MarketAxess Holdings Inc. (MKTX) Key Metrics
MKTX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $5.79B
- Enterprise value
- $5.69B
- P/E (TTM)
- 19.5 10-yr median 45.1
- Forward P/E
- 18.6
- PEG ratio
- 1.23
- Price / sales
- 6.7 10-yr median 16.7
- Price / book
- 4.6 10-yr median 12.5
- EV / EBITDA
- 12.4 10-yr median 29.0
- Dividend yield
- 1.90% $3.12 a year
- Beta
- 0.79
MKTX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMKTX valuation Price multiples at each fiscal year-end price.
MKTX returns How much profit the business earns on the capital it uses.
MKTX per-share figures Results divided by the shares outstanding at year-end.
MKTX financial health Debt, liquidity and how easily interest is covered.
MKTX efficiency & capital use Working capital cycle and where the cash goes.
MKTX valuation history
MKTX returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MKTX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MKTX cash returned to shareholders
MKTX price vs earnings per share
MKTX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $6.67B | $8.52B | $11.03B | $10.50B | $15.67B | $21.76B | $14.39B | $8.00B | $7.67B | $5.54B |
| Enterprise value | $6.39B | $7.94B | $10.58B | $10.12B | $15.24B | $21.38B | $14.10B | $7.78B | $7.52B | $5.39B |
| P/E ratio | 27.1 | 31.1 | 42.7 | 42.0 | 60.8 | 72.7 | 70.2 | 46.3 | 51.8 | 43.9 |
| Price / sales | 7.9 | 10.4 | 14.7 | 14.6 | 22.4 | 31.6 | 28.1 | 18.4 | 19.3 | 15.0 |
| Price / book | 5.8 | 6.1 | 8.5 | 9.7 | 15.0 | 22.8 | 18.7 | 13.2 | 14.9 | 11.8 |
| Price / free cash flow | 17.8 | 25.9 | 39.2 | 44.2 | 67.7 | 60.6 | 62.2 | 45.4 | 53.9 | 89.7 |
| Price / operating cash flow | 17.5 | 22.1 | 33.0 | 36.3 | 55.5 | 53.8 | 54.1 | 35.7 | 45.7 | 69.1 |
| EV / sales | 7.5 | 9.7 | 14.1 | 14.1 | 21.7 | 31.0 | 27.6 | 17.9 | 18.9 | 14.6 |
| EV / EBITDA | 14.1 | 17.9 | 25.7 | 24.9 | 38.6 | 51.1 | 48.6 | 32.2 | 34.0 | 25.7 |
| EV / free cash flow | 17.1 | 24.2 | 37.6 | 42.6 | 65.8 | 59.6 | 61.0 | 44.1 | 52.8 | 87.2 |
| Earnings yield | 3.7% | 3.2% | 2.3% | 2.4% | 1.6% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% |
| Free cash flow yield | 5.6% | 3.9% | 2.6% | 2.3% | 1.5% | 1.6% | 1.6% | 2.2% | 1.9% | 1.1% |
| Dividend yield | 1.7% | 1.3% | 1.0% | 1.0% | 0.6% | 0.4% | 0.5% | 0.8% | 0.6% | 0.7% |
| Shareholder yield (dividends + buybacks) | 8.0% | 2.2% | 1.2% | 1.8% | 1.0% | 0.5% | 0.6% | 1.1% | 1.2% | 1.1% |
| Share price at fiscal year-end | $181.25 | $226.04 | $292.85 | $278.89 | $411.27 | $570.56 | $379.11 | $211.31 | $201.75 | $146.92 |
| Per share | ||||||||||
| Revenue per share | $23.07 | $21.71 | $19.94 | $19.09 | $18.40 | $18.07 | $13.47 | $11.51 | $10.45 | $9.80 |
| Earnings per share | $6.70 | $7.28 | $6.85 | $6.65 | $6.77 | $7.85 | $5.40 | $4.57 | $3.89 | $3.34 |
| Operating cash flow per share | $10.38 | $10.23 | $8.86 | $7.68 | $7.40 | $10.60 | $7.01 | $5.92 | $4.42 | $2.13 |
| Free cash flow per share | $10.16 | $8.72 | $7.47 | $6.31 | $6.08 | $9.41 | $6.09 | $4.66 | $3.75 | $1.64 |
| Cash per share | $15.44 | $17.23 | $13.87 | $12.35 | $13.60 | $12.56 | $10.30 | $6.51 | $4.39 | $4.46 |
| Book value per share | $31.12 | $36.86 | $34.34 | $28.72 | $27.33 | $25.04 | $20.29 | $16.06 | $13.53 | $12.40 |
| Tangible book value per share | $20.41 | $27.98 | $24.89 | $22.00 | $20.22 | $18.67 | $14.81 | $14.40 | $11.88 | $10.72 |
| Dividends per share | $3.13 | $2.99 | $2.91 | $2.81 | $2.62 | $2.37 | $2.01 | $1.65 | $1.29 | $1.02 |
| Capex per share | $0.22 | $1.50 | $1.39 | $1.38 | $1.33 | $1.20 | $0.91 | $1.26 | $0.67 | $0.49 |
| Debt per share | $7.74 | $1.93 | $2.12 | $2.20 | $2.32 | $2.45 | $2.58 | $0.59 | $0.46 | $0.28 |
| Shares outstanding | 36.8M | 37.7M | 37.7M | 37.6M | 38.1M | 38.1M | 38.0M | 37.9M | 38.0M | 37.7M |
| Change in shares outstanding | −2.3% | +0.0% | +0.0% | −1.2% | −0.1% | +0.5% | +0.3% | −0.5% | +0.8% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 19.5% | 20.4% | 21.7% | 23.6% | 25.8% | 34.7% | 29.7% | 30.8% | 30.1% | 29.4% |
| Return on invested capital (ROIC) | 28.1% | 31.0% | 31.9% | 36.9% | 44.1% | 57.3% | 46.4% | 45.0% | 43.8% | 60.6% |
| Return on assets (ROA) | 13.7% | 14.4% | 14.2% | 15.9% | 18.0% | 26.2% | 24.8% | 27.1% | 26.7% | 26.1% |
| Return on tangible assets | 17.4% | 18.9% | 15.6% | 18.5% | 20.5% | 27.5% | 27.4% | 27.3% | 28.6% | 27.2% |
| Free cash flow margin | 44.0% | 40.2% | 37.5% | 33.0% | 33.0% | 52.1% | 45.2% | 40.5% | 35.8% | 16.7% |
| Income quality (OCF / net income) | 1.55 | 1.41 | 1.29 | 1.16 | 1.09 | 1.35 | 1.30 | 1.30 | 1.13 | 0.64 |
| Financial health | ||||||||||
| Total debt | $284.9M | $72.7M | $79.7M | $82.7M | $88.4M | $93.6M | $98.0M | $22.5M | $17.5M | $10.5M |
| Cash & short-term investments | $568.5M | $649.3M | $522.2M | $464.7M | $517.9M | $479.1M | $391.0M | $246.3M | $167.0M | $168.2M |
| Net debt | −$283.5M | −$576.6M | −$442.6M | −$382.1M | −$429.5M | −$385.5M | −$293.0M | −$223.9M | −$149.5M | −$157.7M |
| Debt / equity | 0.25 | 0.05 | 0.06 | 0.08 | 0.08 | 0.10 | 0.13 | 0.04 | 0.03 | 0.02 |
| Debt / assets | 0.16 | 0.04 | 0.04 | 0.05 | 0.06 | 0.07 | 0.10 | 0.03 | 0.03 | 0.02 |
| Net debt / EBITDA | −0.63 | −1.30 | −1.08 | −0.94 | −1.09 | −0.92 | −1.01 | −0.93 | −0.68 | −0.75 |
| Current ratio | 1.84 | 4.41 | 2.31 | 2.76 | 3.05 | 4.03 | 11.47 | 6.25 | 7.33 | 8.67 |
| Quick ratio | 1.84 | 4.41 | 2.48 | 2.99 | 3.12 | 4.12 | 13.66 | 6.71 | 7.96 | 9.13 |
| Interest coverage | 235.3 | 211.7 | 160.7 | 466.9 | 400.5 | 328.1 | 17.2 | — | — | — |
| Working capital | $493.9M | $886.1M | $762.8M | $682.8M | $699.3M | $668.3M | $413.5M | $255.2M | $189.7M | $193.7M |
| Invested capital | $862.1M | $812.1M | $850.4M | $699.0M | $611.8M | $569.5M | $477.1M | $384.0M | $365.3M | $310.3M |
| Tangible asset value | $764.0M | $1.05B | $937.1M | $828.2M | $770.1M | $712.3M | $562.2M | $545.2M | $451.7M | $404.6M |
| Net current asset value | $429.0M | $745.4M | $623.0M | $543.8M | $551.2M | $512.3M | $268.2M | $216.2M | $153.2M | $158.9M |
| Graham number | $68.49 | $77.69 | $72.77 | $65.54 | $64.52 | $66.50 | $49.64 | $40.62 | $34.43 | $30.54 |
| Graham net-net per share | $7.23 | $13.41 | $6.57 | $6.46 | $8.38 | $9.51 | $5.52 | $5.03 | $3.44 | $3.72 |
| Capital allocation | ||||||||||
| Dividends paid | $115.2M | $112.7M | $109.7M | $105.9M | $99.8M | $90.6M | $76.2M | $62.4M | $48.9M | $38.5M |
| Share buybacks (net) | $420.0M | $75.5M | $25.8M | $87.5M | $63.2M | $16.1M | $17.3M | $25.2M | $42.5M | $23.9M |
| Dividend payout ratio | 46.7% | 41.1% | 42.5% | 42.3% | 38.7% | 30.3% | 37.2% | 36.1% | 33.0% | 30.5% |
| Dividends + buybacks / free cash flow | 143.1% | 57.3% | 48.2% | 81.5% | 70.4% | 29.7% | 40.4% | 49.7% | 64.1% | 101.0% |
| Capex / revenue | 1.0% | 6.9% | 7.0% | 7.2% | 7.2% | 6.6% | 6.8% | 10.9% | 6.4% | 5.0% |
| Capex / operating cash flow | 2.1% | 14.7% | 15.7% | 17.9% | 17.9% | 11.3% | 13.0% | 21.3% | 15.2% | 23.0% |
| Capex / depreciation | 0.10 | 0.70 | 0.69 | 0.77 | 0.84 | 1.07 | 1.06 | 2.06 | 1.33 | 1.04 |
| Stock-based compensation / revenue | 3.6% | 3.6% | 3.9% | 4.2% | 3.9% | 3.7% | 4.9% | 3.6% | 3.6% | 3.9% |
| R&D / revenue | — | — | 0.0% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.2% | 9.4% | 10.7% | 18.1% | 17.3% | 14.6% | 17.8% | 19.1% | 16.7% | 15.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 173.2 | 224.1 | 274.3 | 220.8 | 198.7 | 111.6 | 42.7 | 46.2 | 47.4 | 45.0 |
| Days of inventory on hand | — | — | -151.8 | -104.3 | -46.7 | -143.9 | -203.6 | -96.6 | -86.0 | -74.1 |
| Days payables outstanding | 169.1 | 55.5 | 74.3 | 115.9 | 122.5 | 91.5 | 97.5 | 102.3 | 83.3 | 94.5 |
| Cash conversion cycle (days) | 4.1 | 168.6 | 48.2 | 0.7 | 29.5 | -123.7 | -258.4 | -152.8 | -121.8 | -123.6 |
| Receivables turnover | 2.11 | 1.63 | 1.33 | 1.65 | 1.84 | 3.27 | 8.55 | 7.91 | 7.70 | 8.12 |
| Payables turnover | 2.16 | 6.57 | 4.92 | 3.15 | 2.98 | 3.99 | 3.74 | 3.57 | 4.38 | 3.86 |
| Asset turnover | 0.47 | 0.43 | 0.41 | 0.46 | 0.49 | 0.60 | 0.62 | 0.68 | 0.72 | 0.77 |
| Average receivables | $402.9M | $502.3M | $564.2M | $434.8M | $381.6M | $210.8M | $59.8M | $55.1M | $51.7M | $45.6M |
| Average payables | $118.5M | $37.2M | $46.1M | $63.2M | $57.8M | $33.6M | $26.1M | $21.8M | $14.7M | $13.7M |
| Average inventory | — | — | −$94.3M | −$56.9M | −$22.1M | −$52.8M | −$54.4M | −$20.6M | −$15.2M | −$10.7M |
| Intangibles / total assets | 21.8% | 18.7% | 17.7% | 15.7% | 17.7% | 18.2% | 21.8% | 9.0% | 10.8% | 12.0% |
Computed from MKTX's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MKTX valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MarketAxess traded at 27.1 times earnings, against a 10-year median of 45.1. Based on the latest twelve months, the trailing P/E is 19.5 and the forward P/E is 18.6. MarketAxess earned a return on equity of 19.5% and a return on invested capital of 28.1% in fiscal 2025. It ended the year with $284.9 million of debt and $568.5 million in cash and short-term investments, a net cash position of $283.5 million. It returned $535.2 million to shareholders: $115.2 million in dividends and $420.0 million in share buybacks, 143% of free cash flow.
See the MKTX income statement, the MKTX chart for price history, or the MKTX stock overview for the latest quote and news.
MKTX key metrics FAQ
What is MarketAxess's P/E ratio?
MarketAxess's trailing P/E ratio is 19.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.6. At the end of fiscal 2025 it was 27.1, compared with a 10-year median of 45.1.
What is MarketAxess's EV/EBITDA?
MarketAxess's enterprise value was 14.1 times EBITDA at the end of fiscal 2025 (enterprise value $6.4 billion, EBITDA $452.7 million); the current EV/EBITDA is 12.4.
What is MarketAxess's return on equity?
MarketAxess's return on equity (ROE) was 19.5% in fiscal 2025: net income of $246.6 million on average shareholders' equity of $1.3 billion.
What is MarketAxess's ROIC?
MarketAxess's return on invested capital was 28.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MarketAxess have?
MarketAxess had total debt of $284.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.25 and more cash than debt.
What is MarketAxess's dividend yield?
MarketAxess's forward dividend yield is 1.90%. MarketAxess paid $115.2 million in dividends in fiscal 2025 ($3.13 per share), a payout ratio of 46.7%.
Does MarketAxess buy back its shares?
Yes. MarketAxess spent $420.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −2.3% over the year, to 36.8M..
What is MarketAxess's free cash flow yield?
MarketAxess generated $373.9 million of free cash flow in fiscal 2025, a free cash flow yield of 5.6% on its market value at year-end ($6.7 billion).
What is MarketAxess's current ratio?
MarketAxess's current ratio was 1.84 at the end of fiscal 2025: current assets were 1.84 times current liabilities.