MarketAxess

Financials Financial Exchanges & Data New York City, New York Last filing Feb 24, 2025 · FY2024

                    Revenue
                    FY2024
                
$817.1M
                    3y CAGR +5.3%
                    
                    P22
                    
                    +8.6%
                    
                    Net income
                    FY2024
                
$274.2M
                    Net margin +33.6%
                    
                    P83
                    
                    +6.2%
                    
                    Total assets
                    FY2024
                
$1.8B
                    ROA +15.3%
                    
                    P93
                    
                    -11.2%
                    
                    Operating cash flow
                    FY2024
                
$385.2M
                    FCF margin +45.9%
                    
                    P80
                    
                    +15.4%

12 yrs · FY2011–FY2024 2 gaps (2018–2017) 1 quarantined 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	2023	2022	2021	2020
Assets
Cash and Cash Equivalents	$544.5M 20.7%	$451.3M 4.8%	$430.7M -15.0%	$506.7M 10.0%	$460.9M
Restricted Cash	$47.1M 4.4%	$45.1M -11.4%	$50.9M 1.6%	$50.2M 0.2%	$50.1M
Cash and Securities Segregated Under Federal Regulations	$47.1M 4.4%	$45.1M -11.4%	$50.9M 1.6%	$50.2M 0.2%	$50.1M
Accounts Receivable	$91.8M 2.2%	$89.8M 14.5%	$78.5M 22.8%	$63.9M -19.7%	$79.6M
Allowance For Doubtful Accounts	$982.0K 70.2%	$577.0K -2.2%	$590.0K 321.4%	$140.0K 0.0%	$140.0K
Deposits and Other Receivables From Broker Dealers	$357.7M -48.0%	$687.9M 44.4%	$476.3M 16.6%	$408.3M 45.9%	$279.9M
Trading Securities	$165.3M 22.5%	$134.9M 60.9%	$83.8M 132.3%	$36.1M 28.3%	$28.1M
Prepaid Expenses	$82.6M -2.3%	$84.5M 23.7%	$68.3M 152.3%	$27.1M -6.8%	$29.0M
Property and Equipment	$107.3M 4.5%	$102.7M 2.4%	$100.3M 4.4%	$96.1M 12.7%	$85.2M
Goodwill	$236.7M 0.0%	$236.7M 52.9%	$154.8M 0.0%	$154.8M 5.0%	$147.4M
Intangible Assets	$98.1M -17.7%	$119.1M 21.5%	$98.1M -15.7%	$116.4M 22.0%	$95.4M
Operating Lease Right of Use Assets	$58.1M -7.8%	$63.0M -4.6%	$66.1M -6.8%	$71.0M -6.5%	$75.9M
Deferred Tax Assets	$27.6M 9.4%	$25.2M -1.2%	$25.5M 4.6%	$24.4M -2.5%	$25.0M
Total Assets	$1.8B -11.2%	$2.0B 25.3%	$1.6B 5.1%	$1.5B 14.9%	$1.3B
Liabilities
Accounts Payable	$37.3M 0.8%	$37.0M -33.0%	$55.3M -22.4%	$71.2M 60.6%	$44.4M
Accrued Compensation and Benefits	$68.1M 13.2%	$60.1M 6.8%	$56.3M -5.7%	$59.7M -4.2%	$62.3M
Payables To Broker Dealers	$8.2M 14.5%	$7.2M -2.2%	$7.3M 113.9%	$3.4M 111.4%	$1.6M
Income Taxes Payable	$3.7M -53.3%	$7.9M -72.3%	$28.4M -29.7%	$40.5M -5.4%	$42.8M
Operating Lease Liability,Current	$12.7M -2.2%	$13.0M 18.0%	$11.0M -1.5%	$11.2M -8.0%	$12.1M
Contract Liabilities	$5.0M 10.2%	$4.5M 13.8%	$4.0M -6.1%	$4.2M 0.0%	$4.2M
Operating Lease Liability,Non Current	$72.7M -8.8%	$79.7M -3.6%	$82.7M -6.5%	$88.4M -5.5%	$93.6M
Total Liabilities	$400.6M -44.5%	$722.1M 37.1%	$526.7M 7.7%	$489.1M 30.0%	$376.4M
Equity
Common Stock	$123.0K 0.0%	$123.0K 0.0%	$123.0K 0.0%	$123.0K 0.0%	$123.0K
Preferred Stock	$0	$0	$0	$0	—
Additional Paid In Capital	$350.7M 5.2%	$333.3M -3.5%	$345.5M 4.6%	$330.3M 0.2%	$329.7M
Retained Earnings	$1.4B 13.0%	$1.2B 13.0%	$1.1B 15.1%	$957.0M 19.7%	$799.4M
Treasury Stock	$333.4M 28.1%	$260.3M -20.7%	$328.3M 41.1%	$232.7M 37.3%	$169.5M
Accumulated Other Comprehensive Income(loss)	$-34.7M -42.4%	$-24.4M 35.4%	$-37.7M -182.8%	$-13.3M -186.7%	$-4.7M
Total Stockholders Equity	$1.4B 7.4%	$1.3B 19.6%	$1.1B 3.8%	$1.0B 9.0%	$955.1M
Total Liabilities and Stockholders Equity	$1.8B -11.2%	$2.0B 25.3%	$1.6B 5.1%	$1.5B 14.9%	$1.3B
Total Liabilitiesand Equity	$1.8B -11.2%	$2.0B 25.3%	$1.6B 5.1%	$1.5B 14.9%	$1.3B

Income Statement

Revenue, expense, and profitability

23 accounts · 5 years

Revenue $817.1M

Operating income $340.9M

Net income $274.2M

Account	2024	2023	2022	2021	2020
IncomeStatement
Revenues Total Revenues	$817.1M 8.6%	$752.5M 4.8%	$718.3M 2.8%	$699.0M 1.4%	$689.1M
Expenses Total Operating Expenses	$476.2M 8.8%	$437.5M 11.8%	$391.4M 8.2%	$361.7M 15.1%	$314.4M
Expenses Employee Compensation and Benefits	$235.9M 14.0%	$206.9M 13.6%	$182.1M 6.5%	$170.9M 8.9%	$156.9M
Expenses Information Systems and Technology	$72.2M 14.9%	$62.8M 18.6%	$53.0M 24.7%	$42.5M 24.6%	$34.1M
Expenses Professional and Consulting Fees	$27.4M -14.3%	$31.9M -5.9%	$33.9M -19.0%	$41.9M 29.8%	$32.3M
Expenses Occupancy and Equipment Costs	$14.7M 3.3%	$14.2M 0.7%	$14.1M 6.0%	$13.3M -0.8%	$13.4M
Expenses Depreciation and Amortization	$73.8M 4.6%	$70.6M 14.8%	$61.4M 15.0%	$53.4M 48.5%	$36.0M
Expenses Marketing and Advertising	$11.7M 6.0%	$11.0M 10.7%	$10.0M 10.1%	$9.1M 14.1%	$7.9M
Expenses General and Administrative	$22.7M -1.4%	$23.0M 20.0%	$19.2M 32.4%	$14.5M 14.2%	$12.7M
Operating Income Operating Income	$340.9M 8.2%	$315.0M -3.6%	$326.9M -3.1%	$337.2M -10.0%	$374.7M
Non Operating Items Non Operating Income(expense)	$19.7M 11.3%	$17.7M 54.9%	$11.4M 444.6%	$-3.3M -797.6%	$-369.0K
Non Operating Items Foreign Exchange Gain(loss)	$-1.3M 73.0%	$-4.7M -153.7%	$8.8M	$0	—
Non Operating Items Gain(loss)On Investments	$19.0K -98.9%	$1.7M 165.5%	$-2.6M -329.7%	$1.1M	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	$1.4M 89.8%	$735.0K -34.7%	$1.1M	$0	$0
Income Before Tax Income Before Income Taxes	$360.5M 8.4%	$332.7M -1.7%	$338.3M 1.3%	$333.9M -10.8%	$374.4M
Income Tax Income Tax Expense(benefit)	$86.4M 15.7%	$74.6M -15.2%	$88.1M 15.8%	$76.0M 1.4%	$75.0M
net Income net Income	$274.2M 6.2%	$258.1M 3.1%	$250.2M -3.0%	$257.9M -13.9%	$299.4M
Earnings Per Share Earnings Per Share,Basic	$7 6.1%	$7 2.8%	$7 -2.9%	$7 -14.1%	$8
Earnings Per Share Earnings Per Share,Diluted	$7 6.3%	$7 3.0%	$7 -1.8%	$7 -13.8%	$8
Earnings Per Share Weighted Average Shares,Basic	$37.6M 0.1%	$37.5M 0.2%	$37.5M -0.1%	$37.5M 0.4%	$37.4M
Earnings Per Share Weighted Average Shares,Diluted	$37.7M 0.0%	$37.7M 0.0%	$37.6M -1.2%	$38.1M -0.1%	$38.1M
Comprehensive Income Other Comprehensive Income(loss)	$-10.1M -175.6%	$13.3M 154.8%	$-24.4M -180.7%	$-8.7M -240.8%	$6.2M
Comprehensive Income Comprehensive Income	$263.9M -2.8%	$271.4M 20.2%	$225.9M -9.4%	$249.2M -18.3%	$305.0M

Cash Flow Statement

Operating, investing, and financing flows

28 accounts · 5 years

Operating cash flow $385.2M

Investing cash flow $-86.9M

Financing cash flow $-201.4M

Account	2024	2023	2022	2021	2020
CashFlow
Operating Activities net Income	$274.2M 6.2%	$258.1M 3.1%	$250.2M -3.0%	$257.9M -13.9%	$299.4M
Operating Activities Depreciation and Amortization	$73.8M 4.6%	$70.6M 14.8%	$61.4M 15.0%	$53.4M 48.5%	$36.0M
Operating Activities Stock Based Compensation	$29.7M 1.7%	$29.2M -2.3%	$29.9M 9.3%	$27.3M 6.6%	$25.6M
Operating Activities Deferred Income Taxes	$-3.9M 33.3%	$-5.8M 11.2%	$-6.5M -310.0%	$3.1M -69.1%	$10.1M
Operating Activities Change In Accounts Receivable	$3.7M -47.6%	$7.1M -53.0%	$15.1M 197.0%	$-15.6M -186.6%	$18.0M
Operating Activities Change In Accounts Payable and Accrued Liabilities	$3.5M 149.0%	$-7.2M -163.5%	$11.4M 5194.9%	$215.0K -96.4%	$6.0M
Operating Activities Change In Income Tax Payable	$-3.3M 77.6%	$-14.7M -208.1%	$-4.8M 15.4%	$-5.6M -134.8%	$16.2M
Operating Activities Change In Broker Receivables/payables	$-320.1M -276.8%	$181.0M 280.1%	$47.6M -69.6%	$156.9M -14.2%	$182.9M
Operating Activities Change In Other Operating Assets and Liabilities	$-1.0M -108.5%	$11.9M 180.0%	$4.2M 291.9%	$-2.2M -212.0%	$2.0M
Operating Activities net Cash Provided by Operating Activities	$385.2M 15.4%	$333.8M 15.4%	$289.2M 2.5%	$282.1M -30.3%	$404.5M
Investing Activities Capital Expenditures	$9.9M 6.6%	$9.3M -29.0%	$13.1M -24.9%	$17.5M 16.5%	$15.0M
Investing Activities Software Development Costs	$46.6M 8.1%	$43.1M 11.3%	$38.7M 16.9%	$33.1M 8.2%	$30.6M
Investing Activities Purchases of Investments	$93.4M 18.8%	$78.6M 56.9%	$50.1M 100.4%	$25.0M -23.9%	$32.9M
Investing Activities Proceeds From Sales and Maturities of Investments	$12.4M 179.4%	$4.5M	$0	$0 -100.0%	$170.7M
Investing Activities Equity Method Investments	$0	$0 -100.0%	$34.4M	$0	$0
Investing Activities net Cash Used In Investing Activities	$-86.9M 44.0%	$-155.3M -80.0%	$-86.3M -27.4%	$-67.7M -198.3%	$68.9M
Financing Activities Proceeds From Debt	$344.9M 178.2%	$124.0M 24.0%	$100.0M 42.2%	$70.3M -87.8%	$578.4M
Financing Activities Dividends Paid	$112.7M 2.8%	$109.7M 3.5%	$105.9M 6.2%	$99.8M 10.2%	$90.6M
Financing Activities Repurchase of Common Stock	$75.5M	$0 -100.0%	$87.5M 38.5%	$63.2M 291.6%	$16.1M
Financing Activities Proceeds From Exercise of Stock Options	$3.0M 217.9%	$940.0K 39.9%	$672.0K -90.5%	$7.1M 77.1%	$4.0M
Financing Activities Payments For Tax Withholding On Share Based Compensation	$16.2M -37.3%	$25.8M 10.4%	$23.4M -30.9%	$33.9M -20.1%	$42.4M
Financing Activities net Cash Used In Financing Activities	$-201.4M -36.9%	$-147.1M 39.3%	$-242.4M -27.7%	$-189.8M -30.8%	$-145.1M
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	$-8.1M -207.2%	$7.6M 156.3%	$-13.5M -89.8%	$-7.1M -227.9%	$5.6M
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	$88.8M 127.6%	$39.0M 173.7%	$-52.9M -402.0%	$17.5M -94.8%	$333.8M
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	$544.5M 20.7%	$451.3M 4.8%	$430.7M -15.0%	$506.7M 10.0%	$460.9M
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	$544.5M 20.7%	$451.3M 4.8%	$430.7M -15.0%	$506.7M 10.0%	$460.9M
Supplemental Disclosures Interest Paid	$1.7M -8.2%	$1.9M 186.8%	$652.0K -21.4%	$830.0K -27.3%	$1.1M
Supplemental Disclosures Income Taxes Paid	$96.9M 2.2%	$94.8M 6.9%	$88.7M 26.7%	$70.0M 55.4%	$45.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2024	2023	2022	2021	2020
Profitability
Gross margin	—	—	—	—	—
Operating margin	+41.7%	+41.9%	+45.5%	+48.2%	+54.4%
Net margin	+33.6%	+34.3%	+34.8%	+36.9%	+43.4%
FCF margin	+45.9%	+43.1%	+38.4%	+37.9%	+56.5%
Growth
Revenue CAGR (3y)	+5.3%	+3.0%	+12.0%	—	—
Returns
ROE	+19.7%	+20.0%	+23.1%	+24.8%	+31.3%
ROA	+15.3%	+12.8%	+15.6%	+16.9%	+22.5%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.29x	0.56x	0.49x	0.47x	0.39x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.46x	0.37x	0.45x	0.46x	0.52x
Cash conversion cycle	—	—	—	—	—

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