# MarketAxess Holdings Inc. (MKTX) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Financial Services / Capital Markets. Price $163.38, market value $5.7 billion.

## Valuation
- **P/E (trailing): 19.3×** (5-yr avg 39.1×, 3-yr avg 32.8×). MarketAxess Holdings Inc. trades at 19.3× trailing earnings, well below its own five-year average of 39.1×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 18.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 6.6×**. Each dollar of revenue is priced at 6.6×.
- **Price / book: 4.6×**. The shares trade at 4.6× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.7×**. Enterprise value is 12.7× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 3.4%** (5-yr avg 3.5%). Free cash flow equals 3.4% of the market value, in line with its five-year average of 3.5%.
- **Earnings yield: 5.2%**. The inverse of the P/E: 5.2% of the price is earned each year.

## Profitability
- **Operating margin: 40.5%**. 40.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 29.1%**. 29.1% of each dollar of sales reaches the bottom line.
- **Return on equity: 21.5%**. 21.5% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 32.9%**. Return on all capital, debt included, is 32.9%: comfortably above what that capital costs.
- **Return on assets: 15.8%**. Each dollar of assets produces 15.8% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 3.6%** (3-yr 5.6%/yr, 5-yr 4.2%/yr). Revenue grew 3.6% over the last year, against 4.2% a year compounded over five years.
- **EPS growth (1 yr): -8.8%** (3-yr -0.1%/yr, 5-yr -3.3%/yr). Earnings per share fell 8.8%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 10.6%/yr**. Free cash flow has compounded at 10.6% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: $520 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 1.91%** ($3.08 per share, trailing). MarketAxess Holdings Inc. yields 1.91%, a modest yield more typical of a growth-oriented payer.
- **Consecutive years of increases: 17**. 17 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 4.8%/yr** (1-yr 2.7%). The dividend has grown 4.8% a year over five years.

## Analyst view
- **Analyst consensus: hold** (9 analysts). 9 analysts cover MarketAxess Holdings Inc.; the consensus is hold, with an average price target of $158.00 (-3% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -8.0%** (YTD -9.0%, 3-mo 39.7%). The shares are down 8.0% over twelve months including dividends.
- **From 52-week high: -16.6%** (50.2% above the low). Trading 17% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 83**. An RSI of 83 is in overbought territory; short-term pullbacks are common from here.
- **Beta (1 yr): 0.08** (volatility 40%). Beta of 0.08 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MKTX · Page: https://foliofundamentals.com/stocks/mktx

Not investment advice.