Marketaxess Holdings Inc

Finance
Investment Bankers/Brokers/Service
www.marketaxess.com

Earnings Score
Moat Score

Market Cap $8.61B
PE 31
Debt -
Cash $700.46M
EV -
FCF $375.30M

Earnings

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Sales & Net Margins

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Earnings	$274.18M
EBIT	$360.55M
ROE	20%
ROA	20%
FCF	$375.30M
Equity	$1.39B
Growth Stability	96%
PE	31.39
PEG	-51.72
PB	6.2
P/FCF	22.93
P/S	10.53
Price/Cash	0.08
Net Margins	34%
Op. Margins	44%
Earnings CAGR	11%
Sales Growth YoY	3%
Sales Growth QoQ	-2%
Sales CAGR	12%
FCF CAGR	16%
Equity CAGR	16%
Earnings Stability	0.76
Earnings Growth YoY	-6%

Earnings Growth QoQ	-9%
Earnings CAGR 5Y	-1%
Sales CAGR 5Y	5%
FCF CAGR 5Y	2%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	6%
Sales CAGR 3Y	6%
FCF CAGR 3Y	11%
Equity CAGR 3Y	14%
Market Cap	$8.61B
Revenue	$817.10M
Dividend Yield	1%
Payout Ratio	41%
Assets	$1.79B
Cash	$700.46M
Shares Outstanding	37.6M
Earnings Score	91%
Moat Score	97%
Shares Growth 3y	0%
Equity Growth QoQ	0%
Equity Growth YoY	7%

Assets & ROA

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Stockholders Equity & ROE

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MarketAxess Holdings Inc operates leading electronic trading platforms delivering greater trading efficiency, a diversified pool of liquidity and cost savings to its clients across the global fixed-income markets. Aprroximately 1,900 institutional investor and broker-dealer firms uses the company's patented trading technology to trade U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, Eurobonds, municipal bonds, U.S. government bonds and other fixed-income securities.

SEC Filings

Direct access to Marketaxess Holdings Inc (MKTX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Marketaxess Holdings Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Marketaxess Holdings Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 76%

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Marketaxess Holdings Inc Discounted Cash Flow

Fully customizable DCF calculator online for Marketaxess Holdings Inc.

Years

Calculation mode

= $11B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$375M	$435M	$505M	$586M	$679M	$788M	$914M	$1.1B	$1.2B	$1.4B	$1.7B	$17B
DCF		$396M	$417M	$440M	$464M	$489M	$516M	$544M	$574M	$605M	$638M	$6.4B
Value	$11B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	32%	34%	37%	40%	40%	43%	37%	35%	34%	34%	34%
ROA	-	36%	35%	31%	27%	28%	22%	21%	17%	20%	20%
ROE	-	27%	29%	28%	27%	31%	25%	23%	20%	20%	20%

Good Net Margins (33.56%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	-	-	-	-	-	-	-	-	-	-	-
Growth Stability	-	-	-	100%	100%	100%	100%	98%	96%	100%	96%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (96%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	22%	7%	10%	17%	35%	1%	3%	5%	9%	5%
Earnings YoY growth	-	31%	17%	17%	19%	46%	-14%	-3%	3%	6%	-1%
Equity YoY growth	-	20%	10%	18%	27%	24%	9%	4%	20%	7%	11%
FCF YoY growth	-	-28%	87%	21%	35%	54%	-32%	4%	18%	16%	2%