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 · 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	+4.3%	-0.7%	-3.3%	+10.0%	—
Restricted Cash	-1.5%	-3.4%	+0.9%	+0.2%	—
Cash and Securities Segregated Under Federal Regulations	-1.5%	-3.4%	+0.9%	+0.2%	—
Accounts Receivable	+3.6%	+4.1%	-0.7%	-19.7%	—
Allowance For Doubtful Accounts	+62.7%	+60.3%	+105.3%	+0.0%	—
Deposits and Other Receivables From Broker Dealers	+6.3%	+35.0%	+30.4%	+45.9%	—
Trading Securities	+55.7%	+68.7%	+72.6%	+28.3%	—
Prepaid Expenses	+29.9%	+42.8%	+53.4%	-6.8%	—
Property and Equipment	+5.9%	+6.4%	+8.5%	+12.7%	—
Goodwill	+12.6%	+17.1%	+2.5%	+5.0%	—
Intangible Assets	+0.7%	+7.7%	+1.4%	+22.0%	—
Operating Lease Right of Use Assets	-6.5%	-6.0%	-6.7%	-6.5%	—
Deferred Tax Assets	+2.5%	+0.3%	+1.0%	-2.5%	—
Total Assets	+7.7%	+14.8%	+9.9%	+14.9%	—
Liabilities
Accounts Payable	-4.2%	-5.9%	+11.6%	+60.6%	—
Accrued Compensation and Benefits	+2.2%	-1.2%	-5.0%	-4.2%	—
Payables To Broker Dealers	+50.0%	+64.2%	+112.7%	+111.4%	—
Income Taxes Payable	-45.8%	-43.1%	-18.4%	-5.4%	—
Operating Lease Liability,Current	+1.2%	+2.3%	-4.8%	-8.0%	—
Contract Liabilities	+4.2%	+2.2%	-3.1%	+0.0%	—
Operating Lease Liability,Non Current	-6.1%	-5.2%	-6.0%	-5.5%	—
Total Liabilities	+1.6%	+24.3%	+18.3%	+30.0%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Preferred Stock	—	—	—	—	—
Additional Paid In Capital	+1.6%	+0.4%	+2.4%	+0.2%	—
Retained Earnings	+15.2%	+15.9%	+17.4%	+19.7%	—
Treasury Stock	+18.4%	+15.4%	+39.2%	+37.3%	—
Accumulated Other Comprehensive Income(loss)	—	—	—	—	—
Total Stockholders Equity	+9.8%	+10.6%	+6.4%	+9.0%	—
Total Liabilities and Stockholders Equity	+7.7%	+14.8%	+9.9%	+14.9%	—
Total Liabilitiesand Equity	+7.7%	+14.8%	+9.9%	+14.9%	—

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	+4.4%	+3.0%	+2.1%	+1.4%	—
Expenses Total Operating Expenses	+10.9%	+11.6%	+11.6%	+15.1%	—
Expenses Employee Compensation and Benefits	+10.7%	+9.7%	+7.7%	+8.9%	—
Expenses Information Systems and Technology	+20.6%	+22.6%	+24.6%	+24.6%	—
Expenses Professional and Consulting Fees	-4.0%	-0.4%	+2.5%	+29.8%	—
Expenses Occupancy and Equipment Costs	+2.3%	+1.9%	+2.6%	-0.8%	—
Expenses Depreciation and Amortization	+19.7%	+25.1%	+30.7%	+48.5%	—
Expenses Marketing and Advertising	+10.2%	+11.6%	+12.1%	+14.1%	—
Expenses General and Administrative	+15.6%	+22.0%	+23.0%	+14.2%	—
Operating Income Operating Income	-2.3%	-5.6%	-6.6%	-10.0%	—
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	-0.9%	-3.9%	-4.9%	-10.8%	—
Income Tax Income Tax Expense(benefit)	+3.6%	-0.2%	+8.4%	+1.4%	—
net Income net Income	-2.2%	-4.8%	-8.6%	-13.9%	—
Earnings Per Share Earnings Per Share,Basic	-2.3%	-5.0%	-8.7%	-14.1%	—
Earnings Per Share Earnings Per Share,Diluted	-1.9%	-4.4%	-8.0%	-13.8%	—
Earnings Per Share Weighted Average Shares,Basic	+0.2%	+0.2%	+0.1%	+0.4%	—
Earnings Per Share Weighted Average Shares,Diluted	-0.3%	-0.4%	-0.7%	-0.1%	—
Comprehensive Income Other Comprehensive Income(loss)	—	+29.4%	—	—	—
Comprehensive Income Comprehensive Income	-3.6%	-3.8%	-13.9%	-18.3%	—

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	-2.2%	-4.8%	-8.6%	-13.9%	—
Operating Activities Depreciation and Amortization	+19.7%	+25.1%	+30.7%	+48.5%	—
Operating Activities Stock Based Compensation	+3.8%	+4.5%	+8.0%	+6.6%	—
Operating Activities Deferred Income Taxes	—	—	—	-69.1%	—
Operating Activities Change In Accounts Receivable	-32.5%	-26.6%	-8.3%	—	—
Operating Activities Change In Accounts Payable and Accrued Liabilities	-12.4%	—	+37.7%	-96.4%	—
Operating Activities Change In Income Tax Payable	—	—	—	—	—
Operating Activities Change In Broker Receivables/payables	—	-0.3%	-49.0%	-14.2%	—
Operating Activities Change In Other Operating Assets and Liabilities	—	+81.9%	+46.6%	—	—
Operating Activities net Cash Provided by Operating Activities	-1.2%	-6.2%	-15.4%	-30.3%	—
Investing Activities Capital Expenditures	-9.8%	-14.7%	-6.4%	+16.5%	—
Investing Activities Software Development Costs	+11.1%	+12.1%	+12.5%	+8.2%	—
Investing Activities Purchases of Investments	+29.8%	+33.7%	+23.5%	-23.9%	—
Investing Activities Proceeds From Sales and Maturities of Investments	-48.0%	-70.3%	—	—	—
Investing Activities Equity Method Investments	—	—	—	—	—
Investing Activities net Cash Used In Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	-12.1%	-40.1%	-58.4%	-87.8%	—
Financing Activities Dividends Paid	+5.6%	+6.6%	+8.2%	+10.2%	—
Financing Activities Repurchase of Common Stock	+47.1%	—	+132.9%	+291.6%	—
Financing Activities Proceeds From Exercise of Stock Options	-7.1%	-38.3%	-59.0%	+77.1%	—
Financing Activities Payments For Tax Withholding On Share Based Compensation	-21.4%	-15.2%	-25.7%	-20.1%	—
Financing Activities net Cash Used In Financing Activities	—	—	—	—	—
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	—	+11.0%	—	—	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	-28.2%	-51.1%	—	-94.8%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	+4.3%	-0.7%	-3.3%	+10.0%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	+4.3%	-0.7%	-3.3%	+10.0%	—
Supplemental Disclosures Interest Paid	+10.7%	+17.9%	-24.4%	-27.3%	—
Supplemental Disclosures Income Taxes Paid	+21.1%	+28.2%	+40.3%	+55.4%	—

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	—	—	—	—	—

Valuation

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