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 · 5 years

Total assets $1.8B

Total liabilities $400.6M

Shareholders equity $1.4B

Account	2024	2023	2022	2021	2020
Assets
Cash and Cash Equivalents	+20.7%	+4.8%	-15.0%	+10.0%	—
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%	—
Allowance For Doubtful Accounts	+70.2%	-2.2%	+321.4%	+0.0%	—
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%	—
Prepaid Expenses	-2.3%	+23.7%	+152.3%	-6.8%	—
Property and Equipment	+4.5%	+2.4%	+4.4%	+12.7%	—
Goodwill	+0.0%	+52.9%	+0.0%	+5.0%	—
Intangible Assets	-17.7%	+21.5%	-15.7%	+22.0%	—
Operating Lease Right of Use Assets	-7.8%	-4.6%	-6.8%	-6.5%	—
Deferred Tax Assets	+9.4%	-1.2%	+4.6%	-2.5%	—
Total Assets	-11.2%	+25.3%	+5.1%	+14.9%	—
Liabilities
Accounts Payable	+0.8%	-33.0%	-22.4%	+60.6%	—
Accrued Compensation and Benefits	+13.2%	+6.8%	-5.7%	-4.2%	—
Payables To Broker Dealers	+14.5%	-2.2%	+113.9%	+111.4%	—
Income Taxes Payable	-53.3%	-72.3%	-29.7%	-5.4%	—
Operating Lease Liability,Current	-2.2%	+18.0%	-1.5%	-8.0%	—
Contract Liabilities	+10.2%	+13.8%	-6.1%	+0.0%	—
Operating Lease Liability,Non Current	-8.8%	-3.6%	-6.5%	-5.5%	—
Total Liabilities	-44.5%	+37.1%	+7.7%	+30.0%	—
Equity
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Preferred Stock	—	—	—	—	—
Additional Paid In Capital	+5.2%	-3.5%	+4.6%	+0.2%	—
Retained Earnings	+13.0%	+13.0%	+15.1%	+19.7%	—
Treasury Stock	+28.1%	-20.7%	+41.1%	+37.3%	—
Accumulated Other Comprehensive Income(loss)	-42.4%	+35.4%	-182.8%	-186.7%	—
Total Stockholders Equity	+7.4%	+19.6%	+3.8%	+9.0%	—
Total Liabilities and Stockholders Equity	-11.2%	+25.3%	+5.1%	+14.9%	—
Total Liabilitiesand Equity	-11.2%	+25.3%	+5.1%	+14.9%	—

Income Statement

Revenue, expense, and profitability

23 accounts · 5 years

Revenue $817.1M

Operating income $340.9M

Net income $274.2M

Account	2024	2023	2022	2021	2020
IncomeStatement
Revenues Total Revenues	+8.6%	+4.8%	+2.8%	+1.4%	—
Expenses Total Operating Expenses	+8.8%	+11.8%	+8.2%	+15.1%	—
Expenses Employee Compensation and Benefits	+14.0%	+13.6%	+6.5%	+8.9%	—
Expenses Information Systems and Technology	+14.9%	+18.6%	+24.7%	+24.6%	—
Expenses Professional and Consulting Fees	-14.3%	-5.9%	-19.0%	+29.8%	—
Expenses Occupancy and Equipment Costs	+3.3%	+0.7%	+6.0%	-0.8%	—
Expenses Depreciation and Amortization	+4.6%	+14.8%	+15.0%	+48.5%	—
Expenses Marketing and Advertising	+6.0%	+10.7%	+10.1%	+14.1%	—
Expenses General and Administrative	-1.4%	+20.0%	+32.4%	+14.2%	—
Operating Income Operating Income	+8.2%	-3.6%	-3.1%	-10.0%	—
Non Operating Items Non Operating Income(expense)	+11.3%	+54.9%	+444.6%	-797.6%	—
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%	—
Income Tax Income Tax Expense(benefit)	+15.7%	-15.2%	+15.8%	+1.4%	—
net Income net Income	+6.2%	+3.1%	-3.0%	-13.9%	—
Earnings Per Share Earnings Per Share,Basic	+6.1%	+2.8%	-2.9%	-14.1%	—
Earnings Per Share Earnings Per Share,Diluted	+6.3%	+3.0%	-1.8%	-13.8%	—
Earnings Per Share Weighted Average Shares,Basic	+0.1%	+0.2%	-0.1%	+0.4%	—
Earnings Per Share Weighted Average Shares,Diluted	+0.0%	+0.0%	-1.2%	-0.1%	—
Comprehensive Income Other Comprehensive Income(loss)	-175.6%	+154.8%	-180.7%	-240.8%	—
Comprehensive Income Comprehensive Income	-2.8%	+20.2%	-9.4%	-18.3%	—

Cash Flow Statement

Operating, investing, and financing flows

28 accounts · 5 years

Operating cash flow $385.2M

Investing cash flow $-86.9M

Financing cash flow $-201.4M

Account	2024	2023	2022	2021	2020
CashFlow
Operating Activities net Income	+6.2%	+3.1%	-3.0%	-13.9%	—
Operating Activities Depreciation and Amortization	+4.6%	+14.8%	+15.0%	+48.5%	—
Operating Activities Stock Based Compensation	+1.7%	-2.3%	+9.3%	+6.6%	—
Operating Activities Deferred Income Taxes	+33.3%	+11.2%	-310.0%	-69.1%	—
Operating Activities Change In Accounts Receivable	-47.6%	-53.0%	+197.0%	-186.6%	—
Operating Activities Change In Accounts Payable and Accrued Liabilities	+149.0%	-163.5%	+5194.9%	-96.4%	—
Operating Activities Change In Income Tax Payable	+77.6%	-208.1%	+15.4%	-134.8%	—
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%	—
Operating Activities net Cash Provided by Operating Activities	+15.4%	+15.4%	+2.5%	-30.3%	—
Investing Activities Capital Expenditures	+6.6%	-29.0%	-24.9%	+16.5%	—
Investing Activities Software Development Costs	+8.1%	+11.3%	+16.9%	+8.2%	—
Investing Activities Purchases of Investments	+18.8%	+56.9%	+100.4%	-23.9%	—
Investing Activities Proceeds From Sales and Maturities of Investments	+179.4%	—	—	-100.0%	—
Investing Activities Equity Method Investments	—	-100.0%	—	—	—
Investing Activities net Cash Used In Investing Activities	+44.0%	-80.0%	-27.4%	-198.3%	—
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%	—
Financing Activities Repurchase of Common Stock	—	-100.0%	+38.5%	+291.6%	—
Financing Activities Proceeds From Exercise of Stock Options	+217.9%	+39.9%	-90.5%	+77.1%	—
Financing Activities Payments For Tax Withholding On Share Based Compensation	-37.3%	+10.4%	-30.9%	-20.1%	—
Financing Activities net Cash Used In Financing Activities	-36.9%	+39.3%	-27.7%	-30.8%	—
Exchange Rate and Cash Reconciliation Effect of Exchange Rate Changes	-207.2%	+156.3%	-89.8%	-227.9%	—
Exchange Rate and Cash Reconciliation net Increase(decrease)In Cash	+127.6%	+173.7%	-402.0%	-94.8%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At Beginning of Period	+20.7%	+4.8%	-15.0%	+10.0%	—
Exchange Rate and Cash Reconciliation Cash and Cash Equivalents At End of Period	+20.7%	+4.8%	-15.0%	+10.0%	—
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%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2024	2023	2022	2021	2020
Profitability
Gross margin	—	—	—	—	—
Operating margin	+41.7%	+41.9%	+45.5%	+48.2%	+54.4%
Net margin	+33.6%	+34.3%	+34.8%	+36.9%	+43.4%
FCF margin	+45.9%	+43.1%	+38.4%	+37.9%	+56.5%
Growth
Revenue CAGR (3y)	+5.3%	+3.0%	+12.0%	—	—
Returns
ROE	+19.7%	+20.0%	+23.1%	+24.8%	+31.3%
ROA	+15.3%	+12.8%	+15.6%	+16.9%	+22.5%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.29x	0.56x	0.49x	0.47x	0.39x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.46x	0.37x	0.45x	0.46x	0.52x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

FY2024 fundamentals · no price

No price data cached, so there is nothing to multiply. Load prices from the Stock Data tab and this panel reprices itself.

Notes

Your annotations

Not watched

MarketAxess

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

Margins, returns, liquidity, leverage, efficiency

Price against fundamentals

Your annotations

One-year price and volume history

Price data unavailable

Recent price history