Recent News
Nov 6, 2025 — MarketAxess released October trading volume statistics showing double-digit ADV growth across client-initiated, portfolio trading and dealer-initiated channels, and cited $12 billion cumulative targeted block trading volume. Dec 4, 2025 — the company announced November volume results and introduced a Closing Auctions protocol, described as the first standardized market-wide fixed-income auction protocol. Oct 1, 2025 — Morgan Stanley maintained Overweight coverage. Nov 9–10, 2025 — Barclays maintained Equal-Weight coverage and published a one-year price-target range update.
Technical Analysis
ADX / DI+ / DI-: ADX at 26.03 signals a meaningful trend strength. DI+ shows a peak & reversal, which signals bearish directional pressure. DI- shows a dip & reversal, which likewise signals bearish directional pressure. Together, these directional indicators imply that recent upside momentum encountered a reversal that could translate into renewed selling pressure unless DI+ stabilizes above DI-.
MACD: MACD stands at 3.56 with the signal line at 3.06; the MACD currently sits above its signal line, which constitutes a bullish crossover signal. The MACD_trend reads peak & reversal, which indicates the underlying momentum has begun to roll over; the immediate bullish crossover conflicts with the momentum rollover and suggests short-lived strength until momentum confirms direction.
MRO: MRO at 0.44 with an increasing trend indicates price currently sits modestly above the model target and carries mild downside potential back toward that target, adding risk to any extension from current levels.
RSI: RSI at 53.17 and increasing reflects constructive short-term momentum without overbought conditions, supporting continued range-bound upside while momentum indicators resolve.
Price vs Moving Averages & Overlays: Price closed at $181.25, above the 12-day EMA (trend: increasing) and above the 50-day average ($170.49), but below the 200-day average ($195.51). Ichimoku Tenkan-Sen ($179.45) and Kijun-Sen ($171.22) lie below the close, offering near-term bullish bias; however the 200-day average remains a medium-term resistance band. Bollinger bands sit with the 20-day average at $181.05 and ±1 stdev bounds roughly $178.93–$183.17, placing the close near the 20-day mean and inside the normal volatility envelope.
Volume & Volatility: Current daily volume (401,029) trails the 10-day average (686,785) and the 50/200-day averages, reducing conviction behind recent moves. Volatility measures (42-day and 52-week) remain subdued at ~2%, supporting range-bound price action absent a volatility breakout.
Fundamental Analysis
Revenue & Earnings: Total revenue $208.821 million; YoY revenue growth at -4.85% and QoQ revenue growth at -192.91% indicate contraction over both horizons. EPS actual $1.84 vs estimate $1.68 produced an EPS surprise of 9.52%, reflecting a positive beat on the reported quarter.
Profitability: EBIT $93,810,000 and EBIT margin 44.92%, up 1.06% QoQ and down 0.41% YoY. The EBIT margin sits above the industry peer mean of 44.30% and above the industry peer median of 43.13%, and below the industry peer high of 56.73%, indicating competitive operating efficiency relative to peers.
Cash, Coverage and Capital Allocation: Cash and short-term investments $473,299,000; current ratio 2.50 and cash ratio 0.95 provide ample near-term liquidity. Free cash flow $77,174,000 and free cash flow yield 1.17%, with free cash to net income of 1.13, indicate healthy conversion. Dividend payout ratio 43.19% with dividend coverage 2.32 and dividend yield 0.45% show a modest return of capital profile.
Leverage and Returns: Total debt $66,872,000 producing debt-to-assets 3.32% and debt-to-equity 4.85%, both below the industry peer mean metrics. Interest coverage remains extremely strong at 548.6x. Return on equity 4.95% and return on assets 3.42% sit above the industry peer mean on ROA and ROE, indicating relatively efficient capital use despite revenue compression.
Valuation Metrics: PE ratio 96.67 with forward PE ~93.71 and EV/Revenue ~29.70. Price-to-book 4.79 sits slightly above the industry peer mean book multiple of 4.21 but below the peer high. WMDST values the stock as under-valued, reflecting the combination of margin durability, cash conversion and conservative balance-sheet leverage relative to the prevailing multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-07 |
| NEXT REPORT DATE: | 2026-02-06 |
| CASH FLOW | Begin Period Cash Flow | $ 650.5 M |
| Operating Cash Flow | $ 90.2 M | |
| Capital Expenditures | $ -12.99 M | |
| Change In Working Capital | $ -26.30 M | |
| Dividends Paid | $ -29.45 M | |
| Cash Flow Delta | $ -7.68 M | |
| End Period Cash Flow | $ 642.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 208.8 M | |
| Forward Revenue | $ 58.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 83.9 M | |
| Depreciation | $ 21.6 M | |
| Depreciation and Amortization | $ 21.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 123.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 124.9 M | |
| EBITDA | $ 115.4 M | |
| EBIT | $ 93.8 M | |
| Operating Income | $ 85.6 M | |
| Interest Income | $ 5.8 M | |
| Interest Expense | $ 171.0 K | |
| Net Interest Income | $ 5.7 M | |
| Income Before Tax | $ 93.6 M | |
| Tax Provision | $ 25.4 M | |
| Tax Rate | 27.089 % | |
| Net Income | $ 68.2 M | |
| Net Income From Continuing Operations | $ 68.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.68 | |
| EPS Actual | $ 1.84 | |
| EPS Difference | $ 0.16 | |
| EPS Surprise | 9.524 % | |
| Forward EPS | $ 2.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.0 B | |
| Intangible Assets | $ 399.5 M | |
| Net Tangible Assets | $ 978.9 M | |
| Total Current Assets | $ 1.2 B | |
| Cash and Short-Term Investments | $ 473.3 M | |
| Cash | $ 473.3 M | |
| Net Receivables | $ 110.5 M | |
| Inventory | — | |
| Long-Term Investments | $ 42.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 31.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 496.5 M | |
| Net Debt | — | |
| Total Debt | $ 66.9 M | |
| Total Liabilities | $ 623.7 M | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 37.11 | |
| Shares Outstanding | 37.150 M | |
| Revenue Per-Share | $ 5.62 | |
| VALUATION | Market Capitalization | $ 6.6 B |
| Enterprise Value | $ 6.2 B | |
| Enterprise Multiple | 53.746 | |
| Enterprise Multiple QoQ | -11.385 % | |
| Enterprise Multiple YoY | -35.326 % | |
| Enterprise Multiple IPRWA | high: 93.582 median: 82.957 mean: 78.702 low: 63.285 MKTX: 53.746 |
|
| EV/R | 29.699 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.461 | |
| Asset To Liability | 3.229 | |
| Debt To Capital | 0.046 | |
| Debt To Assets | 0.033 | |
| Debt To Assets QoQ | -5.25 % | |
| Debt To Assets YoY | -18.921 % | |
| Debt To Assets IPRWA | high: 1.043 mean: 0.301 median: 0.199 low: 0.04 MKTX: 0.033 |
|
| Debt To Equity | 0.049 | |
| Debt To Equity QoQ | -2.863 % | |
| Debt To Equity YoY | -10.432 % | |
| Debt To Equity IPRWA | high: 1.733 mean: 0.517 median: 0.358 MKTX: 0.049 low: 0.045 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.794 | |
| Price To Book QoQ | -12.42 % | |
| Price To Book YoY | -32.854 % | |
| Price To Book IPRWA | high: 6.755 MKTX: 4.794 median: 4.627 mean: 4.206 low: 0.647 |
|
| Price To Earnings (P/E) | 96.674 | |
| Price To Earnings QoQ | -14.335 % | |
| Price To Earnings YoY | -29.988 % | |
| Price To Earnings IPRWA | high: 124.589 median: 106.833 mean: 101.489 MKTX: 96.674 low: -169.228 |
|
| PE/G Ratio | -26.378 | |
| Price To Sales (P/S) | 31.645 | |
| Price To Sales QoQ | -8.471 % | |
| Price To Sales YoY | -33.906 % | |
| Price To Sales IPRWA | high: 52.77 median: 39.433 mean: 37.659 MKTX: 31.645 low: 9.486 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 93.714 | |
| Forward PE/G | -25.57 | |
| Forward P/S | 112.903 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.792 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.105 | |
| Asset Turnover Ratio QoQ | -8.093 % | |
| Asset Turnover Ratio YoY | -5.794 % | |
| Asset Turnover Ratio IPRWA | high: 0.147 MKTX: 0.105 mean: 0.065 median: 0.065 low: 0.006 |
|
| Receivables Turnover | 1.866 | |
| Receivables Turnover Ratio QoQ | -5.422 % | |
| Receivables Turnover Ratio YoY | -11.916 % | |
| Receivables Turnover Ratio IPRWA | high: 2.2 MKTX: 1.866 mean: 1.505 median: 1.333 low: 1.033 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 48.889 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 16.357 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -92.259 % | |
| Cash Conversion Cycle Days IPRWA | high: 79.134 median: 29.738 mean: 21.007 MKTX: 16.357 low: -18.686 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.281 | |
| CapEx To Revenue | -0.062 | |
| CapEx To Depreciation | -0.602 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 1.4 B | |
| Invested Capital | $ 1.4 B | |
| Net Tangible Assets | $ 978.9 M | |
| Net Working Capital | $ 742.4 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.953 | |
| Current Ratio | 2.495 | |
| Current Ratio QoQ | -3.7 % | |
| Current Ratio YoY | -30.391 % | |
| Current Ratio IPRWA | MKTX: 2.495 high: 1.4 mean: 0.994 median: 0.974 low: 0.005 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.58 | |
| Cost Of Debt | 0.183 % | |
| Interest Coverage Ratio | 548.596 | |
| Interest Coverage Ratio QoQ | -21.834 % | |
| Interest Coverage Ratio YoY | 103.57 % | |
| Interest Coverage Ratio IPRWA | MKTX: 548.596 high: 21.228 median: 21.228 mean: 14.648 low: 6.63 |
|
| Operating Cash Flow Ratio | 0.187 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 32.532 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 2.315 | |
| Dividend Payout Ratio | 0.432 | |
| Dividend Rate | $ 0.79 | |
| Dividend Yield | 0.004 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.973 % | |
| Revenue Growth | -4.849 % | |
| Revenue Growth QoQ | -192.911 % | |
| Revenue Growth YoY | -205.85 % | |
| Revenue Growth IPRWA | high: 4.637 % median: 3.542 % mean: -0.116 % MKTX: -4.849 % low: -7.817 % |
|
| Earnings Growth | -3.665 % | |
| Earnings Growth QoQ | -100.971 % | |
| Earnings Growth YoY | -135.022 % | |
| Earnings Growth IPRWA | high: 7.194 % median: 6.772 % mean: 1.379 % MKTX: -3.665 % low: -63.158 % |
|
| MARGINS | ||
| Gross Margin | 59.826 % | |
| Gross Margin QoQ | -12.34 % | |
| Gross Margin YoY | -14.057 % | |
| Gross Margin IPRWA | high: 83.297 % median: 71.168 % mean: 67.421 % MKTX: 59.826 % low: 51.639 % |
|
| EBIT Margin | 44.924 % | |
| EBIT Margin QoQ | 1.062 % | |
| EBIT Margin YoY | -0.406 % | |
| EBIT Margin IPRWA | high: 56.732 % MKTX: 44.924 % mean: 44.3 % median: 43.133 % low: 33.814 % |
|
| Return On Sales (ROS) | 40.982 % | |
| Return On Sales QoQ | -2.095 % | |
| Return On Sales YoY | -9.145 % | |
| Return On Sales IPRWA | high: 56.425 % mean: 43.01 % median: 42.901 % MKTX: 40.982 % low: 29.707 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 77.2 M | |
| Free Cash Flow Yield | 1.168 % | |
| Free Cash Flow Yield QoQ | -2.585 % | |
| Free Cash Flow Yield YoY | 39.379 % | |
| Free Cash Flow Yield IPRWA | high: 1.206 % MKTX: 1.168 % median: 0.952 % mean: 0.92 % low: -0.166 % |
|
| Free Cash Growth | -15.192 % | |
| Free Cash Growth QoQ | -102.457 % | |
| Free Cash Growth YoY | -13.775 % | |
| Free Cash Growth IPRWA | high: 40.361 % median: 5.491 % mean: -6.987 % MKTX: -15.192 % low: -44.287 % |
|
| Free Cash To Net Income | 1.132 | |
| Cash Flow Margin | 44.42 % | |
| Cash Flow To Earnings | 1.361 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 3.418 % | |
| Return On Assets QoQ | -7.497 % | |
| Return On Assets YoY | -11.082 % | |
| Return On Assets IPRWA | high: 6.046 % MKTX: 3.418 % mean: 2.129 % median: 1.958 % low: -0.039 % |
|
| Return On Capital Employed (ROCE) | 6.182 % | |
| Return On Equity (ROE) | 0.049 | |
| Return On Equity QoQ | -3.681 % | |
| Return On Equity YoY | -4.092 % | |
| Return On Equity IPRWA | high: 0.07 MKTX: 0.049 median: 0.035 mean: 0.034 low: -0.005 |
|
| DuPont ROE | 4.932 % | |
| Return On Invested Capital (ROIC) | 4.962 % | |
| Return On Invested Capital QoQ | -3.501 % | |
| Return On Invested Capital YoY | -130.662 % | |
| Return On Invested Capital IPRWA | high: 10.289 % MKTX: 4.962 % mean: 3.774 % median: 2.983 % low: -0.379 % |
|