MKTX

Marketaxess Holdings Inc

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Advanced Chart

189.270

+2.26(1.208%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

190.550

Open

187.910

VWAP

188.61

Vol

937.23K

Mkt Cap

7.07B

Low

185.410

Amount

176.77M

EV/EBITDA(TTM)

15.24

Total Shares

37.90M

6.54B

EV/OCF(TTM)

16.16

P/S(TTM)

8.56

MarketAxess Holdings Inc. operates electronic trading platforms. The Company offers end-to-end trading solutions, including the operation of electronic platforms for the trading of fixed-income and other securities and related data, analytics compliance tools, post-trade services, automated trading services and technology services. The Company provides an Open Trading marketplace which offers an all-to-all trading solution in the global credit markets, creating a liquidity pool for a range of credit market participants. It leverages its diverse set of trading protocols, automated and algorithmic trading solutions, intelligent data and index products and a range of post-trade services to provide an end-to-end trading solution to its robust network of platform participants. The Company also provides several integrated and actionable data offerings, including CP+ and Axess All, to assist clients. Its RFQ-hub platform is a bilateral multi-asset and multi-dealer request for quote platform.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2026Q1

FY2025Q4

FY2025Q3

230.91M

+10.71%

2.113

+428.36%

217.04M

+7.23%

1.788

+3.33%

213.34M

+3.2%

1.810

-4.73%

Estimates Revision

The market is revising Downward the revenue expectations for MarketAxess Holdings Inc. (MKTX) for FY2025, with the revenue forecasts being adjusted by -0.38% over the past three months. During the same period, the stock price has changed by -13.21%.

Revenue Estimates for FY2025

Revise Downward

-0.38%

In Past 3 Month

EPS Estimates for FY2025

Revise Upward

+2.22%

In Past 3 Month

Stock Price

Go Down

-13.21%

In Past 3 Month

10 Analyst Rating

29.25% Upside

Wall Street analysts forecast MKTX stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MKTX is 244.63 USD with a low forecast of 204.00 USD and a high forecast of 295.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

5 Buy

5 Hold

0 Sell

Moderate Buy

29.25% Upside

Current: 189.270

Low

204.00

Averages

244.63

High

295.00

29.25% Upside

Current: 189.270

Low

204.00

Averages

244.63

High

295.00

Barclays

Equal Weight

downgrade

$237 -> $200

2025-08-07

New

Reason

Barclays

Price Target

$237 -> $200

2025-08-07

New

downgrade

Equal Weight

Reason

Barclays lowered the firm's price target on MarketAxess to $200 from $237 and keeps an Equal Weight rating on the shares. The company reported a Q2 beat but its credit market share declined, the analyst tells investors in a research note.

Morgan Stanley

Overweight

downgrade

$283 -> $274

2025-07-15

Reason

Morgan Stanley

Price Target

$283 -> $274

2025-07-15

downgrade

Overweight

Reason

Morgan Stanley lowered the firm's price target on MarketAxess to $274 from $283 and keeps an Overweight rating on the shares. The firm has become more selective the brokers and exchanges group citing normalized volatility and trading volumes. It prefers rates and credit franchises heading into the Q2 reports. The analyst still sees scope for inflation, interest rates, and tariffs to support rates and credit volumes.

Piper Sandler

Neutral

maintain

$202 -> $204

2025-07-15

Reason

Piper Sandler

Price Target

$202 -> $204

2025-07-15

maintain

Neutral

Reason

Piper Sandler raised the firm's price target on MarketAxess to $204 from $202 and keeps a Neutral rating on the shares. Heading into Q2 earnings, the firm expects management teams to strike a positive tone on the outlook for volumes and growing momentum in retail derivatives trading. However, the exchange businesses will face difficult year-over-year comparable sales in the second half of 2025 as they lap elevated second half of 2024 volumes impacted by the U.S. Presidential Election. With that in mind, Piper sees more upside in diversified, less volume-sensitive stocks.

Barclays

Equal Weight

downgrade

$240 -> $237

2025-07-10

Reason

Barclays

Price Target

$240 -> $237

2025-07-10

downgrade

Equal Weight

Reason

Barclays lowered the firm's price target on MarketAxess to $237 from $240 and keeps an Equal Weight rating on the shares. Heading into the Q2 reports for the brokers, asset managers and exchanges, the firm says trading activity was "generally robust" through the quarter. The Federal funds rate remains supportive for net interest income through the rest of the year, the analyst tells investors in a research note. Barclays sees the trading environment as "fairly robust."

Barclays

Benjamin Budish

Equal Weight

maintain

$232 -> $240

2025-05-08

Reason

Barclays

Benjamin Budish

Price Target

$232 -> $240

2025-05-08

maintain

Equal Weight

Reason

Barclays analyst Benjamin Budish raised the firm's price target on MarketAxess to $240 from $232 and keeps an Equal Weight rating on the shares. The company's Q1 earnings beat Street estimates on lower spending, more than offsetting a modest sales miss, the analyst tells investors in a research note. The firm says MarketAxess' credit share improved sequentially.

Keefe Bruyette

Kyle Voigt

Market Perform

maintain

$223 -> $226

2025-05-08

Reason

Keefe Bruyette

Kyle Voigt

Price Target

$223 -> $226

2025-05-08

maintain

Market Perform

Reason

Keefe Bruyette analyst Kyle Voigt raised the firm's price target on MarketAxess to $226 from $223 and keeps a Market Perform rating on the shares. Consensus is not fully reflecting the potential blended fee per million headwind of the likely protocol mix that lies ahead, the analyst tells investors in a research note.

See All Ratings

Valuation Metrics

The current forward P/E ratio for Marketaxess Holdings Inc (MKTX.O) is 23.91, compared to its 5-year average forward P/E of 43.87. For a more detailed relative valuation and DCF analysis to assess Marketaxess Holdings Inc 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

Undervalued

5Y Average PE

43.87

Current PE

23.91

Overvalued PE

58.91

Undervalued PE

28.83

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

Undervalued

5Y Average EV/EBITDA

28.33

Current EV/EBITDA

14.58

Overvalued EV/EBITDA

39.10

Undervalued EV/EBITDA

17.55

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Undervalued

5Y Average PS

15.83

Current PS

7.80

Overvalued PS

22.32

Undervalued PS

9.33