Moelis & Company (MC) vs MarketAxess Holdings Inc. (MKTX)

Moelis & Company and MarketAxess Holdings Inc. are both Capital Markets companies. MarketAxess Holdings Inc. is the larger, with a market value of $5.8B against $4.7B — 1.2× the size. MarketAxess Holdings Inc. trades at the lower P/E: 19.3× against 19.4×. Moelis & Company grew revenue faster over the last twelve months: 13.7% against 3.93%. MarketAxess Holdings Inc. has the higher net margin (35.2% vs 14.5%) and the lower return on invested capital (24.8% vs 41.8%). Both pay a dividend; Moelis & Company yields more (4.38% vs 1.35%). Across the 22 metrics below, Moelis & Company leads on 15 and MarketAxess Holdings Inc. on 7.

Valuation

Metric MC MKTX Capital Markets median
P/E 19.39 19.32 15.78
P/S 2.82 6.64 2.32
P/B 6.92 4.67 1.89
Price to free cash flow 10.25 40.54 6.25
EV/EBITDA 13.94 12.40 8.87
EV/Sales 2.69 6.24 2.28
Earnings yield 5.16% 5.18% (3.77%)
Free cash flow yield 9.76% 2.47% (1.49%)

Profitability

Metric MC MKTX Capital Markets median
Gross margin 100.00% 100.00% 62.80%
Operating margin 18.40% 40.50% 0.00%
Net margin 14.50% 35.22% (0.55%)
Free cash flow margin 27.54% 16.39% 0.00%
Return on equity 36.89% 23.34% 0.00%
Return on assets 16.60% 13.94% 0.00%
Return on invested capital 41.81% 24.79% 0.00%

Growth

Metric MC MKTX Capital Markets median
Revenue growth (TTM) 13.69% 3.93% 21.02%
EPS growth (last fiscal year) 65.17% (8.79%) —
Revenue growth, 5-year CAGR 9.97% 4.19% 18.16%
Net income growth, 5-year CAGR 5.44% (3.80%) 0.00%

Health

Metric MC MKTX Capital Markets median
Debt to equity 0.00 0.09 0.08
Current ratio 1.71 1.85 1.51
Net debt to EBITDA (1.78) (1.22) (0.24)

Dividend

Metric MC MKTX Capital Markets median
Dividend yield 4.38% 1.35% 2.20%
Payout ratio 4.53 0.42 0.00

Size

Metric MC MKTX Capital Markets median
Market cap 4.67b 5.76b 724.58m

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