MarketAxess Holdings Inc (MKTX) Fair Value & Analysis
Financial Services · US · Market cap $4.1B · ISIN US57060D1081
What is MarketAxess Holdings Inc really worth?
MarketAxess Holdings Inc
MKTX · US
A strong business, but trading 81% above our fair value of $90.21.
Strengths
Risks
For context
Fair value as of: Sep 3, 2026
From 13 valuation models · updated yesterday
Share price +0.6% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 85/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide ($67.66 to $199.93). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.
How to read this chart
60‑month range $109.09 – $463.24 · fair‑value band $67.66 – $199.93 · the $163.34 price screens above the $90.21 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.
Analysis
MarketAxess Holdings Inc (MKTX) currently trades at $163.34, while our model-based Fair Value estimate is $90.21, implying the stock looks roughly 81.1% overvalued today. The Quality Score stands at 85/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of $238.26 per share, and 6 of the 13 models we run sit above the $163.34 price. Bear case: the Asset-Based group reads lowest at $21.60, and 7 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, MarketAxess Holdings Inc generated revenue of $871M at a net margin of 35.5%. Revenue grew 11.9% year over year. It earns a return on equity of 24.3%. The balance sheet holds a net cash position of $235M. Fundamentals as of Sep 3, 2026
Our scenario range runs from $67.66 (bear case) to $199.93 (bull case); at $163.34, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −45%, MKTX screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $3.64 per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models ($238.26) versus Asset-Based ($21.60). Highest evidence: Growth DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 81 · Market factors (momentum, volatility) 49
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S.
Full company description
MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
MarketAxess Holdings Inc reported revenue of $849M in FY2025 versus $701M in FY2021, a compound +4.9%/yr. Reported net income was $247M in FY2025, compounding −1.1%/yr from FY2021.
of which total revenue +11.1 % · buybacks/dilution +0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
MKTX screens 81% overvalued. Compare with Morgan Stanley, a financial holding company, →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- 2 Reasons to Sell MKTX and 1 Stock to Buy Instead
- The M&A Class Action Firm Encourages $hareholders To Contact Monteverde Concerning The Merger—FBRX, LXFR, SMTI, and MKTX
- MKTX Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Proposed Sale of MarketAxess to Intercontinental Exchange
- Halper Sadeh LLC is Investigating Whether FBRX, LXFR, SMTI, MKTX are Obtaining Fair Deals for their Shareholders
Peer Group
Capital Markets · 453 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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