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

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

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	30.4%	22.4%	26.8%	33.1%	34.6%
Restricted Cash	2.6%	2.2%	3.2%	3.3%	3.8%
Cash and Securities Segregated Under Federal Regulations	2.6%	2.2%	3.2%	3.3%	3.8%
Accounts Receivable	5.1%	4.5%	4.9%	4.2%	6.0%
Allowance For Doubtful Accounts	0.1%	0.0%	0.0%	0.0%	0.0%
Deposits and Other Receivables From Broker Dealers	20.0%	34.1%	29.6%	26.7%	21.0%
Trading Securities	9.2%	6.7%	5.2%	2.4%	2.1%
Prepaid Expenses	4.6%	4.2%	4.2%	1.8%	2.2%
Property and Equipment	6.0%	5.1%	6.2%	6.3%	6.4%
Goodwill	13.2%	11.7%	9.6%	10.1%	11.1%
Intangible Assets	5.5%	5.9%	6.1%	7.6%	7.2%
Operating Lease Right of Use Assets	3.2%	3.1%	4.1%	4.6%	5.7%
Deferred Tax Assets	1.5%	1.2%	1.6%	1.6%	1.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.1%	1.8%	3.4%	4.7%	3.3%
Accrued Compensation and Benefits	3.8%	3.0%	3.5%	3.9%	4.7%
Payables To Broker Dealers	0.5%	0.4%	0.5%	0.2%	0.1%
Income Taxes Payable	0.2%	0.4%	1.8%	2.6%	3.2%
Operating Lease Liability,Current	0.7%	0.6%	0.7%	0.7%	0.9%
Contract Liabilities	0.3%	0.2%	0.2%	0.3%	0.3%
Operating Lease Liability,Non Current	4.1%	4.0%	5.1%	5.8%	7.0%
Total Liabilities	22.4%	35.8%	32.8%	32.0%	28.3%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Preferred Stock	0.0%	0.0%	0.0%	0.0%	—
Additional Paid In Capital	19.6%	16.5%	21.5%	21.6%	24.8%
Retained Earnings	78.6%	61.7%	68.5%	62.5%	60.0%
Treasury Stock	18.6%	12.9%	20.4%	15.2%	12.7%
Accumulated Other Comprehensive Income(loss)	-1.9%	-1.2%	-2.3%	-0.9%	-0.3%
Total Stockholders Equity	77.6%	64.2%	67.2%	68.0%	71.7%
Total Liabilities and Stockholders Equity	100.0%	100.0%	100.0%	100.0%	100.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	45.7%	37.3%	44.7%	45.7%	51.8%
Expenses Total Operating Expenses	26.6%	21.7%	24.3%	23.6%	23.6%
Expenses Employee Compensation and Benefits	13.2%	10.3%	11.3%	11.2%	11.8%
Expenses Information Systems and Technology	4.0%	3.1%	3.3%	2.8%	2.6%
Expenses Professional and Consulting Fees	1.5%	1.6%	2.1%	2.7%	2.4%
Expenses Occupancy and Equipment Costs	0.8%	0.7%	0.9%	0.9%	1.0%
Expenses Depreciation and Amortization	4.1%	3.5%	3.8%	3.5%	2.7%
Expenses Marketing and Advertising	0.7%	0.5%	0.6%	0.6%	0.6%
Expenses General and Administrative	1.3%	1.1%	1.2%	0.9%	1.0%
Operating Income Operating Income	19.1%	15.6%	20.3%	22.0%	28.1%
Non Operating Items Non Operating Income(expense)	1.1%	0.9%	0.7%	-0.2%	-0.0%
Non Operating Items Foreign Exchange Gain(loss)	-0.1%	-0.2%	0.5%	0.0%	—
Non Operating Items Gain(loss)On Investments	0.0%	0.1%	-0.2%	0.1%	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	0.1%	0.0%	0.1%	0.0%	0.0%
Income Before Tax Income Before Income Taxes	20.2%	16.5%	21.0%	21.8%	28.1%
Income Tax Income Tax Expense(benefit)	4.8%	3.7%	5.5%	5.0%	5.6%
net Income net Income	15.3%	12.8%	15.6%	16.9%	22.5%
Earnings Per Share Earnings Per Share,Basic	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Earnings Per Share,Diluted	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares,Basic	2.1%	1.9%	2.3%	2.5%	2.8%
Earnings Per Share Weighted Average Shares,Diluted	2.1%	1.9%	2.3%	2.5%	2.9%
Comprehensive Income Other Comprehensive Income(loss)	-0.6%	0.7%	-1.5%	-0.6%	0.5%
Comprehensive Income Comprehensive Income	14.7%	13.5%	14.0%	16.3%	22.9%

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	15.3%	12.8%	15.6%	16.9%	22.5%
Operating Activities Depreciation and Amortization	4.1%	3.5%	3.8%	3.5%	2.7%
Operating Activities Stock Based Compensation	1.7%	1.4%	1.9%	1.8%	1.9%
Operating Activities Deferred Income Taxes	-0.2%	-0.3%	-0.4%	0.2%	0.8%
Operating Activities Change In Accounts Receivable	0.2%	0.4%	0.9%	-1.0%	1.4%
Operating Activities Change In Accounts Payable and Accrued Liabilities	0.2%	-0.4%	0.7%	0.0%	0.5%
Operating Activities Change In Income Tax Payable	-0.2%	-0.7%	-0.3%	-0.4%	1.2%
Operating Activities Change In Broker Receivables/payables	-17.9%	9.0%	3.0%	10.3%	13.7%
Operating Activities Change In Other Operating Assets and Liabilities	-0.1%	0.6%	0.3%	-0.1%	0.1%
Operating Activities net Cash Provided by Operating Activities	21.5%	16.6%	18.0%	18.4%	30.4%
Investing Activities Capital Expenditures	0.6%	0.5%	0.8%	1.1%	1.1%
Investing Activities Software Development Costs	2.6%	2.1%	2.4%	2.2%	2.3%
Investing Activities Purchases of Investments	5.2%	3.9%	3.1%	1.6%	2.5%
Investing Activities Proceeds From Sales and Maturities of Investments	0.7%	0.2%	0.0%	0.0%	12.8%
Investing Activities Equity Method Investments	0.0%	0.0%	2.1%	0.0%	0.0%
Investing Activities net Cash Used In Investing Activities	-4.9%	-7.7%	-5.4%	-4.4%	5.2%
Financing Activities Proceeds From Debt	19.3%	6.2%	6.2%	4.6%	43.4%
Financing Activities Dividends Paid	6.3%	5.4%	6.6%	6.5%	6.8%
Financing Activities Repurchase of Common Stock	4.2%	0.0%	5.4%	4.1%	1.2%
Financing Activities Proceeds From Exercise of Stock Options	0.2%	0.0%	0.0%	0.5%	0.3%
Financing Activities Payments For Tax Withholding On Share Based Compensation	0.9%	1.3%	1.5%	2.2%	3.2%
Financing Activities net Cash Used In Financing Activities	-11.3%	-7.3%	-15.1%	-12.4%	-10.9%
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-0.5%	0.4%	-0.8%	-0.5%	0.4%
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	5.0%	1.9%	-3.3%	1.1%	25.1%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	30.4%	22.4%	26.8%	33.1%	34.6%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	30.4%	22.4%	26.8%	33.1%	34.6%
Supplemental Disclosures Interest Paid	0.1%	0.1%	0.0%	0.1%	0.1%
Supplemental Disclosures Income Taxes Paid	5.4%	4.7%	5.5%	4.6%	3.4%

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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