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Galaxy Digital Inc. (GLXY) vs MarketAxess Holdings Inc. (MKTX)

Galaxy Digital Inc. and MarketAxess Holdings Inc. are both Capital Markets companies. Galaxy Digital Inc. is the larger, with a market value of $7.1B against $5.8B — 1.2× the size. Galaxy Digital Inc. has negative trailing earnings, so its P/E is not meaningful; MarketAxess Holdings Inc. trades at 19.4×. MarketAxess Holdings Inc. grew revenue faster over the last twelve months: 3.93% against 3.68%. MarketAxess Holdings Inc. has the higher net margin (35.2% vs −0.34%) and the higher return on invested capital (24.8% vs −7.30%). Across the 16 metrics below, MarketAxess Holdings Inc. leads on 14 and Galaxy Digital Inc. on 2.

Valuation

Metric GLXY MKTX Capital Markets median
P/E n/m 19.37 14.20
P/S 0.05 6.66 2.00
P/B 1.14 4.68 1.51
Price to free cash flow n/m 40.65 6.36
EV/EBITDA — — —
EV/Sales — — —
Earnings yield (3.94%) 5.16% (3.94%)
Free cash flow yield (60.61%) 2.46% (1.62%)

Profitability

Metric GLXY MKTX Capital Markets median
Gross margin 0.40% 100.00% 62.80%
Operating margin (0.53%) 40.50% 0.00%
Net margin (0.34%) 35.22% (0.55%)
Free cash flow margin (3.29%) 16.39% 0.00%
Return on equity (7.22%) 23.34% 0.00%
Return on assets (1.94%) 13.94% 0.00%
Return on invested capital (7.30%) 24.79% 0.00%

Growth

Metric GLXY MKTX Capital Markets median
Revenue growth (TTM) 3.68% 3.93% 20.70%
EPS growth (last fiscal year) (162.76%) (8.79%) 22.92%
Revenue growth, 5-year CAGR — 4.19% 18.16%
Net income growth, 5-year CAGR — (3.80%) 0.00%

Health

Metric GLXY MKTX Capital Markets median
Debt to equity 1.14 0.09 0.08
Current ratio 1.50 1.85 1.50
Net debt to EBITDA 3.17 (1.22) (0.24)

Dividend

Metric GLXY MKTX Capital Markets median
Dividend yield — 1.88% 1.36%
Payout ratio — 0.37 0.19

Size

Metric GLXY MKTX Capital Markets median
Market cap 7.13b 5.79b 565.91m

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