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 revenue.

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	66.6%
Restricted Cash	5.8%
Cash and Securities Segregated Under Federal Regulations	5.8%
Accounts Receivable	11.2%
Allowance For Doubtful Accounts	0.1%
Deposits and Other Receivables From Broker Dealers	43.8%
Trading Securities	20.2%
Prepaid Expenses	10.1%
Property and Equipment	13.1%
Goodwill	29.0%
Intangible Assets	12.0%
Operating Lease Right of Use Assets	7.1%
Deferred Tax Assets	3.4%
Total Assets	219.0%
Liabilities
Accounts Payable	4.6%
Accrued Compensation and Benefits	8.3%
Payables To Broker Dealers	1.0%
Income Taxes Payable	0.5%
Operating Lease Liability,Current	1.6%
Contract Liabilities	0.6%
Operating Lease Liability,Non Current	8.9%
Total Liabilities	49.0%
Equity
Common Stock	0.0%
Preferred Stock	0.0%
Additional Paid In Capital	42.9%
Retained Earnings	172.1%
Treasury Stock	40.8%
Accumulated Other Comprehensive Income(loss)	-4.2%
Total Stockholders Equity	170.0%
Total Liabilities and Stockholders Equity	219.0%
Total Liabilitiesand Equity	219.0%

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	100.0%
Expenses Total Operating Expenses	58.3%
Expenses Employee Compensation and Benefits	28.9%
Expenses Information Systems and Technology	8.8%
Expenses Professional and Consulting Fees	3.4%
Expenses Occupancy and Equipment Costs	1.8%
Expenses Depreciation and Amortization	9.0%
Expenses Marketing and Advertising	1.4%
Expenses General and Administrative	2.8%
Operating Income Operating Income	41.7%
Non Operating Items Non Operating Income(expense)	2.4%
Non Operating Items Foreign Exchange Gain(loss)	-0.2%
Non Operating Items Gain(loss)On Investments	0.0%
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	0.2%
Income Before Tax Income Before Income Taxes	44.1%
Income Tax Income Tax Expense(benefit)	10.6%
net Income net Income	33.6%
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	4.6%
Earnings Per Share Weighted Average Shares,Diluted	4.6%
Comprehensive Income Other Comprehensive Income(loss)	-1.2%
Comprehensive Income Comprehensive Income	32.3%

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	33.6%
Operating Activities Depreciation and Amortization	9.0%
Operating Activities Stock Based Compensation	3.6%
Operating Activities Deferred Income Taxes	-0.5%
Operating Activities Change In Accounts Receivable	0.5%
Operating Activities Change In Accounts Payable and Accrued Liabilities	0.4%
Operating Activities Change In Income Tax Payable	-0.4%
Operating Activities Change In Broker Receivables/payables	-39.2%
Operating Activities Change In Other Operating Assets and Liabilities	-0.1%
Operating Activities net Cash Provided by Operating Activities	47.1%
Investing Activities Capital Expenditures	1.2%
Investing Activities Software Development Costs	5.7%
Investing Activities Purchases of Investments	11.4%
Investing Activities Proceeds From Sales and Maturities of Investments	1.5%
Investing Activities Equity Method Investments	0.0%
Investing Activities net Cash Used In Investing Activities	-10.6%
Financing Activities Proceeds From Debt	42.2%
Financing Activities Dividends Paid	13.8%
Financing Activities Repurchase of Common Stock	9.2%
Financing Activities Proceeds From Exercise of Stock Options	0.4%
Financing Activities Payments For Tax Withholding On Share Based Compensation	2.0%
Financing Activities net Cash Used In Financing Activities	-24.6%
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-1.0%
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	10.9%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	66.6%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	66.6%
Supplemental Disclosures Interest Paid	0.2%
Supplemental Disclosures Income Taxes Paid	11.9%

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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