MarketAxess Holdings Inc. (MKTX) vs Marex Group PLC (MRX)

MarketAxess Holdings Inc. and Marex Group PLC are both Capital Markets companies. MarketAxess Holdings Inc. is the larger, with a market value of $5.8B against $5.2B — 1.1× the size. Marex Group PLC trades at the lower P/E: 16.9× against 19.3×. MarketAxess Holdings Inc. has the higher net margin (35.2% vs 15.3%) and the higher return on invested capital (24.8% vs 0.00%). Across the 17 metrics below, Marex Group PLC leads on 9 and MarketAxess Holdings Inc. on 8.

Valuation

Metric MKTX MRX Capital Markets median
P/E 19.32 16.86 15.78
P/S 6.64 2.49 2.32
P/B 4.67 2.74 1.89
Price to free cash flow 40.54 2.23 6.25
EV/EBITDA 12.40 n/m 8.87
EV/Sales 6.24 (3.31) 2.28
Earnings yield 5.18% 5.93% (3.77%)
Free cash flow yield 2.47% 44.87% (1.49%)

Profitability

Metric MKTX MRX Capital Markets median
Gross margin 100.00% 100.00% 62.80%
Operating margin 40.50% 36.42% 0.00%
Net margin 35.22% 15.28% (0.55%)
Free cash flow margin 16.39% 0.00% 0.00%
Return on equity 23.34% 0.00% 0.00%
Return on assets 13.94% 0.00% 0.00%
Return on invested capital 24.79% 0.00% 0.00%

Growth

Metric MKTX MRX Capital Markets median
Revenue growth (TTM) 3.93% — 21.02%
EPS growth (last fiscal year) (8.79%) 41.91% —
Revenue growth, 5-year CAGR 4.19% — 18.16%
Net income growth, 5-year CAGR (3.80%) — 0.00%

Health

Metric MKTX MRX Capital Markets median
Debt to equity 0.09 4.96 0.08
Current ratio 1.85 1.09 1.51
Net debt to EBITDA (1.22) (12.17) (0.24)

Dividend

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

Size

Metric MKTX MRX Capital Markets median
Market cap 5.76b 5.23b 724.58m

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