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 revenue.

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	66.6%	60.0%	60.0%	72.5%	66.9%	52.8%	45.8%	65.9%	64.3%	55.6%
Restricted Cash	5.8%	6.0%	7.1%	7.2%	7.3%	—	—	—	—	—
Cash and Securities Segregated Under Federal Regulations	5.8%	6.0%	7.1%	7.2%	7.3%	—	—	—	—	—
Accounts Receivable	11.2%	11.9%	10.9%	9.1%	11.5%	12.1%	13.8%	13.3%	12.9%	14.3%
Allowance For Doubtful Accounts	0.1%	0.1%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Deposits and Other Receivables From Broker Dealers	43.8%	91.4%	66.3%	58.4%	40.6%	—	—	—	—	—
Trading Securities	20.2%	17.9%	11.7%	5.2%	4.1%	45.1%	52.9%	27.9%	—	—
Prepaid Expenses	10.1%	11.2%	9.5%	3.9%	4.2%	6.1%	3.2%	3.3%	2.5%	4.5%
Property and Equipment	13.1%	13.6%	14.0%	13.7%	12.4%	14.0%	8.5%	10.2%	12.2%	13.7%
Goodwill	29.0%	31.5%	21.5%	22.1%	21.4%	28.7%	—	—	—	10.9%
Intangible Assets	12.0%	15.8%	13.7%	16.7%	13.8%	11.9%	1.0%	1.5%	2.6%	3.8%
Operating Lease Right of Use Assets	7.1%	8.4%	9.2%	10.2%	11.0%	15.9%	—	—	—	—
Deferred Tax Assets	3.4%	3.3%	3.5%	3.5%	3.6%	5.1%	4.0%	5.1%	5.3%	5.6%
Total Assets	219.0%	267.8%	223.8%	219.0%	193.2%	186.7%	143.6%	144.9%	144.6%	148.2%
Liabilities
Accounts Payable	4.6%	4.9%	7.7%	10.2%	6.4%	4.5%	4.1%	4.0%	4.6%	5.4%
Accrued Compensation and Benefits	8.3%	8.0%	7.8%	8.5%	9.0%	9.3%	9.5%	9.7%	9.6%	10.1%
Payables To Broker Dealers	1.0%	1.0%	1.0%	0.5%	0.2%	—	—	—	—	—
Income Taxes Payable	0.5%	1.0%	4.0%	5.8%	6.2%	3.3%	2.1%	1.5%	2.3%	1.7%
Operating Lease Liability,Current	1.6%	1.7%	1.5%	1.6%	1.8%	2.1%	—	—	—	—
Contract Liabilities	0.6%	0.6%	0.6%	0.6%	0.6%	0.7%	—	—	—	—
Operating Lease Liability,Non Current	8.9%	10.6%	11.5%	12.7%	13.6%	19.2%	—	—	—	—
Total Liabilities	49.0%	96.0%	73.3%	70.0%	54.6%	36.1%	16.3%	15.9%	17.4%	18.2%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	—	—	0.0%
Preferred Stock	0.0%	0.0%	0.0%	0.0%	—	—	—	—	—	—
Additional Paid In Capital	42.9%	44.3%	48.1%	47.3%	47.8%	67.0%	93.1%	106.0%	116.9%	123.8%
Retained Earnings	172.1%	165.3%	153.4%	136.9%	116.0%	115.6%	69.4%	55.4%	38.7%	21.4%
Treasury Stock	40.8%	34.6%	45.7%	33.3%	24.6%	30.0%	31.9%	30.8%	26.7%	13.5%
Accumulated Other Comprehensive Income(loss)	-4.2%	-3.2%	-5.2%	-1.9%	-0.7%	-2.0%	-3.3%	-1.7%	-1.7%	-1.7%
Total Stockholders Equity	170.0%	171.8%	150.5%	149.0%	138.6%	150.6%	127.3%	128.9%	127.2%	130.0%
Total Liabilities and Stockholders Equity	219.0%	267.8%	223.8%	219.0%	193.2%	186.7%	143.6%	144.9%	144.6%	148.2%
Total Liabilitiesand Equity	219.0%	267.8%	223.8%	219.0%	193.2%	186.7%	143.6%	144.9%	144.6%	148.2%

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	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Total Operating Expenses	58.3%	58.1%	54.5%	51.8%	45.6%	50.9%	48.3%	51.2%	54.9%	55.1%
Expenses Employee Compensation and Benefits	28.9%	27.5%	25.4%	24.5%	22.8%	25.6%	26.3%	27.7%	28.5%	27.0%
Expenses Information Systems and Technology	8.8%	8.3%	7.4%	6.1%	4.9%	5.2%	4.7%	5.3%	6.7%	6.7%
Expenses Professional and Consulting Fees	3.4%	4.2%	4.7%	6.0%	4.7%	5.0%	4.7%	4.3%	5.5%	7.6%
Expenses Occupancy and Equipment Costs	1.8%	1.9%	2.0%	1.9%	1.9%	2.3%	1.3%	1.5%	1.7%	2.2%
Expenses Depreciation and Amortization	9.0%	9.4%	8.6%	7.6%	5.2%	5.3%	4.9%	6.1%	6.6%	5.9%
Expenses Marketing and Advertising	1.4%	1.5%	1.4%	1.3%	1.2%	2.3%	2.4%	2.0%	2.2%	1.9%
Expenses General and Administrative	2.8%	3.1%	2.7%	2.1%	1.8%	3.1%	2.5%	3.2%	3.7%	3.7%
Operating Income Operating Income	41.7%	41.9%	45.5%	48.2%	54.4%	49.1%	51.7%	—	—	—
Non Operating Items Non Operating Income(expense)	2.4%	2.3%	1.6%	-0.5%	-0.1%	1.3%	0.4%	—	—	—
Non Operating Items Foreign Exchange Gain(loss)	-0.2%	-0.6%	1.2%	0.0%	—	—	—	—	—	—
Non Operating Items Gain(loss)On Investments	0.0%	0.2%	-0.4%	0.2%	—	—	—	—	—	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	0.2%	0.1%	0.2%	0.0%	0.0%	—	—	—	—	—
Income Before Tax Income Before Income Taxes	44.1%	44.2%	47.1%	47.8%	54.3%	50.3%	52.1%	48.8%	45.1%	44.9%
Income Tax Income Tax Expense(benefit)	10.6%	9.9%	12.3%	10.9%	10.9%	10.3%	17.8%	17.1%	16.6%	16.2%
net Income net Income	33.6%	34.3%	34.8%	36.9%	43.4%	40.1%	34.3%	31.7%	28.5%	31.8%
Earnings Per Share Earnings Per Share,Basic	0.0%	0.0%	0.0%	0.0%	0.0%	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%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares,Basic	4.6%	5.0%	5.2%	5.4%	5.4%	7.3%	10.0%	12.1%	14.1%	15.5%
Earnings Per Share Weighted Average Shares,Diluted	4.6%	5.0%	5.2%	5.5%	5.5%	7.4%	10.3%	12.4%	14.4%	15.9%
Comprehensive Income Other Comprehensive Income(loss)	-1.2%	1.8%	-3.4%	-1.2%	0.9%	0.2%	-1.9%	-0.2%	-0.2%	-0.2%
Comprehensive Income Comprehensive Income	32.3%	36.1%	31.4%	35.7%	44.3%	40.5%	32.4%	31.5%	28.3%	31.4%

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	33.6%	34.3%	34.8%	36.9%	43.4%	40.1%	34.3%	31.7%	28.5%	31.8%
Operating Activities Depreciation and Amortization	9.0%	9.4%	8.6%	7.6%	5.2%	5.3%	4.9%	6.1%	6.6%	5.9%
Operating Activities Stock Based Compensation	3.6%	3.9%	4.2%	3.9%	3.7%	4.9%	3.9%	4.1%	3.7%	3.7%
Operating Activities Deferred Income Taxes	-0.5%	-0.8%	-0.9%	0.4%	1.5%	0.5%	1.8%	0.7%	1.5%	-0.6%
Operating Activities Change In Accounts Receivable	0.5%	0.9%	2.1%	-2.2%	2.6%	0.6%	2.8%	2.2%	-0.3%	0.7%
Operating Activities Change In Accounts Payable and Accrued Liabilities	0.4%	-1.0%	1.6%	0.0%	0.9%	-0.2%	0.6%	-0.0%	-0.4%	0.2%
Operating Activities Change In Income Tax Payable	-0.4%	-2.0%	-0.7%	-0.8%	2.3%	0.0%	0.9%	-0.3%	0.9%	1.2%
Operating Activities Change In Broker Receivables/payables	-39.2%	24.1%	6.6%	22.4%	26.5%	0.0%	—	—	—	—
Operating Activities Change In Other Operating Assets and Liabilities	-0.1%	1.6%	0.6%	-0.3%	0.3%	0.9%	0.6%	0.9%	-1.3%	0.8%
Operating Activities net Cash Provided by Operating Activities	47.1%	44.4%	40.3%	40.4%	58.7%	52.0%	24.4%	39.7%	41.8%	38.1%
Investing Activities Capital Expenditures	1.2%	1.2%	1.8%	2.5%	2.2%	2.4%	1.7%	1.6%	1.8%	6.4%
Investing Activities Software Development Costs	5.7%	5.7%	5.4%	4.7%	4.4%	4.4%	3.3%	3.5%	3.9%	3.3%
Investing Activities Purchases of Investments	11.4%	10.4%	7.0%	3.6%	4.8%	31.5%	22.1%	18.9%	6.2%	25.4%
Investing Activities Proceeds From Sales and Maturities of Investments	1.5%	0.6%	0.0%	0.0%	24.8%	33.4%	12.6%	11.6%	6.7%	5.2%
Investing Activities Equity Method Investments	0.0%	0.0%	4.8%	0.0%	0.0%	—	—	—	—	—
Investing Activities net Cash Used In Investing Activities	-10.6%	-20.6%	-12.0%	-9.7%	10.0%	-23.9%	-14.5%	-12.5%	-5.0%	-29.0%
Financing Activities Proceeds From Debt	42.2%	16.5%	13.9%	10.1%	83.9%	0.0%	—	—	—	—
Financing Activities Dividends Paid	13.8%	14.6%	14.7%	14.3%	13.1%	14.9%	10.5%	9.7%	9.1%	8.3%
Financing Activities Repurchase of Common Stock	9.2%	0.0%	12.2%	9.0%	2.3%	3.4%	6.5%	7.6%	14.5%	—
Financing Activities Proceeds From Exercise of Stock Options	0.4%	0.1%	0.1%	1.0%	0.6%	0.2%	0.6%	0.6%	1.0%	1.3%
Financing Activities Payments For Tax Withholding On Share Based Compensation	2.0%	3.4%	3.3%	4.8%	6.2%	5.0%	1.4%	1.5%	1.9%	2.1%
Financing Activities net Cash Used In Financing Activities	-24.6%	-19.5%	-33.7%	-27.2%	-21.1%	-23.1%	-17.8%	-16.8%	-22.9%	-7.2%
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-1.0%	1.0%	-1.9%	-1.0%	0.8%	0.2%	-0.8%	—	—	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	10.9%	5.2%	-7.4%	2.5%	48.4%	5.2%	-8.6%	—	—	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	66.6%	60.0%	60.0%	72.5%	66.9%	52.8%	45.8%	65.9%	64.3%	55.6%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	66.6%	60.0%	60.0%	72.5%	66.9%	52.8%	45.8%	65.9%	64.3%	55.6%
Supplemental Disclosures Interest Paid	0.2%	0.2%	0.1%	0.1%	0.2%	0.0%	—	—	—	—
Supplemental Disclosures Income Taxes Paid	11.9%	12.6%	12.3%	10.0%	6.5%	10.1%	15.8%	16.8%	12.8%	12.9%

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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