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MarketAxess Holdings Inc. (MKTX) vs XP Inc. (XP)

MarketAxess Holdings Inc. and XP Inc. are both Capital Markets companies. XP Inc. is the larger, with a market value of $7.6B against $5.8B — 1.3× the size. XP Inc. trades at the lower P/E: 7.7× against 19.5×. XP Inc. grew revenue faster over the last twelve months: 18.2% against 3.93%. MarketAxess Holdings Inc. has the higher net margin (35.2% vs 27.8%) and the higher return on invested capital (24.8% vs 20.5%). Both pay a dividend; XP Inc. yields more (2.56% vs 1.87%). Across the 20 metrics below, XP Inc. leads on 15 and MarketAxess Holdings Inc. on 5.

Valuation

Metric MKTX XP Capital Markets median
P/E 19.48 7.69 14.35
P/S 6.70 2.11 2.07
P/B 4.71 1.55 1.36
Price to free cash flow 40.89 3.24 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 5.13% 13.01% (8.28%)
Free cash flow yield 2.45% 30.90% (1.12%)

Profitability

Metric MKTX XP Capital Markets median
Gross margin 100.00% 100.00% 68.15%
Operating margin 40.50% 33.63% 0.00%
Net margin 35.22% 27.84% (0.34%)
Free cash flow margin 16.39% 65.15% 0.00%
Return on equity 23.34% 22.76% 0.00%
Return on assets 13.94% 1.37% 0.00%
Return on invested capital 24.79% 20.52% 0.00%

Growth

Metric MKTX XP Capital Markets median
Revenue growth (TTM) 3.93% 18.17% 19.72%
EPS growth (last fiscal year) (8.79%) 13.73% 16.79%
Revenue growth, 5-year CAGR 4.19% 15.82% 17.41%
Net income growth, 5-year CAGR (3.80%) 18.11% 0.00%

Health

Metric MKTX XP Capital Markets median
Debt to equity 0.09 0.07 0.07
Current ratio 1.85 4.80 1.51
Net debt to EBITDA (1.22) (1.52) (0.03)

Dividend

Metric MKTX XP Capital Markets median
Dividend yield 1.87% 2.56% 1.58%
Payout ratio 0.37 0.20 0.19

Size

Metric MKTX XP Capital Markets median
Market cap 5.83b 7.64b 527.01m

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