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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	2023	2022	2021	2020	2019	gap: 2017–2018 2016	2015	2014	2013
Assets
Cash and Cash Equivalents	+13.7%	+13.0%	+14.0%	+18.2%	+19.5%	+12.6%	+8.2%	+22.7%	+27.3%	—
Restricted Cash	—	—	—	—	—	—	—	—	—	—
Cash and Securities Segregated Under Federal Regulations	—	—	—	—	—	—	—	—	—	—
Accounts Receivable	+9.4%	+10.2%	+9.7%	+8.1%	+12.8%	+10.5%	+14.0%	+8.8%	-0.9%	—
Allowance For Doubtful Accounts	+23.1%	+19.2%	+21.8%	+4.3%	+4.9%	-8.9%	+0.0%	+0.0%	—	—
Deposits and Other Receivables From Broker Dealers	—	—	—	—	—	—	—	—	—	—
Trading Securities	—	—	—	—	—	—	—	—	—	—
Prepaid Expenses	+20.5%	+23.0%	+22.9%	+12.4%	+15.4%	+19.7%	+3.0%	-3.6%	-37.2%	—
Property and Equipment	+11.4%	+12.1%	+13.3%	+14.4%	+14.7%	+14.0%	-1.7%	-2.8%	-1.6%	—
Goodwill	+22.2%	+24.7%	+21.9%	+24.9%	+28.1%	+33.4%	—	—	—	—
Intangible Assets	+24.3%	+29.5%	+30.4%	+37.7%	+40.1%	+37.6%	-25.4%	-29.8%	-25.3%	—
Operating Lease Right of Use Assets	—	—	—	—	—	—	—	—	—	—
Deferred Tax Assets	+6.8%	+6.6%	+7.5%	+7.8%	+9.4%	+11.8%	+3.2%	+7.6%	+3.8%	—
Total Assets	+15.9%	+19.0%	+18.3%	+20.1%	+20.8%	+18.0%	+14.3%	+11.4%	+7.3%	—
Liabilities
Accounts Payable	+10.2%	+11.2%	+17.6%	+23.9%	+19.3%	+10.0%	+5.6%	-2.4%	-7.0%	—
Accrued Compensation and Benefits	+9.9%	+9.6%	+9.9%	+12.1%	+14.6%	+12.0%	+13.2%	+10.5%	+5.5%	—
Payables To Broker Dealers	—	—	—	—	—	—	—	—	—	—
Income Taxes Payable	-0.7%	+7.1%	+24.4%	+33.6%	+40.4%	+27.0%	+24.0%	+6.0%	+49.4%	—
Operating Lease Liability,Current	—	—	—	—	—	—	—	—	—	—
Contract Liabilities	—	—	—	—	—	—	—	—	—	—
Operating Lease Liability,Non Current	—	—	—	—	—	—	—	—	—	—
Total Liabilities	+22.4%	+32.4%	+31.9%	+35.3%	+36.1%	+27.2%	+11.3%	+5.3%	+4.9%	—
Equity
Common Stock	+0.3%	+0.3%	+0.4%	+0.4%	+0.5%	+0.4%	—	—	—	—
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Additional Paid In Capital	+1.6%	+1.2%	+1.7%	+1.4%	+1.6%	+2.5%	+5.0%	+4.3%	+3.9%	—
Retained Earnings	+35.2%	+37.6%	+40.7%	+44.3%	+48.1%	+50.4%	+71.0%	+81.4%	+99.5%	—
Treasury Stock	+23.6%	+23.2%	+29.4%	+28.0%	+26.7%	+29.7%	+53.8%	+70.1%	+117.7%	—
Accumulated Other Comprehensive Income(loss)	—	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	+14.6%	+15.3%	+14.9%	+16.3%	+17.4%	+16.4%	+14.7%	+12.2%	+7.7%	—
Total Liabilities and Stockholders Equity	+15.9%	+19.0%	+18.3%	+20.1%	+20.8%	+18.0%	+14.3%	+11.4%	+7.3%	—
Total Liabilitiesand Equity	+15.9%	+19.0%	+18.3%	+20.1%	+20.8%	+18.0%	+14.3%	+11.4%	+7.3%	—

Income Statement

Revenue, expense, and profitability

23 accounts · 10 years

Revenue $817.1M

Operating income $340.9M

Net income $274.2M

Account	2024	2023	2022	2021	2020	2019	gap: 2017–2018 2016	2015	2014	2013
IncomeStatement
Revenues Total Revenues	+11.8%	+12.2%	+13.0%	+14.4%	+16.4%	+13.5%	+15.5%	+12.7%	+10.1%	—
Expenses Total Operating Expenses	+12.4%	+12.8%	+12.9%	+13.5%	+13.3%	+12.1%	+10.6%	+8.7%	+9.7%	—
Expenses Employee Compensation and Benefits	+12.5%	+12.4%	+12.2%	+13.0%	+13.6%	+12.6%	+14.5%	+14.1%	+16.4%	—
Expenses Information Systems and Technology	+14.7%	+14.6%	+14.2%	+12.9%	+11.4%	+8.9%	+2.5%	-0.4%	+10.3%	—
Expenses Professional and Consulting Fees	+3.8%	+5.8%	+7.2%	+11.0%	+8.5%	+5.8%	-1.9%	-15.4%	-21.1%	—
Expenses Occupancy and Equipment Costs	+10.0%	+10.6%	+11.8%	+12.5%	+14.6%	+14.5%	-3.3%	-4.8%	-15.3%	—
Expenses Depreciation and Amortization	+16.2%	+17.5%	+17.7%	+18.1%	+14.3%	+11.3%	+8.1%	+14.6%	+23.1%	—
Expenses Marketing and Advertising	+8.8%	+9.1%	+8.9%	+8.7%	+8.0%	+16.5%	+24.5%	+15.2%	+24.5%	—
Expenses General and Administrative	+8.9%	+10.0%	+9.0%	+6.3%	+5.3%	+10.0%	+1.1%	+4.6%	+8.9%	—
Operating Income Operating Income	—	—	—	—	—	—	—	—	—	—
Non Operating Items Non Operating Income(expense)	—	—	—	—	—	—	—	—	—	—
Non Operating Items Foreign Exchange Gain(loss)	—	—	—	—	—	—	—	—	—	—
Non Operating Items Gain(loss)On Investments	—	—	—	—	—	—	—	—	—	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	—	—	—	—	—	—	—	—	—	—
Income Before Tax Income Before Income Taxes	+11.6%	+12.0%	+13.6%	+15.3%	+19.5%	+15.7%	+21.3%	+17.4%	+10.5%	—
Income Tax Income Tax Expense(benefit)	+7.6%	+6.8%	+9.6%	+8.8%	+9.9%	+5.2%	+19.1%	+15.7%	+12.9%	—
net Income net Income	+12.4%	+13.0%	+14.2%	+16.5%	+21.6%	+18.0%	+18.4%	+12.4%	-1.6%	—
Earnings Per Share Earnings Per Share,Basic	+12.2%	+12.8%	+14.0%	+16.3%	+21.4%	+17.9%	+18.4%	+12.8%	-1.5%	—
Earnings Per Share Earnings Per Share,Diluted	+12.4%	+13.0%	+14.2%	+16.4%	+21.5%	+17.9%	+18.4%	+12.6%	-2.0%	—
Earnings Per Share Weighted Average Shares,Basic	+0.2%	+0.2%	+0.2%	+0.2%	+0.2%	+0.1%	-0.0%	-0.3%	+0.1%	—
Earnings Per Share Weighted Average Shares,Diluted	-0.1%	-0.1%	-0.1%	+0.1%	+0.1%	+0.0%	-0.1%	-0.3%	+0.0%	—
Comprehensive Income Other Comprehensive Income(loss)	—	—	—	—	—	—	—	—	—	—
Comprehensive Income Comprehensive Income	+12.1%	+13.7%	+13.0%	+16.2%	+22.2%	+18.4%	+16.7%	+12.7%	-0.9%	—

Cash Flow Statement

Operating, investing, and financing flows

28 accounts · 10 years

Operating cash flow $385.2M

Investing cash flow $-86.9M

Financing cash flow $-201.4M

Account	2024	2023	2022	2021	2020	2019	gap: 2017–2018 2016	2015	2014	2013
CashFlow
Operating Activities net Income	+12.4%	+13.0%	+14.2%	+16.5%	+21.6%	+18.0%	+18.4%	+12.4%	-1.6%	—
Operating Activities Depreciation and Amortization	+16.2%	+17.5%	+17.7%	+18.1%	+14.3%	+11.3%	+8.1%	+14.6%	+23.1%	—
Operating Activities Stock Based Compensation	+11.6%	+12.6%	+14.4%	+15.1%	+16.3%	+19.1%	+17.8%	+18.7%	+10.0%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—	—	—	—	—	—
Operating Activities Change In Accounts Receivable	+7.3%	+15.3%	+27.4%	—	+39.9%	+9.5%	+82.6%	+98.4%	—	—
Operating Activities Change In Accounts Payable and Accrued Liabilities	+23.0%	—	+46.6%	-6.4%	+49.3%	—	+86.0%	—	—	—
Operating Activities Change In Income Tax Payable	—	—	—	—	+27.5%	-36.9%	+2.9%	—	-20.1%	—
Operating Activities Change In Broker Receivables/payables	—	—	—	—	—	—	—	—	—	—
Operating Activities Change In Other Operating Assets and Liabilities	—	+20.5%	+9.7%	—	+1.0%	+16.5%	+4.8%	+20.1%	—	—
Operating Activities net Cash Provided by Operating Activities	+14.0%	+13.9%	+13.7%	+15.2%	+23.8%	+19.6%	-0.4%	+15.0%	+21.0%	—
Investing Activities Capital Expenditures	-3.9%	-4.9%	-1.7%	+1.7%	-0.3%	-3.6%	-25.3%	-44.1%	-69.8%	—
Investing Activities Software Development Costs	+17.5%	+18.4%	+19.2%	+19.5%	+21.3%	+18.9%	+15.1%	+15.4%	+27.9%	—
Investing Activities Purchases of Investments	+4.0%	+2.6%	-2.1%	-10.5%	-8.4%	+17.6%	+10.3%	-3.0%	-73.0%	—
Investing Activities Proceeds From Sales and Maturities of Investments	-0.1%	-9.8%	—	—	+45.2%	+54.6%	+54.7%	+67.8%	+40.4%	—
Investing Activities Equity Method Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash Used In Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	+17.1%	+18.6%	+20.5%	+22.4%	+24.2%	+25.2%	+24.7%	+22.0%	+20.7%	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Exercise of Stock Options	-0.2%	-11.1%	-15.4%	+11.2%	+4.0%	-14.3%	-8.9%	-22.5%	-17.4%	—
Financing Activities Payments For Tax Withholding On Share Based Compensation	+11.3%	+17.8%	+18.7%	+27.0%	+35.7%	+31.5%	+1.1%	-5.2%	+0.4%	—
Financing Activities net Cash Used In Financing Activities	—	—	—	—	—	—	—	—	—	—
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	—	—	—	—	—	—	—	—	—	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	—	—	—	—	—	—	—	—	—	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	+13.7%	+13.0%	+14.0%	+18.2%	+19.5%	+12.6%	+8.2%	+22.7%	+27.3%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	+13.7%	+13.0%	+14.0%	+18.2%	+19.5%	+12.6%	+8.2%	+22.7%	+27.3%	—
Supplemental Disclosures Interest Paid	—	—	—	—	—	—	—	—	—	—
Supplemental Disclosures Income Taxes Paid	+11.0%	+11.9%	+12.5%	+10.8%	+5.6%	+9.1%	+23.7%	+28.6%	+9.3%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2024	2023	2022	2021	2020	2019	gap: 2017–2018 2016	2015	2014	2013
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+41.7%	+41.9%	+45.5%	+48.2%	+54.4%	+49.1%	+51.7%	—	—	—
Net margin	+33.6%	+34.3%	+34.8%	+36.9%	+43.4%	+40.1%	+34.3%	+31.7%	+28.5%	+31.8%
FCF margin	+45.9%	+43.1%	+38.4%	+37.9%	+56.5%	+49.6%	+22.7%	+38.1%	+40.1%	+31.6%
Growth
Revenue CAGR (3y)	+5.3%	+3.0%	+12.0%	—	—	+11.6%	+15.5%	+16.7%	+15.2%	—
Returns
ROE	+19.7%	+20.0%	+23.1%	+24.8%	+31.3%	+26.6%	+27.0%	+24.6%	+22.4%	+24.5%
ROA	+15.3%	+12.8%	+15.6%	+16.9%	+22.5%	+21.5%	+23.9%	+21.9%	+19.7%	+21.5%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—	—	—	—	—	—
Quick ratio	—	—	—	—	—	—	—	—	—	—
Leverage
D/E	0.29x	0.56x	0.49x	0.47x	0.39x	0.24x	0.13x	0.12x	0.14x	0.14x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.46x	0.37x	0.45x	0.46x	0.52x	0.54x	0.70x	0.69x	0.69x	0.67x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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