MarketAxess Holdings

MKTX

Financial - Capital Markets · Financial Services

Price

$162.11

+0.21 (+0.13%)

Market Cap

$5.71B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Weak

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Share count falling — buybacks

−3.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 38.1M (2021) → 36.8M (2025)

Winston Score History

The full picture

MarketAxess runs an electronic trading platform for bonds. Instead of calling brokers on the phone, banks, hedge funds, and big investment firms use MarketAxess's software to buy and sell corporate bonds, government bonds, and other fixed-income securities. It is one of the largest electronic bond trading networks in the world, connecting thousands of investors with hundreds of dealers.

The company makes money by charging a small fee on each trade completed through its platform — the more bonds traded, the more revenue it earns. MarketAxess operates mainly in the US and Europe, and its high gross margins (nearly 69%) reflect how little it costs to run a software-based marketplace once it is built. Its main competitive advantage is its large network of buyers and sellers, which is hard for newcomers to replicate. The key risk is that rivals like Tradeweb continue to grow aggressively, putting pressure on MarketAxess's market share in electronic bond trading.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+1.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

$246M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

MarketAxess Holdings has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

41.1%

Excellent — 41.1% operating margin

Return on the money invested

ROCE

27.1%

Exceptional — 27.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.4%

Slow sales growth (+3.4% YoY)

Profit growth

EPS YoY

+42.4%

Earnings growing fast (+42.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

27.1%

Converts sales into free cash efficiently (27.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

59.87x

Comfortably covers interest (59.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.1x

Fair value — P/E 19.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.89%

Small dividend — 1.89% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+2.6%

Dividend flat

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