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Electronic trading platform for corporate bonds, connecting institutional investors with dealers.
Electronic trading platform for corporate bonds, connecting institutional investors with dealers.
Charges a commission each time a bond trades on its platform, so income follows trading volume, mostly in corporate bonds, plus fees for data and post-trade reporting. Its Open Trading feature lets investors trade directly with each other as well as with dealers. It has extended beyond US credit into Eurobonds and emerging-market debt.
Moat: narrow (network effects, data, switching costs). Dealer/investor liquidity network built over two decades is difficult for new bond-trading platforms to match.
Headquarters: New York, New York, US · Founded: 2000 · Employees: 868
Size MarketAxess (MKTX) is a United States Financials company (Investment Banks/Brokers) with a market value of $5.83B, the 1084th largest of 3,117 United States companies the cockpit tracks. Shares closed at $165.59 on 6 Nov 2026.
Performance Over six months the shares gained 12.2%, against -12.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 3.3% over the last twelve months (peer median +8.5%); the operating margin is 39.1% (peer median 33.6%).
Valuation It trades at 19.5× forward earnings against a peer median of 12.0× (4th most expensive of 20).
Short interest Short interest is 9.8% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $871M | $849M | $818M | $751M | $719M |
| Revenue growth | — | +4% | +9% | +4% | — |
| Gross profit | $692M | $678M | $654M | $601M | $587M |
| EBITDA | $424M | $434M | $419M | $395M | $394M |
| Net income | $292M | $247M | $274M | $258M | $250M |
| Free cash flow | n/a | $324M | $330M | $308M | $285M |
| Capital expenditure | n/a | $58.0M | $56.6M | $52.4M | $51.9M |
| Total debt | $153M | $285M | $72.7M | $79.7M | $82.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MarketAxess MKTX | $5.83B | +12% | +3% | 39% | 19.5× | n/a |
| Tradeweb Markets TW | $29.7B | +17% | +14% | 44% | 27.9× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| TP ICAP TCAP.L | $2.97B | -1% | +4% | 11% | 8.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MKTX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.8% | -4.9% | 4th highest of 21 |
| 6-month return | +12.2% | -12.3% | 4th highest of 21 |
| Distance from 52-week high | -15.5% | -34.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +3.3% | +8.5% | 10th lowest of 21 |
| Operating margin | 39.1% | 33.6% | 8th highest of 21 |
| Forward P/E | 19.5× | 12.0× | 4th most expensive of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MarketAxess MKTX | United States | $5.83B | +12% | +3% | 39% | 19.5× | n/a | n/a |
| Changjiang Securities 000783.SZ | China | $5.77B | -13% | +13% | 37% | 8.1× | n/a | n/a |
| Avanza Bank AZA.ST | Sweden | $5.95B | +13% | +13% | 54% | 19.1× | n/a | n/a |
| SDIC Capital 600061.SS | China | $5.96B | -7% | -28% | 33% | 12.0× | n/a | n/a |
| Soochow Securities 601555.SS | China | $5.64B | -5% | +3% | 36% | 10.3× | n/a | n/a |
| Zheshang Securities 601878.SS | China | $6.03B | -10% | -4% | 32% | 13.0× | n/a | n/a |
| Zhongtai Securities 600918.SS | China | $6.31B | -12% | -4% | 21% | 17.1× | n/a | n/a |
| Swissquote SQN.SW | Switzerland | $6.33B | -13% | +4% | 44% | 15.9× | n/a | n/a |
| Galaxy Digital GLXY | United States | $5.31B | -55% | +430% | 1% | n/a | n/a | n/a |
| NHIS 005940.KS | South Korea | $6.46B | -32% | +156% | 34% | 5.2× | n/a | n/a |
| Guangzhou Yuexiu Capital 000987.SZ | China | $5.20B | -23% | -44% | 11% | 7.6× | n/a | n/a |
| StoneX SNEX | United States | $6.55B | -33% | +21% | 2% | 13.0× | n/a | n/a |
| Huaan Securities 600909.SS | China | $5.17B | +23% | -18% | 121% | 6.2× | n/a | n/a |
| KIH 071050.KS | South Korea | $5.15B | -49% | +100% | 51% | 2.4× | n/a | n/a |
| Allfunds ALLFG.AS | Netherlands | $6.69B | +18% | +1% | 43% | 20.5× | n/a | n/a |
| Guolian Minsheng Securities 1456.HK | Hong Kong | $6.70B | -29% | +14% | 25% | 6.8× | n/a | n/a |
| Tianfeng Securities 601162.SS | China | $4.91B | -9% | -20% | 3% | 65.0× | n/a | n/a |
| BGC BGC | United States | $4.89B | -8% | +28% | 9% | 7.1× | n/a | n/a |
| SamsungSecu 016360.KS | South Korea | $4.87B | -31% | +19% | 71% | 4.0× | n/a | n/a |
| Hongta Securities 601236.SS | China | $4.72B | -11% | -4% | 39% | 26.8× | n/a | n/a |
| Piper Sandler Companies PIPR | United States | $4.65B | -19% | +20% | 21% | 14.6× | n/a | n/a |