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Upturn AI Summary - About
MarketAxess Holdings Inc(MKTX)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for MKTX
11/13/2026: MKTX (1-star) has a low Upturn Star Rating. Not recommended to BUY.
MarketAxess Holdings Inc is a prominent financial technology company that operates a leading electronic trading platform for fixed-income securities. The company has a strong position in the corporate bond market, driven by its innovative all-to-all trading protocol known as Open Trading. Its growth story centers on the secular shift of bond trading from manual processes to digital execution, alongside expanding high-margin data and index services. However, it faces intense competitive pressure from incumbents and market-specific risks tied to global bond volumes. Investors should monitor market share trends and the successful adoption of new automated trading features, as the stock remains sensitive to market-wide volatility.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Strong fit | The company benefits from the secular, multi-year shift toward fixed-income electronification. |
| Momentum investor | Mixed fit | Momentum depends on positive volume trends and sustained market volatility in bond trading. |
| Value investor | Mixed fit | The stock often commands a premium valuation due to its high-margin, software-like business model. |
| Dividend investor | Mixed fit | While they pay a dividend, the focus remains primarily on capital appreciation through growth. |
| Low-risk investor | Weak fit | The company's performance is tied to financial market activity, which carries inherent market volatility. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium / high | As a financial exchange stock, price fluctuates based on overall market sentiment and interest rate environments. |
| Valuation risk | Medium | The stock often trades at higher multiples, leaving little room for error if growth slows. |
| Competition risk (traditional and platform incumbents) | High | Intense competition from Bloomberg and Tradeweb exerts constant pressure on fees and margins. |
| Business quality | Strong | The company operates a high-margin, network-effect-driven business with strong recurring revenue. |
| Dividend income | Low | Dividends are a secondary feature to the growth-focused nature of the business. |
| Execution risk | Medium | Maintaining complex, low-latency trading infrastructure requires constant innovation and capital investment. |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 5.81B USD | Price to earnings Ratio 20.24 | 1Y Target Price 162.22 |
Price to earnings Ratio 20.24 | 1Y Target Price 162.22 | ||
Volume (30-day avg) 762.9K shares | Beta 0.8 | 52 Weeks Range 107.72 - 193.04 | Updated Date 11/13/2026 |
52 Weeks Range 107.72 - 193.04 | Updated Date 11/13/2026 | ||
Dividends yield (FY) 1.88% | Basic EPS (TTM) 8.16 |
Sector & Industry Intelligence
Sector
Financial Services
Constructive- Sentiment
- Bullish
- Momentum
- BUY Breadth Improving
- BUY participation
- 50.4%
- Active BUY / eligible
- 61 / 121
- 30-Day BUY Count Change
- +45
- Market state
- Bullish
More qualifying stocks are receiving or maintaining BUY advisories, indicating improving market participation.
Industry
Capital Markets
- BUY participation
- 0.0%
- Active BUY / eligible
- 0 / 11
- 30-Day BUY Count Change
- -1
Sector signal summarizes BUY breadth conditions for the sector. It does not override this stock’s BUY, SELL, or PASS advisory.
Price Behavior
Flat / Range-Bound
The stock price has been trading within a narrow range with minimal directional movement.
Choppy
The stock has experienced frequent reversals and pronounced short-term price swings.
Analysis of Past Performance
Type Stock | Historic Profit 14.85% | Avg. Invested days 43 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 11/13/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Trading Commissions | Variable transaction fees earned from trades executed on the MarketAxess platform. | The company acts like a marketplace tollbooth, charging fees whenever investors or dealers trade bonds. |
| Information Services | Subscription revenue from proprietary data, indices, and analytics products. | Steady, predictable income from selling data that traders need to make decisions. |
| Post-Trade Services | Fees for regulatory reporting and processing services. | Recurring revenue from helping banks comply with complex financial regulations. |
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 2026-10-23 | When Before Market | Estimate 1.95 | Actual 1.86 |
Profitability
Profit Margin 33.51% | Operating Margin (TTM) 41.19% |
Management Effectiveness
Return on Assets (TTM) 10.46% | Return on Equity (TTM) 21.85% |
Valuation
Trailing PE 20.24 | Forward PE 19.12 | Enterprise Value 5.59B | Price to Sales(TTM) 6.67 |
Enterprise Value 5.59B | Price to Sales(TTM) 6.67 | ||
Enterprise Value to Revenue 6.41 | Enterprise Value to EBITDA 12.69 | Shares Outstanding 35.20M | Shares Floating 29.63M |
Shares Outstanding 35.20M | Shares Floating 29.63M | ||
Percent Insiders 0.87 | Percent Institutions 104.68 |
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
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