MarketAxess MKTX Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Operating margin | 40.7%-0.6pp | 40.4%-1.3pp | 41.2%-0.4pp | 41.5%+0.6pp | 41.3%+0.2pp | |
| Net margin | 35.5%+9.0pp | 29.1%-4.4pp | 26.2%-8.2pp | 26.6%-7.1pp | 26.6%-7.3pp | |
| EBITDA margin | 49.6%-0.8pp | 49.5%-1.3pp | 50.2%-0.6pp | 50.4%+0.1pp | 50.4%-0.2pp | |
| Free cash flow margin | 31.1%-19.1pp | 44.2%-1.7pp | 47.1%+5.3pp | 47.8%+7.0pp | 50.2%+9.2pp | |
| Returns | ||||||
| Return on equity | 24.4%+8.1pp | 19.5%-1.0pp | 15.9%-5.7pp | 16.4%-4.6pp | 16.3%-4.8pp | |
| Return on assets | 14.8%+3.4pp | 13.2%-1.2pp | 11.4%-4.2pp | 11.5%-3.4pp | 11.4%-3.1pp | |
| Return on invested capital | 41.5%+16.7pp | 45.1%+11.0pp | 24.6%-9.4pp | 25.5%-6.9pp | 24.8%-6.2pp | |
| 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×+0.2× | 0.2×+0.2× | 0×0.0× | 0.1×0.0× | 0.1×0.0× | |
| Debt-to-assets | 0.1×+0.1× | 0.1×+0.1× | 0×0.0× | 0×0.0× | 0×0.0× | |
| Net debt / EBITDA | -0.6×+0.8× | -0.9×+0.6× | -1.4×-0.1× | -1.4×-0.1× | -1.4×-0.2× | |
| Interest coverage | 85.1×-140× | 229.9×+17.0× | 411.2×+295× | 341.8×+226× | 224.8×+80.9× | |
| Per Share | ||||||
| Book value per share | $33.64-6.5% | $30.85-16.3% | $37.15+0.8% | $37.17+5.4% | $35.97+3.1% | |
| Valuation | ||||||
| Market capitalization | $5.86B-28.1% | $6.74B-20.9% | $6.51B-32.5% | $8.35B+10.4% | $8.15B-1.4% | |
| Enterprise value | $5.61B-26.0% | $6.35B-19.6% | $5.93B-34.9% | $7.77B+9.9% | $7.58B-3.0% | |
| Price / earnings | 19×-18.7× | 27.3×-3.8× | 29.7×-5.0× | 37.5×+8.6× | 37.6×+5.5× | |
| Price / sales | 6.7×-3.3× | 8×-2.5× | 7.8×-4.1× | 10×+0.2× | 10×-0.9× | |
| Price / book | 4.9×-1.1× | 5.9×-0.3× | 4.7×-2.2× | 6×+0.3× | 6.1×-0.2× | |
| EV / EBITDA | 13×-5.5× | 15.2×-3.9× | 14.1×-8.0× | 18.4×+0.4× | 18.5×-1.9× | |
| EV / sales | 6.4×-2.9× | 7.5×-2.2× | 7.1×-4.2× | 9.3×+0.2× | 9.3×-1.0× | |
| Free cash flow yield | 4.6%-0.4pp | 5.6%+1.1pp | 6.1%+2.6pp | 4.8%+0.6pp | 5%+1.3pp | |
| Earnings yield | 5.3%+2.6pp | 3.7%+0.4pp | 3.4%+0.5pp | 2.7%-0.8pp | 2.7%-0.5pp | |
| Dividend yield | 1.9%+0.6pp | 1.7%+0.4pp | 1.8%+0.6pp | 1.4%-0.1pp | 1.4%0.0pp | |
| PEG ratio | 0.4×— | —— | —— | —— | —— |
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.