MarketAxess Holdings Inc.

MarketAxess Holdings Inc.

MKTXยทNASDAQ

$122.98

-4.9%
Financial ServicesFinancial - Capital Markets

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. It offers the access to liquidity in the U.S. investment-grade bonds, U.S. high-yield bonds, and U.S. Treasuries, as well as municipal bonds, emerging market debts, Eurobonds, and other fixed income securities. The company, through its Open Trading protocols, executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds. It also offers trading-related products and services, including composite+ pricing and other market data products to assist clients with trading decisions; auto-execution and other execution services for clients requiring specialized workflow solutions; connectivity solutions that facilitate straight-through processing; and technology services to optimize trading environments. In addition, the company provides various pre-and post-trade services, such as trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. MarketAxess Holdings Inc. was incorporated in 2000 and is headquartered in New York, New York.

At a Glance

Live Snapshot
Market Cap$4.37B
EPS6.6600
P/E Ratio18.47
Earnings Date07/22/2026
MarketAxess Holdings Inc.

MarketAxess Holdings Inc. Fair Value Envelope

MKTX ยท NASDAQ

Our analysis suggests that MKTX has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $122.98, this represents a potential HIDDEN relative to our calculated worth for MarketAxess Holdings Inc..

Intrinsic Value
Current Price: $122.98

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$5.4B
+ Cash & Equivalents$519.7M
Firm Value$5.9B
- Debt$284.9M
Equity Value$5.6B
/ Shares Outstanding37,274,070B
DCF Value$151
UNDERVALUED BY 23%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$380.8M
$379.4M
$378.0M
$376.6M
$375.3M
$373.9M
$372.6M
$371.2M
$369.9M
$368.5M
Maintenance CapEx
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
-$1.6M
Owner Earnings
$379.1M
$377.7M
$376.4M
$375.0M
$373.7M
$372.3M
$371.0M
$369.6M
$368.3M
$366.9M
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$351.0M
$323.9M
$298.8M
$275.6M
$254.3M
$234.6M
$216.4M
$199.7M
$184.2M
$170.0M
Terminal Value represents 53.5% of Enterprise Value