MarketAxess Holdings Inc.

NasdaqGS:MKTX Stock Report

Market Cap: US$6.1b

MarketAxess Holdings Valuation

Is MKTX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of MKTX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: MKTX ($171.94) is trading below our estimate of future cash flow value ($209.02)

Significantly Below Future Cash Flow Value: MKTX is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MKTX?

Key metric: As MKTX is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MKTX. This is calculated by dividing MKTX's market cap by their current earnings.
What is MKTX's PE Ratio?
PE Ratio24.8x
EarningsUS$246.63m
Market CapUS$6.14b

Price to Earnings Ratio vs Peers

How does MKTX's PE Ratio compare to its peers?

The above table shows the PE ratio for MKTX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24.4x
MORN Morningstar
17.8x12.25%US$6.8b
FDS FactSet Research Systems
13.1x7.25%US$7.8b
CBOE Cboe Global Markets
28.2x5.76%US$30.9b
DFIN Donnelley Financial Solutions
38.4x50.01%US$1.3b
MKTX MarketAxess Holdings
24.8x10.45%US$6.1b

Price-To-Earnings vs Peers: MKTX is expensive based on its Price-To-Earnings Ratio (24.8x) compared to the peer average (24.4x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does MKTX's PE Ratio compare vs other companies in the US Capital Markets Industry?

20 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GAM General American Investors Company
4.5xn/aUS$1.47b
ASA ASA Gold and Precious Metals
1.9xn/aUS$1.25b
MUDS Mudrick Capital Acquisition Corporation II
3.4xn/aUS$401.64m
CRRC.F Cohn Robbins Holdings
4.3xn/aUS$283.01m
MKTX 24.8xIndustry Avg. 39.4xNo. of Companies68PE020406080100+
20 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MKTX is good value based on its Price-To-Earnings Ratio (24.8x) compared to the US Capital Markets industry average (39.4x).

Price to Earnings Ratio vs Fair Ratio

What is MKTX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MKTX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio24.8x
Fair PE Ratio12.7x

Price-To-Earnings vs Fair Ratio: MKTX is expensive based on its Price-To-Earnings Ratio (24.8x) compared to the estimated Fair Price-To-Earnings Ratio (12.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MKTX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$171.94
US$196.27
+14.15%
11.39%US$250.00US$172.00n/a11
Apr ’27US$165.62
US$193.70
+16.95%
12.82%US$250.00US$169.00n/a10
Mar ’27US$192.00
US$192.90
+0.47%
14.30%US$250.00US$165.00n/a10
Feb ’27US$169.23
US$196.10
+15.88%
13.60%US$255.00US$169.00n/a10
Jan ’27US$181.25
US$199.20
+9.90%
14.25%US$255.00US$167.00n/a10
Dec ’26US$159.99
US$200.90
+25.57%
14.30%US$260.00US$176.00n/a10
Nov ’26US$160.06
US$202.67
+26.62%
15.17%US$260.00US$164.00n/a12
Oct ’26US$170.84
US$217.08
+27.07%
12.73%US$260.00US$168.00n/a12
Sep ’26US$183.84
US$218.83
+19.03%
13.89%US$274.00US$168.00n/a12
Aug ’26US$207.75
US$238.08
+14.60%
12.43%US$295.00US$187.00n/a12
Jul ’26US$223.11
US$238.38
+6.85%
13.34%US$295.00US$179.00n/a13
Jun ’26US$216.41
US$236.83
+9.44%
13.74%US$295.00US$179.00n/a12
May ’26US$223.97
US$232.75
+3.92%
12.58%US$295.00US$185.00n/a12
Apr ’26US$215.92
US$234.17
+8.45%
13.18%US$305.00US$189.00US$165.6212
Mar ’26US$192.79
US$234.17
+21.46%
13.18%US$305.00US$189.00US$192.0012
Feb ’26US$220.63
US$263.08
+19.24%
14.12%US$330.00US$197.00US$169.2312
Jan ’26US$226.04
US$281.00
+24.31%
12.85%US$330.00US$201.00US$181.2512
Dec ’25US$258.69
US$286.50
+10.75%
13.81%US$335.00US$187.00US$159.9912
Nov ’25US$287.40
US$281.92
-1.91%
14.15%US$330.00US$195.00US$160.0612
Oct ’25US$255.85
US$252.17
-1.44%
15.95%US$310.00US$193.00US$170.8412
Sep ’25US$242.39
US$245.58
+1.32%
15.56%US$310.00US$193.00US$183.8412
Aug ’25US$221.22
US$240.42
+8.68%
16.41%US$310.00US$186.00US$207.7512
Jul ’25US$193.39
US$239.15
+23.66%
16.49%US$310.00US$183.00US$223.1113
Jun ’25US$198.93
US$240.62
+20.95%
16.33%US$310.00US$183.00US$216.4113
May ’25US$206.24
US$252.54
+22.45%
14.52%US$310.00US$199.00US$223.9713
Apr ’25US$216.56
US$261.83
+20.91%
12.40%US$310.00US$210.00US$215.9212
US$196.27
Fair Value
12.4% undervalued intrinsic discount
11
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/10 22:09
End of Day Share Price 2026/04/10 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

MarketAxess Holdings Inc. is covered by 24 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullArgus Research Company
Benjamin BudishBarclays
Jeremy CampbellBarclays