Marathon Digital Holdings, Inc. (MARA) vs MarketAxess Holdings Inc. (MKTX)

Marathon Digital Holdings, Inc. and MarketAxess Holdings Inc. are both Capital Markets companies. MarketAxess Holdings Inc. is the larger, with a market value of $5.8B against $5.0B — 1.1× the size. Marathon Digital Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; MarketAxess Holdings Inc. trades at 19.3×. MarketAxess Holdings Inc. grew revenue faster over the last twelve months: 3.93% against 0.73%. MarketAxess Holdings Inc. has the higher net margin (35.2% vs −429.7%) and the higher return on invested capital (24.8% vs −55.3%). Across the 19 metrics below, MarketAxess Holdings Inc. leads on 14 and Marathon Digital Holdings, Inc. on 5.

Valuation

Metric MARA MKTX Capital Markets median
P/E n/m 19.32 15.78
P/S 5.95 6.64 2.32
P/B 2.86 4.67 1.89
Price to free cash flow n/m 40.54 6.25
EV/EBITDA n/m 12.40 8.87
EV/Sales 8.01 6.24 2.28
Earnings yield (72.51%) 5.18% (3.77%)
Free cash flow yield (26.66%) 2.47% (1.49%)

Profitability

Metric MARA MKTX Capital Markets median
Gross margin 26.27% 100.00% 62.80%
Operating margin (366.26%) 40.50% 0.00%
Net margin (429.71%) 35.22% (0.55%)
Free cash flow margin (158.72%) 16.39% 0.00%
Return on equity (106.77%) 23.34% 0.00%
Return on assets (57.26%) 13.94% 0.00%
Return on invested capital (55.32%) 24.79% 0.00%

Growth

Metric MARA MKTX Capital Markets median
Revenue growth (TTM) 0.73% 3.93% 21.02%
EPS growth (last fiscal year) (314.53%) (8.79%) —
Revenue growth, 5-year CAGR 190.87% 4.19% 18.16%
Net income growth, 5-year CAGR 0.00% (3.80%) 0.00%

Health

Metric MARA MKTX Capital Markets median
Debt to equity 1.24 0.09 0.08
Current ratio 0.89 1.85 1.51
Net debt to EBITDA (8.74) (1.22) (0.24)

Dividend

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

Size

Metric MARA MKTX Capital Markets median
Market cap 5.03b 5.76b 724.58m

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