MKTXMARKETAXESS HOLDINGS INC
Security Brokers, Dealers & Flotation Companies
- Revenue
- $846M
- 3.6% YoY
- Operating margin
- 40.4%
- 3.2% YoY
- EBITDA
- $419M
- 0.9% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear155% of net incomeCash flow under 80% of net income
- Dilutive SBCClear4% of revenueOver 10% of revenue
- Payouts exceed cash flowFired110% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear12% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $699M | $718M | $753M | $817M | $846M | 3.6% |
| Operating income | $337M | $327M | $315M | $341M | $342M | 0.3% |
| Net income | $258M | $250M | $258M | $274M | $247M | 10.0% |
| Operating cash flow | $282M | $289M | $334M | $385M | $382M | 0.8% |
| Capex | $17M | $13M | $9M | $10M | $8M | 17% |
| Stock-based comp | $27M | $30M | $29M | $30M | $31M | 4.2% |
| Buybacks | $63M | $88M | $0 | $75M | $420M | 457% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $1M · 3
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 34 | 194 |
| FY2024 | — | — | 41 | 168 |
| FY2023 | — | — | 53 | 133 |
| FY2022 | — | — | 50 | 114 |
| FY2021 | — | — | 72 | 132 |