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MKTX 
MarketAxess Holdings Inc (MKTX)
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Upturn Advisory Summary
12/02/2025: MKTX (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
15 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $200.9
1 Year Target Price $200.9
| 4 | Strong Buy |
| 2 | Buy |
| 8 | Hold |
| 1 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 6.82% | Avg. Invested days 41 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/02/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.01B USD | Price to earnings Ratio 27.16 | 1Y Target Price 200.9 |
Price to earnings Ratio 27.16 | 1Y Target Price 200.9 | ||
Volume (30-day avg) 15 | Beta 1 | 52 Weeks Range 155.48 - 244.11 | Updated Date 12/2/2025 |
52 Weeks Range 155.48 - 244.11 | Updated Date 12/2/2025 | ||
Dividends yield (FY) 1.89% | Basic EPS (TTM) 5.92 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date 2025-11-07 | When Before Market | Estimate 1.68 | Actual 1.84 |
Profitability
Profit Margin 26.16% | Operating Margin (TTM) 40.98% |
Management Effectiveness
Return on Assets (TTM) 11.36% | Return on Equity (TTM) 15.82% |
Valuation
Trailing PE 27.16 | Forward PE 19.38 | Enterprise Value 5537297129 | Price to Sales(TTM) 7.16 |
Enterprise Value 5537297129 | Price to Sales(TTM) 7.16 | ||
Enterprise Value to Revenue 6.6 | Enterprise Value to EBITDA 12.16 | Shares Outstanding 37171508 | Shares Floating 36422502 |
Shares Outstanding 37171508 | Shares Floating 36422502 | ||
Percent Insiders 2.34 | Percent Institutions 99.63 |
Upturn AI SWOT
MarketAxess Holdings Inc
Company Overview
History and Background
MarketAxess Holdings Inc. was founded in 2000 and launched its electronic trading platform for corporate bonds. Initially focused on U.S. high-grade corporate bonds, it has expanded to other fixed-income products and geographic regions. A key milestone was its IPO in 2004. Over time, it has grown organically and through acquisitions to become a leading electronic trading platform for fixed-income securities.
Core Business Areas
- Trading Solutions: Operates a leading electronic trading platform for fixed-income securities, connecting institutional investors and dealers. This includes trading protocols such as Request-for-Quote (RFQ), click-to-trade, and auction protocols.
- Information Services: Provides market data, analytics, and pricing information for fixed-income instruments through its Trax platform. This data supports pre-trade analysis, trade execution, and post-trade processing.
- Post-Trade Services: Offers post-trade automation and integration solutions to streamline trade processing, including trade matching, confirmation, and regulatory reporting.
- Other Services: Includes Open Trading which allows any market participant to trade with any other, further driving liquidity and efficiency.
Leadership and Structure
Richard M. McVey serves as the Chairman and CEO. The organizational structure comprises various departments including technology, sales, marketing, and finance, structured under a board of directors.
Top Products and Market Share
Key Offerings
- U.S. High-Grade Corporate Bonds: MarketAxess's core offering; estimates put their market share in electronic trading around 21% based on total high-grade volumes. Competitors include Tradeweb and Bloomberg.
- U.S. High-Yield Corporate Bonds: Another major product category; MarketAxess is a significant player in electronic high-yield trading, but precise market share data fluctuates. Competitors include Tradeweb and Bloomberg.
- Emerging Markets Bonds: Increasingly important area for MarketAxess, with growing volumes. Market share varies by region and instrument. Competitors include Tradeweb and Bloomberg.
- Eurobonds: Significant portion of revenue comes from Eurobonds. Competitors include Tradeweb and Bloomberg.
- Municipal Bonds: Becoming a more relevant segment. Competitors include Tradeweb and Bloomberg.
Market Dynamics
Industry Overview
The fixed-income trading industry is undergoing a shift towards electronic trading due to increased transparency, efficiency, and regulatory pressure. Technology adoption is accelerating, driving growth in electronic platforms.
Positioning
MarketAxess is a leading electronic trading platform in the fixed-income market. Its competitive advantages include its established network, diverse product offerings, and advanced technology platform.
Total Addressable Market (TAM)
The estimated TAM for global fixed-income trading is in the trillions of dollars. MarketAxess is positioned to capture a larger share through continued innovation and expansion into new products and regions.
Upturn SWOT Analysis
Strengths
- Established network of institutional investors and dealers
- Leading electronic trading platform
- Diverse product offerings
- Advanced technology platform
- Strong brand reputation
Weaknesses
- Dependence on market volatility for trading volumes
- Concentration of revenue from U.S. corporate bonds
- Exposure to regulatory changes
- Intense competition from larger financial institutions
Opportunities
- Expansion into new fixed-income products
- Geographic expansion into emerging markets
- Increased adoption of electronic trading
- Strategic acquisitions
- Leveraging data and analytics for value-added services
Threats
- Increased competition from existing and new entrants
- Regulatory changes impacting electronic trading
- Economic downturn affecting trading volumes
- Technological disruptions
- Cybersecurity risks
Competitors and Market Share
Key Competitors
- TW
- BBG
- ICAP.L
Competitive Landscape
MarketAxess benefits from its specialized focus on fixed income and established network. Competitors like Tradeweb have a broader product range, while Bloomberg has extensive data and analytics resources. ICAP which owns BrokerTec is also a large competitor.
Major Acquisitions
LiquidityEdge
- Year: 2019
- Acquisition Price (USD millions): 150
- Strategic Rationale: Expanded MarketAxess's presence in the U.S. Treasury market.
Growth Trajectory and Initiatives
Historical Growth: MarketAxess has experienced significant growth in trading volumes and revenue over the past decade, driven by the increasing adoption of electronic trading in fixed-income markets.
Future Projections: Analysts project continued growth in revenue and earnings, driven by expansion into new products and markets.
Recent Initiatives: Recent initiatives include expanding its product offerings, investing in technology, and pursuing strategic acquisitions.
Summary
MarketAxess is a strong company leading the electronic fixed-income trading space. Its growth is driven by increasing electronic adoption in fixed income. Key strengths include its established network and technology platform. However, the company must navigate competitive pressures and adapt to evolving market dynamics and continue to grow.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Filings (10K, 10Q), Investor Presentations, Analyst Reports
Disclaimers:
The data provided is for informational purposes only and should not be considered financial advice. Market conditions and company performance are subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About MarketAxess Holdings Inc
Exchange NASDAQ | Headquaters New York, NY, United States | ||
IPO Launch date 2004-11-05 | CEO & Director Mr. Christopher Robert Concannon J.D. | ||
Sector Financial Services | Industry Capital Markets | Full time employees 891 | Website https://www.marketaxess.com |
Full time employees 891 | Website https://www.marketaxess.com | ||
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms 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 automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, 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.
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