MarketAxess HoldingsMKTX -0.18%69 EV-to-FCF is 18.56 as of Jul. 06, 2026, which is 60% below its 10-year median of 46.96. GuruFocus rates MKTX with a GF Score™ of 69/100 and a GF Value™ of $254.17 (Significantly Undervalued). The stock has 4 warning signs investors should review. Among 445 Capital Markets companies, MarketAxess Holdings ranks worse than 66.52% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, MarketAxess Holdings's Enterprise Value is $4,060.5 Mil.
MarketAxess Holdings's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was $218.8 Mil. Therefore, MarketAxess Holdings's EV-to-FCF for today is 18.56.
The historical rank and industry rank for MarketAxess Holdings's EV-to-FCF or its related term are showing as below:
MKTX'
s EV-to-FCF Range Over the Past 10 Years
Min: 16.02 Med: 46.96 Max: 139.82
Current: 18.56
During the past 13 years, the highest EV-to-FCF of MarketAxess Holdings was 139.82. The lowest was 16.02. And the median was 46.96.
MKTX's EV-to-FCF is ranked worse than 66.52% of 445
companies
in the Capital Markets industry
Industry Median: 9.35
vs MKTX: 18.56
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
MarketAxess Holdings's PE Ratio (TTM) for today is calculated as:
MarketAxess Holdings's share price for today is $116.315.
MarketAxess Holdings's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $8.460.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
MarketAxess Holdings EV-to-FCF Related Terms
MarketAxess Holdings EV-to-FCF Historical Data
* Premium members only.
The historical data trend for MarketAxess Holdings's EV-to-FCF 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.
For the Capital Markets subindustry, MarketAxess Holdings's EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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-FCF vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, MarketAxess Holdings's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where MarketAxess Holdings's EV-to-FCF falls into.
MarketAxess Holdings's current Enterprise Value is $4,060.5 Mil.
MarketAxess Holdings's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $218.8 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 (MKTX) has a EV-to-FCF of 18.56 as of Jul. 06, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on MarketAxess Holdings and its competitors. This is 60% below median its historical median of 46.96. Over the past decade, MarketAxess Holdings' EV-to-FCF has ranged from 16.02 to 139.82. According to the industry distribution chart, MarketAxess Holdings ranks #296 out of 445 companies in the Capital Markets industry, placing it in the top 66.5%.
Is MarketAxess Holdings' EV-to-FCF too high?
MarketAxess Holdings' current EV-to-FCF of 18.56 is 60% below median its 10-year median of 46.96. Over the past 10 years, this metric has ranged from a low of 16.02 to a high of 139.82. The Capital Markets industry median EV-to-FCF is 9.35. MarketAxess Holdings' value of 18.56 is 98.5% above this industry median. Based on the distribution chart, MarketAxess Holdings ranks #296 out of 445 companies in the Capital Markets industry, which is below the industry midpoint. Overall, MarketAxess Holdings has a GF Score™ of 69/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does MarketAxess Holdings' EV-to-FCF compare to LAZ and PJT?
According to the Capital Markets industry distribution chart, MarketAxess Holdings ranks #296 out of 445 companies for EV-to-FCF. This places MarketAxess Holdings in the lower half of its industry. The industry median EV-to-FCF is 9.35. MarketAxess Holdings' value of 18.56 is 98.5% above this benchmark. Historically, MarketAxess Holdings' own EV-to-FCF has ranged from 16.02 to 139.82 over the past decade. While the company's 10-year median is 46.96 vs. the industry median of 9.35, MarketAxess Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-FCF for a Capital Markets company?
The median EV-to-FCF among Capital Markets companies is 9.35, based on 445 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. MarketAxess Holdings's current EV-to-FCF of 18.56 is 98.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on MarketAxess Holdings and its competitors. For the Capital Markets industry, the median EV-to-FCF is 9.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MarketAxess Holdings's current EV-to-FCF is 18.56, which is 60% below median its own 10-year median of 46.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MarketAxess Holdings stock overvalued right now?
Based on GuruFocus' analysis, MarketAxess Holdings (MKTX) is currently considered Significantly Undervalued. The stock's GF Value™ is $254.17, compared to a current price of $116.32 — trading 54.2% below its estimated fair value. The current EV-to-FCF is 18.56, which is 60% below median its 10-year median of 46.96 and 98.5% above the Capital Markets industry median of 9.35. MarketAxess Holdings' overall GF Score™ is 69/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For MarketAxess Holdings (MKTX), the current EV-to-FCF is 18.56 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is MarketAxess Holdings (MKTX) Overvalued in 2026?
Based on GuruFocus' analysis, MarketAxess Holdings stock appears to be undervalued.
The current stock price of $116.32 is trading 54.2% below its estimated GF Value™ of $254.17.
GuruFocus considers MarketAxess Holdings to be Significantly Undervalued.
Key valuation signals for MKTX:
EV-to-FCF: 18.56 (60% below median its 10-year median of 46.96)
GF Value™: $254.17 vs. price of $116.32 (54.2% below fair value)
Industry Position: 98.5% above the Capital Markets median (#296 of 445)
No single metric tells the full story. See the MKTX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 US 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.
69GF Score
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