% | 0.62× | 1.20× | 29.7% |
| FY2018 | 39.7% | 0.68× | 1.14× | 30.8% |
| FY2017 | 37.6% | 0.71× | 1.13× | 30.1% |
| FY2016 | 34.3% | 0.76× | 1.13× | 29.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$246.63M
- Cash generatingOperating cash flow above zero$382.14M
- Return on assets improvedROA up on the prior year13.6% → 13.8%
- Earnings backed by cashOperating cash flow above net income$382.14M vs $246.63M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise38M → 37M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.41 → 0.47