Recent News
On September 5, 2025, MarketAxess published August 2025 trading volume statistics noting 8% growth in block trading ADV, 18% growth in portfolio trading ADV and marked strength in eurobonds and emerging markets activity.
On August 6, 2025, the company released July 2025 trading volume statistics showing 12% growth in total credit ADV and continued uptake of the targeted block trading solution.
On August 5, 2025, MarketAxess announced the launch of Mid‑X in U.S. credit, an enhanced anonymous mid‑point matching protocol slated for September deployment.
On August 1, 2025, Reuters reported MarketAxess launched a platform to facilitate foreign investor access to India government bonds, integrating with local clearing infrastructure and executing initial trades.
Technical Analysis
Directional indicators show a clear bearish tilt: ADX registers 28.57, which denotes a strong trend environment, while the positive directional index peaked and reversed and the negative directional index dipped and reversed—both developments point toward dominant downside pressure and strengthening negative participation.
MACD sits at -3.44, above its signal line at -3.90, which constitutes a bullish crossover; however, the MACD trend reads as a peak‑and‑reversal, indicating bearish momentum has begun to reassert itself despite the recent cross.
MRO registers -30.82 with a dip‑and‑reversal pattern; the negative MRO indicates price rests below the model target and therefore carries potential upside toward that target, which tempers the otherwise bearish technical picture.
RSI at 39.44 and a peak‑and‑reversal trend signal bearish momentum without reaching oversold territory, suggesting limited immediate momentum for a sharp rebound.
Price resides below the 20‑day average ($183.89) and far below the 200‑day average ($211.33); the 12‑day EMA shows a peak‑and‑reversal while the price recently crossed above the -1x standard deviation Bollinger band, signaling a minor short‑term attempt to stabilize inside a broader down bias.
Ichimoku components place the Chikou span below the cloud and the Senkou span levels above price, which contributes to structural resistance around the mid‑$180s to low‑$200s and aligns with the SuperTrend upper level at $190.06 as near‑term overhead resistance.
Volume runs near the 10‑day average and above several longer averages, indicating active trading interest that supports the observed trend strength rather than a thin, noise‑driven move.
Fundamental Analysis
Revenue registers $219,462,000 for the period ending $2025-06-30; total revenue growth year‑over‑year shows -186.71% while quarter‑over‑quarter revenue growth measures 71.17%, reflecting large intra‑year variability in top‑line timing and recognition.
Operating margin stands at 41.86%, compared with the industry peer mean operating margin of 42.15% and industry peer median of 40.93%, placing MarketAxess slightly below the industry peer mean but above the industry peer median. Operating margin quarter‑over‑quarter moved -9.40% and year‑over‑year moved -4.85%, which signals margin compression versus recent quarters despite high absolute margin levels.
EBIT registers $97,555,000 and EBIT margin equals 44.45%, above the industry peer mean of 42.94% and near the industry peer median of 42.05%, with EBIT margin quarter‑over‑quarter down -3.79% and year‑over‑year up 1.04%.
EPS came in at $1.91 versus an estimate of $1.95, producing an EPS surprise ratio of -2.05%; forward EPS reads $2.0575 and forward P/E equals 106.67x, compared with a peer mean forward P/E near 111.43x, which places forward valuation slightly below the peer mean on that metric.
Balance sheet and cash flow metrics show resilience: $462,837,000 in cash and short‑term investments, a current ratio of 2.59, a cash flow margin at 41.27% and free cash flow yield of 1.20%, the latter sitting marginally above the industry peer mean free cash flow yield of 0.997%.
Return metrics prove solid: return on equity registers 5.14% versus an industry peer mean of 3.28%, and return on assets registers 3.70% versus an industry peer mean of 1.98%, indicating efficient capital use relative to peers. Debt levels remain light with debt‑to‑assets at 3.51% and interest coverage exceeding 700x.
WMDST values the stock as under‑valued based on the current mix of high margins, robust cash conversion and conservative leverage versus market multiples that incorporate elevated P/E and P/S ratios; enterprise value metrics (EVR 32.78, enterprise multiple 60.65) indicate market expectations for continued earnings leverage while WMDST’s valuation considers cash generation and product traction.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-06 |
| NEXT REPORT DATE: | 2025-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 644.5 M |
| Operating Cash Flow | $ 103.7 M | |
| Capital Expenditures | $ -12.72 M | |
| Change In Working Capital | $ -326.00 K | |
| Dividends Paid | $ -28.24 M | |
| Cash Flow Delta | $ 6.0 M | |
| End Period Cash Flow | $ 650.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 219.5 M | |
| Forward Revenue | $ 59.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 69.7 M | |
| Depreciation | $ 21.1 M | |
| Depreciation and Amortization | $ 21.1 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 127.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 149.8 M | |
| EBITDA | $ 118.6 M | |
| EBIT | $ 97.6 M | |
| Operating Income | $ 91.9 M | |
| Interest Income | $ 5.9 M | |
| Interest Expense | $ 139.0 K | |
| Net Interest Income | $ 5.8 M | |
| Income Before Tax | $ 97.4 M | |
| Tax Provision | $ 26.2 M | |
| Tax Rate | 26.932 % | |
| Net Income | $ 71.2 M | |
| Net Income From Continuing Operations | $ 71.2 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.95 | |
| EPS Actual | $ 1.91 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -2.051 % | |
| Forward EPS | $ 2.06 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 407.4 M | |
| Net Tangible Assets | $ 978.8 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 462.8 M | |
| Cash | $ 462.8 M | |
| Net Receivables | $ 113.2 M | |
| Inventory | — | |
| Long-Term Investments | $ 50.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 31.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 456.6 M | |
| Net Debt | — | |
| Total Debt | $ 69.2 M | |
| Total Liabilities | $ 574.0 M | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.89 | |
| Shares Outstanding | 37.416 M | |
| Revenue Per-Share | $ 5.84 | |
| VALUATION | Market Capitalization | $ 7.6 B |
| Enterprise Value | $ 7.2 B | |
| Enterprise Multiple | 60.652 | |
| Enterprise Multiple QoQ | -8.215 % | |
| Enterprise Multiple YoY | -13.679 % | |
| Enterprise Multiple IPRWA | high: 99.526 median: 92.527 mean: 85.171 MKTX: 60.652 low: 50.006 |
|
| EV/R | 32.78 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.425 | |
| Asset To Liability | 3.44 | |
| Debt To Capital | 0.048 | |
| Debt To Assets | 0.035 | |
| Debt To Assets QoQ | -7.029 % | |
| Debt To Assets YoY | -22.421 % | |
| Debt To Assets IPRWA | high: 0.861 mean: 0.273 median: 0.197 MKTX: 0.035 low: 0.025 |
|
| Debt To Equity | 0.05 | |
| Debt To Equity QoQ | -4.967 % | |
| Debt To Equity YoY | -22.127 % | |
| Debt To Equity IPRWA | high: 1.736 mean: 0.522 median: 0.356 MKTX: 0.05 low: 0.027 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.474 | |
| Price To Book QoQ | -9.773 % | |
| Price To Book YoY | -8.596 % | |
| Price To Book IPRWA | high: 7.734 MKTX: 5.474 median: 4.895 mean: 4.528 low: 0.646 |
|
| Price To Earnings (P/E) | 112.852 | |
| Price To Earnings QoQ | -2.997 % | |
| Price To Earnings YoY | -7.865 % | |
| Price To Earnings IPRWA | high: 135.752 median: 116.659 MKTX: 112.852 mean: 109.857 low: -81.944 |
|
| PE/G Ratio | 0.299 | |
| Price To Sales (P/S) | 34.574 | |
| Price To Sales QoQ | -11.775 % | |
| Price To Sales YoY | -14.148 % | |
| Price To Sales IPRWA | high: 56.198 median: 43.525 mean: 40.199 MKTX: 34.574 low: 9.884 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 106.669 | |
| Forward PE/G | 0.283 | |
| Forward P/S | 127.342 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.236 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.114 | |
| Asset Turnover Ratio QoQ | 0.149 % | |
| Asset Turnover Ratio YoY | 9.898 % | |
| Asset Turnover Ratio IPRWA | high: 0.144 MKTX: 0.114 mean: 0.064 median: 0.062 low: 0.005 |
|
| Receivables Turnover | 1.973 | |
| Receivables Turnover Ratio QoQ | -4.904 % | |
| Receivables Turnover Ratio YoY | -4.039 % | |
| Receivables Turnover Ratio IPRWA | high: 2.131 MKTX: 1.973 mean: 1.445 median: 1.239 low: 1.004 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 46.239 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.302 | |
| CapEx To Revenue | -0.058 | |
| CapEx To Depreciation | -0.604 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ 978.8 M | |
| Net Working Capital | $ 726.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.014 | |
| Current Ratio | 2.591 | |
| Current Ratio QoQ | -7.766 % | |
| Current Ratio YoY | -10.392 % | |
| Current Ratio IPRWA | MKTX: 2.591 high: 1.465 mean: 0.998 median: 0.982 low: 0.023 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.584 | |
| Cost Of Debt | 0.145 % | |
| Interest Coverage Ratio | 701.835 | |
| Interest Coverage Ratio QoQ | 55.127 % | |
| Interest Coverage Ratio YoY | 401.207 % | |
| Interest Coverage Ratio IPRWA | MKTX: 701.835 high: 43.99 median: 20.506 mean: 14.245 low: 6.632 |
|
| Operating Cash Flow Ratio | 0.198 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 41.996 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.52 | |
| Dividend Payout Ratio | 0.397 | |
| Dividend Rate | $ 0.75 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 5.156 % | |
| Revenue Growth | 5.219 % | |
| Revenue Growth QoQ | 71.171 % | |
| Revenue Growth YoY | -186.709 % | |
| Revenue Growth IPRWA | MKTX: 5.219 % high: 3.6 % median: 1.022 % mean: 0.651 % low: -0.582 % |
|
| Earnings Growth | 377.5 % | |
| Earnings Growth QoQ | 4565.101 % | |
| Earnings Growth YoY | -3723.884 % | |
| Earnings Growth IPRWA | MKTX: 377.5 % high: 5.233 % mean: 2.267 % median: 1.373 % low: -39.13 % |
|
| MARGINS | ||
| Gross Margin | 68.248 % | |
| Gross Margin QoQ | -0.088 % | |
| Gross Margin YoY | -1.351 % | |
| Gross Margin IPRWA | high: 82.183 % median: 70.2 % MKTX: 68.248 % mean: 66.418 % low: 52.055 % |
|
| EBIT Margin | 44.452 % | |
| EBIT Margin QoQ | -3.788 % | |
| EBIT Margin YoY | 1.041 % | |
| EBIT Margin IPRWA | high: 54.877 % MKTX: 44.452 % mean: 42.938 % median: 42.051 % low: 33.316 % |
|
| Return On Sales (ROS) | 41.859 % | |
| Return On Sales QoQ | -9.4 % | |
| Return On Sales YoY | -4.853 % | |
| Return On Sales IPRWA | high: 55.034 % mean: 42.147 % MKTX: 41.859 % median: 40.932 % low: 33.316 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 91.0 M | |
| Free Cash Flow Yield | 1.199 % | |
| Free Cash Flow Yield QoQ | 673.548 % | |
| Free Cash Flow Yield YoY | -5.217 % | |
| Free Cash Flow Yield IPRWA | high: 1.372 % MKTX: 1.199 % mean: 0.997 % median: 0.847 % low: -0.144 % |
|
| Free Cash Growth | 618.33 % | |
| Free Cash Growth QoQ | -769.681 % | |
| Free Cash Growth YoY | -202.959 % | |
| Free Cash Growth IPRWA | MKTX: 618.33 % high: 72.329 % median: 52.088 % mean: 49.98 % low: -157.807 % |
|
| Free Cash To Net Income | 1.278 | |
| Cash Flow Margin | 41.274 % | |
| Cash Flow To Earnings | 1.273 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.695 % | |
| Return On Assets QoQ | 349.513 % | |
| Return On Assets YoY | 8.485 % | |
| Return On Assets IPRWA | high: 8.275 % MKTX: 3.695 % mean: 1.98 % median: 1.782 % low: -0.074 % |
|
| Return On Capital Employed (ROCE) | 6.425 % | |
| Return On Equity (ROE) | 0.051 | |
| Return On Equity QoQ | 359.302 % | |
| Return On Equity YoY | 5.118 % | |
| Return On Equity IPRWA | high: 0.118 MKTX: 0.051 mean: 0.033 median: 0.032 low: -0.009 |
|
| DuPont ROE | 5.208 % | |
| Return On Invested Capital (ROIC) | 5.142 % | |
| Return On Invested Capital QoQ | -9.007 % | |
| Return On Invested Capital YoY | -135.011 % | |
| Return On Invested Capital IPRWA | high: 9.4 % MKTX: 5.142 % mean: 3.517 % median: 2.723 % low: -0.22 % |
|