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MKTX

MarketAxess Holdings NasdaqGS:MKTX Stock Report

Last Price

US$222.49

Market Cap

US$8.4b

7D

-2.2%

1Y

-46.8%

Updated

02 Oct, 2022

Data

Company Financials +
MKTX fundamental analysis
Snowflake Score
Valuation2/6
Future Growth4/6
Past Performance3/6
Financial Health6/6
Dividends4/6

MKTX Stock Overview

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide.

Rewards

Earnings are forecast to grow 15.79% per year

Analysts in good agreement that stock price will rise by 29.3%

Risk Analysis

No risks detected for MKTX from our risk checks.

MarketAxess Holdings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for MarketAxess Holdings
Historical stock prices
Current Share PriceUS$222.49
52 Week HighUS$434.14
52 Week LowUS$217.44
Beta0.60
1 Month Change-10.97%
3 Month Change-13.69%
1 Year Change-46.75%
3 Year Change-35.87%
5 Year Change18.69%
Change since IPO1,172.10%

Recent News & Updates

Aug 29

Narrowing Down High-Quality Dividend Growth: Maybe It's Time For MarketAxess

Summary High-quality dividend growth stocks are filtered and analyzed based on historical and Future Fair values plus analyst estimates. Intel Corporation, Merck & Co, Expeditors International of Washington, MarketAxess, United Parcel Service, A. O. Smith, Visa, Mastercard, Qualcomm, Cisco, and Lam Research appear attractively priced. MarketAxess is trading at 52-week lows, is well below historical valuations, and looks to have upside based on potential future growth. I am changing my recommendation on MarketAxess from Hold to Weak Buy based on the current valuations, decline in price to this point, and upside based on potential future growth. Introduction and Background With the bulk of earnings season now past, I've had the opportunity to update valuations for many of the stocks that I track. There are not as many bargains as there were a month or so ago, but there are still a few candidates that look promising. As a reminder, I routinely track around 100 companies that I consider to be the highest quality, dividend growers. For this round, I decided to filter based on companies that have recently updated earnings, those that have a 5-year average Return on Invested Capital of over 12%, and those with earnings-based dividend payout ratios less than 60%. I realize these are somewhat arbitrary, but I have been casting a pretty broad net to fish for places to invest. Using this first pass criteria, we will be looking at the following list of companies: Finbox, Seeking Alpha, Author's Analysis Finbox, Seeking Alpha, Author's Analysis Finbox, Seeking Alpha, Author's Analysis Finbox, Seeking Alpha, Author's Analysis Fair Value Estimation As I've described in previous articles, I like to calculate a fair value in two ways, using a Historical fair value estimation, and a future looking fair value estimation. The Historical Fair Value is simply based on historical valuations. I compare 5-year average: dividend yield, P/E ratio, Schiller P/E ratio, P/Book, and P/FCF to the current values and calculate a composite value based on the historical averages. This gives an estimate of the value assuming the stock continues to perform as it has historically. I also want to understand how the stock is likely to perform in the future so utilize the Finbox fair value calculated from their modeling, a Cap10 valuation model, FCF Payback Time valuation model, and 10-year earnings rate of return valuation model to determine a composite Future Fair Value estimate. I also gather a composite target price from multiple analysts including Reuters, Morningstar, Value Line, Finbox, Morgan Stanley, and Argus. I like to see how the current price compares to analyst estimates as another data point, and as somewhat of a sanity check to my own estimates. Plotting three variables on one plot is tricky but using a bubble plot allows us to visualize three variables by plotting the Historical fair value versus the Future Fair Value on a standard x-y chart, and then use bubbles to represent the size of discount relative to analyst estimates. Author calculation of Historical and Future Fair Value, analyst estimates This chart is insightful once you understand how to interpret it. What we are looking for are stocks that are trading at a discount to both the Historical Fair Value and the Future Fair Value. So, those stocks that are farther to the left, and farther to the bottom, are potentially the stocks trading at the largest discount to fair value. This would be the bottom left quadrant of the graph. Additionally, those stocks with the biggest bubbles are the stocks that are trading at the largest discount to analyst estimates, so in theory, stocks in the lower left quadrant that also have large bubbles, should be decent candidates for investment. Digging into this chart suggests that Intel Corporation (INTC), Merck & Co (MRK), and Expeditors International of Washington (EXPD) look to be attractively valued based on Historical and Future valuations and have decent upside to analyst estimates. I should also note that Intel is trading at 52-week lows. Additionally, MarketAxess Holdings (MKTX), United Parcel Service (UPS), A. O. Smith Corporation (AOS), Visa (V), Mastercard (MA), Qualcomm (QCOM), and Cisco (CSCO) are attractively valued from a Historical perspective and are close to fair value based on the Future valuation. I will also point out that one of my favorites, Lam Research (LRCX) is close to fair value based on the Historical valuation but looks attractively valued based on the Future valuation. I need to do an update on Lam Research soon, but if you are interested in learning more of my thoughts, you can see my article from earlier this year here, which I still consider relevant. Just based on the chart, MKTX does not look that much more interesting than some of the others, however, I would like to dig deeper into MKTX for two more personal reasons. First, it is currently trading at around 20% below where I last invested in it (around $307). The 20% number isn't magic but is a loose rule of thumb I use to take a deeper look at a stock to average down. Second, it is also trading at 52-week lows, which again, in itself, doesn't drive me to invest, but is another loose rule of thumb I use to trigger a deeper dive. MarketAxess Analysis Since I'm not trying to sell anything on Seeking Alpha (trust me, I don't do it for the money) but more to encourage me to dig deeper and be a better investor, I like to be as transparent as possible. I last wrote an article on MKTX at the end of 2021. Overall, I rated it as an interesting hold at that point, but also noted that I was looking for a target price around $330. It took it a few months, but I got lucky with an overnight price movement and had a limit order hit below where I had it set at $307. Since that time, it has generally continued to move lower. As I've shared previously, I try to buy when I believe stocks are fairly valued with some margin, but don't otherwise try to time the market. If the stock I buys continues to go down, I look for opportunities to buy more "on sale". That is the case with MKTX, so let's see if it should be a buy at this point. I always like to start with the basics. MKTX has a 5-year average ROE of 30.2% however, it's most recent ROE is 23.9%. The 5-year average ROIC is 28.2% but it's most recent ROIC is 22.6%. In both cases, I like that ROE is so close to ROIC, since this suggests management isn't playing games with debt to increase the ROE, however, even though the numbers are still very good, there is some deterioration against the average that is a minor warning flag. The earnings-based dividend payout ratio of 44% and free-cash-flow-based dividend payout ratio of 39% are both excellent, though they are higher than the last article. They have paid a growing dividend for almost 13 years now, with the most recent raise of 6% being conservative and disappointing, because of the low yield. Morningstar still rates MKTX as wide moat, with exemplary capital management, and currently has a 4-star valuation rating. Seeking Alpha makes available a summary of ratings, as well as factor grades. These make for another nice, first pass filter for investment timing. Seeking Alpha Well, let's be honest, are some more warning flags. We see that SA Authors, Analysts and Quant analysis all suggest MKTX has problems. This could mean that it is still just the unpopular kid right now, or it could also suggest there are deeper problems. At a minimum, it suggests that market sentiment will not be our friend in this investment, and momentum is likely to be against us. This was the case the last time I evaluated this stock as well when it was trading much higher. Looking at the factor grades, we see further cause for concern. The valuation, growth and momentum are all negative. I am especially worried when I see a high valuation coupled with low growth. We definitely need to continue to think carefully about this investment. Sentiment has not turned with the lower stock prices. MarketAxess Strategy As I stated in the last article on MKTX, I am not necessarily afraid of stocks that are out of favor. As an active investor aggressively building my portfolio for the long term, I don't shy away from companies that are out of favor that I believe in. Dollar cost averaging has worked well for me over the years, and I have had several big wins buying unpopular stocks that are out of favor. Ultimately, as long as I believe in the company and in their strategy, I will continue to invest through thick and thin. I did a deeper dive on the company strategy in the last article I wrote on MKTX late last year. If you'd like more details on the strategy or background on the company, I'd encourage you to read here. To summarize how I think about MKTX - they are in the process of disrupting and automating the very manual debt-trading market. They were an early mover here, and there is still a lot of growth potential to implement electronic trading with a very large total addressable market. These factors fueled rapid growth, which led to high expectations, and historical valuations for MKTX. However, the growth story has been called into question as of late due to emerging competition, and some evidence that MKTX is not capturing as much of the growth potential as the competition now is. So, in my mind, this all does boil down to the question of growth. The only way MKTX continues to merit high valuations is if the growth story remains intact. MarketAxess Historical Analysis Before we dig deeper into the growth, I do like to look where things have been in the past. I think we realize that past performance can be somewhat indicative of the quality of the company. Obviously, it's important to understand the key drivers for that past performance, to see if you believe anything has changed that could impact that. So, let's start with how MKTX has performed for shareholders in the past: Seeking Alpha Compared to the last time we took a look at this view, the story seems to continue on the same trajectory. First, up until recently, MKTX has drastically outperformed the S&P 500. Recently however, MKTX has given up all of its out-performance and is now under-performing. Of interest, Tradeweb is one of the key competitors we mentioned above. It has significantly outperformed the market as well as MKTX, however, it too has seen some correction. I still can't help but notice that some of MKTX's under-performance seems correlated to some of Tradeweb's outperformance, and this is one of the key foundations for the bear case - Tradeweb is taking a lot of that new and addressable market that MKTX is supposed to be getting. MKTX isn't growing because Tradeweb is taking market share. I don't usually look at price history, and am far from an expert on technical analysis, however I thought the MKTX chart was interesting. Seeking Alpha If you draw a rough regression line through the 10-year price history, it is interesting to see that MKTX is likely below the mean trend line, which could be indicative of under-valuation all things being equal. You could also argue as well that regression to the mean shouldn't happen for a growth company, so this is another point of evidence that the growth story is broken. An early investor in MKTX would likely still be very pleased with their results. Let's now see if valuations have improved relative to history with the decline in price, or if we are seeing overall degradation. Let's reference P/E and yield for this. Finbox Finbox Maybe a positive note is forming with this view - the P/E is still relatively high, but compared to its historical valuation, is at a low compared to the 5-year average of 58.7. This suggests that the business has not degraded to the extent that the price has. Additionally, the yield is also at a 5-year high compared to the 5-year average of 0.7%. From this historical-based view, MKTX could be moving towards a more attractive valuation. MKTX continues to do a nice job of maintaining shares outstanding, not letting shareholders get diluted, however, it doesn't look like share buy-backs should be counted on to add to future earnings per share growth. This could still suggest that they believe they have better ways to grow earnings for shareholders through strategic investment than just relying on share buy-backs, or could suggest they are preserving capital due to concerns about growth. Finbox I still really love the revenue versus net debt story. MKTX is debt free and has a strong net cash position. This is not very common in today's day and age, and something I like seeing as a long-term investor counting on that compounding dividend growth far into the future. The net-debt position is trending up, which is something to keep an eye on, but the financials are strong. Revenue seems to be flattening, so another point of note for the growth story. Finbox MKTX has paid a growing dividend for over 12 years and has historically demonstrated very strong dividend growth. The growth is tapering recently. I look at this as an indirect indicator of management's confidence in future growth, so when I see dividend growth pulling back, it could indicate management is not convinced of their growth prospects. Likewise, it could also indicate that they have other plans in mind, such as strategic M&A or internal R&D, or it could just indicate that the high rate of growth in the early years was to get the dividend to a target level, and not that target level has been achieved, the growth will be more throttled by fundamentals (still tied to growth). Finbox The earnings and free cash flow-based payout ratios are still reasonable, however, even given the lower recent dividend growth, the ratios are increasing, and are at high levels compared to the past 5-years. This is also not a great sign. Finbox MarketAxess Future Analysis Moving on to our future looking analysis to really try to flesh out the growth question, it seems like the story hasn't changed a lot since we last looked at MKTX. The question still boils down to that future growth. Let's take a look at some of the future indicators to see if anything significant has changed in that story. Let's start with projected earnings growth. This chart looks significantly different than the last time we looked at it. Next year looks pretty dismal, which makes sense in light of the challenges MKTX has seen. It is interesting to see that growth is projected to return to very healthy double digits into the future. Finbox Recently, analysts have also been projecting lower long-term growth, as might be expected from the 2023 forecast above, but their estimates don't jive very well with the years after that. My own estimate that I derive from a combination of historical metrics and future looking metrics, is 12%, which is not much of a change from the 13% I was estimating at the end of last year. So, we're stuck with the mixed message of the near-term performance definitely suggesting risk to the growth story, however, longer-term the growth resuming. My own estimates suggest that the near-term concerns may be disconnected from reality, however, near-term business indicators are also showing some warning signs. Finbox For a dividend growth investor, understanding future dividend growth potential is also important, especially in as much as it is sustainable. Here are the long-term dividend growth projections for MKTX. The forecast growth looks very consistent, suggesting again, that growth may resume after the short-term speed bumps, however, I think it is important to think about the recent rate of change in growth, and factor that into our assessment - I think it is important to reflect on how confident management really feels about the growth based on the recent deceleration in dividend growth.

Aug 03

MarketAxess saw a 6.9% M/M drop in July total trading ADV

MarketAxess (NASDAQ:MKTX) reported $31.1B in total trading ADV (+31% Y/Y) led by a 49% increase in U.S. Treasury ADV to $20.3B and 8% growth in total credit ADV to $10.6B. On a M/M basis, total trading ADV stood at $33.4B in June. U.S. high-grade ADV of $4.7B (+1%); U.S. high-yield ADV of $1.6B, up 19%; estimated market share of 18.6%, up from 16.4%. Emerging markets ADV of $2.6B, up 4%; it showed a 9% increase excluding the impact of foreign currency fluctuations with estimated market ADV down 10%. Eurobond ADV of $1.2B (+3%); it grew 20% excluding the impact of foreign currency fluctuations with estimated market ADV down 23%. The brokerage firm saw $20.3B in U.S. Treasury ADV, up 49% with 209 active participants on the platform, up from 106 in the prior year.

Jul 19

MarketAxess Q2 2022 Earnings Preview

MarketAxess (NASDAQ:MKTX) is scheduled to announce Q2 earnings results on Wednesday, July 20th, before market open. The consensus EPS Estimate is $1.73 (-2.3% Y/Y) and the consensus Revenue Estimate is $185.24M (+5.1% Y/Y). Over the last 1 year, MKTX has beaten EPS estimates 100% of the time and has beaten revenue estimates 50% of the time. Over the last 3 months, EPS estimates have seen 4 upward revisions and 5 downward. Revenue estimates have seen 0 upward revisions and 10 downward.

Shareholder Returns

MKTXUS Capital MarketsUS Market
7D-2.2%-2.3%-2.5%
1Y-46.8%-25.4%-23.2%

Return vs Industry: MKTX underperformed the US Capital Markets industry which returned -25.4% over the past year.

Return vs Market: MKTX underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is MKTX's price volatile compared to industry and market?
MKTX volatility
MKTX Average Weekly Movement4.5%
Capital Markets Industry Average Movement0.4%
Market Average Movement6.8%
10% most volatile stocks in US Market15.5%
10% least volatile stocks in US Market2.8%

Stable Share Price: MKTX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: MKTX's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2000676Rick McVeyhttps://www.marketaxess.com

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities.

MarketAxess Holdings Fundamentals Summary

How do MarketAxess Holdings's earnings and revenue compare to its market cap?
MKTX fundamental statistics
Market CapUS$8.37b
Earnings (TTM)US$241.83m
Revenue (TTM)US$695.44m

34.6x

P/E Ratio

12.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MKTX income statement (TTM)
RevenueUS$695.44m
Cost of RevenueUS$46.58m
Gross ProfitUS$648.86m
Other ExpensesUS$407.03m
EarningsUS$241.83m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)6.42
Gross Margin93.30%
Net Profit Margin34.77%
Debt/Equity Ratio0%

How did MKTX perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

42%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is MKTX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MKTX?

Other financial metrics that can be useful for relative valuation.

MKTX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue11.7x
Enterprise Value/EBITDA21.9x
PEG Ratio2.2x

Price to Earnings Ratio vs Peers

How does MKTX's PE Ratio compare to its peers?

MKTX PE Ratio vs Peers
The above table shows the PE ratio for MKTX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average48.1x
MORN Morningstar
49.6x25.0%US$9.0b
CBOE Cboe Global Markets
59.2x27.9%US$12.4b
TW Tradeweb Markets
45.2x15.9%US$13.2b
FDS FactSet Research Systems
38.3x12.4%US$15.2b
MKTX MarketAxess Holdings
34.6x15.8%US$8.4b

Price-To-Earnings vs Peers: MKTX is good value based on its Price-To-Earnings Ratio (34.6x) compared to the peer average (48.1x).


Price to Earnings Ratio vs Industry

How does MKTX's PE Ratio compare vs other companies in the US Capital Markets Industry?

Price-To-Earnings vs Industry: MKTX is expensive based on its Price-To-Earnings Ratio (34.6x) compared to the US Capital Markets industry average (24.9x)


Price to Earnings Ratio vs Fair Ratio

What is MKTX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MKTX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio34.6x
Fair PE Ratio15.7x

Price-To-Earnings vs Fair Ratio: MKTX is expensive based on its Price-To-Earnings Ratio (34.6x) compared to the estimated Fair Price-To-Earnings Ratio (15.7x).


Share Price vs Fair Value

What is the Fair Price of MKTX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MKTX ($222.49) is trading above our estimate of fair value ($194.95)

Significantly Below Fair Value: MKTX is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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Future Growth

How is MarketAxess Holdings forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


15.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MKTX's forecast earnings growth (15.8% per year) is above the savings rate (1.9%).

Earnings vs Market: MKTX's earnings (15.8% per year) are forecast to grow faster than the US market (14.8% per year).

High Growth Earnings: MKTX's earnings are forecast to grow, but not significantly.

Revenue vs Market: MKTX's revenue (11.5% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: MKTX's revenue (11.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MKTX's Return on Equity is forecast to be high in 3 years time (24.5%)


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Past Performance

How has MarketAxess Holdings performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


14.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: MKTX has high quality earnings.

Growing Profit Margin: MKTX's current net profit margins (34.8%) are lower than last year (40.8%).


Past Earnings Growth Analysis

Earnings Trend: MKTX's earnings have grown by 14.6% per year over the past 5 years.

Accelerating Growth: MKTX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MKTX had negative earnings growth (-16.2%) over the past year, making it difficult to compare to the Capital Markets industry average (33.2%).


Return on Equity

High ROE: MKTX's Return on Equity (24.2%) is considered high.


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Financial Health

How is MarketAxess Holdings's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: MKTX's short term assets ($1.1B) exceed its short term liabilities ($89.1M).

Long Term Liabilities: MKTX's short term assets ($1.1B) exceed its long term liabilities ($477.8M).


Debt to Equity History and Analysis

Debt Level: MKTX is debt free.

Reducing Debt: MKTX had no debt 5 years ago.

Debt Coverage: MKTX has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: MKTX has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is MarketAxess Holdings's current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


1.26%

Current Dividend Yield

Dividend Yield vs Market

MarketAxess Holdings Dividend Yield vs Market
How does MarketAxess Holdings dividend yield compare to the market?
SegmentDividend Yield
Company (MarketAxess Holdings)1.3%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Capital Markets)3.0%
Analyst forecast in 3 Years (MarketAxess Holdings)1.4%

Notable Dividend: MKTX's dividend (1.26%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: MKTX's dividend (1.26%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: MKTX's dividends per share have been stable in the past 10 years.

Growing Dividend: MKTX's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (42.2%), MKTX's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (45.3%), MKTX's dividend payments are well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

3.8yrs

Average management tenure


CEO

Rick McVey (62 yo)

22.5yrs

Tenure

US$5,742,184

Compensation

Mr. Richard Mitchell McVey, also known as Rick, founded MarketAxess Holdings Inc. in April 11, 2000 and has been its Chairman and Chief Executive Officer since April 11, 2000. Mr. McVey is Chairman and Chi...


CEO Compensation Analysis

Rick McVey's Compensation vs MarketAxess Holdings Earnings
How has Rick McVey's remuneration changed compared to MarketAxess Holdings's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

US$242m

Mar 31 2022n/an/a

US$242m

Dec 31 2021US$6mUS$500k

US$258m

Sep 30 2021n/an/a

US$279m

Jun 30 2021n/an/a

US$288m

Mar 31 2021n/an/a

US$305m

Dec 31 2020US$6mUS$500k

US$299m

Sep 30 2020n/an/a

US$277m

Jun 30 2020n/an/a

US$263m

Mar 31 2020n/an/a

US$227m

Dec 31 2019US$3mUS$500k

US$205m

Sep 30 2019n/an/a

US$200m

Jun 30 2019n/an/a

US$185m

Mar 31 2019n/an/a

US$177m

Dec 31 2018US$16mUS$500k

US$173m

Sep 30 2018n/an/a

US$160m

Jun 30 2018n/an/a

US$156m

Mar 31 2018n/an/a

US$154m

Dec 31 2017US$6mUS$500k

US$148m

Sep 30 2017n/an/a

US$148m

Jun 30 2017n/an/a

US$145m

Mar 31 2017n/an/a

US$140m

Dec 31 2016US$6mUS$500k

US$126m

Sep 30 2016n/an/a

US$117m

Jun 30 2016n/an/a

US$109m

Mar 31 2016n/an/a

US$100m

Dec 31 2015US$14mUS$500k

US$96m

Compensation vs Market: Rick's total compensation ($USD5.74M) is below average for companies of similar size in the US market ($USD8.66M).

Compensation vs Earnings: Rick's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: MKTX's management team is considered experienced (3.8 years average tenure).


Board Members

Experienced Board: MKTX's board of directors are considered experienced (5.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:MKTX Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
07 Jun 22SellUS$495,952Christophe P. RoupieIndividual1,740US$285.03
22 Apr 22BuyUS$271,245Richard PragerIndividual1,000US$272.50

Ownership Breakdown

What is the ownership structure of MKTX?
Owner TypeNumber of SharesOwnership Percentage
State or Government16,2030.04%
General Public121,8140.3%
Individual Insiders715,9351.9%
Institutions36,786,05697.7%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 70.24% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
11.16%
The Vanguard Group, Inc.
4,201,273$934.7m0.41%0.02%
8.47%
BlackRock, Inc.
3,186,306$708.9m-6.79%0.02%
7.92%
T. Rowe Price Group, Inc.
2,980,648$663.2m-19.6%0.08%
5.21%
GuardCap Asset Management Limited
1,961,561$436.4m34.2%6.87%
4.71%
State Street Global Advisors, Inc.
1,773,744$394.6m-5.08%0.02%
3.9%
Baillie Gifford & Co.
1,467,923$326.6m-0.57%0.17%
3.76%
Ownership Capital B.V.
1,414,690$314.8m9.52%5.57%
3%
RBC Global Asset Management Inc.
1,130,670$251.6m3.76%0.2%
2.33%
Geode Capital Management, LLC
876,882$195.1m3%0.03%
2.16%
Allspring Global Investments, LLC
812,915$180.9m-19.6%0.29%
2.14%
PRIMECAP Management Company
807,350$179.6m46.92%0.17%
2.05%
Macquarie Investment Management Business Trust
772,679$171.9m8.63%0.19%
1.52%
Kayne Anderson Rudnick Investment Management, LLC
571,610$127.2m-1.76%0.38%
1.29%
Citadel Advisors LLC
484,815$107.9m69.89%0.17%
1.28%
Richard McVey
480,015$106.8m-32.13%no data
1.21%
Jackson Square Partners, LLC
454,547$101.1m17.37%2.45%
1.05%
Allianz Asset Management AG
393,857$87.6m9.61%0.08%
1.04%
Neuberger Berman Investment Advisers LLC
391,067$87.0m-0.03%0.09%
1.03%
Northern Trust Global Investments
388,278$86.4m-3.26%0.02%
0.98%
BNY Mellon Asset Management
369,352$82.2m32.49%0.02%
0.93%
FMR LLC
348,329$77.5m-4.41%0.01%
0.91%
Norges Bank Investment Management
341,855$76.1m0%0.01%
0.74%
Invesco Capital Management LLC
280,101$62.3m11.37%0.05%
0.73%
California Public Employees' Retirement System
274,320$61.0m-0.27%0.06%
0.72%
Stichting Pensioenfonds ABP
272,599$60.7m26.84%0.09%

Company Information

MarketAxess Holdings Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: MarketAxess Holdings Inc.
  • Ticker: MKTX
  • Exchange: NasdaqGS
  • Founded: 2000
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Implied Market Cap: US$8.375b
  • Shares outstanding: 37.64m
  • Website: https://www.marketaxess.com

Number of Employees


Location

  • MarketAxess Holdings Inc.
  • 55 Hudson Yards
  • 15th Floor
  • New York
  • New York
  • 10001
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MKTXNasdaqGS (Nasdaq Global Select)YesCommon Stock VotingUSUSDNov 2004
MWIDB (Deutsche Boerse AG)YesCommon Stock VotingDEEURNov 2004
MWIXTRA (XETRA Trading Platform)YesCommon Stock VotingDEEURNov 2004
MKTX *BMV (Bolsa Mexicana de Valores)YesCommon Stock VotingMXMXNNov 2004
M1KT34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 50 REPR 1 COM NPVBRBRLOct 2020

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.