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
                    
                    n/a
                    
                    Net income
                    FY2024
                
$274.2M
                    Net margin +33.6%
                    
                    P83
                    
                    n/a
                    
                    Total assets
                    FY2024
                
$1.8B
                    ROA +15.3%
                    
                    P93
                    
                    n/a
                    
                    Operating cash flow
                    FY2024
                
$385.2M
                    FCF margin +45.9%
                    
                    P80
                    
                    n/a

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

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 1 year

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	Trend
Assets
Cash and Cash Equivalents	30.4%
Restricted Cash	2.6%
Cash and Securities Segregated Under Federal Regulations	2.6%
Accounts Receivable	5.1%
Allowance For Doubtful Accounts	0.1%
Deposits and Other Receivables From Broker Dealers	20.0%
Trading Securities	9.2%
Prepaid Expenses	4.6%
Property and Equipment	6.0%
Goodwill	13.2%
Intangible Assets	5.5%
Operating Lease Right of Use Assets	3.2%
Deferred Tax Assets	1.5%
Total Assets	100.0%
Liabilities
Accounts Payable	2.1%
Accrued Compensation and Benefits	3.8%
Payables To Broker Dealers	0.5%
Income Taxes Payable	0.2%
Operating Lease Liability,Current	0.7%
Contract Liabilities	0.3%
Operating Lease Liability,Non Current	4.1%
Total Liabilities	22.4%
Equity
Common Stock	0.0%
Preferred Stock	0.0%
Additional Paid In Capital	19.6%
Retained Earnings	78.6%
Treasury Stock	18.6%
Accumulated Other Comprehensive Income(loss)	-1.9%
Total Stockholders Equity	77.6%
Total Liabilities and Stockholders Equity	100.0%
Total Liabilitiesand Equity	100.0%

Income Statement

Revenue, expense, and profitability

23 accounts · 1 year

Revenue $817.1M

Operating income $340.9M

Net income $274.2M

Account	2024	Trend
IncomeStatement
Revenues Total Revenues	45.7%
Expenses Total Operating Expenses	26.6%
Expenses Employee Compensation and Benefits	13.2%
Expenses Information Systems and Technology	4.0%
Expenses Professional and Consulting Fees	1.5%
Expenses Occupancy and Equipment Costs	0.8%
Expenses Depreciation and Amortization	4.1%
Expenses Marketing and Advertising	0.7%
Expenses General and Administrative	1.3%
Operating Income Operating Income	19.1%
Non Operating Items Non Operating Income(expense)	1.1%
Non Operating Items Foreign Exchange Gain(loss)	-0.1%
Non Operating Items Gain(loss)On Investments	0.0%
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	0.1%
Income Before Tax Income Before Income Taxes	20.2%
Income Tax Income Tax Expense(benefit)	4.8%
net Income net Income	15.3%
Earnings Per Share Earnings Per Share,Basic	0.0%
Earnings Per Share Earnings Per Share,Diluted	0.0%
Earnings Per Share Weighted Average Shares,Basic	2.1%
Earnings Per Share Weighted Average Shares,Diluted	2.1%
Comprehensive Income Other Comprehensive Income(loss)	-0.6%
Comprehensive Income Comprehensive Income	14.7%

Cash Flow Statement

Operating, investing, and financing flows

28 accounts · 1 year

Operating cash flow $385.2M

Investing cash flow $-86.9M

Financing cash flow $-201.4M

Account	2024	Trend
CashFlow
Operating Activities net Income	15.3%
Operating Activities Depreciation and Amortization	4.1%
Operating Activities Stock Based Compensation	1.7%
Operating Activities Deferred Income Taxes	-0.2%
Operating Activities Change In Accounts Receivable	0.2%
Operating Activities Change In Accounts Payable and Accrued Liabilities	0.2%
Operating Activities Change In Income Tax Payable	-0.2%
Operating Activities Change In Broker Receivables/payables	-17.9%
Operating Activities Change In Other Operating Assets and Liabilities	-0.1%
Operating Activities net Cash Provided by Operating Activities	21.5%
Investing Activities Capital Expenditures	0.6%
Investing Activities Software Development Costs	2.6%
Investing Activities Purchases of Investments	5.2%
Investing Activities Proceeds From Sales and Maturities of Investments	0.7%
Investing Activities Equity Method Investments	0.0%
Investing Activities net Cash Used In Investing Activities	-4.9%
Financing Activities Proceeds From Debt	19.3%
Financing Activities Dividends Paid	6.3%
Financing Activities Repurchase of Common Stock	4.2%
Financing Activities Proceeds From Exercise of Stock Options	0.2%
Financing Activities Payments For Tax Withholding On Share Based Compensation	0.9%
Financing Activities net Cash Used In Financing Activities	-11.3%
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-0.5%
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	5.0%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	30.4%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	30.4%
Supplemental Disclosures Interest Paid	0.1%
Supplemental Disclosures Income Taxes Paid	5.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2024
Profitability
Gross margin	—
Operating margin	+41.7%
Net margin	+33.6%
FCF margin	+45.9%
Growth
Revenue CAGR (3y)	+5.3%
Returns
ROE	+19.7%
ROA	+15.3%
ROIC	—
Liquidity
Current ratio	—
Quick ratio	—
Leverage
D/E	0.29x
Interest coverage	—
Efficiency
Asset turnover	0.46x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2024 fundamentals · no price

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