Figure Technology Solutions, Inc. (FIGR) vs MarketAxess Holdings Inc. (MKTX)

Figure Technology Solutions, Inc. and MarketAxess Holdings Inc. are both Capital Markets companies. Figure Technology Solutions, Inc. is the larger, with a market value of $7.4B against $5.8B — 1.3× the size. MarketAxess Holdings Inc. trades at the lower P/E: 19.3× against 20.7×. MarketAxess Holdings Inc. has the higher net margin (35.2% vs 26.5%) and the higher return on invested capital (24.8% vs 14.9%). Across the 18 metrics below, MarketAxess Holdings Inc. leads on 15 and Figure Technology Solutions, Inc. on 3.

Valuation

Metric FIGR MKTX Capital Markets median
P/E 20.71 19.32 15.78
P/S 9.95 6.64 2.32
P/B 4.99 4.67 1.89
Price to free cash flow n/m 40.54 6.25
EV/EBITDA 29.46 12.40 8.87
EV/Sales 9.14 6.24 2.28
Earnings yield 4.83% 5.18% (3.77%)
Free cash flow yield (1.49%) 2.47% (1.49%)

Profitability

Metric FIGR MKTX Capital Markets median
Gross margin 87.54% 100.00% 62.80%
Operating margin 28.41% 40.50% 0.00%
Net margin 26.49% 35.22% (0.55%)
Free cash flow margin (14.84%) 16.39% 0.00%
Return on equity 21.14% 23.34% 0.00%
Return on assets 12.45% 13.94% 0.00%
Return on invested capital 14.94% 24.79% 0.00%

Growth

Metric FIGR MKTX Capital Markets median
Revenue growth (TTM) — 3.93% 21.02%
EPS growth (last fiscal year) 60.47% (8.79%) —
Revenue growth, 5-year CAGR — 4.19% 18.16%
Net income growth, 5-year CAGR — (3.80%) 0.00%

Health

Metric FIGR MKTX Capital Markets median
Debt to equity 0.68 0.09 0.08
Current ratio 1.86 1.85 1.51
Net debt to EBITDA (5.26) (1.22) (0.24)

Dividend

Metric FIGR MKTX Capital Markets median
Dividend yield — 1.35% 2.20%
Payout ratio — 0.42 0.00

Size

Metric FIGR MKTX Capital Markets median
Market cap 7.40b 5.76b 724.58m

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