Company Valuation: MarketAxess Holdings Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 15,639 10,497 11,101 8,523 6,737 5,789 - -
Change - -32.88% 5.76% -23.22% -20.95% -14.08% - -
Enterprise Value (EV) 1 15,082 10,015 10,604 7,931 6,389 5,482 5,401 5,309
Change - -33.6% 5.88% -25.21% -19.45% -14.19% -1.48% -1.7%
P/E 60.7x 41.9x 42.8x 31x 27.3x 20.7x 19x 17.6x
PBR 15x 9.71x 8.58x 6.13x 5.89x 4.39x 3.87x 3.43x
PEG - -23.64x 14.23x 4.94x -3.11x 1.1x 2.08x 2.14x
Capitalization / Revenue 22.4x 14.6x 14.8x 10.4x 7.96x 6.47x 6.06x 5.66x
EV / Revenue 21.6x 13.9x 14.1x 9.71x 7.55x 6.12x 5.66x 5.19x
EV / EBITDA 38.9x 25x 27.7x 19.3x 15.2x 12.4x 11.4x 10.4x
EV / EBIT 44.7x 30.6x 33.7x 23.3x 18.4x 15x 13.8x 12.5x
EV / FCF 50.8x 42.2x 37.7x 24.1x 19.7x 17.8x 16.1x 14.9x
FCF Yield 1.97% 2.37% 2.65% 4.14% 5.07% 5.61% 6.19% 6.7%
Dividend per Share 2 2.64 2.8 2.88 2.96 3.04 3.124 3.219 3.473
Rate of return 0.64% 1% 0.98% 1.31% 1.68% 1.9% 1.96% 2.11%
EPS 2 6.77 6.65 6.85 7.28 6.64 7.928 8.651 9.363
Distribution rate 39% 42.1% 42% 40.7% 45.8% 39.4% 37.2% 37.1%
Net sales 1 699 718.3 752.5 817.1 846.3 895.2 954.8 1,023
EBITDA 1 388.2 400.4 382.8 409.9 420.8 441.1 472.4 508.1
EBIT 1 337.2 326.9 315 340.9 347.4 364.3 391.2 426.1
Net income 1 257.9 250.2 258.1 274.2 246.6 279.2 301.5 323.2
Net Debt 1 -556.9 -481.7 -496.4 -591.6 -348.5 -306.9 -388.2 -480.2
Reference price 2 411.27 278.89 292.85 226.04 181.25 164.49 164.49 164.49
Nbr of stocks (in thousands) 38,026 37,637 37,905 37,704 37,172 35,193 - -
Announcement Date 1/26/22 1/25/23 1/31/24 2/6/25 2/6/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.75x6.12x12.43x1.9% 5.79B
24.83x15.11x21.18x3.9% 106B
22.28x9.65x14.35x1.33% 89.02B
24.48x9.08x15.15x1.55% 62.57B
23.47x13.76x17.34x3.81% 59.98B
29.18x5.13x10.3x1.91% 56.17B
26.84x10.28x17.19x1.27% 52.99B
34.38x9.76x17.95x0.49% 25.18B
18.76x10.38x14.95x4.67% 23.62B
Average 25.00x 9.92x 15.65x 2.31% 53.5B
Weighted average by Cap. 25.02x 10.83x 16.37x 2.42%

Y-o-Y evolution of P/E

Valuation ratios - P/E - MarketAxess Holdings Inc.

Historical PBR trend

Valuation ratios - PBR - MarketAxess Holdings Inc.

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - MarketAxess Holdings Inc.

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - MarketAxess Holdings Inc.


Year-on-year evolution of the Yield

Valuation ratios - Yield - MarketAxess Holdings Inc.
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