What is the 13F Pro Quality Score for MKTX?

13F Pro ranks MARKETAXESS HOLDINGS INC (MKTX) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View MKTX's current score at https://13fpro.ai/company/MKTX (free sign-up required for the full ranking).

Which hedge funds own the most MKTX stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of MKTX include BlackRock,, PRIMECAP MANAGEMENT CO/CA/, North Reef Capital Management. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/MKTX as soon as new 13F filings post.

Where does 13F Pro source MKTX data?

All MARKETAXESS HOLDINGS INC fundamentals and ownership data come directly from SEC EDGAR. MARKETAXESS HOLDINGS INC files with the SEC under CIK 1278021. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is MKTX in?

MARKETAXESS HOLDINGS INC (MKTX) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives MKTX's revenue?

Per MARKETAXESS HOLDINGS INC's latest 10-Q filed with the SEC on 2026-05-07, the biggest revenue drivers are: Commissions ($203.5M, +12.2% YoY); Information services ($14.4M, +11.9% YoY); Post-trade services ($11.6M, +4.7% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/MKTX.

What are MKTX's largest expenses?

MARKETAXESS HOLDINGS INC's latest 10-Q reports these as the largest expense items: Employee compensation and benefits ($70.2M, +13.4% YoY); Technology and communications ($20.4M, +12.8% YoY); Depreciation and amortization ($19.2M, +5.3% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is MKTX research updated on 13F Pro?

MKTX's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

MARKETAXESS HOLDINGS INC(MKTX)Stock Analysis

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13F Pro Quality Score

63.1/100

Rank #658 of 2,961 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

50.0/100

Profitability

95.4/100

Balance Sheet

91.7/100

Earnings Quality

21.4/100

Free Cash Flow

75.7/100

Institutional Flow

43.8/100

Revenue Scale

47.8/100

Dilution Risk

29.3/100

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Why MKTX Scores 63/100

exact factor attribution · 2026-09-11

MKTX's composite is driven by profitability and capital efficiency, held back by earnings quality and shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Profitability

+9.1 pts

95th pct

Capital efficiency

+5.6 pts

92th pct

Free cash flow

+3.9 pts

76th pct

Earnings growth

+0.7 pts

61th pct

Revenue growth

+0.0 pts

50th pct

Institutional flow

-0.4 pts

44th pct

Scale

-0.4 pts

48th pct

Shareholder dilution

-1.4 pts

29th pct

Earnings quality

-2.9 pts

21th pct

Latest change (2026-08-07): 69 → 64 · ↓ Free cash flow 89→55; ↓ Revenue growth 54→43; despite ↑ Profit margin 85→94

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

MKTX Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for MARKETAXESS HOLDINGS INC (MKTX), a Financials sector company. 13F Pro's AI-powered ranking engine scores MKTX at 63.1/100 on a 32-signal composite quality model, placing it at rank #658 of 2,961 stocks — the top 25% of the AI-ranked universe. MKTX scores in the top quartile across profitability (95.4), balance sheet strength (91.7), free cash flow (75.7). Areas of concern include earnings quality (21.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 29.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), MARKETAXESS HOLDINGS INC reports quarterly revenue of $218.4M, net income of $68.1M, an operating margin of 41.1%. Top institutional holders of MKTX by reported 13-F value include BlackRock, PRIMECAP MANAGEMENT, North Reef Capital Management, based on the most recent SEC filings. MKTX trades on the Nasdaq exchange and files with the SEC under CIK 1278021. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MKTX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MARKETAXESS HOLDINGS INC directly from SEC EDGAR. MARKETAXESS HOLDINGS INC's 13F Pro composite quality score has ranged between 56 and 78 since 2021, currently 63.1 — a declining long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about MARKETAXESS HOLDINGS INC

Quirks, history, and lore behind MKTX — the kind of stuff that makes a stock memorable.

1
The Basics
A U.S. financial technology company · mid-cap · listed on Nasdaq · headquartered in New York City.
2
The Numbers
Annual revenue in the range of $700–800 million, with operating margins that make traditional brokers weep — consistently above 40%.
3
The History
Founded in 1997, it set out to drag the sleepy, phone-dominated corporate bond market into the digital age — at a time when most bond trades were still done via fax and handshakes.
4
The Secret
It runs an electronic trading platform for fixed-income securities, connecting institutional buyers and sellers — think bonds, not stocks — and charges fees on every trade it touches.
5
The Lore
It counts the world's largest asset managers, banks, and insurance companies as clients, and it has steadily captured a dominant share of U.S. investment-grade credit trading volume over two decades.
6
The Giveaway
Its ticker — four letters starting with MKTX — practically tells you what it does: a market for fixed-income axes, now the go-to electronic exchange for corporate bonds.

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What's Driving MKTX's Business? Latest 10-Q Breakdown

✓ 29/29 datapoints verified

AI-extracted from MARKETAXESS HOLDINGS INC's 10-Q filed 2026-05-07 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

MarketAxess Q1 2026 net income surged 418% to $78.1M on 12% revenue growth to $233.4M, driven by 17% credit volume increase and higher rates trading despite 5% decline in credit fees per million.

Biggest Revenue Drivers

Commissions$203.5M+12.2% YoY

Credit variable transaction fees rose 10.7% on 17.0% volume growth; rates fees up 28.9% on 15.6% volume increase; credit average fee per million fell 5.0% due to protocol and product mix.

Information services$14.4M+11.9% YoY

Net new contract revenue and positive foreign currency impact.

Biggest Revenue Drivers

Total revenue: $233.4M+11.9% YoY

Commissions$203.5M+12.2% YoY

Credit variable transaction fees rose 10.7% on 17.0% volume growth; rates fees up 28.9% on 15.6% volume increase; credit average fee per million fell 5.0% due to protocol and product mix.

Information services$14.4M+11.9% YoY

Net new contract revenue and positive foreign currency impact.

Post-trade services$11.6M+4.7% YoY

Positive foreign currency impacts.

Technology services$3.9M+19.0% YoY

Higher license and connectivity fees.

Largest Expense Items

Employee compensation and benefits$70.2M+13.4% YoY

Higher salary, benefit costs and severance including management restructuring charges.

Technology and communications$20.4M+12.8% YoY

Higher cloud hosting and software service costs.

Depreciation and amortization$19.2M+5.3% YoY

Higher software development and intangible asset amortization.

General and administrative$5.7M+0.4% YoY

Margins: Operating margin expanded to 43.2% from 42.4% YoY despite 10.2% expense growth, as revenue growth at 11.9% outpaced cost increases. Excluding repositioning charges, operating margin was 44.2%, demonstrating underlying operational leverage.

Watch Items from the Filing

U.S. high-grade market share declined to 17.1% from 18.0% YoY despite 10.9% volume growth, indicating competitive pressure or client activity concentration shifts.
Credit average variable transaction fee per million declined 5.0% YoY; continued protocol and product mix shifts toward lower-fee portfolio trading could pressure margin.
RFQ-hub acquisition integration contributing to 'Other' commission revenue ($10.7M, +104.5% YoY); profitability and synergy realization uncertain given early stage.
Effective tax rate normalized to 24.8% from elevated 84.3% prior year, which included $54.9M reserve for uncertain tax positions; prior-year Q1 2025 rate was materially distorted.
Operating cash flow negative $75.3M vs. positive $29.6M prior year; driven by $479.3M increase in broker-dealer receivables supporting self-clearing operations, a structural working capital swing.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$218.4M

Net Income

Q2 2026

$68.1M

Free Cash Flow

Q2 2026

$26.2M

Operating Margin

Q2 2026

41.1%

ROIC

Q2 2026

26.5%

D/E Ratio

Q2 2026

0.09

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+3.6% YoY

$846.3MFY 2025

FY22 $722.6MFY23 $773.0MFY24 $817.1MFY25 $846.3M

Net Income

-10.0% YoY

$246.6MFY 2025

FY22 $250.2MFY23 $258.1MFY24 $274.2MFY25 $246.6M

Operating Income

+0.3% YoY

$341.8MFY 2025

FY22 $326.9MFY23 $315.0MFY24 $340.9MFY25 $341.8M

EPS (Diluted)

-8.8% YoY

$6.64FY 2025

FY22 $6.65FY23 $6.85FY24 $7.28FY25 $6.64

Total Assets

+8.1% YoY

$1.93BFY 2025

FY22 $1.61BFY23 $2.02BFY24 $1.79BFY25 $1.93B

Total Debt

$220.0MFY 2025

FY22 —FY23 —FY24 $0.00FY25 $220.0M

Op. Cash Flow

-0.8% YoY

$382.1MFY 2025

FY22 $289.2MFY23 $333.8MFY24 $385.2MFY25 $382.1M

Free Cash Flow

-0.4% YoY

$373.9MFY 2025

FY22 $276.1MFY23 $324.4MFY24 $375.3MFY25 $373.9M

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$846.3M +3.6%	$817.1M +5.7%	$773.0M +7.0%	$722.6M +3.5%	$698.5M +1.2%	$690.4M
Net Income	$246.6M -10.0%	$274.2M +6.2%	$258.1M +3.1%	$250.2M -3.0%	$257.9M -13.9%	$299.4M
Operating Income	$341.8M +0.3%	$340.9M +8.2%	$315.0M -3.6%	$326.9M -3.1%	$337.2M -10.0%	$374.7M
EPS (Diluted)	$6.64 -8.8%	$7.28 +6.3%	$6.85 +3.0%	$6.65 -1.8%	$6.77 -13.8%	$7.85
Total Assets	$1.93B +8.1%	$1.79B -11.2%	$2.02B +25.3%	$1.61B +5.1%	$1.53B +14.9%	$1.33B
Total Debt	$220.0M	$0.00	—	—	—	—
Operating Cash Flow	$382.1M -0.8%	$385.2M +15.4%	$333.8M +15.4%	$289.2M +2.5%	$282.1M -30.3%	$404.5M
Free Cash Flow	$373.9M -0.4%	$375.3M +15.7%	$324.4M +17.5%	$276.1M +4.3%	$264.6M -32.1%	$389.5M

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Available Research

13F Pro tracks comprehensive data for MARKETAXESS HOLDINGS INC including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of MKTX

BlackRock, Inc.
$453.9M3,999,836 sh
PRIMECAP MANAGEMENT CO/CA/
$397.8M3,504,905 sh
North Reef Capital Management LP
$385.3M3,395,000 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$238.4M2,100,273 sh
AQR CAPITAL MANAGEMENT LLC
$222.8M1,987,288 sh
VANGUARD CAPITAL MANAGEMENT LLC
$175.5M1,546,670 sh
FMR LLC
$159.5M1,404,998 sh
STATE STREET CORP
$145.4M1,281,769 sh
Neuberger Berman Group LLC
$139.6M1,229,929 sh
MILLENNIUM MANAGEMENT LLC
$118.8M1,046,700 sh

Fund	Value	Shares
BlackRock, Inc.	$453.9M	3,999,836
PRIMECAP MANAGEMENT CO/CA/	$397.8M	3,504,905
North Reef Capital Management LP	$385.3M	3,395,000
VANGUARD PORTFOLIO MANAGEMENT LLC	$238.4M	2,100,273
AQR CAPITAL MANAGEMENT LLC	$222.8M	1,987,288
VANGUARD CAPITAL MANAGEMENT LLC	$175.5M	1,546,670
FMR LLC	$159.5M	1,404,998
STATE STREET CORP	$145.4M	1,281,769
Neuberger Berman Group LLC	$139.6M	1,229,929
MILLENNIUM MANAGEMENT LLC	$118.8M	1,046,700

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Is MKTX a good stock to buy?

13F Pro's AI-powered analysis of MARKETAXESS HOLDINGS INC (MKTX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for MKTX are available on the MKTX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. MKTX is classified as a mid company.

Which hedge funds own MKTX?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling MKTX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of MARKETAXESS HOLDINGS INC's investment landscape.