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MarketAxess (MKTX) Financials

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$187.01 +2.58 (+1.40%)
Closing price 08/8/2025 04:00 PM Eastern
Extended Trading
$188.50 +1.49 (+0.80%)
As of 08/8/2025 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for MarketAxess

Annual Income Statements for MarketAxess

This table shows MarketAxess' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 96 126 148 173 205 299 258 250 258 274
Consolidated Net Income / (Loss)		 96 126 148 173 205 299 258 250 258 274
Net Income / (Loss) Continuing Operations		 96 126 148 173 205 299 258 250 258 274
Total Pre-Tax Income 		148 192 202 218 257 374 334 338 333 361
Total Revenue		 303 370 393 436 511 2.45 699 723 773 842
Net Interest Income / (Expense)		 0.00 0.00 0.00 0.00 0.00 2.45 0.40 4.34 20 24
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 2.45 0.40 5.04 22 26
Investment Securities Interest Income		 - - - - - 2.45 0.40 5.04 22 26
Total Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.70 1.98 1.60
Long-Term Debt Interest Expense		 - - - - - - - 0.70 1.98 1.60
Total Non-Interest Income		 303 370 393 436 511 0.00 699 718 753 817
Other Non-Interest Income		 34 368 393 436 511 - 699 718 753 817
Total Non-Interest Expense		 155 178 194 223 260 -375 362 391 438 476
Salaries and Employee Benefits		 84 97 102 109 131 157 171 182 207 236
Net Occupancy & Equipment Expense		 21 22 26 38 38 48 56 67 77 87
Marketing Expense		 6.15 8.93 9.76 12 12 7.94 9.06 9.98 11 12
Other Operating Expenses		 26 32 36 41 53 66 73 71 72 68
Depreciation Expense		 19 18 19 23 27 36 53 61 71 74
Nonoperating Income / (Expense), net		 - -0.52 2.15 5.50 6.54 -2.82 -3.71 7.07 -2.76 -4.77
Income Tax Expense		 52 65 54 45 53 75 76 88 75 86
Basic Earnings per Share		 $2.62 $3.42 $4.02 $4.68 $5.53 $8.01 $6.88 $6.68 $6.87 $7.29
Weighted Average Basic Shares Outstanding		 36.69M 36.84M 36.86M 36.96M 37.08M 37.36M 37.51M 37.47M 37.55M 37.60M
Diluted Earnings per Share		 $2.55 $3.34 $3.89 $4.57 $5.40 $7.85 $6.77 $6.65 $6.85 $7.28
Weighted Average Diluted Shares Outstanding		 37.64M 37.74M 38.04M 37.86M 37.96M 38.14M 38.10M 37.64M 37.65M 37.67M
Weighted Average Basic & Diluted Shares Outstanding		 36.70M 36.90M 36.80M 36.90M 37.92M 38.00M 37.84M 37.61M 37.87M 37.69M
Cash Dividends to Common per Share		 $0.80 $1.04 $1.32 $1.68 $2.04 $2.40 $2.64 $2.80 $2.88 $2.96

Quarterly Income Statements for MarketAxess

This table shows MarketAxess' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 59 59 74 60 55 70 73 65 71 65 15
Consolidated Net Income / (Loss)		 59 59 74 60 55 70 73 65 71 65 15
Net Income / (Loss) Continuing Operations		 59 59 74 60 55 70 73 65 71 65 15
Total Pre-Tax Income 		79 79 98 79 72 84 97 86 93 85 96
Total Revenue		 1.43 539 207 185 179 202 216 204 213 208 216
Net Interest Income / (Expense)		 1.43 2.59 4.25 5.31 6.43 4.46 5.97 6.40 6.61 5.46 6.96
Total Interest Income		 1.43 3.29 4.25 5.31 6.59 6.27 5.97 6.40 6.95 6.72 7.17
Investment Securities Interest Income		 1.43 3.29 4.25 5.31 6.59 6.27 5.97 6.40 6.95 6.72 7.17
Total Interest Expense		 0.00 0.70 0.00 0.00 0.16 1.82 0.00 0.00 0.35 1.26 0.21
Long-Term Debt Interest Expense		 - - - - 0.16 - - - 0.35 - 0.21
Total Non-Interest Income		 0.00 536 203 180 172 197 210 198 207 202 209
Other Non-Interest Income		 - - 203 180 172 197 210 198 207 202 209
Total Non-Interest Expense		 -76 458 108 104 105 120 118 116 120 122 120
Salaries and Employee Benefits		 45 44 52 48 49 57 61 57 58 59 62
Net Occupancy & Equipment Expense		 18 18 19 18 19 21 20 21 22 23 22
Marketing Expense		 1.80 3.44 3.00 3.31 2.10 2.65 1.83 3.01 2.90 3.97 2.06
Other Operating Expenses		 16 19 17 17 18 20 16 17 17 18 16
Depreciation Expense		 15 16 16 17 18 20 18 18 19 19 18
Nonoperating Income / (Expense), net		 1.12 -0.84 -1.41 -2.09 -1.59 2.33 -1.76 -1.40 -0.77 -0.85 0.82
Income Tax Expense		 20 20 25 19 17 14 24 21 21 19 81
Basic Earnings per Share		 $1.58 $1.59 $1.96 $1.60 $1.47 $1.84 $1.92 $1.72 $1.90 $1.75 $0.40
Weighted Average Basic Shares Outstanding		 37.48M 37.47M 37.48M 37.49M 37.49M 37.55M 37.74M 37.66M 37.53M 37.60M 37.39M
Diluted Earnings per Share		 $1.58 $1.58 $1.96 $1.59 $1.46 $1.84 $1.92 $1.72 $1.90 $1.74 $0.40
Weighted Average Diluted Shares Outstanding		 37.57M 37.64M 37.65M 37.59M 37.57M 37.65M 37.79M 37.69M 37.61M 37.67M 37.46M
Weighted Average Basic & Diluted Shares Outstanding		 37.64M 37.61M 37.67M 37.68M 37.91M 37.87M 37.90M 37.75M 37.70M 37.69M 37.50M
Cash Dividends to Common per Share		 $0.70 $0.70 $0.72 $0.72 $0.72 $0.72 $0.74 $0.74 $0.74 $0.74 $0.76

Annual Cash Flow Statements for MarketAxess

This table details how cash moves in and out of MarketAxess' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 31 -31 -1.23 79 27 334 18 -53 39 89
Net Cash From Operating Activities		 125 90 168 224 266 404 282 289 334 385
Net Cash From Continuing Operating Activities		 125 90 168 224 266 404 282 289 334 385
Net Income / (Loss) Continuing Operations		 96 126 148 173 205 299 258 250 258 274
Consolidated Net Income / (Loss)		 96 126 148 173 205 299 258 250 258 274
Depreciation Expense		 19 18 19 23 27 36 53 61 71 74
Amortization Expense		 - - - 0.00 5.80 6.84 6.80 5.71 5.85 6.64
Non-Cash Adjustments to Reconcile Net Income		 16 23 21 18 25 35 30 15 25 34
Changes in Operating Assets and Liabilities, net		 -6.53 -77 -20 9.88 3.87 27 -66 -43 -26 -3.53
Net Cash From Investing Activities		 -38 -53 -54 -50 -122 69 -68 -86 -155 -87
Net Cash From Continuing Investing Activities		 -38 -53 -54 -50 -122 69 -68 -86 -155 -88
Purchase of Property, Leasehold Improvements and Equipment		 -15 -19 -26 -48 -35 -46 -51 -52 -52 -57
Acquisitions		 - - - 0.00 -97 -23 -17 - -78 0.00
Purchase of Investment Securities		 -58 -81 -216 -337 -161 -33 0.00 -34 -29 -43
Sale and/or Maturity of Investments		 35 46 188 334 171 171 0.00 0.00 4.45 12
Net Cash From Financing Activities		 -55 -65 -117 -93 -118 -145 -190 -242 -147 -201
Net Cash From Continuing Financing Activities		 -55 -65 -117 -93 -118 -145 -190 -242 -147 -201
Issuance of Debt		 - - - 0.00 0.00 578 70 100 124 345
Repayment of Debt		 - - - 0.00 0.00 -578 -70 -100 -124 -345
Repurchase of Common Equity		 -23 -24 -42 -25 -17 -16 -63 -88 0.00 -75
Payment of Dividends		 -30 -38 -49 -62 -76 -91 -100 -106 -110 -113
Other Financing Activities, Net		 -2.67 -2.87 -26 -5.07 -25 -38 -27 -49 -37 -13
Effect of Exchange Rate Changes		 - -2.76 1.46 -1.64 1.01 5.55 -7.11 -13 7.59 -8.14
Cash Interest Paid		 - - - 0.00 0.00 1.14 0.83 0.65 1.87 1.72
Cash Income Taxes Paid		 51 58 44 47 52 45 70 89 95 97

Quarterly Cash Flow Statements for MarketAxess

This table details how cash moves in and out of MarketAxess' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 40 104 -70 55 32 23 -77 39 26 100 -56
Net Cash From Operating Activities		 85 134 7.53 105 79 142 -4.95 119 95 176 30
Net Cash From Continuing Operating Activities		 85 134 7.53 105 79 142 -4.95 119 95 176 30
Net Income / (Loss) Continuing Operations		 59 59 74 60 55 70 73 65 71 65 15
Consolidated Net Income / (Loss)		 59 59 74 60 55 70 73 65 71 65 15
Depreciation Expense		 15 16 16 17 18 20 18 18 19 19 18
Amortization Expense		 1.23 1.48 1.37 1.35 1.49 1.65 1.60 1.64 1.79 1.61 1.76
Non-Cash Adjustments to Reconcile Net Income		 -5.63 9.35 5.22 8.01 5.56 6.19 7.68 6.67 9.85 9.93 4.09
Changes in Operating Assets and Liabilities, net		 15 48 -89 19 -0.40 45 -105 27 -6.76 81 -9.53
Net Cash From Investing Activities		 -13 -18 -33 -15 -16 -92 -16 -18 -42 -12 -17
Net Cash From Continuing Investing Activities		 -13 -18 -33 -15 -16 -92 -16 -18 -42 -12 -17
Purchase of Property, Leasehold Improvements and Equipment		 -13 -18 -11 -12 -16 -13 -15 -18 -12 -12 -17
Purchase of Investment Securities		 - -34 -23 -3.86 -1.12 -0.95 -4.97 -2.89 -31 -4.06 -5.46
Sale and/or Maturity of Investments		 - - 1.05 0.92 1.34 1.14 4.30 3.16 1.53 3.45 5.27
Net Cash From Financing Activities		 -28 -27 -48 -40 -23 -36 -53 -61 -42 -45 -77
Net Cash From Continuing Financing Activities		 -28 -27 -48 -40 -23 -36 -53 -61 -42 -45 -77
Issuance of Debt		 - - 50 - 4.00 70 0.00 100 245 - 0.00
Repayment of Debt		 - - -50 - - -74 0.00 -100 -245 - 0.00
Repurchase of Common Equity		 - - 0.00 - - - -10 -33 -15 -17 -38
Payment of Dividends		 -26 -26 -28 -27 -27 -28 -29 -28 -28 -28 -29
Other Financing Activities, Net		 -2.10 -0.81 -20 -13 -0.22 -4.76 -13 -0.21 0.28 -0.36 -9.53
Effect of Exchange Rate Changes		 -4.22 15 3.35 3.84 -8.63 9.04 -3.19 -0.49 15 -19 8.58
Cash Interest Paid		 0.23 -0.01 0.19 0.05 0.16 1.47 0.43 0.43 0.54 0.32 0.20
Cash Income Taxes Paid		 21 20 12 52 19 12 37 10 29 21 -1.87

Annual Balance Sheets for MarketAxess

This table presents MarketAxess' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 439 528 581 696 955 1,331 1,530 1,608 2,015 1,789
Cash and Due from Banks		 200 168 167 246 270 461 507 431 451 544
Restricted Cash		 - - - - 0.00 50 50 51 45 47
Trading Account Securities		 85 194 240 240 230 28 36 84 135 165
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 - - - - 0.00 280 408 476 688 358
Premises and Equipment, Net		 31 31 39 63 72 85 96 100 103 107
Goodwill		 - - - 60 147 147 155 155 237 237
Intangible Assets		 64 63 63 2.96 61 95 116 98 119 98
Other Assets		 60 71 73 83 175 185 162 213 237 233
Total Liabilities & Shareholders' Equity		 439 528 581 696 955 1,331 1,530 1,608 2,015 1,789
Total Liabilities		 48 60 66 88 185 376 489 527 722 401
Short-Term Debt		 - - - - 0.00 133 229 304 537 219
Other Short-Term Payables		 42 50 51 68 - 107 131 112 97 105
Other Long-Term Liabilities		 6.78 10 16 19 185 136 129 111 88 76
Commitments & Contingencies		 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 391 468 515 608 770 955 1,041 1,081 1,293 1,389
Total Preferred & Common Equity		 391 468 515 608 770 955 1,041 1,081 1,293 1,389
Preferred Stock		 - - - 0.00 0.00 - - 0.00 0.00 0.00
Total Common Equity		 391 468 515 608 770 955 1,041 1,081 1,293 1,389
Common Stock		 321 342 331 342 343 330 330 346 333 351
Retained Earnings		 168 255 354 463 591 799 957 1,102 1,244 1,406
Treasury Stock		 -93 -117 -160 -185 -153 -170 -233 -328 -260 -333
Accumulated Other Comprehensive Income / (Loss)		 -5.23 -12 -10 -12 -10 -4.65 -13 -38 -24 -35

Quarterly Balance Sheets for MarketAxess

This table presents MarketAxess' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Total Assets		 1,560 1,608 1,628 1,619 1,738 2,015 1,927 1,887 1,833 1,789 1,878
Cash and Due from Banks		 319 431 333 396 420 451 377 434 446 544 486
Restricted Cash		 51 51 51 52 53 45 46 46 47 47 48
Trading Account Securities		 33 84 107 109 133 135 136 136 167 165 166
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 585 476 558 480 548 688 663 578 475 358 494
Premises and Equipment, Net		 94 100 99 99 102 103 107 109 109 107 108
Goodwill		 155 155 155 155 155 237 237 237 237 237 237
Intangible Assets		 100 98 94 90 85 119 114 108 104 98 94
Other Assets		 224 213 231 238 242 237 248 239 247 233 246
Total Liabilities & Shareholders' Equity		 1,560 1,608 1,628 1,619 1,738 2,015 1,927 1,887 1,833 1,789 1,878
Total Liabilities		 541 527 507 454 547 722 609 557 447 401 531
Short-Term Debt		 337 304 316 287 364 537 466 393 283 219 319
Other Short-Term Payables		 93 112 71 68 84 97 62 77 86 105 60
Other Long-Term Liabilities		 112 111 119 98 99 88 81 87 77 76 152
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,019 1,081 1,122 1,165 1,191 1,293 1,318 1,329 1,386 1,389 1,347
Total Preferred & Common Equity		 1,019 1,081 1,122 1,165 1,191 1,293 1,318 1,329 1,386 1,389 1,347
Preferred Stock		 - 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,019 1,081 1,121 1,165 1,191 1,293 1,318 1,329 1,386 1,389 1,347
Common Stock		 330 346 333 340 347 333 328 336 344 351 349
Retained Earnings		 1,069 1,102 1,148 1,181 1,209 1,244 1,288 1,325 1,369 1,406 1,392
Treasury Stock		 -320 -328 -328 -328 -327 -260 -269 -302 -317 -333 -370
Accumulated Other Comprehensive Income / (Loss)		 -60 -38 -32 -28 -38 -24 -29 -29 -10 -35 -23

Annual Metrics And Ratios for MarketAxess

This table displays calculated financial ratios and metrics derived from MarketAxess' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 15.35% 22.03% 6.37% 10.71% 17.40% -99.52% 28,491.66% 3.33% 6.97% 8.87%
EBITDA Growth		 22.46% 26.15% 4.25% 7.66% 20.31% 48.13% -5.27% 0.12% 3.39% 8.23%
EBIT Growth		 24.77% 29.90% 3.90% 6.50% 18.02% 50.34% -10.48% -1.90% 1.28% 8.90%
NOPAT Growth		 28.38% 31.74% 15.80% 15.00% 18.52% 51.04% -13.55% -6.04% 6.21% 6.77%
Net Income Growth		 28.38% 31.38% 17.37% 16.72% 18.54% 46.11% -13.86% -2.97% 3.13% 6.25%
EPS Growth		 29.44% 30.98% 16.47% 17.48% 18.16% 45.37% -13.76% -1.77% 3.01% 6.28%
Operating Cash Flow Growth		 13.24% -27.92% 87.23% 33.26% 18.77% 52.10% -30.26% 2.53% 15.40% 15.42%
Free Cash Flow Firm Growth		 -22.43% 24.49% 102.69% -24.43% -50.28% -144.47% 571.02% 66.28% -241.78% 370.51%
Invested Capital Growth		 16.91% 19.78% 9.99% 18.09% 26.69% 41.33% 16.74% 9.01% 32.15% -12.18%
Revenue Q/Q Growth		 2.18% 5.04% 0.41% 3.92% 3.51% -99.49% 272.92% 106.80% -30.40% 0.50%
EBITDA Q/Q Growth		 2.31% 6.85% -1.64% 3.66% -27.43% 60.37% -4.12% 2.09% 1.10% 0.21%
EBIT Q/Q Growth		 2.42% 7.78% -2.23% 3.75% -31.41% 69.80% -5.90% 2.25% 0.15% 0.54%
NOPAT Q/Q Growth		 3.06% 7.67% -0.86% 8.31% 2.70% 9.68% -8.02% 2.77% 2.98% -1.29%
Net Income Q/Q Growth		 3.06% 7.38% 0.21% 7.70% 2.22% 8.19% -7.45% 2.90% 4.20% -1.61%
EPS Q/Q Growth		 3.66% 6.71% 0.26% 7.78% 2.08% 8.13% -7.39% 3.26% 3.95% -1.36%
Operating Cash Flow Q/Q Growth		 5.78% 10.38% -5.70% 11.81% 7.71% 52.06% -22.50% -3.82% 2.29% 9.86%
Free Cash Flow Firm Q/Q Growth		 -14.09% 25.33% 12.62% -14.20% -52.22% 74.76% 298.37% -45.95% -447.79% 199.91%
Invested Capital Q/Q Growth		 4.62% 3.61% 0.76% 5.06% 10.86% 5.09% -6.48% 2.17% 17.70% -3.72%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 54.91% 56.77% 55.64% 54.11% 55.45% 17,171.38% 56.89% 55.13% 53.28% 52.97%
EBIT Margin		 48.80% 51.94% 50.74% 48.81% 49.06% 15,420.03% 48.28% 45.83% 43.40% 43.41%
Profit (Net Income) Margin		 31.69% 34.11% 37.64% 39.68% 40.07% 12,239.45% 36.88% 34.63% 33.38% 32.58%
Tax Burden Percent		 64.93% 65.85% 73.40% 79.26% 79.60% 79.97% 77.23% 73.97% 77.56% 76.05%
Interest Burden Percent		 100.00% 99.73% 101.08% 102.59% 102.61% 99.25% 98.90% 102.14% 99.18% 98.69%
Effective Tax Rate		 35.07% 34.15% 26.60% 20.74% 20.40% 20.03% 22.77% 26.03% 22.44% 23.95%
Return on Invested Capital (ROIC)		 26.50% 29.47% 29.82% 30.02% 28.98% 32.46% 22.11% 18.45% 16.18% 16.16%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 29.08% 20.53% 20.41% 15.68% 15.20%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 2.25% 3.73% 5.13% 5.56% 4.29%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 0.00% 34.71% 25.84% 23.58% 21.74% 20.45%
Cash Return on Invested Capital (CROIC)		 10.91% 11.46% 20.30% 13.43% 5.44% -1.79% 6.66% 9.83% -11.51% 29.13%
Operating Return on Assets (OROA)		 36.12% 39.73% 35.99% 33.30% 30.40% 32.99% 23.60% 21.11% 18.52% 19.21%
Return on Assets (ROA)		 23.45% 26.09% 26.70% 27.08% 24.83% 26.19% 18.02% 15.95% 14.25% 14.41%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 0.00% 34.70% 25.83% 23.58% 21.74% 20.45%
Return on Equity Simple (ROE_SIMPLE)		 24.58% 26.96% 28.77% 28.44% 26.61% 31.35% 24.77% 23.15% 19.96% 19.74%
Net Operating Profit after Tax (NOPAT)		 96 127 147 168 200 302 261 245 260 278
NOPAT Margin		 31.69% 34.21% 37.24% 38.68% 39.05% 12,331.49% 37.29% 33.90% 33.66% 33.01%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 3.38% 1.58% -1.96% 0.51% 0.96%
SG&A Expenses to Revenue		 36.49% 34.48% 35.14% 36.57% 35.41% 8,681.19% 33.71% 35.86% 38.16% 39.74%
Operating Expenses to Revenue		 51.20% 48.06% 49.26% 51.19% 50.94% -15,320.03% 51.72% 54.17% 56.60% 56.59%
Earnings before Interest and Taxes (EBIT)		 148 192 200 213 251 377 338 331 335 365
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 166 210 219 236 284 420 398 398 412 446
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 9.92 11.07 13.90 12.45 17.85 21.88 14.57 9.45 8.44 6.11
Price to Tangible Book Value (P/TBV)		 11.87 12.81 15.84 13.89 24.44 29.34 19.70 12.34 11.65 8.06
Price to Revenue (P/Rev)		 12.78 14.01 18.19 17.38 26.88 8,542.08 21.69 14.14 14.12 10.09
Price to Earnings (P/E)		 40.34 41.06 48.32 43.80 67.07 69.79 58.83 40.83 42.31 30.96
Dividend Yield		 0.77% 0.75% 0.69% 0.83% 0.56% 0.44% 0.66% 1.03% 1.00% 1.31%
Earnings Yield		 2.48% 2.44% 2.07% 2.28% 1.49% 1.43% 1.70% 2.45% 2.36% 3.23%
Enterprise Value to Invested Capital (EV/IC)		 9.40 10.71 13.58 12.05 17.50 18.85 11.68 7.25 5.99 5.05
Enterprise Value to Revenue (EV/Rev)		 12.12 13.55 17.76 16.81 26.35 8,387.71 21.22 13.89 14.18 9.64
Enterprise Value to EBITDA (EV/EBITDA)		 22.08 23.87 31.93 31.08 47.52 48.85 37.31 25.20 26.61 18.21
Enterprise Value to EBIT (EV/EBIT)		 24.84 26.09 35.01 34.45 53.71 54.39 43.96 30.31 32.67 22.22
Enterprise Value to NOPAT (EV/NOPAT)		 38.26 39.62 47.70 43.47 67.47 68.02 56.93 40.98 42.12 29.22
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.51 55.85 41.59 32.71 50.67 50.72 52.62 34.71 32.83 21.07
Enterprise Value to Free Cash Flow (EV/FCFF)		 92.95 101.85 70.06 97.16 359.47 0.00 189.07 76.90 0.00 16.21
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.14 0.22 0.28 0.42 0.16
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.00 0.00 0.00 0.00 0.00 0.08 0.18 0.25 0.35 0.28
Leverage Ratio		 1.13 1.13 1.13 1.14 1.20 1.33 1.43 1.48 1.53 1.42
Compound Leverage Factor		 1.13 1.12 1.14 1.17 1.23 1.32 1.42 1.51 1.51 1.40
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 12.25% 18.05% 21.95% 29.36% 13.61%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 12.25% 18.05% 21.95% 29.36% 13.61%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.97% 100.00% 100.00% 100.00% 100.00% 87.74% 81.95% 78.05% 70.64% 86.39%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.32 0.58 0.76 1.30 0.49
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 -0.90 -0.82 -0.45 0.10 -0.84
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.44 0.88 1.24 2.07 0.79
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 -1.25 -1.26 -0.73 0.16 -1.34
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.02% 0.01% 0.00% 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 40 49 100 75 37 -17 79 131 -185 501
Operating Cash Flow to CapEx		 809.32% 485.04% 657.49% 470.48% 766.38% 886.49% 557.32% 557.59% 636.38% 672.81%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 186.49 -93.33 312.72
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 413.19 168.31 240.62
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 339.08 141.87 204.86
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.74 0.76 0.71 0.68 0.62 0.00 0.49 0.46 0.43 0.44
Fixed Asset Turnover		 9.61 11.93 11.30 8.58 7.59 0.03 7.72 7.36 7.62 8.02
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 391 468 515 608 770 1,088 1,271 1,385 1,830 1,608
Invested Capital Turnover		 0.84 0.86 0.80 0.78 0.74 0.00 0.59 0.54 0.48 0.49
Increase / (Decrease) in Invested Capital		 57 77 47 93 162 318 182 114 445 -223
Enterprise Value (EV)		 3,675 5,013 6,989 7,324 13,474 20,516 14,844 10,039 10,959 8,117
Market Capitalization		 3,874 5,181 7,156 7,570 13,744 20,894 15,171 10,217 10,918 8,489
Book Value per Share		 $10.47 $12.45 $13.71 $16.17 $20.39 $25.15 $27.38 $28.72 $34.11 $36.83
Tangible Book Value per Share		 $8.75 $10.77 $12.03 $14.50 $14.88 $18.76 $20.25 $22.01 $24.72 $27.95
Total Capital		 391 468 515 608 770 1,088 1,271 1,385 1,830 1,608
Total Debt		 0.00 0.00 0.00 0.00 0.00 133 229 304 537 219
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -200 -168 -167 -246 -270 -378 -328 -178 41 -373
Capital Expenditures (CapEx)		 15 19 26 48 35 46 51 52 52 57
Net Nonoperating Expense (NNE)		 0.00 0.34 -1.58 -4.36 -5.21 2.25 2.87 -5.23 2.14 3.63
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 0.00 0.00 133 229 304 537 219
Total Depreciation and Amortization (D&A)		 19 18 19 23 33 43 60 67 76 80
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.62 $3.42 $0.00 $4.68 $5.53 $8.01 $6.88 $6.68 $6.87 $7.29
Adjusted Weighted Average Basic Shares Outstanding		 36.69M 36.84M 0.00 36.96M 37.08M 37.36M 37.51M 37.47M 37.55M 37.60M
Adjusted Diluted Earnings per Share		 $2.55 $3.34 $0.00 $4.57 $5.40 $7.85 $6.77 $6.65 $6.85 $7.28
Adjusted Weighted Average Diluted Shares Outstanding		 37.64M 37.74M 0.00 37.86M 37.96M 38.14M 38.10M 37.64M 37.65M 37.67M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $5.53 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.52M 37.59M 0.00 40.59M 37.92M 38.00M 37.84M 37.61M 37.87M 37.69M
Normalized Net Operating Profit after Tax (NOPAT)		 96 127 147 168 200 -249 261 245 260 278
Normalized NOPAT Margin		 31.69% 34.21% 37.24% 38.68% 39.05% -10,199.06% 37.29% 33.90% 33.66% 33.01%
Pre Tax Income Margin		 48.80% 51.80% 51.29% 50.07% 50.34% 15,304.95% 47.75% 46.81% 43.04% 42.84%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 473.17 169.17 228.18
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 349.99 131.21 173.52
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 399.06 142.72 192.42
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 275.89 104.76 137.76
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 30.75% 30.51% 33.01% 36.12% 37.20% 30.25% 38.70% 42.34% 42.49% 41.10%
Augmented Payout Ratio		 54.87% 49.47% 61.69% 50.68% 45.63% 35.64% 63.20% 77.32% 42.49% 68.63%

Quarterly Metrics And Ratios for MarketAxess

This table displays calculated financial ratios and metrics derived from MarketAxess' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -99.12% 225.55% 351,455.93% 1.47% 12,371.04% -62.56% 4.28% 10.21% 19.37% 3.06% -0.21%
EBITDA Growth		 5.16% 9.11% 11.91% -2.25% -2.01% 5.32% 0.71% 8.39% 23.59% 2.86% -2.22%
EBIT Growth		 5.06% 9.98% 12.98% -4.71% -5.67% 1.51% -1.14% 8.27% 27.72% 4.86% -2.87%
NOPAT Growth		 1.54% 12.48% 18.26% -3.29% -3.94% 13.10% -1.01% 7.41% 28.34% -2.81% -79.73%
Net Income Growth		 2.33% 13.49% 13.68% -10.55% -7.36% 17.56% -1.38% 8.48% 30.12% -6.45% -79.25%
EPS Growth		 3.95% 15.33% 14.62% -10.67% -7.59% 16.46% -2.04% 8.18% 30.14% -5.43% -79.17%
Operating Cash Flow Growth		 35.48% -7.88% 131.72% 12.56% -6.98% 5.56% -165.75% 12.77% 20.12% 24.39% 698.69%
Free Cash Flow Firm Growth		 123.19% 57.69% 197.17% -21.75% -332.68% -591.54% -328.94% -1,257.83% 70.39% 176.45% 148.71%
Invested Capital Growth		 -0.23% 9.01% -2.98% 5.56% 14.71% 32.15% 24.07% 18.56% 7.36% -12.18% -6.60%
Revenue Q/Q Growth		 -99.21% 37,490.02% -61.54% -10.73% -3.48% 12.87% -42.45% -5.65% 4.54% -2.56% 3.69%
EBITDA Q/Q Growth		 -7.28% 3.39% 19.62% -15.36% -7.05% 11.12% 13.20% -8.91% 5.98% -7.52% 9.23%
EBIT Q/Q Growth		 -8.58% 3.25% 23.02% -18.64% -9.51% 11.11% 18.21% -10.90% 6.75% -8.78% 11.58%
NOPAT Q/Q Growth		 -7.98% 2.37% 23.71% -17.73% -8.60% 20.53% 6.84% -10.74% 9.22% -8.72% -77.30%
Net Income Q/Q Growth		 -11.38% -0.14% 24.32% -18.70% -8.22% 26.73% 4.29% -10.57% 10.09% -8.88% -76.87%
EPS Q/Q Growth		 -11.24% 0.00% 24.05% -18.88% -8.18% 26.03% 4.35% -10.42% 10.47% -8.42% -77.01%
Operating Cash Flow Q/Q Growth		 -9.12% 57.73% -94.39% 1,300.21% -24.89% 78.98% -103.49% 2,501.48% -19.99% 85.35% -83.19%
Free Cash Flow Firm Q/Q Growth		 599.96% -188.67% 319.86% -112.61% -855.44% -163.53% 27.62% 25.19% 79.16% 780.35% -54.03%
Invested Capital Q/Q Growth		 -1.48% 2.17% 3.81% 1.02% 7.06% 17.70% -2.54% -3.47% -3.05% -3.72% 3.65%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 6,579.13% 18.10% 56.62% 53.68% 51.70% 50.90% 54.68% 52.80% 53.52% 50.80% 53.51%
EBIT Margin		 5,425.26% 14.90% 48.02% 43.77% 41.04% 40.40% 45.53% 43.00% 43.91% 41.10% 44.23%
Profit (Net Income) Margin		 4,138.66% 11.00% 35.50% 32.33% 30.74% 34.52% 33.57% 31.82% 33.51% 31.34% 6.99%
Tax Burden Percent		 75.20% 74.57% 74.98% 75.82% 76.58% 83.08% 75.08% 75.21% 76.96% 77.00% 15.67%
Interest Burden Percent		 101.44% 98.95% 98.58% 97.42% 97.83% 102.86% 98.22% 98.40% 99.18% 99.01% 100.86%
Effective Tax Rate		 24.80% 25.43% 25.02% 24.18% 23.42% 16.92% 24.92% 24.79% 23.04% 23.00% 84.33%
Return on Invested Capital (ROIC)		 1,050.47% 6.05% 22.95% 21.90% 23.98% 16.14% 16.63% 16.36% 17.55% 15.49% 3.38%
ROIC Less NNEP Spread (ROIC-NNEP)		 1,050.73% 5.81% 22.68% 21.42% 23.63% 16.60% 16.30% 16.05% 17.37% 15.32% 3.41%
Return on Net Nonoperating Assets (RNNOA)		 324.40% 1.46% 8.19% 6.55% 7.50% 5.88% 5.22% 4.38% 4.36% 4.32% 1.00%
Return on Equity (ROE)		 1,374.86% 7.51% 31.15% 28.45% 31.48% 22.02% 21.86% 20.73% 21.91% 19.82% 4.38%
Cash Return on Invested Capital (CROIC)		 17.79% 9.83% 20.64% 12.62% 3.66% -11.51% -5.29% -0.26% 10.35% 29.13% 19.47%
Operating Return on Assets (OROA)		 1,195.45% 6.86% 26.80% 25.64% 27.65% 17.24% 20.07% 19.69% 20.59% 18.18% 19.56%
Return on Assets (ROA)		 911.95% 5.06% 19.81% 18.94% 20.71% 14.73% 14.80% 14.57% 15.72% 13.86% 3.09%
Return on Common Equity (ROCE)		 1,374.78% 7.51% 31.14% 28.45% 31.48% 22.02% 21.86% 20.73% 21.91% 19.82% 4.38%
Return on Equity Simple (ROE_SIMPLE)		 23.87% 0.00% 23.10% 21.63% 20.79% 0.00% 19.50% 19.72% 20.10% 0.00% 16.08%
Net Operating Profit after Tax (NOPAT)		 58 60 75 61 56 68 74 66 72 66 15
NOPAT Margin		 4,079.94% 11.11% 36.01% 33.18% 31.43% 33.56% 34.18% 32.34% 33.79% 31.65% 6.93%
Net Nonoperating Expense Percent (NNEP)		 -0.26% 0.23% 0.27% 0.48% 0.35% -0.46% 0.34% 0.31% 0.18% 0.17% -0.03%
SG&A Expenses to Revenue		 4,476.76% 12.13% 35.64% 37.87% 39.07% 40.22% 38.64% 39.83% 39.24% 41.31% 39.74%
Operating Expenses to Revenue		 -5,325.26% 85.10% 51.98% 56.23% 58.96% 59.60% 54.47% 57.00% 56.09% 58.90% 55.77%
Earnings before Interest and Taxes (EBIT)		 78 80 100 81 73 81 98 88 94 85 95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 94 97 117 99 92 103 118 108 114 106 115
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.03 9.45 12.89 8.32 6.67 8.44 6.26 5.70 6.98 6.11 6.05
Price to Tangible Book Value (P/TBV)		 10.71 12.34 16.57 10.53 8.35 11.65 8.53 7.70 9.25 8.06 8.03
Price to Revenue (P/Rev)		 23.42 14.14 15.53 10.38 7.15 14.12 10.53 9.44 11.55 10.09 9.70
Price to Earnings (P/E)		 33.65 40.83 55.77 38.46 32.08 42.31 32.12 28.90 34.71 30.96 37.64
Dividend Yield		 1.27% 1.03% 0.73% 1.10% 1.36% 1.00% 1.33% 1.46% 1.15% 1.31% 1.38%
Earnings Yield		 2.97% 2.45% 1.79% 2.60% 3.12% 2.36% 3.11% 3.46% 2.88% 3.23% 2.66%
Enterprise Value to Invested Capital (EV/IC)		 6.01 7.25 10.00 6.56 5.04 5.99 4.65 4.35 5.67 5.05 4.77
Enterprise Value to Revenue (EV/Rev)		 23.32 13.89 15.45 10.21 7.05 14.18 10.59 9.33 11.30 9.64 9.44
Enterprise Value to EBITDA (EV/EBITDA)		 20.89 25.20 34.94 23.29 19.23 26.61 20.01 17.70 21.27 18.21 17.92
Enterprise Value to EBIT (EV/EBIT)		 25.16 30.31 41.88 28.09 23.39 32.67 24.68 21.83 26.04 22.22 21.90
Enterprise Value to NOPAT (EV/NOPAT)		 34.19 40.98 55.95 37.38 31.01 42.12 31.80 28.20 33.62 29.22 36.40
Enterprise Value to Operating Cash Flow (EV/OCF)		 27.10 34.71 44.87 28.69 24.01 32.83 25.83 22.37 26.98 21.07 18.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 33.75 76.90 47.74 53.39 147.23 0.00 0.00 0.00 56.68 16.21 23.64
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.33 0.28 0.28 0.25 0.31 0.42 0.35 0.30 0.20 0.16 0.24
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.31 0.25 0.36 0.31 0.32 0.35 0.32 0.27 0.25 0.28 0.29
Leverage Ratio		 1.53 1.48 1.56 1.47 1.49 1.53 1.46 1.41 1.39 1.42 1.43
Compound Leverage Factor		 1.55 1.46 1.53 1.43 1.46 1.57 1.43 1.38 1.37 1.40 1.44
Debt to Total Capital		 24.85% 21.95% 22.00% 19.78% 23.41% 29.36% 26.11% 22.81% 16.97% 13.61% 19.14%
Short-Term Debt to Total Capital		 24.85% 21.95% 22.00% 19.78% 23.41% 29.36% 26.11% 22.81% 16.97% 13.61% 19.14%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 75.14% 78.05% 77.99% 80.22% 76.59% 70.64% 73.89% 77.19% 83.03% 86.39% 80.86%
Debt to EBITDA		 0.86 0.76 0.77 0.70 0.89 1.30 1.12 0.93 0.64 0.49 0.72
Net Debt to EBITDA		 -0.08 -0.45 -0.17 -0.39 -0.27 0.10 0.10 -0.21 -0.47 -0.84 -0.48
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 1.41 1.24 1.23 1.13 1.44 2.07 1.78 1.48 1.01 0.79 1.46
Net Debt to NOPAT		 -0.14 -0.73 -0.26 -0.63 -0.43 0.16 0.17 -0.33 -0.75 -1.34 -0.99
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest Sharing Ratio		 0.01% 0.00% 0.01% 0.00% 0.01% 0.00% 0.01% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 62 -55 119 -15 -143 -378 -272 -204 -42 289 133
Operating Cash Flow to CapEx		 680.29% 740.72% 69.01% 872.47% 492.60% 1,058.06% -32.65% 653.34% 781.60% 1,501.13% 174.69%
Free Cash Flow to Firm to Interest Expense		 0.00 -78.00 0.00 0.00 -873.65 -207.58 0.00 0.00 -122.62 230.00 622.98
Operating Cash Flow to Interest Expense		 0.00 191.75 0.00 0.00 482.69 77.89 0.00 0.00 274.82 140.44 139.10
Operating Cash Flow Less CapEx to Interest Expense		 0.00 165.86 0.00 0.00 384.70 70.53 0.00 0.00 239.66 131.08 59.47
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.46 0.56 0.59 0.67 0.43 0.44 0.46 0.47 0.44 0.44
Fixed Asset Turnover		 3.70 7.36 9.57 9.71 11.38 7.62 7.60 7.73 7.93 8.02 7.82
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,356 1,385 1,438 1,452 1,555 1,830 1,784 1,722 1,670 1,608 1,666
Invested Capital Turnover		 0.26 0.54 0.64 0.66 0.76 0.48 0.49 0.51 0.52 0.49 0.49
Increase / (Decrease) in Invested Capital		 -3.11 114 -44 76 199 445 346 270 115 -223 -118
Enterprise Value (EV)		 8,150 10,039 14,381 9,531 7,835 10,959 8,299 7,488 9,462 8,117 7,940
Market Capitalization		 8,182 10,217 14,449 9,693 7,944 10,918 8,256 7,575 9,672 8,489 8,155
Book Value per Share		 $27.06 $28.72 $29.82 $30.93 $31.61 $34.11 $34.93 $35.07 $36.72 $36.83 $35.74
Tangible Book Value per Share		 $20.30 $22.01 $23.19 $24.44 $25.25 $24.72 $25.65 $25.97 $27.69 $27.95 $26.96
Total Capital		 1,356 1,385 1,438 1,452 1,555 1,830 1,784 1,722 1,670 1,608 1,666
Total Debt		 337 304 316 287 364 537 466 393 283 219 319
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -32 -178 -68 -161 -109 41 43 -87 -210 -373 -215
Capital Expenditures (CapEx)		 13 18 11 12 16 13 15 18 12 12 17
Net Nonoperating Expense (NNE)		 -0.84 0.63 1.06 1.58 1.22 -1.94 1.32 1.06 0.59 0.65 -0.13
Net Nonoperating Obligations (NNO)		 337 304 316 287 364 537 466 393 283 219 319
Total Depreciation and Amortization (D&A)		 17 17 18 18 19 21 20 20 21 20 20
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.58 $1.59 $1.96 $1.60 $1.47 $1.84 $1.92 $1.72 $1.90 $1.75 $0.40
Adjusted Weighted Average Basic Shares Outstanding		 37.48M 37.47M 37.48M 37.49M 37.49M 37.55M 37.74M 37.66M 37.53M 37.60M 37.39M
Adjusted Diluted Earnings per Share		 $1.58 $1.58 $1.96 $1.59 $1.46 $1.84 $1.92 $1.72 $1.90 $1.74 $0.40
Adjusted Weighted Average Diluted Shares Outstanding		 37.57M 37.64M 37.65M 37.59M 37.57M 37.65M 37.79M 37.69M 37.61M 37.67M 37.46M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 37.64M 37.61M 37.67M 37.68M 37.91M 37.87M 37.90M 37.75M 37.70M 37.69M 37.50M
Normalized Net Operating Profit after Tax (NOPAT)		 -71 60 75 61 56 68 74 66 72 66 67
Normalized NOPAT Margin		 -4,952.35% 11.11% 36.01% 33.18% 31.43% 33.56% 34.18% 32.34% 33.79% 31.65% 30.96%
Pre Tax Income Margin		 5,503.35% 14.75% 47.34% 42.64% 40.14% 41.55% 44.72% 42.31% 43.55% 40.70% 44.61%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 114.67 0.00 0.00 447.16 44.79 0.00 0.00 270.70 68.08 447.60
NOPAT to Interest Expense		 0.00 85.50 0.00 0.00 342.44 37.21 0.00 0.00 208.32 52.42 70.13
EBIT Less CapEx to Interest Expense		 0.00 88.78 0.00 0.00 349.18 37.43 0.00 0.00 235.54 58.72 367.97
NOPAT Less CapEx to Interest Expense		 0.00 59.62 0.00 0.00 244.45 29.85 0.00 0.00 173.16 43.07 -9.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 43.03% 42.34% 41.25% 42.72% 43.70% 42.49% 43.10% 42.62% 40.38% 41.10% 52.02%
Augmented Payout Ratio		 97.53% 77.32% 60.06% 42.72% 43.70% 42.49% 47.05% 59.25% 61.42% 68.63% 99.75%

Key Financial Trends

MarketAxess (NASDAQ: MKTX) has demonstrated consistent revenue generation and profitability over the past four years, with a clear growth trajectory and solid financial management. Here are the key highlights and trends based on the latest quarterly financial data through Q1 2025 and historical data from recent years:

  • Steady Revenue Growth: Total revenue increased to $215.5 million in Q1 2025, up from $207.9 million in Q4 2024 and higher than $178.7 million in Q3 2024, indicating consistent top-line growth.
  • Strong Non-Interest Income: Non-interest income dominates revenue streams, constituting about $208.6 million in Q1 2025, showing the company’s success in fee-based and trading-related income.
  • Improved Net Interest Income: Net interest income expanded to $6.96 million in Q1 2025 from $5.46 million in Q4 2024, reflecting better asset-liability management and increasing interest rates.
  • Solid Operating Expenses Control: Total non-interest expenses slightly decreased from $122.4 million in Q4 2024 to $120.2 million in Q1 2025, showing disciplined cost management despite revenue growth.
  • Positive Operating Cash Flow: Operating activities generated $29.6 million in cash in Q1 2025, indicating healthy cash generation to fund operations and investments.
  • Healthy Equity Base: Total common equity stands at $1.35 billion in Q1 2025, up from $1.39 billion at the end of 2024, supporting the company’s ability to invest and absorb risks.
  • Regular Dividend Payouts: Dividends per share increased modestly from $0.74 in late 2024 to $0.76 in Q1 2025, signaling commitment to rewarding shareholders.
  • Declining Net Income: Net income for Q1 2025 was $15.1 million, significantly down from $65.1 million in Q4 2024 and lower than prior quarters, reflecting higher tax expense ($81.1 million in Q1 2025 vs. $19.5 million in Q4 2024) and increased pre-tax income volatility.
  • Trading Account Securities Fluctuation: Trading securities held steady around $166 million in Q1 2025, slightly increasing from $165 million in Q4 2024, which could impact future income from securities.
  • Reduced Cash and Equivalents: Q1 2025 shows a $56 million net decline in cash and equivalents, with financing activities outflow of $77.1 million primarily driven by equity repurchases and dividends, potentially pressuring short-term liquidity.

Additional Context and Trend Insights:

  • Over the last 4 years, MarketAxess showed steady growth in total revenue from approximately $143 million in Q3 2022 to over $215 million in Q1 2025, nearly a 50% increase, signifying strong business expansion.
  • Operating expenses have increased moderately in absolute terms but remain controlled relative to revenue growth, reflecting operational efficiency improvements.
  • The company’s share repurchase program has progressively increased — for example, in Q1 2025, repurchases reached nearly $38.1 million compared to $16.8 million in Q4 2024 — which can be supportive for shareholder value.
  • Tax expenses have fluctuated sharply quarter-to-quarter, heavily impacting net income results; this may reflect changes in deferred taxes, tax planning, or geographic income mix variations.
  • The company's net income shows some quarterly variability but maintains a generally profitable trend, with diluted EPS fluctuating between approximately $1.58 (Q3 2022) and $0.40 in Q1 2025, highlighting some pressure on profitability in early 2025.
  • A spike in interest expenses in Q1 2025 from prior periods (e.g., $213,000 vs. $125,500 in Q4 2024) and higher short-term debt levels ($319 million in Q1 2025 vs. $218 million in Q4 2024) could increase financial costs going forward.
  • Negative net cash from investing activities persists, with substantial investments in property, equipment, and investment securities indicating capital-intensive growth but reducing cash reserves.
  • The accumulated other comprehensive income (loss) remains negative and saw some fluctuations (-$23.5 million in Q1 2025 vs. -$34.7 million in Q4 2024), which could be related to currency or market valuation impacts and affect equity levels.
  • MarketAxess’ overall liabilities rose from $400.6 million at end 2024 to $530.8 million in Q1 2025, driven mostly by increases in short-term debt and other payables, which may pressure leverage ratios.

Summary: MarketAxess continues to be a financially robust company with strong revenues driven by its market position in non-interest income activities. The company manages its expenses well while rewarding shareholders with dividends and buybacks. However, recent quarters show some pressure on net income mainly due to higher tax expenses and increased financial costs. The liquidity position remains strong but somewhat reduced by investments and financing uses. Investors should monitor tax expense trends, debt levels, and the fluctuation in net income to assess future profitability.

08/09/25 09:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About MarketAxess' Financials

When does MarketAxess' fiscal year end?

According to the most recent income statement we have on file, MarketAxess' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has MarketAxess' net income changed over the last 9 years?

MarketAxess' net income appears to be on an upward trend, with a most recent value of $274.18 million in 2024, rising from $96.04 million in 2015. The previous period was $258.06 million in 2023. See MarketAxess' forecast for analyst expectations on what’s next for the company.

How has MarketAxess' revenue changed over the last 9 years?

Over the last 9 years, MarketAxess' total revenue changed from $303.10 million in 2015 to $841.54 million in 2024, a change of 177.6%.

How much debt does MarketAxess have?

MarketAxess' total liabilities were at $400.56 million at the end of 2024, a 44.5% decrease from 2023, and a 728.8% increase since 2015.

How much cash does MarketAxess have?

In the past 9 years, MarketAxess' cash and equivalents has ranged from $167.01 million in 2017 to $544.48 million in 2024, and is currently $544.48 million as of their latest financial filing in 2024.

How has MarketAxess' book value per share changed over the last 9 years?

Over the last 9 years, MarketAxess' book value per share changed from 10.47 in 2015 to 36.83 in 2024, a change of 251.6%.


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This page (NASDAQ:MKTX) was last updated on 8/9/2025 by MarketBeat.com Staff
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