MarketAxess Holdings Inc (MKTX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MarketAxess Holdings Inc stock $159, price $166, that is 3.8% below the price, quality 86 out of 100. Rating: fairly valued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $108.57 – $455.00 · fair‑value band $68.32 – $227.09 · the $165.59 price screens above the $159.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally.
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The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols.
It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading.
In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products.
The company was incorporated in 2000 and is headquartered in New York, New York.
Stock analysis
MarketAxess Holdings Inc (MKTX) currently trades at $165.59, while our model-based Fair Value estimate is $159.38, so the stock looks roughly fairly valued today (gap 3.9%).
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Valuation
Bull case: the Growth DCF group reads highest at a median of $168.14 per share, and 3 of the 13 models we run sit above the $165.59 price.
Bear case: the Dividend Discount group reads lowest at $55.61, and 10 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: $68.32 (bear) to $227.09 (bull), the price of $165.59 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 86/100 (high quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
MarketAxess Holdings Inc reported revenue of $849M in FY2025 versus $701M in FY2021, a compound +4.9%/yr. Reported net income was $247M in FY2025, compounding −1.1%/yr from FY2021.
Key figures
Market cap $5.8B Mid · P/E ratio 20.3 · P/S ratio 6.70 · EPS (TTM) $8.15 · Dividend yield 1.9% · Net margin 33.5% · Return on equity 21.9% · Return on assets (EBIT) 19.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 88 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −4%, MKTX screens cheaper than that median.
Fair Value models
Bear$68.32Fair Value $159.38Bull$227.09
Price $165.59 · Downside -3.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($4.33 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors sold shares worth $1.1M and none bought.
SaleScott PintoffGeneral Counsel and Secretary11× since Dec 12, 2025: 1,100 shares, avg. $158.54$174,399Oct 12, 202610b5-1 plan
SaleWilliam Frank Cruger Jr.Director6,164 shares at $163.20$1.0MSep 10, 2026
Plus 15 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.69/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.3%
Start year 2020 (pandemic). Over 10 years: +10.9% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+1.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.2%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.2% vs 10.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 41%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.3% a year for the price and +3.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The platform's strength is its integration of algorithmic pricing and transaction data into external workflows such as Arcesium, yet thin public signals leave durability and sustainability difficult to confirm.
Main risk: Tradeweb and Bloomberg might capture more electronic fixed-income trading volume or intensify fee compression on platforms like MarketAxess, reducing commissions and margins.
Bull case: By deepening integrations such as with Arcesium and embedding its data and algorithms further into client workflows, MarketAxess could strengthen its network effects and defend or grow volumes despite rival pressure.
Bear case: If Tradeweb and similar platforms continue gaining share through better integrations or lower effective costs, MarketAxess could see sustained fee pressure and slower volume growth on its core electronic trading venue.
MarketAxess is embedding its CP+ algorithmic pricing and TraX transaction data directly into third-party platforms like Arcesium to reach more fixed-income users without extra connections. This builds on an existing repo integration and strengthens the data side of the business alongside its core electronic trading venue. Our models see the shares as undervalued, but will these workflow integrations generate new recurring revenue streams or mainly support existing clients?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score86 · Top 25%
Fair Value upside−3.8% · Below median
Profitability
Return on equity (12 months)21.9% · Top 25%
Return on assets13.6% · Top 25%
Net margin (12 months)33.5% · Above median
Operating margin (12 months)41.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)0.8% · Below median
Dividend yield (12 months)1.9% · Below median
Balance sheet
Debt / equity0.19× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)20.3× · Pricier than median
P/B5.09× · Priciest 25%
P/S (12 months)6.70× · Priciest 25%
Price / free cash flow (fiscal year)15.6× · Pricier than median
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Is MarketAxess Holdings Inc (MKTX) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $159.38 versus a price of $165.59, about 4% lower (fairly valued).
What is the fair value of MKTX?
Our model-based fair value for MarketAxess Holdings Inc is $159.38 (as of Nov 8, 2026), built from audited fundamentals. The current price: $165.59.
What is the quality score of MKTX?
MarketAxess Holdings Inc has a Quality Score of 86/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MarketAxess Holdings Inc (MKTX)?
Our model-based price target is the fair value of $159.38 (as of Nov 8, 2026) from 13 valuation models. Cautious scenario $68.32, optimistic scenario $227.09. It is a calculation from audited fundamentals, not an analyst target.
What is the MarketAxess Holdings Inc stock forecast for 2026?
Our models put fair value at $159.38, about 4% lower versus a price of $165.59 (fairly valued). Cautious scenario $68.32, optimistic scenario $227.09. The calculation is refreshed regularly with new filings.
What is the revenue of MarketAxess Holdings Inc (MKTX)?
MarketAxess Holdings Inc reported trailing-twelve-month revenue of about $872M (latest available figure, as of Nov 8, 2026).
Does MarketAxess Holdings Inc pay a dividend?
MarketAxess Holdings Inc currently shows a dividend yield of 1.87% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of MarketAxess Holdings Inc (MKTX) and when is the ex-dividend date?
MarketAxess Holdings Inc pays a dividend of $3.10 per share a year, a dividend yield of 1.9%. The next ex-dividend date is Nov 10, 2026, with payment on Nov 25, 2026. A dividend has been paid every year since at least 2009. The payout ratio is 38.0% of earnings. Free cash flow covers the dividend 3.43 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into MarketAxess Holdings Inc (MKTX)?
For today's price to be fair in a discounted-cash-flow model, MarketAxess Holdings Inc would have to grow free cash flow by +2.7 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of MKTX use?
Our models discount MarketAxess Holdings Inc at 9.2 %: a base by market capitalisation (mid), damped by beta 0.79, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For MarketAxess Holdings Inc that is +2.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has MarketAxess Holdings Inc (MKTX) delivered so far?
Over the past 5 years revenue at MarketAxess Holdings Inc grew +4.3 % a year. The price currently implies free-cash-flow growth of +2.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of MarketAxess Holdings Inc (MKTX) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into MarketAxess Holdings Inc (+2.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MarketAxess Holdings Inc (MKTX)?
The free-cash-flow yield on the price is 6.41 %: that much free cash flow MarketAxess Holdings Inc produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MarketAxess Holdings Inc (MKTX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MarketAxess Holdings Inc it is $159.38 per share (as of Nov 8, 2026), against a price of $165.59. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is MarketAxess Holdings Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MKTX trades above its calculated fair value: price $165.59, fair value $159.38, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MKTX?
No. The price is what the market pays today ($165.59); the fair value is what the company's own numbers justify ($159.38). For MarketAxess Holdings Inc the two are $6.21 per share apart. That gap is exactly why we show both numbers side by side.
How much is MarketAxess Holdings Inc worth?
The market values MarketAxess Holdings Inc at about $5.8B (market capitalisation, as of Nov 8, 2026). Per share that is $165.59; our models calculate a fair value of $159.38 per share.
What do the bullish and bearish scenarios say about MKTX?
Our models span a range for MarketAxess Holdings Inc: cautious scenario $68.32, base $159.38, optimistic $227.09 per share (as of Nov 8, 2026, price $165.59). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MKTX?
MarketAxess Holdings Inc trades at a price-to-earnings ratio of 20.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $159.38 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2023 ex one-offs: 45.6. Other multiples: PEG 1.7, P/B 5.1, P/S 6.7, EV/EBITDA 12.7.
What is the PEG ratio of MKTX?
The PEG ratio of MarketAxess Holdings Inc is 1.68 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of MarketAxess Holdings Inc (MKTX)?
Balance-sheet figures for MarketAxess Holdings Inc (as of Nov 8, 2026): return on equity 21.9%, debt of 0.19 per unit of equity. They feed the Quality Score of 86/100, which measures business quality independently of the share price.
How far is MKTX from its 52-week high?
MarketAxess Holdings Inc trades at $165.59, about 14% below its 52-week high of $191.62 and 53% above the low of $108.57 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $159.38 is for.
Which stocks are comparable to MarketAxess Holdings Inc?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MarketAxess Holdings Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $165.59, calculated fair value $159.38 (−4%), Quality Score 86/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MKTX calculated?
We run MarketAxess Holdings Inc through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $159.38 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. MarketAxess Holdings Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MarketAxess Holdings Inc (MKTX)?
The closing price on Nov 6, 2026 was $165.59. Our model-based fair value is $159.38, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MarketAxess Holdings Inc right now?
The model range is unusually wide ($68.32 to $227.09). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of MarketAxess Holdings Inc (MKTX) come from?
Earnings per share at MarketAxess Holdings Inc grew +11.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.3 %, EBIT margin −1.8 %, tax rate +1.4 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of MarketAxess Holdings Inc
How large is the market capitalisation of MarketAxess Holdings Inc (MKTX)?
The market capitalisation of MarketAxess Holdings Inc is $5.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of MarketAxess Holdings Inc (MKTX)?
The price-to-sales ratio of MarketAxess Holdings Inc is 6.70 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MarketAxess Holdings Inc (MKTX)?
Earnings per share at MarketAxess Holdings Inc are $8.15 (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MarketAxess Holdings Inc (MKTX)?
The dividend yield of MarketAxess Holdings Inc is 1.9% (payout 38.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of MarketAxess Holdings Inc (MKTX)?
The net margin of MarketAxess Holdings Inc is 33.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MarketAxess Holdings Inc (MKTX)?
The return on equity (ROE) of MarketAxess Holdings Inc is 21.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MarketAxess Holdings Inc (MKTX)?
On an EBIT basis the return on assets of MarketAxess Holdings Inc is 19.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MarketAxess Holdings Inc (MKTX)?
The operating margin of MarketAxess Holdings Inc is 41.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MarketAxess Holdings Inc (MKTX)?
Revenue at MarketAxess Holdings Inc is growing +0.8% versus a year earlier (3y avg +5.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MarketAxess Holdings Inc (MKTX)?
Earnings per share at MarketAxess Holdings Inc are growing −16.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does MarketAxess Holdings Inc (MKTX) hold?
MarketAxess Holdings Inc holds more cash than debt, $235M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 8, 2026