TakeoverPE & activists

MKTXMARKETAXESS HOLDINGS INC

Security Brokers, Dealers & Flotation Companies · $5.8B market cap · 868 employees

0.6×

Less likely than average to be taken private

Top 31% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • Goodwill-heavyNo
    12% of assets
    Over 40% of assets
  • Shareholder dissentNo
    —
    Any vote under 80% support
  • 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
  • Recurring revenueNo
    —
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    —
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$1M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 18, 2026DEFM14AIntercontinental Exchange, Inc.$167.0033.6%
Sep 4, 2026PREM14AIntercontinental Exchange, Inc.$167.0033.6%
Jul 30, 20268-KIntercontinental Exchange, Inc.——

Key numbers

Revenue
$846MFY2021: $699MFY2022: $718MFY2023: $753MFY2024: $817MFY2025: $846M
3.6% YoY
Operating margin
40.4%FY2021: 48.2%FY2022: 45.5%FY2023: 41.9%FY2024: 41.7%FY2025: 40.4%
3.2% YoY
EBITDA
$419MFY2021: $391MFY2022: $388MFY2023: $386MFY2024: $415MFY2025: $419M
0.9% YoY
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$699M$718M$753M$817M$846M 3.6% FY2021: $699MFY2022: $718MFY2023: $753MFY2024: $817MFY2025: $846M
Operating income$337M$327M$315M$341M$342M 0.3% FY2021: $337MFY2022: $327MFY2023: $315MFY2024: $341MFY2025: $342M
Net income$258M$250M$258M$274M$247M 10.0% FY2021: $258MFY2022: $250MFY2023: $258MFY2024: $274MFY2025: $247M
Operating cash flow$282M$289M$334M$385M$382M 0.8% FY2021: $282MFY2022: $289MFY2023: $334MFY2024: $385MFY2025: $382M
Capex$17M$13M$9M$10M$8M 17% FY2021: $17MFY2022: $13MFY2023: $9MFY2024: $10MFY2025: $8M
Stock-based comp$27M$30M$29M$30M$31M 4.2% FY2021: $27MFY2022: $30MFY2023: $29MFY2024: $30MFY2025: $31M
Buybacks$63M$88M$0$75M$420M 457% FY2021: $63MFY2022: $88MFY2023: $0FY2024: $75MFY2025: $420M

13D filers

None on file.

Insider trading

−$1Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $1M · 12 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——34194
FY2024——41168
FY2023——53133
FY2022——50114
FY2021——72132