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Upturn AI SWOT - About
MKTX 
MarketAxess Holdings Inc (MKTX)
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Upturn Advisory Summary
08/28/2025: 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 $218.83
1 Year Target Price $218.83
| 4 | Strong Buy |
| 2 | Buy |
| 8 | Hold |
| 1 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 6.81% | 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 08/28/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 7.01B USD | Price to earnings Ratio 31.57 | 1Y Target Price 218.83 |
Price to earnings Ratio 31.57 | 1Y Target Price 218.83 | ||
Volume (30-day avg) 15 | Beta 0.84 | 52 Weeks Range 182.15 - 292.50 | Updated Date 08/28/2025 |
52 Weeks Range 182.15 - 292.50 | Updated Date 08/28/2025 | ||
Dividends yield (FY) 1.58% | Basic EPS (TTM) 5.94 |
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 2025-08-06 | When Before Market | Estimate 1.95 | Actual 1.91 |
Profitability
Profit Margin 26.62% | Operating Margin (TTM) 41.86% |
Management Effectiveness
Return on Assets (TTM) 11.24% | Return on Equity (TTM) 16.33% |
Valuation
Trailing PE 31.57 | Forward PE 25.13 | Enterprise Value 6612474075 | Price to Sales(TTM) 8.37 |
Enterprise Value 6612474075 | Price to Sales(TTM) 8.37 | ||
Enterprise Value to Revenue 7.9 | Enterprise Value to EBITDA 14.57 | Shares Outstanding 37363800 | Shares Floating 36617245 |
Shares Outstanding 37363800 | Shares Floating 36617245 | ||
Percent Insiders 2.25 | Percent Institutions 101.31 |
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 U.S. corporate bonds. It aimed to modernize fixed-income trading through automation and transparency. Over time, it expanded its product offerings and geographic reach through acquisitions and organic growth, becoming a leading operator of electronic fixed-income trading platforms.
Core Business Areas
- Credit Trading: Offers trading in U.S. high-grade corporate bonds, high-yield corporate bonds, emerging market debt, Eurobonds, and other credit products through electronic trading platforms.
- Rates Trading: Facilitates trading in U.S. Treasury bonds, European government bonds, and other rates products.
- Open Trading: MarketAxess's all-to-all trading protocol enabling buy-side firms to trade directly with each other, increasing liquidity and efficiency.
- Information Services: Provides market data and analytics to support trading decisions.
Leadership and Structure
Chris Concannon serves as the CEO. The company has a traditional hierarchical structure with various departments overseeing technology, sales, marketing, and operations. A board of directors provides oversight and strategic guidance.
Top Products and Market Share
Key Offerings
- U.S. High-Grade Corporate Bonds: Electronic trading platform for U.S. investment-grade corporate bonds. MarketAxess holds a significant market share in this segment. Competitors include Tradeweb and Bloomberg. MarketAxess estimates that they handled approximately 22.3% of the US High-Grade credit market volume in Q3 2023.
- U.S. High-Yield Corporate Bonds: Electronic trading platform for U.S. high-yield corporate bonds. MarketAxess competes with Tradeweb and Bloomberg. MarketAxess handled an estimated 20.1% of US High-Yield credit market volume in Q3 2023.
- Emerging Markets Debt: Provides a platform for trading emerging market debt. Competition includes Bloomberg and other regional platforms.
- Eurobonds: Electronic trading platform for Eurobonds. The main competitor is Tradeweb.
- Open Trading: All-to-all trading protocol that connects buy-side firms directly. This is unique to MarketAxess.
Market Dynamics
Industry Overview
The fixed-income trading industry is undergoing increasing electronification. MarketAxess operates within this evolving landscape. Regulatory changes, interest rate environments, and credit spreads impact market activity. The rise of ETFs and algorithmic trading also influence trading patterns.
Positioning
MarketAxess is a leader in electronic fixed-income trading, benefiting from network effects as more participants join its platform. Its Open Trading protocol provides a competitive advantage by fostering direct trading between buy-side firms. MarketAxess is often seen as an innovator in bringing automation to the traditionally opaque fixed-income market.
Total Addressable Market (TAM)
The total addressable market for electronic fixed-income trading is estimated to be in the tens of billions of dollars. MarketAxess is well-positioned to capture a larger share of this TAM as electronification continues.
Upturn SWOT Analysis
Strengths
- Leading electronic trading platform for fixed income
- Strong network effects
- Innovative Open Trading protocol
- Diverse product offerings
- Established relationships with major institutional investors
Weaknesses
- Dependence on fixed-income market volatility
- Competition from larger, more diversified financial institutions
- Potential regulatory risks
- Slower adoption of electronic trading in certain fixed-income segments
- High dependence on key personnel
Opportunities
- Further expansion into new fixed-income asset classes
- Geographic expansion, particularly in Asia
- Increased adoption of electronic trading by smaller institutions
- Strategic acquisitions to enhance product offerings
- Leveraging technology to improve trading efficiency
Threats
- Increased competition from existing and new platforms
- Regulatory changes impacting fixed-income trading
- Economic downturns reducing trading volumes
- Cybersecurity risks
- Technological disruptions from new entrants
Competitors and Market Share
Key Competitors
- TW
- BBG
- Refinitiv
Competitive Landscape
MarketAxess's advantages include its leading electronic trading platform, strong network effects, and innovative Open Trading protocol. Its disadvantages include competition from larger, more diversified financial institutions and dependence on fixed-income market volatility.
Major Acquisitions
LiquidityEdge
- Year: 2019
- Acquisition Price (USD millions): 150
- Strategic Rationale: Expanded MarketAxess's presence in the U.S. Treasury market.
Pragma
- Year: 2022
- Acquisition Price (USD millions): 0
- Strategic Rationale: Enhance the Company's data and analytics capabilities by integrating Pragma's advanced algorithmic and data science tools.
Growth Trajectory and Initiatives
Historical Growth: MarketAxess has experienced strong growth in revenue and earnings over the past decade, driven by the increasing electronification of fixed-income trading.
Future Projections: Analysts project continued growth for MarketAxess, although growth rates may moderate as the electronic trading market matures. Expansion into new products and geographies is expected to drive future growth.
Recent Initiatives: Recent initiatives include expanding the Open Trading protocol, investing in new technology to improve trading efficiency, and acquiring companies to broaden product offerings. They have recently launched an AI pricing tool.
Summary
MarketAxess is a strong company with a leading position in the electronic fixed-income trading market. The company's innovative Open Trading protocol and diverse product offerings are working well. They are dependent on fixed income trading volume. Key factors to watch out for are increasing competition and regulatory changes. Its strong balance sheet and cash flow indicate strength and growth potential.
Peer Comparison
Sources and Disclaimers
Data Sources:
- MarketAxess Investor Relations
- SEC Filings
- Analyst Reports
- Company Press Releases
Disclaimers:
The information provided is for informational purposes only and should not be considered financial advice. Market data and analyst estimates are subject to change. Investment decisions should be made based on individual risk tolerance and after consulting with a qualified financial advisor.
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 881 | Website https://www.marketaxess.com |
Full time employees 881 | 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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