MarketAxess Holdings, Inc.
Description
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides 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 offers 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.
About
CEO
Mr. Christopher Robert Concannon J.D.
Employees
881
Instrument type
Common Stock
Sector
Financial Services
Industry
Capital Markets
MIC code
XNGS
Address
55 Hudson Yards, New York, NY 10001, United States
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Oscillators
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Summary
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Moving Averages
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Nov 4, 2025 | — | — | — | — |
| Aug 4, 2025 | — | — | — | — |
| May 5, 2025 | — | — | — | — |
| Feb 6, 2025 | 1.84 | — | — | — |
| Nov 6, 2024 | 1.85 | 1.90 | 0.05 | 2.70% |
Earnings estimate
|
Next Quarter
(Mar 2025)
|
Next Year
(Dec 2025)
|
|||
|---|---|---|---|---|
| Number of analysts | — | 9 | — | 13 |
| Average estimate | — | 2.02 | — | 8.09 |
| Low estimate | — | 1.88 | — | 7.60 |
| High estimate | — | 2.19 | — | 8.37 |
| Last year EPS | — | 1.92 | — | 7.23 |
[stock_revenue_estimate]
Growth estimates
Current qtr
-8.310%
Next qtr. (Mar 2025)
6.460%
Current year
5.410%
Next year (Dec 2025)
11.970%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 752.55M | 718.30M | 698.95M | 689.13M | 511.35M |
| Cost of revenue | 206.93M | 182.10M | 170.92M | 156.89M | 131.08M |
| Gross profit | 545.62M | 536.20M | 528.04M | 532.24M | 380.27M |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 80.24M | 77.25M | 78.81M | 66.37M | 64.43M |
| Other operating expenses | 79.80M | 70.63M | 58.55M | 55.15M | 38.11M |
| Operating income | 315.02M | 326.88M | 337.24M | 374.73M | 250.88M |
| Non operating interest income | |||||
| Income | 22.43M | 5.04M | 401,000 | — | — |
| Expense | 1.98M | 700,000 | 842,000 | 1.14M | — |
| Other income expense | -2.76M | 7.07M | -2.87M | 773,000 | 6.54M |
| Pretax income | 332.70M | 338.29M | 333.92M | 374.36M | 257.42M |
| Tax provision | 74.65M | 88.06M | 76.04M | 74.98M | 52.52M |
| Net income | 258.06M | 250.22M | 257.89M | 299.38M | 204.90M |
| Basic EPS | 6.87 | 6.68 | 6.88 | 8.01 | 5.53 |
| Diluted EPS | 6.85 | 6.65 | 6.77 | 7.85 | 5.40 |
| Basic average shares | 37.55M | 37.47M | 37.51M | 37.36M | 37.08M |
| Diluted average shares | 37.55M | 37.47M | 37.51M | 37.36M | 37.08M |
| EBITDA | 411.09M | 406.14M | 395.01M | 415.89M | 282.01M |
| Net income from continuing op. | 258.06M | 250.22M | 257.89M | 299.38M | 204.90M |
| Minority interests | — | — | — | — | — |
| Preferred stock dividends | — | — | — | — | — |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 2.02B | 1.61B | 1.53B | 1.33B | 954.93M |
| Current assets | |||||
| Cash | — | — | — | — | — |
| Cash equivalents | — | — | — | — | — |
| Cash and cash equivalents | 451.28M | 430.75M | 506.74M | 460.86M | 270.12M |
| Other short term investments | 70.97M | 34.00M | 11.20M | 18.29M | 120.85M |
| Accounts receivable | 89.84M | 78.45M | 63.88M | 79.58M | 62.02M |
| Other receivables | 572.79M | 387.41M | 339.78M | 279.92M | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | 115.15M | 88.92M | 68.57M | 29.04M | 31.27M |
| Restricted cash | 45.12M | 50.95M | 50.16M | 50.06M | — |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | — | — | — | — | 81.40M |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | 318.88M | 271.87M | 245.97M | 219.70M | 179.02M |
| Construction in progress | — | — | — | — | — |
| Leases | 31.21M | 30.66M | 31.02M | 29.06M | 27.97M |
| Accumulated depreciation | -247.42M | -202.27M | -180.93M | -163.56M | -135.19M |
| Goodwill | 592.52M | 407.64M | 425.96M | 390.13M | 354.71M |
| Investment properties | — | — | — | — | — |
| Financial assets | — | — | — | — | — |
| Intangible assets | 119.11M | 98.07M | 116.38M | 95.35M | 60.99M |
| Investments and advances | 63.89M | 49.79M | 24.88M | 9.82M | 109.63M |
| Other non current assets | 84.50M | 68.29M | 27.07M | 29.04M | 31.77M |
| Total liabilities | 722.10M | 526.68M | 489.14M | 376.37M | 184.84M |
| Current liabilities | |||||
| Accounts payable | 37.01M | 55.26M | 71.22M | 44.35M | 22.79M |
| Accrued expenses | — | 56.30M | 59.72M | 62.33M | 47.37M |
| Short term debt | — | — | — | — | — |
| Deferred revenue | — | — | — | — | 3.50M |
| Tax payable | 7.89M | 28.45M | 40.46M | 42.75M | 16.69M |
| Pensions | — | — | — | — | 47.37M |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 79.68M | 82.68M | 88.43M | 93.61M | 97.99M |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | — | — | — | — | — |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | — | — | — | — | — |
| Shareholders equity | |||||
| Common stock | 123,000 | 123,000 | 123,000 | 123,000 | 122,000 |
| Retained earnings | 1.24B | 1.10B | 956.97M | 799.37M | 591.09M |
| Other shareholders equity | -24.37M | -37.70M | -13.33M | -4.65M | -10.27M |
| Total shareholders equity | 1.29B | 1.08B | 1.04B | 955.06M | 770.09M |
| Additional paid in capital | 333.29M | 345.47M | 330.26M | 329.74M | 342.54M |
| Treasury stock | 260.30M | 328.33M | 232.71M | 169.52M | 153.39M |
| Minority interest | — | — | — | — | — |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||||
| Net Income | 258.06M | 250.22M | 257.89M | 299.38M | 204.90M | 172.85M | 148.09M | 126.17M | 96.04M | 74.81M | 68.37M | 60.07M | 47.70M | 31.43M | 16.10M | 7.90M | 10.32M | 5.42M | 8.14M | 58.65M | 4.21M | -36.08M |
| Depreciation | 76.41M | 67.15M | 60.25M | 42.84M | 32.65M | 23.08M | 19.27M | 17.84M | 18.54M | 17.38M | 13.05M | 8.23M | 6.78M | 6.35M | 6.79M | 7.88M | 7.17M | 6.73M | 4.61M | 3.48M | 4.69M | 6.66M |
| Deferred Taxes | -5.82M | -6.55M | 3.12M | 10.10M | 2.67M | -1.17M | 6.59M | -2.58M | -2.42M | -374,000 | -1.33M | -643,000 | 16.13M | 15.77M | 12.26M | 4.82M | 4.70M | 903,000 | 2.98M | -41.41M | — | — |
| Stock-Based Compensation | 29.19M | 29.86M | 27.31M | 25.61M | 25.29M | 15.85M | 14.42M | 14.51M | 12.52M | 9.77M | 8.88M | 8.39M | 6.86M | 8.97M | 8.41M | 7.06M | 5.63M | — | — | — | 1.54M | 1.19M |
| Other Non-Cash Items | -3.11M | 555,000 | -466,000 | -550,000 | -778,000 | 2.25M | 1.95M | 10.63M | 6.36M | 1.73M | -296,000 | 1.20M | 1.18M | -411,000 | 652,000 | 1.26M | 412,000 | 7.09M | 2.87M | 8.99M | 11.62M | 8.70M |
| Accounts Receivable | -188.16M | -62.77M | -141.31M | -200.89M | -2.96M | -5.12M | -2.35M | -10.43M | -6.75M | 827,000 | -1.71M | 4.61M | -11.67M | -3.13M | -10.52M | 5.79M | -1.36M | -3.29M | -786,000 | -7.31M | -5.97M | -1.91M |
| Accounts Payable | 220.69M | 86.05M | 96.21M | 139.33M | -820,000 | 14.52M | -1.61M | 2.34M | -9,000 | -950,000 | 364,000 | 2.33M | 178,000 | 1.58M | 2.82M | -3.24M | 786,000 | -605,000 | -833,000 | 2.64M | -245,494 | 299,835 |
| Other Assets & Liabilities | -33.09M | -54.09M | -14.88M | 59.49M | 1.10M | -77,000 | -18.78M | -76.65M | -153,000 | -248,000 | -1.57M | -462,000 | 755,000 | 309,000 | -6.60M | 6.40M | -2.27M | -3.65M | 70,000 | 1.75M | 1.33M | 2.57M |
| Operating Cash Flow | 354.17M | 310.45M | 288.12M | 375.32M | 262.06M | 222.19M | 167.59M | 81.84M | 124.12M | 102.93M | 85.76M | 83.72M | 67.92M | 60.85M | 29.91M | 37.87M | 25.39M | 12.60M | 17.05M | 26.79M | 17.17M | -18.56M |
| Investing Activities | ||||||||||||||||||||||
| Capital Expenditures | -9.33M | -13.14M | -17.49M | -15.01M | -12.29M | -35.89M | -12.09M | -6.39M | -4.80M | -4.63M | -15.34M | -5.15M | -3.16M | -5.21M | -4.91M | -1.68M | -1.53M | -2.66M | -1.39M | -3.39M | -1.39M | -1.06M |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | -4.07M | -1.90M | -1.89M | -2.37M | -3.37M | — | — | — | -3.33M | -1.37M |
| Net Acquisitions | -78.48M | -34.40M | -17.08M | -23.30M | -97.43M | — | — | — | — | — | -37.83M | — | — | — | -1.37M | -34.92M | -3.14M | — | — | — | — | — |
| Purchase of Investments | -28.82M | — | — | -32.87M | -160.83M | -336.53M | -215.83M | -81.44M | -57.18M | -16.42M | -60.76M | -16.54M | -32.30M | -66.01M | -57.41M | -29.96M | -48.72M | -80.11M | -54.25M | -55.59M | -45.31M | -45.65M |
| Sale of Investments | 4.45M | — | — | 170.66M | 170.94M | 333.79M | 187.79M | 46.35M | 35.25M | 17.57M | 43.42M | 41.98M | 27.42M | 65.37M | 22.06M | 46.28M | 46.24M | 91.13M | 98.39M | 65.39M | 41.17M | 57.62M |
| Investing Cash Flow | -112.17M | -47.54M | -34.57M | 99.49M | -99.64M | -38.59M | -40.18M | -41.06M | -27.36M | -2.87M | -70.52M | 20.24M | -4.51M | -5.82M | -42.28M | -20.13M | -7.81M | 11.02M | -54.25M | 2.52M | -8.87M | 9.54M |
| Financing Activities | ||||||||||||||||||||||
| Long-Term Debt Issuance | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 208,000 | — | — | — | — | — |
| Long-Term Debt Payments | -124.00M | -100.00M | -70.35M | -578.36M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Financing Charges | -38.34M | -49.57M | -33.89M | -42.42M | -25.82M | -8.04M | -27.69M | -5.17M | -4.50M | -819,000 | -276,000 | -5.53M | 2.61M | 20,000 | -238,000 | -426,000 | 2.37M | 5.47M | 2.71M | -4.88M | -4 | -141 |
| Financing Cash Flow | -271.99M | -343.05M | -267.22M | -727.48M | -119.31M | -95.65M | -119.04M | -67.59M | -57.19M | -62.73M | -20.11M | -144.70M | -18.01M | -40.61M | -2.89M | 30.31M | -32.00M | 5.47M | 2.71M | 49.29M | 79,996 | 8.40M |
| Other Cash Details | ||||||||||||||||||||||
| End Cash Position | 611.67M | 572.66M | 625.57M | 608.05M | 274.25M | 247.46M | 168.15M | 169.38M | 199.73M | 168.92M | 132.69M | 128.91M | 169.62M | 124.99M | 103.34M | 107.32M | 72.71M | 82.00M | 58.19M | 97.65M | 20.59M | 12.22M |
| Income Tax Paid | 94.81M | 88.68M | 70.00M | 45.05M | 51.77M | 47.21M | 44.00M | 58.27M | 50.88M | 33.63M | 30.77M | 15.10M | 10.18M | 2.23M | 837,000 | 452,000 | 246,000 | — | — | — | — | — |
| Interest Paid | 1.87M | 652,000 | 830,000 | 1.14M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Free Cash Flow | 281.32M | 237.36M | 231.48M | 358.86M | 231.24M | 176.32M | 142.48M | 71.24M | 109.12M | 95.17M | 67.60M | 71.22M | 58.25M | 57.04M | 36.53M | 23.59M | 24.22M | 7.65M | 10.74M | 16.98M | 15.77M | -20.06M |
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