Marketaxess Holdings Inc Stock Research

Market Summary

USD381.09-4.90

Delayed

-1.27%

MKTX Alerts

1 major insider sales recently.

MKTX Stock Price

MKTX RSI Chart

MKTX Valuation

Market Cap

14.3B

Price/Earnings (Trailing)

57.34

Price/Sales (Trailing)

19.97

EV/EBITDA

34.75

Price/Free Cashflow

51.97

MKTX Price/Sales (Trailing)

MKTX Profitability

EBT Margin

47.10%

Return on Equity

23.15%

Return on Assets

15.56%

Free Cashflow Yield

1.92%

MKTX Fundamentals

MKTX Revenue

Revenue (TTM)

718.3M

Revenue Y/Y

7.78%

Revenue Q/Q

3.36%

MKTX Earnings

Earnings (TTM)

250.2M

Earnings Y/Y

13.49%

Earnings Q/Q

-0.14%

Price Action

52 Week Range

217.44394.61

(Low)(High)

Last 7 days

-1.4%

Last 30 days

9.9%

Last 90 days

36.2%

Trailing 12 Months

9.2%

MKTX Financial Health

MKTX Investor Care

Dividend Yield

0.73%

Dividend/Share (TTM)

2.8

Buy Backs (1Y)

0.71%

Diluted EPS (TTM)

6.65

Peers (Alternatives to Marketaxess Holdings)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
GS	106.7B	39.7B	-11.83%	-3.01%	9.47	2.69	-24.93%	-47.95%
SCHW	103.5B	20.8B	-31.94%	-39.41%	14.41	4.99	12.11%	22.68%
BLK	97.1B	17.9B	-4.45%	-9.97%	18.75	5.43	-7.75%	-12.25%
RJF	19.9B	11.5B	-14.06%	-14.69%	12.67	1.73	10.02%	2.28%
MKTX	14.3B	718.3M	9.94%	9.18%	57.34	19.97	2.77%	-2.97%
MID-CAP
IBKR	8.1B	2.7B	-7.79%	20.55%	4.4	3.02	95.77%	12.59%
SEIC	7.5B	2.0B	-7.16%	-7.65%	15.69	3.75	3.79%	-13.01%
SF	6.4B	4.6B	-11.66%	-17.65%	9.67	1.39	-3.98%	-19.72%
SNEX	1.9B	64.7B	-0.16%	29.83%	8.04	0.03	35.87%	74.73%
SMALL-CAP
PIPR	1.9B	1.4B	-8.84%	7.66%	17.17	1.32	-29.71%	-60.26%
VIRT	1.8B	2.4B	-7.34%	-52.92%	6.73	0.75	-15.89%	-44.42%
COWN	1.1B	1.5B	0.39%	32.10%	14.3	0.71	-27.22%	-74.14%
AC	819.0M	10.3M	2.35%	-10.50%	-15.41	79.58	-29.47%	-152.67%
OPY	426.1M	1.1B	-13.54%	-11.07%	13.17	0.38	-20.31%	-79.65%
GHL	155.3M	258.5M	-20.61%	-44.42%	47.43	0.6	-18.61%	-92.26%

Financials for Marketaxess Holdings

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.8%	718	705	695	690	699
Operating Expenses	2.0%	391	384	376	368	362
S&GA Expenses	12.4%	19.00	17.00	16.00	15.00	15.00
EBITDA	2.3%	400	392	386	380	-
EBITDA Margin	0.4%	0.56*	0.56*	0.56*	0.55*	-
Earnings Before Taxes	2.4%	338	330	326	323	334
EBT Margin	0.5%	0.47*	0.47*	0.47*	0.47*	-
Interest Expenses	-14.0%	1.00	1.00	1.00	1.00	1.00
Net Income	2.9%	250	243	242	242	258
Net Income Margin	1.1%	0.35*	0.34*	0.35*	0.35*	-
Free Cahsflow	-5.2%	276	291	268	267	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	3.1%	1,608	1,560	1,568	1,707	1,530
Cash Equivalents	35.2%	431	319	291	365	507
Net PPE	7.2%	100	94.00	93.00	95.00	96.00
Goodwill	0%	155	155	155	155	155
Liabilities	-2.6%	527	541	567	684	489
Shareholder's Equity	6.1%	1,081	1,019	1,001	1,024	1,041
Retained Earnings	3.1%	1,102	1,069	1,036	995	957
Additional Paid-In Capital	4.6%	345	330	325	318	330
Accumulated Depreciation	-	181	-	-	-	-
Shares Outstanding	0.0%	38.00	38.00	38.00	38.00	38.00
Float	-	15,300	-	-	-	-

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-3.8%	289	301	278	282	282
Share Based Compensation	3.1%	30.00	29.00	28.00	28.00	27.00
Cashflow From Investing	-8.5%	-86.27	-79.55	-79.99	-66.18	-67.69
Cashflow From Financing	15.1%	-242	-285	-284	-257	-189
Buy Backs	-34.0%	88.00	133	137	101	63.00

Risks for MKTX

What is the probability of a big loss on MKTX?

71.9%

Probability that Marketaxess Holdings stock will be more than 20% underwater in next one year

28.1%

Probability that Marketaxess Holdings stock will be more than 30% underwater in next one year.

18.1%

Probability that Marketaxess Holdings stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MKTX drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Marketaxess Holdings was unfortunately bought at previous high price.

Drawdowns

Returns for MKTX

Cumulative Returns on MKTX

27.2%

10-Year Cumulative Returns

18.6%

7-Year Cumulative Returns

13.1%

5-Year Cumulative Returns

4.3%

3-Year Cumulative Returns

What are the long-term rolling returns for MKTX?

FIve years rolling returns for Marketaxess Holdings.

Annualized Returns

Which funds bought or sold MKTX recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	reduced	-1.94	587,369	3,150,900	0.03%
2023-03-23	ETF MANAGERS GROUP, LLC	added	3.96	135,948	585,948	0.03%
2023-03-17	American Portfolios Advisors	added	13.51	-127	9,345	-%
2023-03-10	BAILLIE GIFFORD & CO	added	0.53	82,168,500	398,061,000	0.42%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	40.98	2,217,870	5,107,870	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	0.37	62,000	303,000	-%
2023-02-28	Voya Investment Management LLC	added	1.68	1,435,910	6,664,910	0.01%
2023-02-24	SRS Capital Advisors, Inc.	new	-	279	279	-%
2023-02-24	NATIXIS	sold off	-100	-516,000	-	-%
2023-02-24	National Pension Service	unchanged	-	760	3,904	-%

Latest Funds Activity

Are funds buying MKTX calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MKTX

No. of Funds

MKTX Alerts

1 major insider sales recently.

Marketaxess Holdings News

Schedule 13G FIlings of Marketaxess Holdings

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 08, 2023	blackrock inc.	10.2%	3,820,652	SC 13G/A
Feb 15, 2023	guardian capital lp	5.1%	1,910,101	SC 13G
Feb 14, 2023	price t rowe associates inc /md/	0.9%	325,702	SC 13G/A
Feb 14, 2023	t. rowe price investment management, inc.	5.5%	2,071,391	SC 13G
Feb 09, 2023	vanguard group inc	11.40%	4,291,798	SC 13G/A
Jan 25, 2023	blackrock inc.	8.8%	3,320,494	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	9.6%	3,668,968	SC 13G
Feb 03, 2022	blackrock inc.	9.4%	3,563,993	SC 13G/A
Feb 10, 2021	vanguard group inc	10.97%	4,165,820	SC 13G/A
Jan 29, 2021	blackrock inc.	9.1%	3,435,510	SC 13G/A

MKTX Fair Value

Marketaxess Holdings fair value in different scenarios

The table shows the Fair Value estimates for Marketaxess Holdings for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	94.23 -75.27%	127.04 -66.66%	168.20 -55.86%	227.65 -40.26%	287.61 -24.53%
Current Inflation	87.02 -77.17%	115.07 -69.81%	149.38 -60.80%	199.19 -47.73%	249.79 -34.45%
Very High Inflation	78.08 -79.51%	100.61 -73.60%	127.21 -66.62%	166.21 -56.39%	206.24 -45.88%

Historical Marketaxess Holdings Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Marketaxess Holdings

View All Filings

Date Filed	Form Type	Document
Mar 10, 2023	4	Insider Trading
Mar 08, 2023	SC 13G/A	Major Ownership Report
Mar 07, 2023	4	Insider Trading
Mar 03, 2023	4	Insider Trading
Feb 22, 2023	10-K	Annual Report
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading
Feb 17, 2023	4	Insider Trading

Latest Insider Trading transactions for MKTX

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-08	Pintoff Scott	sold	-89,699	358	-250	general counsel and secretary
2023-03-03	Roupie Christophe Pierre Daniel	sold	-221,414	366	-604	head of emea and apac
2023-03-01	Panchal Naineshkumar Shantilal	sold (taxes)	-185,442	347	-534	chief information officer
2023-02-15	Panchal Naineshkumar Shantilal	acquired	-	-	913	chief information officer
2023-02-15	Roupie Christophe Pierre Daniel	acquired	-	-	1,279	head of emea and apac
2023-02-15	McPherson Kevin M	acquired	-	-	2,178	global head of sales
2023-02-15	CONCANNON CHRISTOPHER R	acquired	-	-	1,967	president & coo
2023-02-15	McVey Richard M	acquired	-	-	2,494	chairman & ceo
2023-02-15	Pintoff Scott	acquired	-	-	1,194	general counsel and secretary
2023-02-15	Gerosa Christopher N.	acquired	-	-	328	chief financial officer

About Marketaxess Holdings

Richard M. McVey

www.marketaxess.com

680

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.

MKTX Income Statement

2022-12-31

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 718,300	$ 698,951	$ 689,125
Expenses
Employee compensation and benefits	182,104	170,916	156,885
Depreciation and amortization	61,446	53,447	35,996
Technology and communications	52,964	42,474	34,092
Professional and consulting fees	33,949	41,925	32,304
Occupancy	14,121	13,320	13,425
Marketing and advertising	9,977	9,059	7,940
Clearing costs	17,663	16,074	21,058
General and administrative	19,200	14,501	12,697
Total expenses	391,424	361,716	314,397
Operating income (loss)	326,876	337,235	374,728
Other income (expense)
Interest income	5,040	401	2,446
Interest expense	(700)	(842)	(1,142)
Equity in undistributed income of subsidiaries	1,126	0	0
Other, net	5,946	(2,871)	(1,673)
Total other income (expense)	11,412	(3,312)	(369)
Income before income taxes	338,288	333,923	374,359
Provision for income taxes	88,064	76,035	74,982
Net income	$ 250,224	$ 257,888	$ 299,377
Net income per common share
Basic	$ 6.68	$ 6.88	$ 8.01
Diluted	6.65	6.77	7.85
Cash dividends declared per common share	$ 2.80	$ 2.64	$ 2.40
Weighted average shares outstanding
Basic	37,468,000	37,508,000	37,359,000
Diluted	37,643,000	38,097,000	38,144,000
Commissions [Member]
Revenues
Revenues	$ 641,183	$ 621,008	$ 634,445
Information Services [Member]
Revenues
Revenues	39,314	38,175	34,341
Post-trade Services [Member]
Revenues
Revenues	36,877	38,922	19,460
Other [Member]
Revenues
Revenues	$ 926	$ 846	$ 879