MarketAxess Holdings Inc. (MKTX): one to watch?

Cheap for a reason — years of market-share loss to Tradeweb/Trumid, not a one-time shock, so upside depends on a real competitive turnaround.

👀 WATCH Fundamentals78/100

Down 81% from its all-time high of $579.18 — now $112.27

$400$109 peak $391 20222023202420252026

Why MKTX dropped

This isn't a sudden crash but a multi-year decline: MarketAxess used to have a near-monopoly in electronic corporate bond trading, but competition primarily from Tradeweb and more recently from Trumid has eroded that dominance to an approximate 38% share of electronic volumes in 2025. More recently the stock is down further because MarketAxess has seen a 34.3% decline in stock price since January 2026, with concerns over slow revenue growth and flat earnings per share, and multiple banks have been cutting price targets citing weak fee-per-million and volume trends — UBS reduced its second-quarter 2026 EPS estimate for MarketAxess citing lower-than-expected credit fee per million.

Fwd P/E 12.9Op margin 43.9%Rev growth 11.9%Debt/equity 24.3%Analyst upside 36.9%
How this scored 78/100
✅ Passes all 4 hard checks — profitable, cash-generative, and financially survivable.
✅ Makes money Net profit margin 35.5%
✅ Generates cash Free cash flow $-254M
✅ Not drowning in debt Debt/equity 24.3% — exempt (banks run on leverage by design)
✅ Can pay its bills Exempt (financials)

Bar length shows how much each metric is worth — a 10-point metric is twice as wide as a 5-point one. Hover any row for what it means.

Profitability Does it actually make money? 25/25
Operating margin 43.9% 9/9
Net profit margin 35.5% 8/8
Return on equity 24.3% 8/8
Growth Is it getting bigger, or dying? 16/25
Revenue growth 11.9% 5/9
Earnings growth 450.0% 8/8
Expected profit change 3.5% 3/8
Value Is it cheap right now? 19/25
Forward P/E 12.9 8/10
PEG ratio 0.9 7/8
Analyst target upside 36.9% 4/7
Balance sheet Will it survive? 18/25
Debt / equity 24.3% 10/10
Current ratio 4.9 8/8
Free cash flow $-254M 0/7

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Analysis generated by SmartStonks's AI from public fundamentals and news, first flagged 2026-07-22. Research only — not financial advice.