MarketAxess MKTX Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Operating margin | 40.7%+0.3pp | 40.4%-0.8pp | 41.2%-0.3pp | 41.5%+0.2pp | 41.3%-0.4pp | |
| Net margin | 35.5%+6.4pp | 29.1%+3.0pp | 26.2%-0.5pp | 26.6%+0.1pp | 26.6%-7.0pp | |
| EBITDA margin | 49.6%+0.1pp | 49.5%-0.8pp | 50.2%-0.2pp | 50.4%0.0pp | 50.4%-0.4pp | |
| Free cash flow margin | 31.1%-13.1pp | 44.2%-2.9pp | 47.1%-0.8pp | 47.8%-2.3pp | 50.2%+4.2pp | |
| Returns | ||||||
| Return on equity | 24.4%+4.9pp | 19.5%+3.6pp | 15.9%-0.5pp | 16.4%+0.2pp | 16.3%-4.2pp | |
| Return on assets | 14.8%+1.6pp | 13.2%+1.8pp | 11.4%-0.1pp | 11.5%+0.2pp | 11.4%-3.0pp | |
| Return on invested capital | 41.5%-3.6pp | 45.1%+20.6pp | 24.6%-0.9pp | 25.5%+0.7pp | 24.8%-9.3pp | |
| Efficiency | ||||||
| Asset turnover | 0.4×0.0× | 0.5×0.0× | 0.4×0.0× | 0.4×0.0× | 0.4×0.0× | |
| Leverage | ||||||
| Debt-to-equity | 0.2×0.0× | 0.2×+0.2× | 0×0.0× | 0.1×0.0× | 0.1×0.0× | |
| Debt-to-assets | 0.1×0.0× | 0.1×+0.1× | 0×0.0× | 0×0.0× | 0×0.0× | |
| Net debt / EBITDA | -0.6×+0.3× | -0.9×+0.4× | -1.4×0.0× | -1.4×0.0× | -1.4×+0.1× | |
| Interest coverage | 85.1×-145× | 229.9×-181× | 411.2×+69.4× | 341.8×+117× | 224.8×+11.9× | |
| Per Share | ||||||
| Book value per share | $33.64+9.0% | $30.85-17.0% | $37.15-0.1% | $37.17+3.3% | $35.97-2.4% | |
| Valuation | ||||||
| Market capitalization | $5.86B-13.0% | $6.74B+3.5% | $6.51B-22.1% | $8.35B+2.4% | $8.15B-4.3% | |
| Enterprise value | $5.61B-11.6% | $6.35B+6.9% | $5.93B-23.6% | $7.77B+2.5% | $7.58B-4.0% | |
| Price / earnings | 19×-8.4× | 27.3×-2.3× | 29.7×-7.8× | 37.5×-0.2× | 37.6×+6.6× | |
| Price / sales | 6.7×-1.2× | 8×+0.2× | 7.8×-2.2× | 10×0.0× | 10×-0.4× | |
| Price / book | 4.9×-1.0× | 5.9×+1.2× | 4.7×-1.3× | 6×0.0× | 6.1×-0.1× | |
| EV / EBITDA | 13×-2.2× | 15.2×+1.1× | 14.1×-4.3× | 18.4×0.0× | 18.5×-0.6× | |
| EV / sales | 6.4×-1.1× | 7.5×+0.4× | 7.1×-2.2× | 9.3×0.0× | 9.3×-0.4× | |
| Free cash flow yield | 4.6%-0.9pp | 5.6%-0.5pp | 6.1%+1.3pp | 4.8%-0.2pp | 5%+0.6pp | |
| Earnings yield | 5.3%+1.6pp | 3.7%+0.3pp | 3.4%+0.7pp | 2.7%0.0pp | 2.7%-0.6pp | |
| Dividend yield | 1.9%+0.2pp | 1.7%-0.1pp | 1.8%+0.4pp | 1.4%0.0pp | 1.4%+0.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- Where do MarketAxess's ratios come from?
- Every ratio is computed from MarketAxess's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.