MKTXMARKETAXESS HOLDINGS INC

Security Brokers, Dealers & Flotation Companies

Revenue: $846M; 3.6% YoY
Operating margin: 40.4%; 3.2% YoY
EBITDA: $419M; 0.9% YoY
Market cap: $5.8B
Employees: 868; $975K revenue each
Net debt / EBITDA: —
AI in 10-K: 6.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
155% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
110% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$975K · 41st pct
Bottom quartile of its SIC industry
Quiet on AINo
6.6 per 10K words · 87th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$699M	$718M	$753M	$817M	$846M	3.6%
Operating income	$337M	$327M	$315M	$341M	$342M	0.3%
Net income	$258M	$250M	$258M	$274M	$247M	10.0%
Operating cash flow	$282M	$289M	$334M	$385M	$382M	0.8%
Capex	$17M	$13M	$9M	$10M	$8M	17%
Stock-based comp	$27M	$30M	$29M	$30M	$31M	4.2%
Buybacks	$63M	$88M	$0	$75M	$420M	457%

Deal filings

Filed	Form	Acquirer	Price	Premium
Sep 18, 2026	DEFM14A	Intercontinental Exchange, Inc.	$167.00	33.6%
Sep 4, 2026	PREM14A	Intercontinental Exchange, Inc.	$167.00	33.6%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $1M · 12
Net: −$1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	34	194
FY2024	—	—	41	168
FY2023	—	—	53	133
FY2022	—	—	50	114
FY2021	—	—	72	132