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Marketaxess Holdings Inc

MKTX

Security Brokers, Dealers & Flotation Companies

Mkt Cap

$8.001B

PE

31.00

Debt

-

Cash

$611.7M

EV

-

FCF

$324.4M

Market Cap

$8.001B

P/E Ratio

31.00

Debt

-

Cash

$611.7M

EV

-

FCF

$324.4M
Charts data: {"Earnings":[{"time":"2014-12-30","value":74806000},{"time":"2015-12-30","value":96037000},{"time":"2016-12-30","value":126172000},{"time":"2017-12-30","value":148089000},{"time":"2018-12-30","value":172852000},{"time":"2019-12-30","value":204902000},{"time":"2020-12-30","value":299377000},{"time":"2021-12-30","value":257888000},{"time":"2022-12-30","value":250224000},{"time":"2023-12-30","value":258055000}],"Sales":[{"time":"2014-12-30","value":262774000},{"time":"2015-12-30","value":303098000},{"time":"2016-12-30","value":369919000},{"time":"2017-12-30","value":397471000},{"time":"2018-12-30","value":435565000},{"time":"2019-12-30","value":511352000},{"time":"2020-12-30","value":689125000},{"time":"2021-12-30","value":698951000},{"time":"2022-12-30","value":718300000},{"time":"2023-12-30","value":752547000}],"Net Margins":[{"time":"2014-12-30","value":0.28467808839535114},{"time":"2015-12-30","value":0.31685131541613604},{"time":"2016-12-30","value":0.341080074286533},{"time":"2017-12-30","value":0.3725781251965552},{"time":"2018-12-30","value":0.3968454765649214},{"time":"2019-12-30","value":0.40070636274034327},{"time":"2020-12-30","value":0.4344306185380011},{"time":"2021-12-30","value":0.3689643480015051},{"time":"2022-12-30","value":0.34835584017819854},{"time":"2023-12-30","value":0.34290881499760145}],"Assets":[{"time":"2014-12-30","value":379884000},{"time":"2015-12-30","value":439041000},{"time":"2016-12-30","value":528042000},{"time":"2017-12-30","value":581232000},{"time":"2018-12-30","value":695539000},{"time":"2019-12-30","value":954930000},{"time":"2020-12-30","value":1331429000},{"time":"2021-12-30","value":1530452000},{"time":"2022-12-30","value":1607775000},{"time":"2023-12-30","value":2015067000}],"Stockholders Equity":[{"time":"2014-12-30","value":334208000},{"time":"2015-12-30","value":390713000},{"time":"2016-12-30","value":468013000},{"time":"2017-12-30","value":514768000},{"time":"2018-12-30","value":607878000},{"time":"2019-12-30","value":770091000},{"time":"2020-12-30","value":955061000},{"time":"2021-12-30","value":1041309000},{"time":"2022-12-30","value":1081093000},{"time":"2023-12-30","value":1292963000}],"ROE":[{"time":"2014-12-30","value":0.22383066832631177},{"time":"2015-12-30","value":0.2457993463232603},{"time":"2016-12-30","value":0.2695908019649027},{"time":"2017-12-30","value":0.2876810524352718},{"time":"2018-12-30","value":0.28435311032805927},{"time":"2019-12-30","value":0.26607504827351575},{"time":"2020-12-30","value":0.31346374734179283},{"time":"2021-12-30","value":0.24765751568458547},{"time":"2022-12-30","value":0.23145464821250344},{"time":"2023-12-30","value":0.19958421083975333}],"ROA":[{"time":"2014-12-30","value":0.3120320940076444},{"time":"2015-12-30","value":0.33687058839607237},{"time":"2016-12-30","value":0.36285371239408987},{"time":"2017-12-30","value":0.34713849203072095},{"time":"2018-12-30","value":0.3135496356063427},{"time":"2019-12-30","value":0.26957368602934245},{"time":"2020-12-30","value":0.2814479780746852},{"time":"2021-12-30","value":0.2203499358359491},{"time":"2022-12-30","value":0.2104075508077934},{"time":"2023-12-30","value":0.16510617264835362}]}

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed-income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.

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Growth

%

%

Discount

%

%

Multiple

g\r+10%+11%+12%+13%+14%
0%109887
+1%1110988
+2%13111098
+3%141311109
+4%1714121110
Years012345678910TV
FCF$324.4M$386.1M$453.5M$525.6M$601M$677.8M$753.9M$826.8M$893.9M$952.5M$1B$10B
DCF$335.8M$342.9M$345.6M$343.6M$337M$325.9M$310.8M$292.2M$270.8M$247.2M$2.472B
Value$5.624B

In the chart Earnings are multiplied by this value.

Earnings Growth 14%
Earnings Stability 84%


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.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Net Margin32%34%37%40%40%43%37%35%34%34%
ROA34%36%35%31%27%28%22%21%17%17%
ROE25%27%29%28%27%31%25%23%20%20%

What is the average Net Margin?

The average Net Margin over the past 5 years is +38.2%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -1.41%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +24.34%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -2.8%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +25.71%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -1.7%.


Safety & Stabiliy

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.

Years12-201512-201612-201712-201812-201912-202012-202112-202212-2023TTM
Debt FCF----------
Debt Equity----------
MIN
Graham Stability--100%100%100%100%100%98%96%96%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is -.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.96.


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.

Years12-201612-201812-202012-2022Trend
Revenue11%12%3%4.8%-1.5%
Net Income11%8.3%-4.8%3.1%-4%
Stockholders Equity16%16%11%20%-0.55%
FCF21%12%-5.9%18%-1.3%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +11.56%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -1.45%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +8.34%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -3.95%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +16.29%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -0.55%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +11.53%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -1.29%.