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 · 3 years

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	2023	2022
Assets
Cash and Cash Equivalents	66.6%	60.0%	60.0%
Restricted Cash	5.8%	6.0%	7.1%
Cash and Securities Segregated Under Federal Regulations	5.8%	6.0%	7.1%
Accounts Receivable	11.2%	11.9%	10.9%
Allowance For Doubtful Accounts	0.1%	0.1%	0.1%
Deposits and Other Receivables From Broker Dealers	43.8%	91.4%	66.3%
Trading Securities	20.2%	17.9%	11.7%
Prepaid Expenses	10.1%	11.2%	9.5%
Property and Equipment	13.1%	13.6%	14.0%
Goodwill	29.0%	31.5%	21.5%
Intangible Assets	12.0%	15.8%	13.7%
Operating Lease Right of Use Assets	7.1%	8.4%	9.2%
Deferred Tax Assets	3.4%	3.3%	3.5%
Total Assets	219.0%	267.8%	223.8%
Liabilities
Accounts Payable	4.6%	4.9%	7.7%
Accrued Compensation and Benefits	8.3%	8.0%	7.8%
Payables To Broker Dealers	1.0%	1.0%	1.0%
Income Taxes Payable	0.5%	1.0%	4.0%
Operating Lease Liability,Current	1.6%	1.7%	1.5%
Contract Liabilities	0.6%	0.6%	0.6%
Operating Lease Liability,Non Current	8.9%	10.6%	11.5%
Total Liabilities	49.0%	96.0%	73.3%
Equity
Common Stock	0.0%	0.0%	0.0%
Preferred Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	42.9%	44.3%	48.1%
Retained Earnings	172.1%	165.3%	153.4%
Treasury Stock	40.8%	34.6%	45.7%
Accumulated Other Comprehensive Income(loss)	-4.2%	-3.2%	-5.2%
Total Stockholders Equity	170.0%	171.8%	150.5%
Total Liabilities and Stockholders Equity	219.0%	267.8%	223.8%
Total Liabilitiesand Equity	219.0%	267.8%	223.8%

Income Statement

Revenue, expense, and profitability

23 accounts · 3 years

Revenue $817.1M

Operating income $340.9M

Net income $274.2M

Account	2024	2023	2022
IncomeStatement
Revenues Total Revenues	100.0%	100.0%	100.0%
Expenses Total Operating Expenses	58.3%	58.1%	54.5%
Expenses Employee Compensation and Benefits	28.9%	27.5%	25.4%
Expenses Information Systems and Technology	8.8%	8.3%	7.4%
Expenses Professional and Consulting Fees	3.4%	4.2%	4.7%
Expenses Occupancy and Equipment Costs	1.8%	1.9%	2.0%
Expenses Depreciation and Amortization	9.0%	9.4%	8.6%
Expenses Marketing and Advertising	1.4%	1.5%	1.4%
Expenses General and Administrative	2.8%	3.1%	2.7%
Operating Income Operating Income	41.7%	41.9%	45.5%
Non Operating Items Non Operating Income(expense)	2.4%	2.3%	1.6%
Non Operating Items Foreign Exchange Gain(loss)	-0.2%	-0.6%	1.2%
Non Operating Items Gain(loss)On Investments	0.0%	0.2%	-0.4%
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	0.2%	0.1%	0.2%
Income Before Tax Income Before Income Taxes	44.1%	44.2%	47.1%
Income Tax Income Tax Expense(benefit)	10.6%	9.9%	12.3%
net Income net Income	33.6%	34.3%	34.8%
Earnings Per Share Earnings Per Share,Basic	0.0%	0.0%	0.0%
Earnings Per Share Earnings Per Share,Diluted	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares,Basic	4.6%	5.0%	5.2%
Earnings Per Share Weighted Average Shares,Diluted	4.6%	5.0%	5.2%
Comprehensive Income Other Comprehensive Income(loss)	-1.2%	1.8%	-3.4%
Comprehensive Income Comprehensive Income	32.3%	36.1%	31.4%

Cash Flow Statement

Operating, investing, and financing flows

28 accounts · 3 years

Operating cash flow $385.2M

Investing cash flow $-86.9M

Financing cash flow $-201.4M

Account	2024	2023	2022
CashFlow
Operating Activities net Income	33.6%	34.3%	34.8%
Operating Activities Depreciation and Amortization	9.0%	9.4%	8.6%
Operating Activities Stock Based Compensation	3.6%	3.9%	4.2%
Operating Activities Deferred Income Taxes	-0.5%	-0.8%	-0.9%
Operating Activities Change In Accounts Receivable	0.5%	0.9%	2.1%
Operating Activities Change In Accounts Payable and Accrued Liabilities	0.4%	-1.0%	1.6%
Operating Activities Change In Income Tax Payable	-0.4%	-2.0%	-0.7%
Operating Activities Change In Broker Receivables/payables	-39.2%	24.1%	6.6%
Operating Activities Change In Other Operating Assets and Liabilities	-0.1%	1.6%	0.6%
Operating Activities net Cash Provided by Operating Activities	47.1%	44.4%	40.3%
Investing Activities Capital Expenditures	1.2%	1.2%	1.8%
Investing Activities Software Development Costs	5.7%	5.7%	5.4%
Investing Activities Purchases of Investments	11.4%	10.4%	7.0%
Investing Activities Proceeds From Sales and Maturities of Investments	1.5%	0.6%	0.0%
Investing Activities Equity Method Investments	0.0%	0.0%	4.8%
Investing Activities net Cash Used In Investing Activities	-10.6%	-20.6%	-12.0%
Financing Activities Proceeds From Debt	42.2%	16.5%	13.9%
Financing Activities Dividends Paid	13.8%	14.6%	14.7%
Financing Activities Repurchase of Common Stock	9.2%	0.0%	12.2%
Financing Activities Proceeds From Exercise of Stock Options	0.4%	0.1%	0.1%
Financing Activities Payments For Tax Withholding On Share Based Compensation	2.0%	3.4%	3.3%
Financing Activities net Cash Used In Financing Activities	-24.6%	-19.5%	-33.7%
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-1.0%	1.0%	-1.9%
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	10.9%	5.2%	-7.4%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	66.6%	60.0%	60.0%
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	66.6%	60.0%	60.0%
Supplemental Disclosures Interest Paid	0.2%	0.2%	0.1%
Supplemental Disclosures Income Taxes Paid	11.9%	12.6%	12.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2024	2023	2022
Profitability
Gross margin	—	—	—
Operating margin	+41.7%	+41.9%	+45.5%
Net margin	+33.6%	+34.3%	+34.8%
FCF margin	+45.9%	+43.1%	+38.4%
Growth
Revenue CAGR (3y)	+5.3%	+3.0%	+12.0%
Returns
ROE	+19.7%	+20.0%	+23.1%
ROA	+15.3%	+12.8%	+15.6%
ROIC	—	—	—
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	0.29x	0.56x	0.49x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.46x	0.37x	0.45x
Cash conversion cycle	—	—	—

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