# MarketAxess Holdings Inc. (MKTX)

> Source: Nexqual · https://nexqual.com/MKTX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MarketAxess Holdings Inc. (MKTX), nexqual.com/MKTX" · informational, not investment advice.

**Price:** USD 164.66 (+0.24% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 164.26 · day 164.55–165.19 · 52w 108.75–195.97 · market cap $5.80B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $870M, net income $306M (35.2% margin) (SEC filings).
- Valuation: P/E 18.9x (avg 33.7x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold MKTX (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (12 analysts), mean target USD 162.22 (range 124–167).
- Total return with dividends: 1Y -2.1% vs S&P 500 +14.9%; 5Y -57.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.95, revenue estimate $219M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $699M | $718M | $753M | $817M | $846M | $870M |
| Operating income | $337M | $327M | $315M | $341M | $342M | $352M |
| Net income | $258M | $250M | $258M | $274M | $247M | $306M |
| EPS (diluted) | $6.77 | $6.65 | $6.85 | $7.28 | $6.64 | — |
| Free cash flow | $265M | $276M | $324M | $375M | $374M | $194M |
| Operating margin | 48.2% | 45.5% | 41.9% | 41.7% | 40.4% | 40.5% |
| Net margin | 36.9% | 34.8% | 34.3% | 33.6% | 29.1% | 35.2% |
| Revenue growth | +1.4% | +2.8% | +4.8% | +8.6% | +3.6% | — |
| Cash + short-term investments | $507M | $431M | $451M | $544M | $520M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.9x · P/S 6.7x · P/FCF 29.8x · P/B 4.7x · FCF yield 3.35% · Earnings yield 5.29% · Buyback yield (TTM) 5.96%
P/E at fiscal year-ends: Dec 2025 27.3x, Dec 2024 31.1x, Dec 2023 42.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MKTX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 1.25% | $5.9M | Added +65.7% |
| First Eagle Investment | First Eagle Investment Management | 0.01% | $5.6M | New position |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 12 analysts; mean target USD 162.22 (low 124, high 167).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Morgan Stanley | Target raised | Equal-Weight | $129 → $167 |
| 2026-08-11 | Keefe, Bruyette & Woods | Downgrade | Outperform → Market Perform | $150 → $167 |
| 2026-08-10 | Barclays | Target raised | Equal-Weight | $132 → $167 |
| 2026-07-31 | UBS | Downgrade | Buy → Neutral | $200 → $167 |
| 2026-07-15 | Piper Sandler | Target lowered | Neutral | $175 → $128 |
| 2026-07-10 | Morgan Stanley | Target lowered | Equal-Weight | $195 → $129 |
| 2026-07-09 | Barclays | Target lowered | Equal-Weight | $170 → $132 |
| 2026-07-08 | UBS | Target lowered | Buy | $215 → $200 |
| 2026-06-30 | Goldman Sachs | Target lowered | Neutral | $168 → $130 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -2.1% | -57.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -2.2% | -15.8% |
| Volatility (annualized) | 36.3% | 37.3% |
| Max drawdown | -43.3% (Mar 2026→Jun 2026) | -71.2% (Oct 2021→Jun 2026) |

## Peers (Capital Markets)
WULF (TeraWulf Inc.) USD 11.32 -11.29% · BGC (BGC Group, Inc.) USD 11.89 +0.51% · PJT (PJT Partners Inc.) USD 142.85 +4.77% · FIGR (Figure Technology Solutions, In) USD 24.04 -5.21% · VIRT (Virtu Financial, Inc.) USD 56.25 -1.52% · RIOT (Riot Platforms, Inc.) USD 12.89 -8.06%

## More
Full page: https://nexqual.com/MKTX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name MKTX in their own reports (relationship from MKTX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Virtu Financial, Inc. (VIRT) | 10-K 2026-02-20 | "On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. ("MarketAxess") to sell a 49% interest in the multi-asset request-for-quote communication platform …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.95 | $1.95 | +0.1% | $219.4M | 9 |
| Next quarter (ends 2026-12-31) | $1.82 | $1.82 | -0.1% | $220.3M | 9 |
| Current fiscal year (ends 2026-12-31) | $7.97 | $7.92 | +0.5% | $895.2M | 11 |
| Next fiscal year (ends 2027-12-31) | $8.75 | $8.74 | +0.2% | $954.8M | 11 |