MARKETAXESS HOLDINGS INC. Financials MarketAxess Holdings Inc.
Equities
MKTX
US57060D1081
Financial & Commodity Market Operators
|
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 204.8 USD | +1.29% |
|
-2.06% | -30.06% |
| May. 08 | UBS Adjusts Price Target on MarketAxess to $285 From $305, Maintains Buy Rating | MT |
| May. 08 | Morgan Stanley Adjusts Price Target on MarketAxess Holdings to $262 From $279 | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 14,377 | 21,660 | 15,639 | 10,497 | 11,101 | 7,663 | - | - |
| Enterprise Value (EV) 1 | 14,107 | 21,200 | 15,082 | 10,015 | 10,604 | 7,096 | 6,917 | 6,590 |
| P/E ratio | 70.2 x | 72.7 x | 60.7 x | 41.9 x | 42.8 x | 28.7 x | 25.1 x | 21.9 x |
| Yield | 0.54% | 0.42% | 0.64% | 1% | 0.98% | 1.47% | 1.55% | 1.7% |
| Capitalization / Revenue | 28.1 x | 31.4 x | 22.4 x | 14.6 x | 14.8 x | 9.36 x | 8.47 x | 7.69 x |
| EV / Revenue | 27.6 x | 30.8 x | 21.6 x | 13.9 x | 14.1 x | 8.67 x | 7.64 x | 6.61 x |
| EV / EBITDA | 49.4 x | 51.5 x | 38.9 x | 25 x | 27.7 x | 17.5 x | 14.9 x | 12.5 x |
| EV / FCF | 62.1 x | 62.3 x | 50.8 x | 42.2 x | 37.7 x | 25.3 x | 21.2 x | 16.7 x |
| FCF Yield | 1.61% | 1.6% | 1.97% | 2.37% | 2.65% | 3.95% | 4.72% | 5.98% |
| Price to Book | 18.3 x | 22.7 x | 15 x | 9.71 x | 8.58 x | 5.27 x | 4.65 x | 4.1 x |
| Nbr of stocks (in thousands) | 37,924 | 37,963 | 38,026 | 37,637 | 37,905 | 37,897 | - | - |
| Reference price 2 | 379.1 | 570.6 | 411.3 | 278.9 | 292.8 | 202.2 | 202.2 | 202.2 |
| Announcement Date | 1/29/20 | 1/27/21 | 1/26/22 | 1/25/23 | 1/31/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 511.4 | 689.1 | 699 | 718.3 | 752.5 | 818.8 | 904.8 | 996.4 |
| EBITDA 1 | 285.4 | 411.5 | 388.2 | 400.4 | 382.8 | 405.7 | 463.1 | 526.1 |
| EBIT 1 | 252 | 374.7 | 337.2 | 326.9 | 315 | 336.6 | 382.1 | 439.9 |
| Operating Margin | 49.28% | 54.38% | 48.25% | 45.51% | 41.86% | 41.12% | 42.23% | 44.15% |
| Earnings before Tax (EBT) 1 | 257.4 | 374.4 | 333.9 | 338.3 | 332.7 | 356.3 | 408 | 464.6 |
| Net income 1 | 204.9 | 299.4 | 257.9 | 250.2 | 258.1 | 268.4 | 304.5 | 348.6 |
| Net margin | 40.07% | 43.44% | 36.9% | 34.84% | 34.29% | 32.78% | 33.66% | 34.99% |
| EPS 2 | 5.400 | 7.850 | 6.770 | 6.650 | 6.850 | 7.055 | 8.041 | 9.236 |
| Free Cash Flow 1 | 227.2 | 340.2 | 296.7 | 237.4 | 281.3 | 280.3 | 326.7 | 394 |
| FCF margin | 44.43% | 49.37% | 42.45% | 33.04% | 37.38% | 34.24% | 36.11% | 39.54% |
| FCF Conversion (EBITDA) | 79.61% | 82.67% | 76.43% | 59.28% | 73.49% | 69.11% | 70.53% | 74.89% |
| FCF Conversion (Net income) | 110.88% | 113.63% | 115.05% | 94.86% | 109.02% | 104.46% | 107.27% | 113.01% |
| Dividend per Share 2 | 2.040 | 2.400 | 2.640 | 2.800 | 2.880 | 2.980 | 3.131 | 3.446 |
| Announcement Date | 1/29/20 | 1/27/21 | 1/26/22 | 1/25/23 | 1/31/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 165.1 | 186.1 | 182.2 | 172.1 | 177.9 | 203.2 | 179.8 | 172.3 | 197.2 | 210.3 | 201.7 | 197.2 | 208.2 | 230.6 | 224.7 |
| EBITDA 1 | 86.35 | 105.8 | 105.2 | 94.3 | 95.21 | 110.5 | 90.7 | 82.88 | 98.7 | 109.3 | 102.7 | 96.09 | 99.23 | 117.7 | 112.3 |
| EBIT 1 | 72.58 | 88.1 | 84.79 | 76.31 | 77.67 | 95.36 | 75.73 | 66.91 | 77.03 | 92.5 | 83.49 | 78.05 | 79.66 | 99.43 | 94.49 |
| Operating Margin | 43.97% | 47.35% | 46.53% | 44.34% | 43.66% | 46.93% | 42.11% | 38.84% | 39.05% | 43.98% | 41.39% | 39.58% | 38.25% | 43.11% | 42.05% |
| Earnings before Tax (EBT) 1 | 71.58 | 90.42 | 89.58 | 78.86 | 79.43 | 98.2 | 78.95 | 71.74 | 83.81 | 96.72 | 88.64 | 86.31 | 90.54 | 104.7 | 103 |
| Net income 1 | 52.18 | 64.77 | 66.92 | 59.31 | 59.23 | 73.63 | 59.86 | 54.94 | 69.63 | 72.62 | 67.35 | 64.08 | 66.49 | 78.29 | 77.91 |
| Net margin | 31.62% | 34.81% | 36.72% | 34.46% | 33.29% | 36.24% | 33.28% | 31.89% | 35.3% | 34.53% | 33.39% | 32.49% | 31.93% | 33.94% | 34.67% |
| EPS 2 | 1.370 | 1.710 | 1.780 | 1.580 | 1.580 | 1.960 | 1.590 | 1.460 | 1.840 | 1.920 | 1.727 | 1.659 | 1.746 | 2.067 | 1.977 |
| Dividend per Share 2 | 0.6600 | 0.7000 | 0.7000 | 0.7000 | 0.7000 | 0.7200 | 0.7200 | 0.7200 | 0.7200 | - | 0.7500 | 0.7500 | 0.7500 | 0.5133 | 0.3800 |
| Announcement Date | 1/26/22 | 4/20/22 | 7/20/22 | 10/19/22 | 1/25/23 | 4/26/23 | 7/20/23 | 10/25/23 | 1/31/24 | 5/7/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 270 | 461 | 557 | 482 | 496 | 567 | 746 | 1,074 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 227 | 340 | 297 | 237 | 281 | 280 | 327 | 394 |
| ROE (net income / shareholders' equity) | 29.7% | 34.7% | 25% | 23.6% | 22.6% | 19.8% | 20.4% | 20.2% |
| ROA (Net income/ Total Assets) | 24.8% | 26.2% | 18% | 15.9% | 14.8% | 13.5% | 13.8% | 13.2% |
| Assets 1 | 825.2 | 1,143 | 1,431 | 1,569 | 1,744 | 1,994 | 2,213 | 2,641 |
| Book Value Per Share 2 | 20.80 | 25.10 | 27.50 | 28.70 | 34.10 | 38.30 | 43.50 | 49.30 |
| Cash Flow per Share 2 | 7.010 | 10.60 | 7.400 | 7.680 | 8.860 | 7.210 | 8.570 | - |
| Capex 1 | 34.7 | 45.6 | 50.6 | 51.9 | 52.4 | 59.8 | 63.9 | 71.3 |
| Capex / Sales | 6.79% | 6.62% | 7.24% | 7.22% | 6.97% | 7.3% | 7.06% | 7.16% |
| Announcement Date | 1/29/20 | 1/27/21 | 1/26/22 | 1/25/23 | 1/31/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
HOLD
Number of Analysts
16
Last Close Price
202.2
USD
Average target price
242.5
USD
Spread / Average Target
+19.91%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -30.06% | 7.66B | |
| +5.08% | 76.51B | |
| -1.21% | 60.79B | |
| -0.90% | 41.73B | |
| +0.88% | 37.17B | |
| -22.96% | 12.88B | |
| +9.85% | 9.69B | |
| +13.10% | 7.38B | |
| -6.61% | 7.21B | |
| -1.37% | 5.7B |
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