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Friday 6 November 2026 Export MKTX’s income statement to Excel — free account

MarketAxess Holdings Inc.

MKTX Financial Capital Markets

MarketAxess Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $846.3 million, up 3.57% from fiscal 2024.

Revenue
+0.76%
EPS
−16.9%
Free cash flow
−83.7%

Quarter to September 2026, against a year earlier

165.66 0.12 +0.07%
Market cap
$5.8B
P/E
20.2×
Fwd P/E
21.3×
Dividend yield
1.87%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

MarketAxess Holdings Inc. (MKTX) valuation and DCF model

What the price implies · reverse DCF

At $165.66 the price implies 18.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 14.7% a year over the last ten years, 5.5% over the last five. The price asks for close to its ten-year rate. Return on equity averaged 26.6% over ten years; the price implies 32.2% for good.

In December 2017 the price assumed 34.4% a year; MarketAxess Holdings Inc. went on to grow the dividend a share 10.9% a year to FY2025.

Price implies
18.6%
Last 5 years, reported
5.5%
Last 10 years, reported
14.7%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
18.6% a year for ten years
$165.66
today’s price
Its base case
14.7% a year for five years, then 8.8%
$101.27
38.9% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record MarketAxess Holdings Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 18.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against MarketAxess Holdings Inc.’s own cost of capital: risk-free 4.3% + beta 0.80 × equity premium 4.5% = 7.9% cost of equity; weighted, 7.9%.

Use 7.9%
Base case value per share $101.27 ten years discounted, and what follows
Current price $165.66 market price per share
Below today’s price 38.9% downside at the base case’s assumptions

How we got there$38.25 10 years of dividends+$63.02 terminal value=$101.27 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.22× 32.56× 45.82× 56% below 14.35× 41% above
P/FCF 19.37× 29.83× 43.30× 55% below 9.28× 109% above
P/B 4.57× 6.95× 11.76× 61% below 1.36× 235% above
EV/EBITDA — 24.48× 30.90× — 3.38× —
EV/Sales — 13.18× 17.18× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
25.61×39.64×53.66×67.69×10Y avg 45.82×2017201820192020202120222023202420252026

MKTX trades at 20.22× P/E, against a 10-year average of 45.82× (range 20.22×–71.14×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $375.36 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.