MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in 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; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $846M | $453M | $247M | $324M | 21.5% | 3.6% | -10.0% |
| 2024 | $817M | $443M | $274M | $329M | 19.7% | 8.6% | 6.2% |
| 2023 | $753M | $411M | $258M | $281M | 20.0% | 4.8% | 3.1% |
| 2022 | $718M | $406M | $250M | $237M | 23.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 718.30 | 752.55 | 817.10 | 846.27 |
| Cost Of Revenue | - | 252.73 | 286.73 | 325.91 | 343.41 |
| Gross Profit | - | 465.57 | 465.82 | 491.19 | 502.85 |
| Operating Expense | - | 138.69 | 150.80 | 150.32 | 161.02 |
| Operating Income | - | 326.88 | 315.02 | 340.87 | 341.84 |
| EBITDA | - | 406.14 | 411.09 | 442.61 | 452.70 |
| EBIT | - | 338.99 | 334.68 | 362.15 | 368.48 |
| Pretax Income | - | 338.29 | 332.70 | 360.55 | 367 |
| Tax Provision | - | 88.06 | 74.64 | 86.36 | 120.08 |
| Net Income | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Net Income Common Stockholders | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Total Expenses | - | 391.42 | 437.53 | 476.23 | 504.43 |
| Interest Expense | - | 0.70 | 1.98 | 1.60 | 1.49 |
| Interest Income | - | 5.04 | 22.42 | 26.05 | 24.40 |
| Selling General And Administration | - | 77.25 | 80.24 | 76.49 | 84.32 |
| Normalized EBITDA | - | 406.14 | 411.09 | 442.61 | 452.70 |
| Normalized Income | - | 250.22 | 258.06 | 274.18 | 246.63 |
| Market Cap | 5,801.12 | 5,801.12 | 5,801.12 | 5,801.12 | 5,801.12 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MarketAxess Holdings Inc.this co. | MKTX | $6.1B | 23.52β premium | 5.06 | 21.5% | 12.30 |
| Enact Holdings, Inc. | ACT | $6.5B | 9.18 | 1.16 | 12.6% | - |
| Victory Capital Holdings, Inc. | VCTR | $5.9B | 14.11 | 1.92 | 13.6% | 9.48 |
| Axos Financial, Inc. | AX | $5.4B | 12.50 | 2.02 | 16.1% | - |
| Mercury General Corporation | MCY | $5.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 9.88 |
| 2.21 |
| 22.4% |
| - |
| HA Sustainable Infrastructure Capital, Inc. | HASI | $5.2B | 28.91 | 2.07 | 7.2% | - |
| Moelis & Company | MC | $5.1B | 21.45 | 8.80 | 41.0% | 16.65 |
| Atlantic Union Bankshares Corporation | AUB | $5.0B | 19.55 | 1.07 | 5.5% | - |
| Radian Group Inc. | RDN | $5.0B | 8.33 | 1.01 | 12.2% | - |
| Peer Median | - | 13.31 | 1.97 | 13.1% | 13.06 | |