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MarketAxess Holdings Inc MKTX Stock Quote

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Morningstar‘s Stock Analysis MKTX

Valuation
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Is it the right time to buy or sell?
Is it the right time to buy or sell?

1-Star Price

INVESTOR

5-Star Price

INVESTOR

Economic Moat

INVESTOR

Capital Allocation

INVESTOR

Lower Average Fees Offset Higher Volume in a Decent Quarter for MarketAxess

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

Wide-moat MarketAxess reported decent second-quarter results as impressive market share gains were undermined by weak pricing in the company’s investment-grade bond trading business. Total revenue was up 3.3% year over year to $182.2 million and earnings per share of $1.78 was effectively flat versus the prior year’s quarter result of $1.77. As we incorporate these results, we are maintaining our $345 fair value estimate for MarketAxess.

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Key Statistics MKTX

Company Profile MKTX

Business Description

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 U.S. 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.

Contact
55 Hudson Yards, 15th Floor
New York, NY, 10001
T +1 212 813-6000
Industry Capital Markets
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Cyclical
Employees 676