Stocks · Financial Services · Financial - Capital Markets
MarketAxess Holdings Inc. MKTX
$164.14 -0.05% Close, Oct 2, 2026 · NASDAQ · Market cap $5.78B
Next earnings report: Nov 6, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Earnings beat analyst estimates in each of the last 11 quarters (average surprise over the last four: +5.0%).
- The shares trade at 19.4× trailing earnings, lower than 90% of the company's own readings over the past five years.
- Diluted EPS over the last four quarters was $8.48, up 42.8% year over year.
PromtFinance scores
Each score is a percentile within the Financial Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 38%
- EPS growth (TTM, YoY)Top 24%
- FCF growth (TTM, YoY)Bottom 10%
- Revenue growth, 3-year CAGRBottom 17%
- Revenue growth accelerationBottom 27%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 6%
- Gross marginTop 44%
- Operating marginTop 14%
- Cash conversion (OCF / net income)Bottom 28%
- Accruals (lower is better)Bottom 8%
- Net debt / EBITDA (lower is better)Top 26%
- Interest coverTop 3%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 42%
- Free-cash-flow yieldBottom 29%
- EBITDA / enterprise valueTop 41%
- Sales / enterprise valueBottom 18%
- P/E vs own 5-year history (lower is better)Top 11%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 21%
- 6-month returnBottom 15%
- 1-year return vs S&P 500Bottom 29%
- Distance from 52-week highBottom 31%
- Trend checklist (0–4)Top 11%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 49%
- Consecutive EPS beatsTop 8%
- Share of analysts rating BuyBottom 6%
- Upside to consensus price targetBottom 4%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 9%
- Maximum drawdown, 3 yearsBottom 10%
- Beta vs S&P 500 (lower is better)Top 14%
- Net debt / EBITDA (lower is better)Top 26%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 7.6% | 3.4% | ↓ |
| EPS growth (YoY) | 47.1% | 42.8% | ↓ |
| Gross margin | 70.4% | 67.5% | ↓ |
| Operating margin | 42.0% | 40.5% | ↓ |
| FCF margin | 41.8% | 18.4% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 3.4% | 7.6% | ↓ | Bottom 38% |
| EPS growth (TTM, YoY) | 42.8% | 47.1% | ↓ | Top 24% |
| Gross margin | 67.5% | 70.4% | ↓ | Top 44% |
| Operating margin | 40.5% | 42.0% | ↓ | Top 14% |
| Net margin | 35.2% | 26.5% | ↑ | — |
| Free-cash-flow margin | 18.4% | 41.8% | ↓ | — |
| Return on invested capital | 19.9% | — | Top 6% | |
| Revenue growth, 3-year CAGR | 5.7% | — | Bottom 17% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 0.65×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- 4.4%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3.8%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +129.2 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -0.15×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 59.9×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 1.96%
- Net buyback yield (TTM)
- 6.27%
- Shareholder yield
- 8.24%
- Share count change, 1 year
- -5.5%
- Share count change, 3-year CAGR
- -2.1%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 7, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 11
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +5.0%
- Average 2-day reaction, last 8
- +2.8%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $142.50
- Target vs current price
- -13.2%
- Analysts with a rating
- 24
- Share rating Buy or Strong Buy
- 8%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 30, 2026 | +5.4% | +29.5% | +29.2% | +29.3% | — |
| May 7, 2026 | +4.7% | +2.6% | -6.4% | -19.0% | +9.0% |
| Feb 6, 2026 | +1.8% | -0.3% | +9.0% | +14.3% | -4.9% |
| Nov 7, 2025 | +8.2% | +0.9% | +5.0% | +0.9% | -2.0% |
| Aug 6, 2025 | +3.1% | -10.1% | -9.4% | -12.6% | -23.6% |
| May 7, 2025 | +3.3% | -0.3% | -6.9% | -4.4% | -9.2% |
| Feb 6, 2025 | +1.8% | +1.6% | -2.6% | +4.1% | +13.9% |
| Nov 6, 2024 | +2.7% | -1.5% | -2.7% | -11.0% | -22.2% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 30, 2026 | $1.95 | $1.85 | +5.4% | $218.0M |
| May 7, 2026 | $2.25 | $2.15 | +4.7% | $233.0M |
| Feb 6, 2026 | $1.68 | $1.65 | +1.8% | $209.0M |
| Nov 7, 2025 | $1.84 | $1.70 | +8.2% | $208.8M |
| Aug 6, 2025 | $2.00 | $1.94 | +3.1% | $224.3M |
| May 7, 2025 | $1.87 | $1.81 | +3.3% | $208.6M |
| Feb 6, 2025 | $1.73 | $1.70 | +1.8% | $202.4M |
| Nov 6, 2024 | $1.90 | $1.85 | +2.7% | $206.7M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 19.4× | 37.0× | 10th | Bottom 42% |
| P/E (forward) | 20.7× | — | — | — |
| EV / EBITDA | 12.7× | — | — | Top 41% |
| EV / Sales | 6.56× | — | — | Bottom 18% |
| Free-cash-flow yield | 2.77% | — | — | Bottom 29% |
| Earnings yield | 5.17% | — | — | Bottom 42% |
P/E over the past five years
Range 18.0× – 61.6× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -3.9%
- Earnings per share growth (TTM)
- +42.8%
- Change in P/E multiple
- -39.0%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 48
- Days above the 200-day average
- 46
- 50-day average slope (20 days)
- +14.1%
- 200-day average slope (20 days)
- -0.3%
- Distance from 50-day average
- +2.9%
- Distance from 200-day average
- +4.7%
- RSI (14)
- 78.1
- Relative volume
- 0.59×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 54.0%
- Volatility vs own 5-year history
- 96th percentile · High for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.05
- Correlation with S&P 500
- 0.02
- Current drawdown from 1-year high
- -15.2%
- Maximum drawdown, 3 years
- -63.2%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Dec 22, 2020 | Jun 25, 2026 | -81.5% | 1381 days | Not yet recovered |
| Nov 5, 2020 | Nov 18, 2020 | -11.9% | 9 days | 23 days (Dec 22, 2020) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $5.78B
- P/E (TTM)
- 19.4
- EPS, diluted (TTM)
- $8.48
- Revenue (TTM)
- $869.8M
- Dividend yield
- 1.89%
- 52-week range
- $108.75 – $195.97
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $701.0M | $718.7M | $750.9M | $817.9M | $849.2M |
| Gross profit | $528.8M | $519.5M | $524.1M | $573.6M | $593.4M |
| Operating income | $337.3M | $326.8M | $318.7M | $338.9M | $350.0M |
| Net income | $257.9M | $250.2M | $258.1M | $274.2M | $246.6M |
| EPS (diluted) | $6.77 | $6.65 | $6.85 | $7.28 | $6.66 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $207.9M | $201.8M | $206.9M | $224.3M | $210.6M | $207.4M | $233.4M | $218.4M |
| Net income | $71.5M | $65.1M | $15.1M | $71.1M | $68.2M | $92.2M | $77.9M | $68.1M |
| EPS (diluted) | $1.90 | $1.73 | $0.40 | $1.91 | $1.84 | $2.51 | $2.20 | $1.93 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $282.1M | $289.2M | $333.8M | $385.2M | $382.1M |
| Capital expenditure | -$50.6M | -$51.9M | -$52.4M | -$56.6M | -$8.2M |
| Free cash flow | $231.5M | $237.4M | $281.3M | $328.7M | $373.9M |
| Dividends paid | -$99.8M | -$105.9M | -$109.7M | -$112.7M | -$115.2M |
| Net share buybacks | -$63.2M | -$87.5M | -$25.8M | -$75.5M | -$420.0M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $245.8M
- Total assets
- $2.42B
- Total liabilities
- $1.17B
- Total debt
- $178.9M
- Net debt
- -$66.9M
- Shareholders’ equity
- $1.24B
As of Jun 30, 2026 (filed Aug 7, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Aug 19, 2026 | $0.78 | Sep 2, 2026 |
| May 20, 2026 | $0.78 | Jun 3, 2026 |
| Feb 18, 2026 | $0.78 | Mar 4, 2026 |
| Nov 19, 2025 | $0.76 | Dec 3, 2025 |
| Aug 20, 2025 | $0.76 | Sep 3, 2025 |
| May 21, 2025 | $0.76 | Jun 4, 2025 |
| Feb 19, 2025 | $0.76 | Mar 5, 2025 |
| Nov 20, 2024 | $0.74 | Dec 4, 2024 |
Short interest
- Shares sold short
- 2,347,202
- Days to cover
- 2.61
- Change vs previous report
- +30.2%
FINRA short interest, settlement date Sep 15, 2026.