MarketAxess - Public Comps and Valuation Multiples

MarketAxess Overview

About MarketAxess

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 US 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.

Founded

2000

HQ

Employees

891

Website

marketaxess.com

Sectors

Electronic Trading
FinTech Infrastructure
WealthTech
FinTech

Financials

LTM Revenue $830M

LTM EBITDA $416M

EV

$7.8B

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MarketAxess Financials

MarketAxess has a last 12-month revenue of $830M and a last 12-month EBITDA of $416M.

In the most recent fiscal year, MarketAxess achieved revenue of $817M and an EBITDA of $443M.

MarketAxess expects next 12-month revenue of XXX and NTM EBITDA of XXX

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MarketAxess P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$753M	$817M	XXX	XXX	XXX
Gross Profit	$519M	$529M	XXX	XXX	XXX
Gross Margin	69%	65%	XXX	XXX	XXX
EBITDA	$411M	$443M	XXX	XXX	XXX
EBITDA Margin	55%	54%	XXX	XXX	XXX
Net Profit	$250M	$258M	XXX	XXX	XXX
Net Margin	33%	32%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

MarketAxess Stock Performance

As of April 15, 2025, MarketAxess's stock price is $222.

MarketAxess has current market cap of $8.4B, and EV of $7.8B.

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MarketAxess Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$7.8B	$8.4B	XXX	XXX	XXX	XXX	$7.36

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MarketAxess Valuation Multiples

As of April 15, 2025, MarketAxess has market cap of $8.4B and EV of $7.8B.

MarketAxess's trades at 9.4x LTM EV/Revenue multiple, and 18.8x LTM EBITDA.

Analysts estimate MarketAxess's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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MarketAxess Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$7.8B	XXX	XXX	XXX
EV/Revenue	9.6x	XXX	XXX	XXX
EV/EBITDA	17.6x	XXX	XXX	XXX
P/E	30.6x	XXX	XXX	XXX
P/E/Growth	3.7x	XXX	XXX	XXX
EV/FCF	23.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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MarketAxess Valuation Multiples

MarketAxess's NTM/LTM revenue growth is 7%

MarketAxess's revenue per employee for the last fiscal year averaged $0.9M, while opex per employee averaged $0.2M for the same period.

Over next 12 months, MarketAxess's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate MarketAxess's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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MarketAxess Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	9%	XXX	XXX	XXX	XXX
EBITDA Margin	54%	XXX	XXX	XXX	XXX
EBITDA Growth	8%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	61%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.9M	XXX	XXX	XXX	XXX
Opex per Employee	$0.2M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	1%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	8%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	27%	XXX	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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