Marketaxess Holdings Inc. (MKTX) intrinsic value & 10-year financials
Marketaxess Holdings Inc. (MKTX) has a Graham intrinsic value of $139.55 per share. At $164.64 on Oct 17, 2026, the stock trades 18% above that value. Over the last 10 fiscal years revenue grew 9.7% a year to $846.3M, with an average return on invested capital of 27.8%.
- Graham intrinsic value
- $139.55
- Share price (Oct 17, 2026)
- $164.64
- Price vs Graham value
- 18% above
- Market cap
- $6.1B
- Revenue (FY2025)
- $846.3M
- Revenue growth (10-yr CAGR)
- 9.7%
- ROIC (10-yr avg)
- 27.8%
- Free cash flow (FY2025)
- $373.9M
MKTX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $846.3M | $246.6M | $6.64 | $373.9M | 40.4% | 27.2% |
| FY2024 | $817.1M | $274.2M | $7.28 | $375.3M | 41.7% | 30.7% |
| FY2023 | $752.5M | $258.1M | $6.85 | $324.4M | 41.9% | 20.6% |
| FY2022 | $718.3M | $250.2M | $6.65 | $276.1M | 45.5% | 22.8% |
| FY2021 | $699.0M | $257.9M | $6.77 | $264.6M | 48.2% | 26.1% |
| FY2020 | $689.1M | $299.4M | $7.85 | $389.5M | 54.4% | 34.7% |
| FY2019 | $511.4M | $204.9M | $5.40 | $253.6M | 49.1% | 29.0% |
| FY2018 | $435.6M | $172.9M | $4.57 | $188.0M | 48.8% | 30.0% |
| FY2017 | $393.4M | $148.1M | $3.89 | $155.9M | 50.7% | 29.8% |
| FY2016 | $367.7M | $126.2M | $3.34 | $83.4M | 51.7% | 26.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MARKETAXESS HOLDINGS INC is a consistent compounder, expanding top-line revenue at 9.7% annually over the past decade.
MARKETAXESS HOLDINGS INC has earned high returns on invested capital, averaging 27.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
MARKETAXESS HOLDINGS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MARKETAXESS HOLDINGS INC is modeled at 7.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $139.55 per share.