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 · 3 years

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	2023	2022
Assets
Cash and Cash Equivalents	+20.7%	+4.8%	—
Restricted Cash	+4.4%	-11.4%	—
Cash and Securities Segregated Under Federal Regulations	+4.4%	-11.4%	—
Accounts Receivable	+2.2%	+14.5%	—
Allowance For Doubtful Accounts	+70.2%	-2.2%	—
Deposits and Other Receivables From Broker Dealers	-48.0%	+44.4%	—
Trading Securities	+22.5%	+60.9%	—
Prepaid Expenses	-2.3%	+23.7%	—
Property and Equipment	+4.5%	+2.4%	—
Goodwill	+0.0%	+52.9%	—
Intangible Assets	-17.7%	+21.5%	—
Operating Lease Right of Use Assets	-7.8%	-4.6%	—
Deferred Tax Assets	+9.4%	-1.2%	—
Total Assets	-11.2%	+25.3%	—
Liabilities
Accounts Payable	+0.8%	-33.0%	—
Accrued Compensation and Benefits	+13.2%	+6.8%	—
Payables To Broker Dealers	+14.5%	-2.2%	—
Income Taxes Payable	-53.3%	-72.3%	—
Operating Lease Liability,Current	-2.2%	+18.0%	—
Contract Liabilities	+10.2%	+13.8%	—
Operating Lease Liability,Non Current	-8.8%	-3.6%	—
Total Liabilities	-44.5%	+37.1%	—
Equity
Common Stock	+0.0%	+0.0%	—
Preferred Stock	—	—	—
Additional Paid In Capital	+5.2%	-3.5%	—
Retained Earnings	+13.0%	+13.0%	—
Treasury Stock	+28.1%	-20.7%	—
Accumulated Other Comprehensive Income(loss)	-42.4%	+35.4%	—
Total Stockholders Equity	+7.4%	+19.6%	—
Total Liabilities and Stockholders Equity	-11.2%	+25.3%	—
Total Liabilitiesand Equity	-11.2%	+25.3%	—

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	+8.6%	+4.8%	—
Expenses Total Operating Expenses	+8.8%	+11.8%	—
Expenses Employee Compensation and Benefits	+14.0%	+13.6%	—
Expenses Information Systems and Technology	+14.9%	+18.6%	—
Expenses Professional and Consulting Fees	-14.3%	-5.9%	—
Expenses Occupancy and Equipment Costs	+3.3%	+0.7%	—
Expenses Depreciation and Amortization	+4.6%	+14.8%	—
Expenses Marketing and Advertising	+6.0%	+10.7%	—
Expenses General and Administrative	-1.4%	+20.0%	—
Operating Income Operating Income	+8.2%	-3.6%	—
Non Operating Items Non Operating Income(expense)	+11.3%	+54.9%	—
Non Operating Items Foreign Exchange Gain(loss)	+73.0%	-153.7%	—
Non Operating Items Gain(loss)On Investments	-98.9%	+165.5%	—
Non Operating Items Equity In Earnings of Unconsolidated Subsidiaries	+89.8%	-34.7%	—
Income Before Tax Income Before Income Taxes	+8.4%	-1.7%	—
Income Tax Income Tax Expense(benefit)	+15.7%	-15.2%	—
net Income net Income	+6.2%	+3.1%	—
Earnings Per Share Earnings Per Share,Basic	+6.1%	+2.8%	—
Earnings Per Share Earnings Per Share,Diluted	+6.3%	+3.0%	—
Earnings Per Share Weighted Average Shares,Basic	+0.1%	+0.2%	—
Earnings Per Share Weighted Average Shares,Diluted	+0.0%	+0.0%	—
Comprehensive Income Other Comprehensive Income(loss)	-175.6%	+154.8%	—
Comprehensive Income Comprehensive Income	-2.8%	+20.2%	—

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	+6.2%	+3.1%	—
Operating Activities Depreciation and Amortization	+4.6%	+14.8%	—
Operating Activities Stock Based Compensation	+1.7%	-2.3%	—
Operating Activities Deferred Income Taxes	+33.3%	+11.2%	—
Operating Activities Change In Accounts Receivable	-47.6%	-53.0%	—
Operating Activities Change In Accounts Payable and Accrued Liabilities	+149.0%	-163.5%	—
Operating Activities Change In Income Tax Payable	+77.6%	-208.1%	—
Operating Activities Change In Broker Receivables/payables	-276.8%	+280.1%	—
Operating Activities Change In Other Operating Assets and Liabilities	-108.5%	+180.0%	—
Operating Activities net Cash Provided by Operating Activities	+15.4%	+15.4%	—
Investing Activities Capital Expenditures	+6.6%	-29.0%	—
Investing Activities Software Development Costs	+8.1%	+11.3%	—
Investing Activities Purchases of Investments	+18.8%	+56.9%	—
Investing Activities Proceeds From Sales and Maturities of Investments	+179.4%	—	—
Investing Activities Equity Method Investments	—	-100.0%	—
Investing Activities net Cash Used In Investing Activities	+44.0%	-80.0%	—
Financing Activities Proceeds From Debt	+178.2%	+24.0%	—
Financing Activities Dividends Paid	+2.8%	+3.5%	—
Financing Activities Repurchase of Common Stock	—	-100.0%	—
Financing Activities Proceeds From Exercise of Stock Options	+217.9%	+39.9%	—
Financing Activities Payments For Tax Withholding On Share Based Compensation	-37.3%	+10.4%	—
Financing Activities net Cash Used In Financing Activities	-36.9%	+39.3%	—
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-207.2%	+156.3%	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	+127.6%	+173.7%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	+20.7%	+4.8%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	+20.7%	+4.8%	—
Supplemental Disclosures Interest Paid	-8.2%	+186.8%	—
Supplemental Disclosures Income Taxes Paid	+2.2%	+6.9%	—

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	—	—	—

Valuation

Price against fundamentals

FY2024 fundamentals · no price

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