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

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	$544.5M
Restricted Cash	$47.1M
Cash and Securities Segregated Under Federal Regulations	$47.1M
Accounts Receivable	$91.8M
Allowance For Doubtful Accounts	$982.0K
Deposits and Other Receivables From Broker Dealers	$357.7M
Trading Securities	$165.3M
Prepaid Expenses	$82.6M
Property and Equipment	$107.3M
Goodwill	$236.7M
Intangible Assets	$98.1M
Operating Lease Right of Use Assets	$58.1M
Deferred Tax Assets	$27.6M
Total Assets	$1.8B
Liabilities
Accounts Payable	$37.3M
Accrued Compensation and Benefits	$68.1M
Payables To Broker Dealers	$8.2M
Income Taxes Payable	$3.7M
Operating Lease Liability,Current	$12.7M
Contract Liabilities	$5.0M
Operating Lease Liability,Non Current	$72.7M
Total Liabilities	$400.6M
Equity
Common Stock	$123.0K
Preferred Stock	$0
Additional Paid In Capital	$350.7M
Retained Earnings	$1.4B
Treasury Stock	$333.4M
Accumulated Other Comprehensive Income(loss)	$-34.7M
Total Stockholders Equity	$1.4B
Total Liabilities and Stockholders Equity	$1.8B
Total Liabilitiesand Equity	$1.8B

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	$817.1M
Expenses Total Operating Expenses	$476.2M
Expenses Employee Compensation and Benefits	$235.9M
Expenses Information Systems and Technology	$72.2M
Expenses Professional and Consulting Fees	$27.4M
Expenses Occupancy and Equipment Costs	$14.7M
Expenses Depreciation and Amortization	$73.8M
Expenses Marketing and Advertising	$11.7M
Expenses General and Administrative	$22.7M
Operating Income Operating Income	$340.9M
Non Operating Items Non Operating Income(expense)	$19.7M
Non Operating Items Foreign Exchange Gain(loss)	$-1.3M
Non Operating Items Gain(loss)On Investments	$19.0K
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	$1.4M
Income Before Tax Income Before Income Taxes	$360.5M
Income Tax Income Tax Expense(benefit)	$86.4M
net Income net Income	$274.2M
Earnings Per Share Earnings Per Share,Basic	$7
Earnings Per Share Earnings Per Share,Diluted	$7
Earnings Per Share Weighted Average Shares,Basic	$37.6M
Earnings Per Share Weighted Average Shares,Diluted	$37.7M
Comprehensive Income Other Comprehensive Income(loss)	$-10.1M
Comprehensive Income Comprehensive Income	$263.9M

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	$274.2M
Operating Activities Depreciation and Amortization	$73.8M
Operating Activities Stock Based Compensation	$29.7M
Operating Activities Deferred Income Taxes	$-3.9M
Operating Activities Change In Accounts Receivable	$3.7M
Operating Activities Change In Accounts Payable and Accrued Liabilities	$3.5M
Operating Activities Change In Income Tax Payable	$-3.3M
Operating Activities Change In Broker Receivables/payables	$-320.1M
Operating Activities Change In Other Operating Assets and Liabilities	$-1.0M
Operating Activities net Cash Provided by Operating Activities	$385.2M
Investing Activities Capital Expenditures	$9.9M
Investing Activities Software Development Costs	$46.6M
Investing Activities Purchases of Investments	$93.4M
Investing Activities Proceeds From Sales and Maturities of Investments	$12.4M
Investing Activities Equity Method Investments	$0
Investing Activities net Cash Used In Investing Activities	$-86.9M
Financing Activities Proceeds From Debt	$344.9M
Financing Activities Dividends Paid	$112.7M
Financing Activities Repurchase of Common Stock	$75.5M
Financing Activities Proceeds From Exercise of Stock Options	$3.0M
Financing Activities Payments For Tax Withholding On Share Based Compensation	$16.2M
Financing Activities net Cash Used In Financing Activities	$-201.4M
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	$-8.1M
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	$88.8M
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	$544.5M
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	$544.5M
Supplemental Disclosures Interest Paid	$1.7M
Supplemental Disclosures Income Taxes Paid	$96.9M

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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