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

Year-over-year change per cell; first column has no prior.

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	+20.7%	+4.8%	-15.0%	+10.0%	+70.6%	+60.6%	-15.8%	+18.2%	+27.3%	—
Restricted Cash	+4.4%	-11.4%	+1.6%	+0.2%	—	—	—	—	—	—
Cash and Securities Segregated Under Federal Regulations	+4.4%	-11.4%	+1.6%	+0.2%	—	—	—	—	—	—
Accounts Receivable	+2.2%	+14.5%	+22.8%	-19.7%	+28.3%	+22.4%	+25.2%	+19.6%	-0.9%	—
Allowance For Doubtful Accounts	+70.2%	-2.2%	+321.4%	+0.0%	+145.6%	-43.0%	+0.0%	—	-100.0%	—
Deposits and Other Receivables From Broker Dealers	-48.0%	+44.4%	+16.6%	+45.9%	—	—	—	—	—	—
Trading Securities	+22.5%	+60.9%	+132.3%	+28.3%	-87.8%	+18.6%	+129.5%	—	—	—
Prepaid Expenses	-2.3%	+23.7%	+152.3%	-6.8%	-7.1%	+169.2%	+17.6%	+47.8%	-37.2%	—
Property and Equipment	+4.5%	+2.4%	+4.4%	+12.7%	+18.7%	+130.8%	+0.7%	-4.0%	-1.6%	—
Goodwill	+0.0%	+52.9%	+0.0%	+5.0%	+0.4%	—	—	—	—	—
Intangible Assets	-17.7%	+21.5%	-15.7%	+22.0%	+56.4%	+1534.6%	-15.8%	-33.9%	-25.3%	—
Operating Lease Right of Use Assets	-7.8%	-4.6%	-6.8%	-6.5%	-6.7%	—	—	—	—	—
Deferred Tax Assets	+9.4%	-1.2%	+4.6%	-2.5%	-4.1%	+77.4%	-4.9%	+11.5%	+3.8%	—
Total Assets	-11.2%	+25.3%	+5.1%	+14.9%	+39.4%	+80.8%	+20.3%	+15.6%	+7.3%	—
Liabilities
Accounts Payable	+0.8%	-33.0%	-22.4%	+60.6%	+94.6%	+50.5%	+23.6%	+2.5%	-7.0%	—
Accrued Compensation and Benefits	+13.2%	+6.8%	-5.7%	-4.2%	+31.6%	+36.2%	+18.7%	+15.7%	+5.5%	—
Payables To Broker Dealers	+14.5%	-2.2%	+113.9%	+111.4%	—	—	—	—	—	—
Income Taxes Payable	-53.3%	-72.3%	-29.7%	-5.4%	+156.1%	+120.1%	+69.9%	-24.9%	+49.4%	—
Operating Lease Liability,Current	-2.2%	+18.0%	-1.5%	-8.0%	+10.7%	—	—	—	—	—
Contract Liabilities	+10.2%	+13.8%	-6.1%	+0.0%	+21.4%	—	—	—	—	—
Operating Lease Liability,Non Current	-8.8%	-3.6%	-6.5%	-5.5%	-4.5%	—	—	—	—	—
Total Liabilities	-44.5%	+37.1%	+7.7%	+30.0%	+103.6%	+207.9%	+24.2%	+5.8%	+4.9%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.8%	—	—	—	—	—
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Additional Paid In Capital	+5.2%	-3.5%	+4.6%	+0.2%	-3.7%	+0.1%	+6.6%	+4.6%	+3.9%	—
Retained Earnings	+13.0%	+13.0%	+15.1%	+19.7%	+35.2%	+131.7%	+51.9%	+65.0%	+99.5%	—
Treasury Stock	+28.1%	-20.7%	+41.1%	+37.3%	+10.5%	+30.7%	+25.6%	+33.0%	+117.7%	—
Accumulated Other Comprehensive Income(loss)	-42.4%	+35.4%	-182.8%	-186.7%	+54.7%	+16.0%	-133.8%	-15.3%	-11.1%	—
Total Stockholders Equity	+7.4%	+19.6%	+3.8%	+9.0%	+24.0%	+64.5%	+19.8%	+16.9%	+7.7%	—
Total Liabilities and Stockholders Equity	-11.2%	+25.3%	+5.1%	+14.9%	+39.4%	+80.8%	+20.3%	+15.6%	+7.3%	—
Total Liabilitiesand Equity	-11.2%	+25.3%	+5.1%	+14.9%	+39.4%	+80.8%	+20.3%	+15.6%	+7.3%	—

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	+8.6%	+4.8%	+2.8%	+1.4%	+34.8%	+39.1%	+21.3%	+15.3%	+10.1%	—
Expenses Total Operating Expenses	+8.8%	+11.8%	+8.2%	+15.1%	+20.7%	+46.5%	+14.5%	+7.6%	+9.7%	—
Expenses Employee Compensation and Benefits	+14.0%	+13.6%	+6.5%	+8.9%	+19.7%	+35.7%	+15.2%	+11.8%	+16.4%	—
Expenses Information Systems and Technology	+14.9%	+18.6%	+24.7%	+24.6%	+27.2%	+55.1%	+8.5%	-10.0%	+10.3%	—
Expenses Professional and Consulting Fees	-14.3%	-5.9%	-19.0%	+29.8%	+26.5%	+48.7%	+31.7%	-9.3%	-21.1%	—
Expenses Occupancy and Equipment Costs	+3.3%	+0.7%	+6.0%	-0.8%	+15.3%	+148.6%	-0.1%	+6.9%	-15.3%	—
Expenses Depreciation and Amortization	+4.6%	+14.8%	+15.0%	+48.5%	+34.0%	+50.6%	-3.8%	+6.7%	+23.1%	—
Expenses Marketing and Advertising	+6.0%	+10.7%	+10.1%	+14.1%	-31.3%	+29.4%	+45.3%	+6.6%	+24.5%	—
Expenses General and Administrative	-1.4%	+20.0%	+32.4%	+14.2%	-19.1%	+71.4%	-5.5%	+0.4%	+8.9%	—
Operating Income Operating Income	+8.2%	-3.6%	-3.1%	-10.0%	+49.4%	+32.1%	—	—	—	—
Non Operating Items Non Operating Income(expense)	+11.3%	+54.9%	+444.6%	-797.6%	-105.6%	+304.6%	—	—	—	—
Non Operating Items Foreign Exchange Gain(loss)	+73.0%	-153.7%	—	—	—	—	—	—	—	—
Non Operating Items Gain(loss)On Investments	-98.9%	+165.5%	-329.7%	—	—	—	—	—	—	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	+89.8%	-34.7%	—	—	—	—	—	—	—	—
Income Before Tax Income Before Income Taxes	+8.4%	-1.7%	+1.3%	-10.8%	+45.4%	+34.4%	+29.5%	+24.8%	+10.5%	—
Income Tax Income Tax Expense(benefit)	+15.7%	-15.2%	+15.8%	+1.4%	+42.8%	-19.7%	+26.2%	+18.6%	+12.9%	—
net Income net Income	+6.2%	+3.1%	-3.0%	-13.9%	+46.1%	+62.4%	+31.4%	+28.4%	-1.6%	—
Earnings Per Share Earnings Per Share,Basic	+6.1%	+2.8%	-2.9%	-14.1%	+44.8%	+61.7%	+30.5%	+29.1%	-1.5%	—
Earnings Per Share Earnings Per Share,Diluted	+6.3%	+3.0%	-1.8%	-13.8%	+45.4%	+61.7%	+31.0%	+29.4%	-2.0%	—
Earnings Per Share Weighted Average Shares,Basic	+0.1%	+0.2%	-0.1%	+0.4%	+0.7%	+0.6%	+0.4%	-0.6%	+0.1%	—
Earnings Per Share Weighted Average Shares,Diluted	+0.0%	+0.0%	-1.2%	-0.1%	+0.5%	+0.6%	+0.3%	-0.7%	+0.0%	—
Comprehensive Income Other Comprehensive Income(loss)	-175.6%	+154.8%	-180.7%	-240.8%	+446.5%	+116.0%	-1274.4%	-28.3%	+25.7%	—
Comprehensive Income Comprehensive Income	-2.8%	+20.2%	-9.4%	-18.3%	+47.3%	+73.7%	+25.0%	+28.2%	-0.9%	—

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	+6.2%	+3.1%	-3.0%	-13.9%	+46.1%	+62.4%	+31.4%	+28.4%	-1.6%	—
Operating Activities Depreciation and Amortization	+4.6%	+14.8%	+15.0%	+48.5%	+34.0%	+50.6%	-3.8%	+6.7%	+23.1%	—
Operating Activities Stock Based Compensation	+1.7%	-2.3%	+9.3%	+6.6%	+1.3%	+74.3%	+15.9%	+28.2%	+10.0%	—
Operating Activities Deferred Income Taxes	+33.3%	+11.2%	-310.0%	-69.1%	+277.7%	-60.2%	+239.5%	-51.3%	+405.7%	—
Operating Activities Change In Accounts Receivable	-47.6%	-53.0%	+197.0%	-186.6%	+508.2%	-71.6%	+54.5%	+916.0%	-148.2%	—
Operating Activities Change In Accounts Payable and Accrued Liabilities	+149.0%	-163.5%	+5194.9%	-96.4%	+832.4%	-135.0%	+26144.4%	+99.1%	-361.0%	—
Operating Activities Change In Income Tax Payable	+77.6%	-208.1%	+15.4%	-134.8%	+8557.2%	-94.2%	+442.3%	-139.8%	-20.1%	—
Operating Activities Change In Broker Receivables/payables	-276.8%	+280.1%	-69.6%	-14.2%	—	—	—	—	—	—
Operating Activities Change In Other Operating Assets and Liabilities	-108.5%	+180.0%	+291.9%	-212.0%	-57.2%	+117.6%	-20.2%	+179.6%	-281.1%	—
Operating Activities net Cash Provided by Operating Activities	+15.4%	+15.4%	+2.5%	-30.3%	+52.1%	+196.3%	-25.3%	+9.3%	+21.0%	—
Investing Activities Capital Expenditures	+6.6%	-29.0%	-24.9%	+16.5%	+22.1%	+92.5%	+33.2%	+3.6%	-69.8%	—
Investing Activities Software Development Costs	+8.1%	+11.3%	+16.9%	+8.2%	+36.6%	+84.9%	+14.4%	+4.2%	+27.9%	—
Investing Activities Purchases of Investments	+18.8%	+56.9%	+100.4%	-23.9%	-79.6%	+97.5%	+42.4%	+248.1%	-73.0%	—
Investing Activities Proceeds From Sales and Maturities of Investments	+179.4%	—	—	-100.0%	-0.2%	+268.8%	+31.5%	+100.6%	+40.4%	—
Investing Activities Equity Method Investments	—	-100.0%	—	—	—	—	—	—	—	—
Investing Activities net Cash Used In Investing Activities	+44.0%	-80.0%	-27.4%	-198.3%	+156.4%	-129.5%	-40.1%	-191.4%	+81.2%	—
Financing Activities Proceeds From Debt	+178.2%	+24.0%	+42.2%	-87.8%	—	—	—	—	—	—
Financing Activities Dividends Paid	+2.8%	+3.5%	+6.2%	+10.2%	+18.8%	+98.0%	+30.3%	+23.4%	+20.7%	—
Financing Activities Repurchase of Common Stock	—	-100.0%	+38.5%	+291.6%	-6.5%	-27.9%	+3.3%	-39.0%	—	—
Financing Activities Proceeds From Exercise of Stock Options	+217.9%	+39.9%	-90.5%	+77.1%	+232.0%	-47.5%	+26.0%	-27.4%	-17.4%	—
Financing Activities Payments For Tax Withholding On Share Based Compensation	-37.3%	+10.4%	-30.9%	-20.1%	+64.3%	+399.1%	+15.1%	-10.4%	+0.4%	—
Financing Activities net Cash Used In Financing Activities	-36.9%	+39.3%	-27.7%	-30.8%	-22.9%	-80.9%	-27.9%	+15.2%	-252.7%	—
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-207.2%	+156.3%	-89.8%	-227.9%	+449.3%	+136.7%	—	—	—	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	+127.6%	+173.7%	-402.0%	-94.8%	+1145.7%	+185.1%	—	—	—	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	+20.7%	+4.8%	-15.0%	+10.0%	+70.6%	+60.6%	-15.8%	+18.2%	+27.3%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	+20.7%	+4.8%	-15.0%	+10.0%	+70.6%	+60.6%	-15.8%	+18.2%	+27.3%	—
Supplemental Disclosures Interest Paid	-8.2%	+186.8%	-21.4%	-27.3%	—	—	—	—	—	—
Supplemental Disclosures Income Taxes Paid	+2.2%	+6.9%	+26.7%	+55.4%	-13.0%	-11.2%	+14.5%	+51.3%	+9.3%	—

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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