Financials MarketAxess Holdings Inc.

Stocks

MKTX

US57060D1081

Financial & Commodity Market Operators

Market Closed - Nasdaq 16:00:00 2026-09-25 EDT			5-day change	1st Jan Change
164.19 ^USD	+0.26%		+0.47%	-9.41%

09-23	Intercontinental Exchange Sees Multiple Growth Opportunities, RBC Says	MT
08-11	Sector Update: Financial Stocks Edge Higher Late Afternoon	MT

Projected Income Statement: MarketAxess Holdings Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	699	718.3	752.5	817.1	846.3	894.6	955.4	1,024
Change	-	2.77%	4.77%	8.58%	3.57%	5.71%	6.8%	7.19%
EBITDA ¹	388.2	400.4	382.8	409.9	420.8	440.9	472.9	508.6
Change	-	3.15%	-4.4%	7.08%	2.65%	4.78%	7.26%	7.56%
EBIT ¹	337.2	326.9	315	340.9	347.4	364.8	391.7	426.6
Change	-	-3.07%	-3.63%	8.21%	1.93%	5%	7.37%	8.91%
Interest Paid ¹	-0.842	-	-1.983	-1.601	-1.487	-6.492	-4.55	-
Earnings before Tax (EBT) ¹	333.9	338.3	332.7	360.5	367	370.2	404.7	441.5
Change	-	1.31%	-1.65%	8.37%	1.79%	0.88%	9.32%	9.09%
Net income ¹	257.9	250.2	258.1	274.2	246.6	280.3	302.7	324.9
Change	-	-2.97%	3.13%	6.25%	-10.05%	13.65%	7.99%	7.34%
Announcement Date	1/26/22	1/25/23	1/31/24	2/6/25	2/6/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	162.1	165.1	186.1	182.2	172.1	177.9	203.2	179.8	172.3	197.2	210.3	197.7	206.7	202.4	208.6	219.5	208.8	209.4	233.4	218.4	219.7	221.5	243	235.7	239.1	239.8	259.1	245
Change	-	1.83%	12.72%	-2.06%	-5.55%	3.36%	14.2%	-11.48%	-4.2%	14.49%	6.63%	-6.02%	4.58%	-2.09%	3.05%	5.22%	-4.85%	0.28%	11.45%	-6.41%	0.6%	0.8%	9.7%	-2.97%	1.43%	0.3%	8.04%	-5.44%
EBITDA ¹	88.77	86.35	105.8	105.2	94.3	95.21	110.5	90.7	82.88	98.7	109.3	98.91	105	96.73	107.4	110.8	107.6	94.91	121.7	106.2	108.5	103.3	124.1	119.3	122.6	116	133.2	124.9
Change	-	-2.73%	22.49%	-0.58%	-10.32%	0.96%	16.1%	-17.95%	-8.62%	19.1%	10.69%	-9.47%	6.17%	-7.89%	11.06%	3.15%	-2.89%	-11.81%	28.2%	-12.68%	2.12%	-4.78%	20.15%	-3.86%	2.74%	-5.34%	14.78%	-6.23%
EBIT ¹	74	72.58	88.1	84.79	76.31	77.67	95.36	75.73	66.91	77.03	92.5	81.34	87.06	79.98	88.38	95.83	85.58	77.1	100.9	88.32	87.25	84.27	103	99.01	100.2	94.24	113.3	104.6
Change	-	-1.92%	21.39%	-3.76%	-10%	1.78%	22.77%	-20.58%	-11.64%	15.12%	20.09%	-12.07%	7.03%	-8.13%	10.51%	8.43%	-10.7%	-9.91%	30.9%	-12.48%	-1.21%	-3.42%	22.23%	-3.88%	1.24%	-5.98%	20.23%	-7.68%
Charge d'intérêts ¹	-0.314	-0.166	-0.173	-0.337	-0.138	-0.052	-0.13	-0.053	-0.164	-1.636	-0.316	-0.621	-0.346	-0.318	-0.213	-0.139	-0.171	-0.964	-2.888	-1.862	-1.191	-0.406	-1.5	-1.5	-1.5	-1.5	-	-
Earnings before Tax (EBT) ¹	74.49	71.58	90.42	89.58	78.86	79.43	98.2	78.95	71.74	83.81	96.72	86.34	92.9	84.6	96.15	97.42	93.64	79.79	103.9	89.76	90.02	86.67	107.9	103.8	103.2	99.4	117.6	109.2
Change	-	-3.92%	26.33%	-0.93%	-11.96%	0.72%	23.63%	-19.6%	-9.13%	16.82%	15.4%	-10.73%	7.6%	-8.94%	13.66%	1.31%	-3.88%	-14.79%	30.2%	-13.59%	0.29%	-3.72%	24.5%	-3.85%	-0.53%	-3.68%	18.31%	-7.14%
Net income ¹	57.96	52.18	64.77	66.92	59.31	59.23	73.63	59.86	54.94	69.63	72.62	64.94	71.49	65.14	15.06	71.15	68.18	92.24	77.88	68.1	67.52	65	80.9	77.8	77.45	74.5	88.1	81.8
Change	-	-9.96%	24.11%	3.32%	-11.38%	-0.14%	24.32%	-18.7%	-8.22%	26.73%	4.29%	-10.57%	10.09%	-8.88%	-76.87%	372.28%	-4.18%	35.29%	-15.56%	-12.55%	-0.85%	-3.74%	24.46%	-3.83%	-0.45%	-3.81%	18.26%	-7.15%
Announcement Date	10/20/21	1/26/22	4/20/22	7/20/22	10/19/22	1/25/23	4/26/23	7/20/23	10/25/23	1/31/24	5/7/24	8/6/24	11/6/24	2/6/25	5/7/25	8/6/25	11/7/25	2/6/26	5/7/26	7/30/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: MarketAxess Holdings Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-557	-482	-496	-592	-348	-289	-372	-466
Change	-	13.46%	-2.9%	-19.35%	41.22%	17.06%	-28.72%	-25.27%
Announcement Date	1/26/22	1/25/23	1/31/24	2/6/25	2/6/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: MarketAxess Holdings Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	50.62	51.87	52.45	56.56	58.01	65.73	69.72	75.5
Change	-	2.48%	1.11%	7.85%	2.56%	13.31%	6.06%	8.29%
Free Cash Flow (FCF) ¹	296.7	237.4	281.3	328.7	324.1	307.5	334.5	355.5
Change	-	-20%	18.52%	16.83%	-1.38%	-5.13%	8.78%	6.28%
Announcement Date	1/26/22	1/25/23	1/31/24	2/6/25	2/6/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: MarketAxess Holdings Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	55.54%	55.75%	50.87%	50.17%	49.72%	49.28%	49.5%	49.66%
EBIT Margin (%)	48.25%	45.51%	41.86%	41.72%	41.06%	40.78%	41%	41.66%
EBT Margin (%)	47.77%	47.1%	44.21%	44.13%	43.37%	41.39%	42.36%	43.11%
Net margin (%)	36.9%	34.84%	34.29%	33.56%	29.14%	31.33%	31.68%	31.73%
FCF margin (%)	42.45%	33.04%	37.38%	40.22%	38.3%	34.37%	35.01%	34.71%
FCF / Net Income (%)	115.05%	94.86%	109.02%	119.87%	131.42%	109.71%	110.51%	109.41%
Profitability
ROA	18.02%	15.95%	14.79%	14.41%	13.71%	14.25%	13.54%	13.46%
ROE	25%	23.58%	22.58%	20.45%	19.46%	23.52%	22.97%	22.65%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	7.24%	7.22%	6.97%	6.92%	6.86%	7.35%	7.3%	7.37%
CAPEX / EBITDA (%)	13.04%	12.95%	13.7%	13.8%	13.79%	14.91%	14.74%	14.84%
CAPEX / FCF (%)	17.06%	21.85%	18.64%	17.21%	17.9%	21.38%	20.84%	21.24%
Items per share
Cash flow per share ¹	7.405	7.684	8.864	10.23	10.29	-0.9703	7.098	7.533
Change	-	3.77%	15.37%	15.37%	0.62%	-109.43%	831.57%	6.13%
Dividend per Share ¹	2.64	2.8	2.88	2.96	3.04	3.124	3.219	3.473
Change	-	6.06%	2.86%	2.78%	2.7%	2.77%	3.05%	7.88%
Book Value Per Share ¹	27.46	28.72	34.12	36.86	30.79	37.13	41.08	46.32
Change	-	4.58%	18.79%	8.05%	-16.47%	20.6%	10.63%	12.78%
EPS ¹	6.77	6.65	6.85	7.28	6.64	7.955	8.679	9.416
Change	-	-1.77%	3.01%	6.28%	-8.79%	19.8%	9.11%	8.49%
Nbr of stocks (in thousands)	38,026	37,637	37,905	37,704	37,172	35,193	35,193	35,193
Announcement Date	1/26/22	1/25/23	1/31/24	2/6/25	2/6/26	-	-	-