MarketAxess Holdings

MKTX

Financial - Capital Markets · Financial Services

Price

$113.80

-1.70 (-1.47%)

Market Cap

$4.04B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-de

Winston Score History

Politician Trades

5 trades / 12mo

2 Congressional buys and 3 sells on MKTX in the last 12 months.

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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

+12.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+452.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~17 months

$426M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

MarketAxess Holdings is growing revenue at 13% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Gross Margin

72.9%

Premium pricing power — 72.9% gross margin

Operating Margin

43.2%

Excellent — 43.2% operating margin

ROCE

6.8%

Weak — 6.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+7.6%

Steady sales growth (7.6% YoY)

EPS YoY

+46.8%

Earnings growing fast (46.8% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

90%

Modest — 90% of profit becomes cash

FCF Margin

27.0%

Converts sales into free cash efficiently (27.0%)

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

Debt / Equity

0.25

Conservative — low debt load (0.25)

Interest Cover

86.43x

Comfortably covers interest (86.4x)

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

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Valuation

P/E Ratio (TTM)

13.4x

Attractive valuation — P/E 13.4

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

P/E vs Forward

+1.3

GROWING

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

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Dividends

Dividend Yield

2.67%

Moderate income — 2.67% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+2.7%

Dividend flat

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