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MarketAxess Holdings

Nasdaq:MKTX
Snowflake Description

Flawless balance sheet with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MKTX
Nasdaq
$15B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. The last earnings update was 47 days ago. More info.


Add to Portfolio Compare Print
  • MarketAxess Holdings has significant price volatility in the past 3 months.
MKTX Share Price and Events
7 Day Returns
13%
NasdaqGS:MKTX
-1.1%
US Capital Markets
-2.8%
US Market
1 Year Returns
52.5%
NasdaqGS:MKTX
-14.5%
US Capital Markets
-15.9%
US Market
MKTX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
MarketAxess Holdings (MKTX) 13% 6.9% 3.5% 52.5% 111.9% 339.7%
US Capital Markets -1.1% -17.6% -24.9% -14.5% 0.6% 18.4%
US Market -2.8% -18.8% -24% -15.9% 2.8% 13.3%
1 Year Return vs Industry and Market
  • MKTX outperformed the Capital Markets industry which returned -14.5% over the past year.
  • MKTX outperformed the Market in United States of America which returned -15.9% over the past year.
Price Volatility
MKTX
Industry
5yr Volatility vs Market

MKTX Value

 Is MarketAxess Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of MarketAxess Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for MarketAxess Holdings.

NasdaqGS:MKTX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $14.83 * 28%
$4.15
Book Value of Equity per Share Median Book Value from the past 5 years. $14.83
Discount Rate (Cost of Equity) See below 6.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:MKTX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.743 (1 + (1- 21%) (0.67%))
0.83
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.83 * 5.44%)
6.26%

Discounted Cash Flow Calculation for NasdaqGS:MKTX using Excess Returns Model Model

The calculations below outline how an intrinsic value for MarketAxess Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:MKTX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (28% – 6.26%) * $14.83)
$3.22
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $3.22 / (6.26% - 1.74%)
$71.36
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.83 + $71.36
$86.19
NasdaqGS:MKTX Discount to Share Price
Calculation Result
Value per share (USD) From above. $86.19
Current discount Discount to share price of $387.27
= -1 x ($387.27 - $86.19) / $86.19
-349.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of MarketAxess Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for MarketAxess Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are MarketAxess Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:MKTX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $5.53
NasdaqGS:MKTX Share Price ** NasdaqGS (2020-04-03) in USD $387.27
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 33.66x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of MarketAxess Holdings.

NasdaqGS:MKTX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:MKTX Share Price ÷ EPS (both in USD)

= 387.27 ÷ 5.53

70.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MarketAxess Holdings is overvalued based on earnings compared to the US Capital Markets industry average.
  • MarketAxess Holdings is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does MarketAxess Holdings's expected growth come at a high price?
Raw Data
NasdaqGS:MKTX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 70.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
12.2%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.03x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

NasdaqGS:MKTX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 70.09x ÷ 12.2%

5.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MarketAxess Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on MarketAxess Holdings's assets?
Raw Data
NasdaqGS:MKTX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $20.30
NasdaqGS:MKTX Share Price * NasdaqGS (2020-04-03) in USD $387.27
United States of America Capital Markets Industry PB Ratio Median Figure of 182 Publicly-Listed Capital Markets Companies 7.67x
United States of America Market PB Ratio Median Figure of 5,146 Publicly-Listed Companies 1.2x
NasdaqGS:MKTX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:MKTX Share Price ÷ Book Value per Share (both in USD)

= 387.27 ÷ 20.30

19.08x

* Primary Listing of MarketAxess Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MarketAxess Holdings is overvalued based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess MarketAxess Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. MarketAxess Holdings has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MKTX Future Performance

 How is MarketAxess Holdings expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is MarketAxess Holdings expected to grow at an attractive rate?
  • MarketAxess Holdings's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • MarketAxess Holdings's earnings growth is positive but not above the United States of America market average.
  • MarketAxess Holdings's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:MKTX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:MKTX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 12.2%
NasdaqGS:MKTX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 11.5%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:MKTX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:MKTX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 956 415 1
2023-12-31 862 366 1
2022-12-31 753 309 3
2021-12-31 674 270 9
2020-12-31 614 255 11
2020-04-05
NasdaqGS:MKTX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 511 266 205
2019-09-30 494 247 200
2019-06-30 464 247 185
2019-03-31 445 232 177
2018-12-31 436 224 173
2018-09-30 422 200 160
2018-06-30 416 185 156
2018-03-31 405 169 154
2017-12-31 393 168 148
2017-09-30 389 178 148
2017-06-30 384 179 145
2017-03-31 384 173 140

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • MarketAxess Holdings's earnings are expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
  • MarketAxess Holdings's revenue is expected to grow by 11.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:MKTX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from MarketAxess Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MKTX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 10.75 10.75 10.75 1.00
2023-12-31 9.50 9.50 9.50 1.00
2022-12-31 8.07 8.30 7.70 3.00
2021-12-31 7.02 7.58 6.57 11.00
2020-12-31 6.54 8.61 5.97 12.00
2020-04-05
NasdaqGS:MKTX Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 5.53
2019-09-30 5.41
2019-06-30 5.00
2019-03-31 4.80
2018-12-31 4.68
2018-09-30 4.35
2018-06-30 4.23
2018-03-31 4.16
2017-12-31 4.02
2017-09-30 4.01
2017-06-30 3.92
2017-03-31 3.79

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • MarketAxess Holdings is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess MarketAxess Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
MarketAxess Holdings has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MKTX Past Performance

  How has MarketAxess Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare MarketAxess Holdings's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • MarketAxess Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • MarketAxess Holdings's 1-year earnings growth exceeds its 5-year average (18.5% vs 18.4%)
  • MarketAxess Holdings's earnings growth has exceeded the US Capital Markets industry average in the past year (18.5% vs 9.7%).
Earnings and Revenue History
MarketAxess Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from MarketAxess Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MKTX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 511.35 204.90 76.46
2019-09-30 494.02 200.46 73.50
2019-06-30 463.87 185.05 70.66
2019-03-31 445.34 177.43 69.04
2018-12-31 435.57 172.85 66.92
2018-09-30 421.68 160.49 63.49
2018-06-30 415.82 156.03 60.34
2018-03-31 405.17 153.57 55.59
2017-12-31 393.42 148.09 52.17
2017-09-30 389.30 147.78 50.03
2017-06-30 383.99 144.57 47.91
2017-03-31 384.31 139.67 46.97
2016-12-31 367.73 126.17 46.01
2016-09-30 352.13 117.50 43.75
2016-06-30 336.05 109.30 41.62
2016-03-31 314.90 100.41 39.43
2015-12-31 303.10 96.04 36.88
2015-09-30 296.62 93.18 35.21
2015-06-30 286.67 87.97 34.45
2015-03-31 275.95 81.92 33.86
2014-12-31 261.87 74.81 34.18
2014-09-30 252.15 68.64 35.85
2014-06-30 249.04 69.40 36.17
2014-03-31 247.78 70.49 36.72
2013-12-31 238.73 68.56 35.69
2013-09-30 226.87 74.02 31.83
2013-06-30 212.14 69.47 29.56

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • MarketAxess Holdings has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • MarketAxess Holdings used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • MarketAxess Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess MarketAxess Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
MarketAxess Holdings has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MKTX Health

 How is MarketAxess Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up MarketAxess Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • MarketAxess Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • MarketAxess Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of MarketAxess Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • MarketAxess Holdings has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from MarketAxess Holdings Company Filings, last reported 3 months ago.

NasdaqGS:MKTX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 770.09 0.00 356.55
2019-09-30 694.62 0.00 409.47
2019-06-30 661.91 0.00 366.87
2019-03-31 631.15 0.00 344.71
2018-12-31 607.88 0.00 335.36
2018-09-30 578.62 0.00 293.47
2018-06-30 557.38 0.00 264.89
2018-03-31 537.16 0.00 245.03
2017-12-31 514.77 0.00 258.32
2017-09-30 510.91 0.00 204.88
2017-06-30 501.23 0.00 202.48
2017-03-31 482.36 0.00 213.06
2016-12-31 468.01 0.00 242.45
2016-09-30 451.70 0.00 235.99
2016-06-30 436.15 0.00 225.67
2016-03-31 410.42 0.00 211.23
2015-12-31 390.71 0.00 237.42
2015-09-30 373.47 0.00 202.48
2015-06-30 359.86 0.00 203.60
2015-03-31 344.67 0.00 196.58
2014-12-31 334.21 0.00 204.99
2014-09-30 326.30 0.00 184.82
2014-06-30 322.98 0.00 157.72
2014-03-31 318.26 0.00 151.36
2013-12-31 310.36 0.00 145.02
2013-09-30 286.62 0.00 119.01
2013-06-30 270.56 0.00 144.38
  • MarketAxess Holdings has no debt.
  • MarketAxess Holdings has not taken on any debt in the past 5 years.
  • MarketAxess Holdings has no debt, it does not need to be covered by operating cash flow.
  • MarketAxess Holdings has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess MarketAxess Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. MarketAxess Holdings has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MKTX Dividends

 What is MarketAxess Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.62%
Current annual income from MarketAxess Holdings dividends. Estimated to be 0.65% next year.
If you bought $2,000 of MarketAxess Holdings shares you are expected to receive $12 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • MarketAxess Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (2.07%).
  • MarketAxess Holdings's dividend is below the markets top 25% of dividend payers in United States of America (5.82%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:MKTX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1936 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:MKTX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 2.80 1.00
2021-12-31 2.65 5.00
2020-12-31 2.37 5.00
2020-04-05
NasdaqGS:MKTX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-18 2.400 0.711
2020-01-29 2.400 0.692
2019-10-25 2.040 0.548
2019-10-23 2.040 0.591
2019-07-25 2.040 0.576
2019-07-24 2.040 0.602
2019-04-25 2.040 0.654
2019-04-24 2.040 0.770
2019-02-20 2.040 0.835
2019-01-30 2.040 0.919
2018-07-25 1.680 0.839
2018-01-31 1.680 0.812
2017-10-27 1.320 0.686
2017-10-25 1.320 0.741
2017-04-26 1.320 0.688
2017-02-21 1.320 0.702
2017-01-25 1.320 0.704
2016-07-28 1.040 0.645
2016-04-27 1.040 0.745
2016-02-05 1.040 0.864
2016-01-27 1.040 0.926
2015-10-23 0.800 0.764
2015-10-21 0.800 0.901
2015-07-24 0.800 0.837
2015-07-22 0.800 0.821
2015-04-24 0.800 0.882
2015-04-22 0.800 0.905
2015-02-25 0.800 0.936
2015-01-28 0.800 1.014
2014-10-22 0.640 0.944
2014-07-25 0.640 1.076
2014-07-23 0.640 1.155
2014-01-29 0.640 1.142
2013-10-23 0.520 0.795
2013-07-24 0.520 0.921
2013-04-24 0.520 1.127
2012-12-04 0.520 1.405
2012-11-02 0.440 1.451
2012-07-25 0.440 1.399
2012-04-25 0.440 1.457
2012-02-01 0.440 1.259
2011-10-26 0.360 1.228
2011-07-27 0.360 1.331
2011-04-27 0.360 1.537
2011-02-02 0.360 1.602
2010-10-27 0.280 1.435
2010-07-28 0.280 1.743
2010-04-28 0.280 1.953
2010-02-03 0.280 1.806
2009-10-28 0.280 2.118

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • MarketAxess Holdings is not paying a notable dividend for United States of America, therefore no need to check if the payments are stable.
  • MarketAxess Holdings is not paying a notable dividend for United States of America, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of MarketAxess Holdings's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of MarketAxess Holdings's dividends as it is not paying a notable one for United States of America.
Future Payout to shareholders
  • No need to calculate the sustainability of MarketAxess Holdings's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess MarketAxess Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can MarketAxess Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. MarketAxess Holdings has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MKTX Management

 What is the CEO of MarketAxess Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rick McVey
COMPENSATION $16,625,183
AGE 59
TENURE AS CEO 20 years
CEO Bio

Mr. Richard Mitchell McVey, also known as Rick, founded MarketAxess Holdings Inc. in April 11, 2000 and has been its Chairman and Chief Executive Officer since its inception. Mr. McVey also serves Chairman and Chief Executive Officer at MarketAxess Corporation. Mr. McVey began his career in the futures industry and joined J.P. Morgan & Co. in 1992. From 1992 to 1996, Mr. McVey was Managing Director and head of J.P. Morgan's North American futures and options business, and in 1996, he was chosen to be J.P. Morgan's head of North American fixed income sales and investor client relations. Mr. McVey previously served on the Board of Directors of Blue Mountain Credit Alternatives L.P. and now serves on the Board of Directors for the Miami University Foundation and the Colby College Board of Trustees. In 2012 Mr. McVey was Ernst & Young's "National Entrepreneur Of The Year" for financial services and has also been named to Institutional Investor's "Tech 50" nine times. Mr. McVey received a B.A. in Finance from Miami (Ohio) University and an M.B.A. from Indiana University.

CEO Compensation
  • Rick's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Rick's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the MarketAxess Holdings management team in years:

5.8
Average Tenure
53
Average Age
  • The average tenure for the MarketAxess Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rick McVey

TITLE
Chairman & CEO
COMPENSATION
$17M
AGE
59
TENURE
20 yrs

Tony DeLise

TITLE
Chief Financial Officer
COMPENSATION
$2M
AGE
57
TENURE
10.1 yrs

Nick Themelis

TITLE
Chief Information Officer
COMPENSATION
$2M
AGE
55
TENURE
15.1 yrs

Kevin McPherson

TITLE
Global Head of Sales
COMPENSATION
$2M
AGE
48
TENURE
5.8 yrs

Christophe P. Roupie

TITLE
Head of Europe and Asia - Marketaxess Europe Limited & Trax
COMPENSATION
$1M
AGE
53
TENURE
3.2 yrs

Chris Concannon

TITLE
President
AGE
51
TENURE
1.3 yrs

Mike Baker

TITLE
Chief Technology Officer
TENURE
1 yrs

Dave Cresci

TITLE
Investor Relations Manager

Scott Pintoff

TITLE
General Counsel & Corporate Secretary
AGE
48
TENURE
6.2 yrs

Mary Sedarat

TITLE
Global Head of Marketing & Communications
TENURE
3.9 yrs
Board of Directors Tenure

Average tenure and age of the MarketAxess Holdings board of directors in years:

6.5
Average Tenure
59.5
Average Age
  • The tenure for the MarketAxess Holdings board of directors is about average.
Board of Directors

Chris Concannon

TITLE
President
AGE
51
TENURE
1.3 yrs

John Steinhardt

TITLE
Independent Director
COMPENSATION
$220K
AGE
65
TENURE
20 yrs

Rick McVey

TITLE
Chairman & CEO
COMPENSATION
$17M
AGE
59
TENURE
20 yrs

Steve Begleiter

TITLE
Independent Director
COMPENSATION
$204K
AGE
57
TENURE
8 yrs

Jane Chwick

TITLE
Independent Director
COMPENSATION
$215K
AGE
56
TENURE
6.5 yrs

Bill Cruger

TITLE
Independent Director
COMPENSATION
$215K
AGE
61
TENURE
6.4 yrs

Nancy Altobello

TITLE
Independent Director
AGE
60
TENURE
1 yrs

Stephen Paul Casper

TITLE
Lead Independent Director
COMPENSATION
$242K
AGE
69
TENURE
8.3 yrs

Rick Ketchum

TITLE
Independent Director
COMPENSATION
$202K
AGE
68
TENURE
3 yrs

Emily Portney

TITLE
Independent Director
COMPENSATION
$198K
AGE
47
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • MarketAxess Holdings individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Feb 20 Sell Kevin McPherson Individual 14. Feb 20 14. Feb 20 -3,000 $342.42 $-1,027,260
05. Sep 19 Sell Stephen Paul Casper Individual 03. Sep 19 03. Sep 19 -1,000 $402.82 $-402,820
19. Aug 19 Buy Richard Prager Individual 15. Aug 19 15. Aug 19 1,000 $358.49 $358,490
01. May 19 Sell Kevin McPherson Individual 29. Apr 19 01. May 19 -4,000 $282.50 $-1,113,984
29. Apr 19 Sell Nicholas Themelis Individual 26. Apr 19 26. Apr 19 -1,489 $265.61 $-395,495
X
Management checks
We assess MarketAxess Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. MarketAxess Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MKTX News

Simply Wall St News

Does MarketAxess Holdings Inc.'s (NASDAQ:MKTX) CEO Pay Matter?

We looked at a group of companies with market capitalizations over US$8.0b and the median CEO total compensation was US$11m. … Thus we can conclude that Rick McVey receives more in total compensation than the median of a group of large companies in the same market as MarketAxess Holdings Inc.. … We compared the total CEO remuneration paid by MarketAxess Holdings Inc., and compared it to remuneration at a group of other large companies.

Simply Wall St -

Does MarketAxess Holdings Inc.'s (NASDAQ:MKTX) Stock Price Account For Its Growth?

MarketAxess Holdings is trading at price-to-earnings (PE) ratio of 73.23x, this also tells us the stock is overvalued based on current earnings compared to the Capital Markets industry average of 39.51x , and overvalued compared to the US market average ratio of 17.26x. … However, since MarketAxess Holdings is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … This means that, when we account for MarketAxess Holdings's growth, the stock can be viewed as somewhat overvalued , based on fundamental analysis.

Simply Wall St -

Does MarketAxess Holdings Inc.'s (NASDAQ:MKTX) Recent Track Record Look Strong?

View our latest analysis for MarketAxess Holdings Were MKTX's earnings stronger than its past performances and the industry? … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 19%, indicating the rate at which MKTX is growing has slowed down. … I suggest you continue to research MarketAxess Holdings to get a more holistic view of the stock by looking at: Future Outlook: What are well-informed industry analysts predicting for MKTX’s future growth?

Simply Wall St -

What Does MarketAxess Holdings Inc.'s (NASDAQ:MKTX) P/E Ratio Tell You?

View our latest analysis for MarketAxess Holdings How Do I Calculate MarketAxess Holdings's Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for MarketAxess Holdings: P/E of 76.5 = $367.03 ÷ $4.8 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each $1 of company earnings.

Simply Wall St -

MarketAxess Holdings Inc. (NASDAQ:MKTX): What Does The Future Look Like?

Looking at MarketAxess Holdings Inc.'s (NASDAQ:MKTX) earnings update in March 2019, analyst consensus outlook appear cautiously subdued, with profits predicted to rise by 15% next year relative to the higher past 5-year average growth rate of 20%. … Below is a brief commentary around MarketAxess Holdings's earnings outlook going forward, which may give you a sense of market sentiment for the company. … View our latest analysis for MarketAxess Holdings What can we expect from MarketAxess Holdings in the longer term?

Simply Wall St -

Should You Buy MarketAxess Holdings Inc. (NASDAQ:MKTX) When Prices Drop?

We all know MarketAxess Holdings, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … See our latest analysis for MarketAxess Holdings MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. … This continuous market outperformance demonstrates a strong track record of delivering robust returns over many years, raising my confidence in MarketAxess Holdings as a long-term hold.

Simply Wall St -

There's An Opportunity With MarketAxess Holdings Inc. (NASDAQ:MKTX)

Below I take a look at three key characteristics of what makes a strong defensive stock investment: its size, financial health and track record. … See our latest analysis for MarketAxess Holdings MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. … Next Steps: MarketAxess Holdings makes for a robust long-term investment based on its scale, financial health and track record.

Simply Wall St -

The MarketAxess Holdings (NASDAQ:MKTX) Share Price Is Up 515% And Shareholders Are Delighted

Over half a decade, MarketAxess Holdings managed to grow its earnings per share at 20% a year. … NasdaqGS:MKTX Past and Future Earnings, June 10th 2019 We know that MarketAxess Holdings has improved its bottom line lately, but is it going to grow revenue? … We note that for MarketAxess Holdings the TSR over the last 5 years was 542%, which is better than the share price return mentioned above.

Simply Wall St -

Do MarketAxess Holdings's (NASDAQ:MKTX) Earnings Warrant Your Attention?

In contrast to all that, I prefer to spend time on companies like MarketAxess Holdings (NASDAQ:MKTX), which has not only revenues, but also profits. … If a company can keep growing earnings per share (EPS) long enough, its share price will eventually follow. … We would not expect to see insiders owning a large percentage of a US$11b company like MarketAxess Holdings.

Simply Wall St -

Read This Before Buying MarketAxess Holdings Inc. (NASDAQ:MKTX) Shares

So shareholders might well want to know whether insiders have been buying or selling shares in MarketAxess Holdings Inc. … That means that even when the share price was below the current price of US$276, an insider wanted to cash in some shares … As a general rule we consider it to be discouraging when insiders are selling below the current price, because it suggests they were happy with a lower valuation

Simply Wall St -

MKTX Company Info

Description

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments worldwide. It offers institutional investor and broker-dealer firms the access to global liquidity in U.S. investment-grade corporate bonds, emerging markets and high-yield bonds, Eurobonds, U.S. agency bonds, municipal bonds, leveraged loans, 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 offers a range of 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 founded in 2000 and is headquartered in New York, New York.

Details
Name: MarketAxess Holdings Inc.
MKTX
Exchange: NasdaqGS
Founded: 2000
$14,685,882,928
37,921,561
Website: http://www.marketaxess.com
Address: MarketAxess Holdings Inc.
55 Hudson Yards,
Floor 15,
New York,
New York, 10001,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS MKTX Common Stock Voting Nasdaq Global Select US USD 05. Nov 2004
DB MWI Common Stock Voting Deutsche Boerse AG DE EUR 05. Nov 2004
BMV MKTX * Common Stock Voting Bolsa Mexicana de Valores MX MXN 05. Nov 2004
Number of employees
Current staff
Staff numbers
527
MarketAxess Holdings employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 07:36
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/18
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.