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MarketAxess Valuation Multiples
Discover revenue and EBITDA valuation multiples for MarketAxess and similar public comparables like Allfunds, BGC Group, IG Group, Techcom Securities and more.
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
868
Website
Financials (LTM)
EV
$6B
MarketAxess Financials
MarketAxess reported last 12-month revenue of $866M and EBITDA of $432M.
In the same LTM period, MarketAxess generated $432M in EBITDA and $260M in net income.
Revenue (LTM)
MarketAxess P&L
In the most recent fiscal year, MarketAxess reported revenue of $846M and EBITDA of $453M.
MarketAxess expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $866M | XXX | $846M | XXX | XXX | XXX |
| Gross Profit | — | XXX | $503M | XXX | XXX | XXX |
| Gross Margin | — | XXX | 59% | XXX | XXX | XXX |
| EBITDA | $432M | XXX | $453M | XXX | XXX | XXX |
| EBITDA Margin | 50% | XXX | 53% | XXX | XXX | XXX |
| EBIT Margin | 41% | XXX | 41% | XXX | XXX | XXX |
| Net Profit | $260M | XXX | $247M | XXX | XXX | XXX |
| Net Margin | 30% | XXX | 29% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
MarketAxess Stock Performance
MarketAxess has current market cap of $6B, and enterprise value of $6B.
Market Cap Evolution
MarketAxess' stock price is $173.50.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $6B | $6B | 1.2% | XXX | XXX | XXX | $6.94 |
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Start Free TrialMarketAxess Valuation Multiples
MarketAxess trades at 6.9x EV/Revenue multiple, and 13.7x EV/EBITDA.
EV / Revenue (LTM)
MarketAxess Financial Valuation Multiples
As of April 17, 2026, MarketAxess has market cap of $6B and EV of $6B.
Equity research analysts estimate MarketAxess' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
MarketAxess has a P/E ratio of 23.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $6B | XXX | $6B | XXX | XXX | XXX |
| EV (current) | $6B | XXX | $6B | XXX | XXX | XXX |
| EV/Revenue | 6.9x | XXX | 7.0x | XXX | XXX | XXX |
| EV/EBITDA | 13.7x | XXX | 13.1x | XXX | XXX | XXX |
| EV/EBIT | 16.6x | XXX | 17.0x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 11.8x | XXX | XXX | XXX |
| P/E | 23.7x | XXX | 25.0x | XXX | XXX | XXX |
| EV/FCF | 18.0x | XXX | 18.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified MarketAxess Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
MarketAxess Margins & Growth Rates
MarketAxess' revenue in the last 12 month grew by 8%.
MarketAxess' revenue per employee in the last FY averaged $1.0M, while opex per employee averaged $0.2M for the same period.
MarketAxess' rule of 40 is 58% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
MarketAxess' rule of X is 70% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
MarketAxess Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 8% | XXX | XXX | XXX |
| EBITDA Margin | 50% | XXX | 53% | XXX | XXX | XXX |
| EBITDA Growth | 8% | XXX | 1% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 58% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 70% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.0M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 3% | XXX | 9% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 9% | XXX | 9% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 19% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
MarketAxess Public Comps
See public comps and valuation multiples for other Online Brokers and Capital Markets Infrastructure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| MarketAxess | XXX | XXX | XXX | XXX | XXX | XXX |
| Allfunds | XXX | XXX | XXX | XXX | XXX | XXX |
| BGC Group | XXX | XXX | XXX | XXX | XXX | XXX |
| IG Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Techcom Securities | XXX | XXX | XXX | XXX | XXX | XXX |
| Tadawul Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
MarketAxess M&A Activity
MarketAxess acquired XXX companies to date.
Last acquisition by MarketAxess was on XXXXXXXX, XXXXX. MarketAxess acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by MarketAxess
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialMarketAxess Investment Activity
MarketAxess invested in XXX companies to date.
MarketAxess made its latest investment on XXXXXXXX, XXXXX. MarketAxess invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by MarketAxess
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout MarketAxess
| When was MarketAxess founded? | MarketAxess was founded in 2000. |
| Where is MarketAxess headquartered? | MarketAxess is headquartered in United States. |
| How many employees does MarketAxess have? | As of today, MarketAxess has over 868 employees. |
| Who is the CEO of MarketAxess? | MarketAxess' CEO is Christopher R. Concannon. |
| Is MarketAxess publicly listed? | Yes, MarketAxess is a public company listed on Nasdaq. |
| What is the stock symbol of MarketAxess? | MarketAxess trades under MKTX ticker. |
| When did MarketAxess go public? | MarketAxess went public in 2004. |
| Who are competitors of MarketAxess? | MarketAxess main competitors are Allfunds, BGC Group, IG Group, Techcom Securities. |
| What is the current market cap of MarketAxess? | MarketAxess' current market cap is $6B. |
| What is the current revenue of MarketAxess? | MarketAxess' last 12 months revenue is $866M. |
| What is the current revenue growth of MarketAxess? | MarketAxess revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of MarketAxess? | Current revenue multiple of MarketAxess is 6.9x. |
| Is MarketAxess profitable? | Yes, MarketAxess is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of MarketAxess? | MarketAxess' last 12 months EBITDA is $432M. |
| What is MarketAxess' EBITDA margin? | MarketAxess' last 12 months EBITDA margin is 50%. |
| What is the current EV/EBITDA multiple of MarketAxess? | Current EBITDA multiple of MarketAxess is 13.7x. |
| What is the current FCF of MarketAxess? | MarketAxess' last 12 months FCF is $330M. |
| What is MarketAxess' FCF margin? | MarketAxess' last 12 months FCF margin is 38%. |
| What is the current EV/FCF multiple of MarketAxess? | Current FCF multiple of MarketAxess is 18.0x. |
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