What is MarketAxess Holdings Inc. (MKTX) DCF Fair Value and Intrinsic Value in 2026?

MarketAxess Holdings Inc. (MKTX) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is MarketAxess Holdings Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

MarketAxess Holdings Inc. operates in the Financials sector (Financial Data & Stock Exchanges) with an economic moat rating of WIDE. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is MarketAxess Holdings Inc.'s financial health rating and Piotroski F-Score?

MarketAxess Holdings Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor MarketAxess Holdings Inc. (MKTX) for quarterly SEC filing thesis breaks?

LocalAlpha audits MarketAxess Holdings Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksMKTX

MKTX

MarketAxess Holdings, Inc.Financial Services / Capital MarketsINTACT

MarketAxess Holdings Inc., together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer firms in the United States, the United Kingdom, and internationally. The company offers trading technology to access liquidity on its platforms in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S. government bonds, and other fixed-income securities; and executes bond trades between and among institutional investor and broker-dealer clients in an all-to-all anonymous trading environment for corporate bonds through its Open Trading protocols. It also provides automated and algorithmic trading solutions, such as X-Pro, a trading platform to combine trading protocols with its proprietary data and pre-trade analytics; and integrated and actionable data offerings, including CP+ and Axess All, a real-time pricing engine, including Auto-X and portfolio trading. In addition, the company offers various pre-and post-trade services, such as processing, trade matching, trade publication, regulatory transaction reporting, and market and reference data across a range of fixed-income and other products. The company was incorporated in 2000 and is headquartered in New York, New York.

Share Price

$163.00

52W: $108.75 - $195.97

DCF Fair Value

$95.49

-70.7% Premium

Thesis Hub

P/E (TTM)

19.2x

ROIC

31.4%

Operating Margin

41.9%

FCF Yield

-8%

Debt / Equity

0.14x

Piotroski Score

7/9

Altman Z-Score

3.35

Market Cap

$5.7B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($95.49)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$95.49

MOS Buy Target (-25%)

$71.62

Valuation Overlays: DCF Fair Value ($95.49) 25% MOS Buy Target ($71.62) Revised Graham ($298.92) Graham Number ($81.91)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$163.00

DCF Fair Value

$94.11

-73.2% Premium

Starting Free Cash Flow ($M)$100M

$100M$-458M (Reported)$50,000M

Stage 1 Growth (Years 1-5)18.0%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)-$100M (Net Cash)

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$1.3B

PV of Terminal Value

$1.9B

Implied Enterprise Value

$3.2B

Implied Equity Value

$3.3B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$118	$139	$164	$194	$229	$239	$250	$261	$273	$285
Present Value (PV)	$108	$117	$127	$137	$149	$143	$137	$131	$126	$120

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-99% Premium

$81.92

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $8.47BVPS: $35.21

Revised Graham Formula+45.5% MoS

$298.92

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings-7.6% Yield

$-12.43 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $-0.4BYield: -7.6%

Reverse DCF: Market Growth Expectation

EXTREMELY LOW BARRIER

0.0% CAGR (Next 10 Yrs)

At the current price of $163.00, the market is assuming the business will compound Free Cash Flow at 0.0% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

✓ Low market hurdle: Easy for a wide-moat compounder to beat.

Autonomous Thesis Underwriting

Surveil MKTX with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for MarketAxess Holdings, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 41.9% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: MarketAxess Holdings, Inc. (MKTX) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for MarketAxess Holdings, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, MarketAxess Holdings, Inc. has an estimated DCF intrinsic fair value of $95.49 per share compared to its current market price of $163.00. This represents an estimated 70.7% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $81.91.