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MarketAxess Holdings (MarketAxess Holdings) EBIT

: $334.7 Mil (TTM As of Dec. 2023)
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MarketAxess Holdings's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2023 was $85.4 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was $334.7 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. MarketAxess Holdings's annualized ROC % for the quarter that ended in Dec. 2023 was 28.67%. MarketAxess Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 206.85%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. MarketAxess Holdings's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 4.62%.


MarketAxess Holdings EBIT Historical Data

The historical data trend for MarketAxess Holdings's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

MarketAxess Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
EBIT
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 257.42 375.50 334.77 338.99 334.68

MarketAxess Holdings Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
EBIT Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 79.48 98.33 79.00 71.91 85.45

Competitive Comparison

For the Capital Markets subindustry, MarketAxess Holdings's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


MarketAxess Holdings EV-to-EBIT Distribution

For the Capital Markets industry and Financial Services sector, MarketAxess Holdings's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where MarketAxess Holdings's EV-to-EBIT falls into.



MarketAxess Holdings EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $334.7 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


MarketAxess Holdings  (NAS:MKTX) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

MarketAxess Holdings's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

ROC % (Q: Dec. 2023 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2023 ) + Invested Capital (Q: Dec. 2023 ))/ count )
=308.108 * ( 1 - 16.92% )/( (874.996 + 910.516)/ 2 )
=255.9761264/892.756
=28.67 %

where

Invested Capital(Q: Sep. 2023 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=1737.512 - 423.484 - ( 439.032 - max(0, 423.484 - 1130.262+439.032))
=874.996

Invested Capital(Q: Dec. 2023 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=2015.067 - 582.303 - ( 522.248 - max(0, 582.303 - 1345.145+522.248))
=910.516

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

MarketAxess Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2023 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2023  Q: Dec. 2023
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=341.792/( ( (164.755 + max(-167.846, 0)) + (165.716 + max(-332.191, 0)) )/ 2 )
=341.792/( ( 164.755 + 165.716 )/ 2 )
=341.792/165.2355
=206.85 %

where Working Capital is:

Working Capital(Q: Sep. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(90.548 + 0 + 165.09) - (423.484 + 0 + 0)
=-167.846

Working Capital(Q: Dec. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(89.839 + 0 + 160.273) - (582.303 + 0 + 0)
=-332.191

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

MarketAxess Holdings's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2023 )
=334.683/7250.261
=4.62 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


MarketAxess Holdings EBIT Related Terms

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MarketAxess Holdings (MarketAxess Holdings) Business Description

Traded in Other Exchanges
Address
55 Hudson Yards, 15th Floor, New York, NY, USA, 10001
Founded in 2000, MarketAxess is a leading electronic fixed-income trading platform that connects broker/dealers and institutional investors. The company is primarily focused on credit based fixed income securities with its main trading products being U.S. investment-grade and high-yield bonds, Eurobonds, and Emerging Market corporate debt. Recently the company has expanded more aggressively into Treasuries and municipal bonds with the acquisitions of LiquidityEdge and MuniBrokers in 2019 and 2021, respectively. The company also provides pre- and post-trade services with its acquisition of Regulatory Reporting Hub from Deutsche Börse Group in 2020 adding to its product offerings.
Executives
Kevin M Mcpherson officer: Global Head of Sales C/O MARKETAXESS HOLDINGS INC., 299 PARK AVENUE, NEW YORK NY 10171
Christopher R Concannon director, officer: President and COO BATS GLOBAL MARKETS, 8050 MARSHALL DRIVE, SUITE 120, LENEXA KS 66214
Scott Pintoff officer: General Counsel C/O MARKETAXESS HOLDINGS, INC., 55 HUDSON YARDS, FLOOR 15, NEW YORK NY 10001
Roupie Christophe Pierre Daniel officer: Head of Europe & Asia C/O MARKETAXESS HOLDINGS INC., 299 PARK AVENUE, NEW YORK NY 10171
Steven L Begleiter director 650 MADISON AVENUE, 19TH FLOOR, NEW YORK NY 10022
Richard Leon Prager director C/O MARKETAXESS HOLDINGS INC., 55 HUDSON YARDS, 15TH FLOOR, NEW YORK NY 10001
Nicholas Themelis officer: Chief Information Officer C/O MARKETAXESS HOLDINGS INC., 140 BROADWAY, 42ND FLOOR, NEW YORK NY 10005
Naineshkumar Shantilal Panchal officer: Chief Information Officer C/O MARKETAXESS HOLDINGS INC., 55 HUDSON YARDS, NEW YORK NY 10001
Antonio L Delise officer: Chief Financial Officer C/O MARKETAXESS HOLDINGS, INC., 299 PARK AVENUE, NEW YORK NY 10171
Richard M Mcvey director, officer: Chairman and CEO C/O MARKETAXESS HOLDINGS INC., 140 BROADWAY, 42ND FLOOR, NEW YORK NY 10005
Christopher N. Gerosa officer: Chief Financial Officer C/O PRIMUS ASSET MANAGEMENT, INC., 360 MADISON AVENUE, 23RD FLOOR, NEW YORK NY 10017
Xiaojia Charles Li director C/O MARKETAXESS HOLDINGS INC., 55 HUDSON YARDS, NEW YORK NY 10001
Stephen P Casper director C/O CHARTER ATLANTIC CORPORATION, 200 PARK AVENUE, NEW YORK NY 10166
Kourtney Gibson director C/O MARKETAXESS HOLDINGS INC., 55 HUDSON YARDS, 15TH FLOOR, NEW YORK NY 10001
Justin Gerald Gmelich director C/O MARKETAXESS HOLDINGS INC., 55 HUDSON YARDS, 15TH FLOOR, NEW YORK NY 10001