Morningstar

MarketAxess Holdings Inc MKTX

Morningstar Rating
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Stock XNAS Rating as of
$254.84 +0.65 (0.26%)
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As of Delayed Price Closed

Company Report

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MarketAxess' Secular Drivers Are Intact, but US Corporate Bond Trading Remains Competitive

Michael Miller

MarketAxess operates the leading platform for the electronic trading of corporate bonds. While the company is primarily focused on US securities, 30%-40% of its corporate bond trading volume comes from emerging-market debt and eurobonds, giving the company a strong international presence. MarketAxess also offers trading in US Treasuries and municipal bonds, bolstering its efforts in these sectors through the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. That said, corporate bonds are the core of MarketAxess’ business, which we expect to remain true, a consequence of being a relative newcomer to the Treasury trading market and the smaller size of the municipal debt market.

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Price vs Fair Value

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MKTX is trading at a 544% premium.
Price
$254.84
Fair Value
$278.00
Uncertainty
High
1-Star Price
$799.19
5-Star Price
$637.00
Economic Moat
Hkhty
Capital Allocation
Kjbjmgswz

Bulls Say, Bears Say

Bulls

MarketAxess holds the largest market share for the electronic trading of US credit bonds, with particular strength in high-yield bond trading.

Bears

MarketAxess’s revenue base is mostly transactional, and results can vary from one quarter to the next based on market events.

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News

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Trading Information

Previous Close Price
$254.19
Day Range
$254.03–257.62
52-Week Range
$192.42–297.97
Bid/Ask
$254.77 / $269.00
Market Cap
$9.62 Bil
Volume/Avg
306,081 / 385,577

Key Statistics

Price/Earnings (Normalized)
36.72
Price/Sales
12.36
Dividend Yield (Trailing)
1.15%
Dividend Yield (Forward)
1.16%
Total Yield
1.61%

Company Profile

Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being US investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Small Core
Total Number of Employees
881
Website
https://www.marketaxess.com

Competitors

Valuation

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Metric
MKTX
TW
CME
Price/Earnings (Normalized)
 36.7246.8222.55
Price/Book Value
 7.244.612.84
Price/Sales
 12.3617.2513.55
Price/Cash Flow
 26.1030.8121.45
Price/Earnings
MKTX
TW
CME

Financial Strength

Metric
MKTX
TW
CME
Quick Ratio
 2.572.620.03
Current Ratio
 2.892.691.02
Interest Coverage
 115.49—27.67
Quick Ratio
MKTX
TW
CME

Profitability

Metric
MKTX
TW
CME
Return on Assets (Normalized)
 15.61%8.89%2.63%
Return on Equity (Normalized)
 22.78%11.45%12.66%
Return on Invested Capital (Normalized)
 20.14%9.34%11.66%
Return on Assets
MKTX
TW
CME

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