Marketaxess Hldgs Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Marketaxess Hldgs Inc has an operating margin of 41.7%, meaning the company retains $42 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 41.9% the prior year.
Marketaxess Hldgs Inc's revenue grew 8.6% year-over-year to $817.1M, a solid pace of expansion. This earns a growth score of 53/100.
Marketaxess Hldgs Inc carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Marketaxess Hldgs Inc converts 45.9% of revenue into free cash flow ($375.3M). This strong cash generation earns a score of 100/100.
Marketaxess Hldgs Inc earns a strong 19.7% return on equity (ROE), meaning it generates $20 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 79/100. This is down from 20.0% the prior year.
Marketaxess Hldgs Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Marketaxess Hldgs Inc generates $1.41 in operating cash flow ($385.2M OCF vs $274.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Marketaxess Hldgs Inc earns $212.9 in operating income for every $1 of interest expense ($340.9M vs $1.6M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Marketaxess Hldgs Inc (MKTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Marketaxess Hldgs Inc generated $817.1M in revenue in fiscal year 2024. This represents an increase of 8.6% from the prior year.
Marketaxess Hldgs Inc's EBITDA was $414.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.6% from the prior year.
Marketaxess Hldgs Inc generated $375.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 15.7% from the prior year.
Marketaxess Hldgs Inc reported $274.2M in net income in fiscal year 2024. This represents an increase of 6.2% from the prior year.
Marketaxess Hldgs Inc earned $7.28 per diluted share (EPS) in fiscal year 2024. This represents an increase of 6.3% from the prior year.
Marketaxess Hldgs Inc held $544.5M in cash against $0 in long-term debt as of fiscal year 2024.
Marketaxess Hldgs Inc paid $2.96 per share in dividends in fiscal year 2024. This represents an increase of 2.8% from the prior year.
Marketaxess Hldgs Inc had 38M shares outstanding in fiscal year 2024. This represents a decrease of 0.7% from the prior year.
Marketaxess Hldgs Inc's operating margin was 41.7% in fiscal year 2024, reflecting core business profitability. This is down 0.1 percentage points from the prior year.
Marketaxess Hldgs Inc's net profit margin was 33.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.7 percentage points from the prior year.
Marketaxess Hldgs Inc's ROE was 19.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Marketaxess Hldgs Inc spent $75.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
Marketaxess Hldgs Inc invested $9.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 6.6% from the prior year.
MKTX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $208.8M-4.8% | $219.5M+5.2% | $208.6M+3.0% | $202.4M+2.4% | $197.7M-6.0% | $210.3M+6.6% | $197.2M+14.5% | $172.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $6.1M+12.9% | $5.4M-5.5% | $5.7M-21.1% | $7.2M+48.1% | $4.9M+3.2% | $4.7M-35.5% | $7.3M+42.5% | $5.2M |
| Operating Income | $85.6M-6.8% | $91.9M+3.9% | $88.4M+10.5% | $80.0M-1.7% | $81.3M-12.1% | $92.5M+20.1% | $77.0M+15.1% | $66.9M |
| Interest Expense | $171K+23.0% | $139K-34.7% | $213K-33.0% | $318K-48.8% | $621K+96.5% | $316K-80.7% | $1.6M+897.6% | $164K |
| Income Tax | $25.4M-3.3% | $26.2M-67.6% | $81.1M+316.8% | $19.5M-9.1% | $21.4M-11.2% | $24.1M+69.9% | $14.2M-15.6% | $16.8M |
| Net Income | $68.2M-4.2% | $71.1M+372.3% | $15.1M-76.9% | $65.1M+0.3% | $64.9M-10.6% | $72.6M+4.3% | $69.6M+26.7% | $54.9M |
| EPS (Diluted) | $1.84-3.7% | $1.91+377.5% | $0.40-77.0% | $1.74+1.2% | $1.72-10.4% | $1.92+4.3% | $1.84+26.0% | $1.46 |
MKTX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.0B+2.0% | $2.0B+5.2% | $1.9B+5.0% | $1.8B-5.2% | $1.9B-2.1% | $1.9B-4.4% | $2.0B+16.0% | $1.7B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $473.3M+2.3% | $462.8M-4.8% | $486.2M-10.7% | $544.5M+25.4% | $434.1M+15.2% | $376.7M-16.5% | $451.3M+7.3% | $420.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $110.5M-2.4% | $113.2M+3.7% | $109.2M+18.9% | $91.8M-0.5% | $92.3M-7.5% | $99.9M+11.2% | $89.8M-0.8% | $90.5M |
| Goodwill | $283.7M-0.8% | $286.0M+20.8% | $236.7M0.0% | $236.7M0.0% | $236.7M0.0% | $236.7M0.0% | $236.7M+52.9% | $154.8M |
| Total Liabilities | $623.7M+8.7% | $574.0M+8.1% | $530.8M+32.5% | $400.6M-28.2% | $557.5M-8.4% | $608.7M-15.7% | $722.1M+32.1% | $546.5M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.4B-0.6% | $1.4B+2.9% | $1.3B-3.0% | $1.4B+4.5% | $1.3B+0.8% | $1.3B+2.0% | $1.3B+8.6% | $1.2B |
| Retained Earnings | $1.5B+2.8% | $1.4B+3.1% | $1.4B-1.0% | $1.4B+6.1% | $1.3B+2.9% | $1.3B+3.5% | $1.2B+2.9% | $1.2B |
MKTX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $90.2M-13.1% | $103.7M+250.0% | $29.6M-83.2% | $176.2M+48.3% | $118.8M+2501.5% | -$4.9M-103.5% | $141.7M+79.0% | $79.2M |
| Capital Expenditures | $1.5M+24.0% | $1.2M-37.5% | $1.9M+797.7% | $215K-97.2% | $7.7M+542.9% | $1.2M-42.2% | $2.1M-65.4% | $6.0M |
| Free Cash Flow | $88.7M-13.5% | $102.5M+270.1% | $27.7M-84.3% | $176.0M+58.4% | $111.2M+1908.6% | -$6.1M-104.4% | $139.6M+90.8% | $73.2M |
| Investing Cash Flow | -$11.8M+76.8% | -$51.0M-197.6% | -$17.1M-47.0% | -$11.7M+34.9% | -$17.9M-13.2% | -$15.8M+82.7% | -$91.7M-478.4% | -$15.8M |
| Financing Cash Flow | -$81.6M-25.1% | -$65.2M+15.3% | -$77.1M-71.6% | -$44.9M+26.9% | -$61.5M-17.0% | -$52.5M-44.8% | -$36.3M-57.0% | -$23.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $45.3M+23.3% | $36.7M-3.7% | $38.1M+126.0% | $16.8M-49.6% | $33.5M+229.7% | $10.1M | $0 | $0 |
MKTX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 41.0%-0.9pp | 41.9%-0.5pp | 42.4%+2.9pp | 39.5%-1.6pp | 41.1%-2.8pp | 44.0%+4.9pp | 39.1%+0.2pp | 38.8% |
| Net Margin | 32.6%+0.2pp | 32.4%+25.2pp | 7.2%-25.0pp | 32.2%-0.7pp | 32.9%-1.7pp | 34.5%-0.8pp | 35.3%+3.4pp | 31.9% |
| Return on Equity | 5.0%-0.2pp | 5.1%+4.0pp | 1.1%-3.6pp | 4.7%-0.2pp | 4.9%-0.6pp | 5.5%+0.1pp | 5.4%+0.8pp | 4.6% |
| Return on Assets | 3.4%-0.2pp | 3.6%+2.8pp | 0.8%-2.8pp | 3.6%+0.2pp | 3.4%-0.3pp | 3.8%+0.3pp | 3.5%+0.3pp | 3.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.45+0.0 | 0.41+0.0 | 0.39+0.1 | 0.29-0.1 | 0.42-0.0 | 0.46-0.1 | 0.56+0.1 | 0.46 |
| FCF Margin | 42.5%-4.3pp | 46.7%+33.4pp | 13.3%-73.7pp | 87.0%+30.7pp | 56.2%+59.2pp | -2.9%-73.7pp | 70.8%+28.3pp | 42.5% |
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Frequently Asked Questions
What is Marketaxess Hldgs Inc's annual revenue?
Marketaxess Hldgs Inc (MKTX) reported $817.1M in total revenue for fiscal year 2024. This represents a 8.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Marketaxess Hldgs Inc's revenue growing?
Marketaxess Hldgs Inc (MKTX) revenue grew by 8.6% year-over-year, from $752.5M to $817.1M in fiscal year 2024.
Is Marketaxess Hldgs Inc profitable?
Yes, Marketaxess Hldgs Inc (MKTX) reported a net income of $274.2M in fiscal year 2024, with a net profit margin of 33.6%.
What is Marketaxess Hldgs Inc's earnings per share (EPS)?
Marketaxess Hldgs Inc (MKTX) reported diluted earnings per share of $7.28 for fiscal year 2024. This represents a 6.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Marketaxess Hldgs Inc's EBITDA?
Marketaxess Hldgs Inc (MKTX) had EBITDA of $414.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Marketaxess Hldgs Inc's operating margin?
Marketaxess Hldgs Inc (MKTX) had an operating margin of 41.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Marketaxess Hldgs Inc's net profit margin?
Marketaxess Hldgs Inc (MKTX) had a net profit margin of 33.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Marketaxess Hldgs Inc pay dividends?
Yes, Marketaxess Hldgs Inc (MKTX) paid $2.96 per share in dividends during fiscal year 2024.
What is Marketaxess Hldgs Inc's return on equity (ROE)?
Marketaxess Hldgs Inc (MKTX) has a return on equity of 19.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Marketaxess Hldgs Inc's free cash flow?
Marketaxess Hldgs Inc (MKTX) generated $375.3M in free cash flow during fiscal year 2024. This represents a 15.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Marketaxess Hldgs Inc's operating cash flow?
Marketaxess Hldgs Inc (MKTX) generated $385.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Marketaxess Hldgs Inc's total assets?
Marketaxess Hldgs Inc (MKTX) had $1.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Marketaxess Hldgs Inc's capital expenditures?
Marketaxess Hldgs Inc (MKTX) invested $9.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Marketaxess Hldgs Inc buy back shares?
Yes, Marketaxess Hldgs Inc (MKTX) spent $75.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Marketaxess Hldgs Inc have outstanding?
Marketaxess Hldgs Inc (MKTX) had 38M shares outstanding as of fiscal year 2024.
What is Marketaxess Hldgs Inc's debt-to-equity ratio?
Marketaxess Hldgs Inc (MKTX) had a debt-to-equity ratio of 0.29 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Marketaxess Hldgs Inc's return on assets (ROA)?
Marketaxess Hldgs Inc (MKTX) had a return on assets of 15.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Marketaxess Hldgs Inc's Piotroski F-Score?
Marketaxess Hldgs Inc (MKTX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marketaxess Hldgs Inc's earnings high quality?
Marketaxess Hldgs Inc (MKTX) has an earnings quality ratio of 1.41x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Marketaxess Hldgs Inc cover its interest payments?
Marketaxess Hldgs Inc (MKTX) has an interest coverage ratio of 212.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Marketaxess Hldgs Inc?
Marketaxess Hldgs Inc (MKTX) scores 86 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.