Stock fact sheet · data as of
MarketAxess Holdings Inc. (MKTX): fair value, margin of safety and Wheel Score
Ticker symbol MKTX · Financial Services · Financial - Capital Markets · United States · Blend
Is MKTX undervalued?
MarketAxess Holdings Inc. (MKTX) closed at 165.61 on 5 Nov 2026, 44% above the GLS average fair value of 115.27. 8 of the 9 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
The 9 models disagree widely: DDM gives 45.61 while Graham Growth gives 277.80. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for MKTX, so the nightly engine files it under Blend (value score 26, growth score 36, out of 100).
Nine valuation models for MKTX
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 150.67 | -9% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 82.20 | -50% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 277.80 | +68% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 106.81 | -36% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 54.17 | -67% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 129.09 | -22% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 98.93 | -40% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 45.61 | -72% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 92.16 | -44% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 12.19 | -93% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 148.83 | -10% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - MKTX passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 9.5 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
Returns on capital are high - ROIC 17.2%, ROE 21.5%, ROA 13.6% - with debt at 0.25 times equity and a free-cash-flow yield of 2.7%.
The dividend yield is 1.87% at a payout ratio of 39%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Commission Revenue 85%, Information Services 7%, Post Trade Services 6% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 17.2% |
|---|---|---|---|
| GLS Moat | 9.5 / 10 | ROE | 21.5% |
| Debt / equity | 0.25 | ROA | 13.6% |
| Free-cash-flow yield | 2.7% | Payout ratio | 39% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 23: Weak
MKTX scores 23 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (996 open interest, 155 a day); and filter 3, below fair value - trades 44% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 7, a premium worth selling - implied volatility 17% (under 25%), and the parts are thin too - value weak, premium weak, moat strong, health fair, red flags fair, option trading weak, stability good. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility on the near-the-money contracts is 17%, below the 25% the Wheel Trade Filter on premium asks for: a put pays too little to be worth selling. Chain open interest is thin - 996 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 722k shares a day on a market cap of $5.8B, with a beta of 0.80; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (996 open interest, 155 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 44% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | implied volatility 17% (under 25%) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 44% above fair value | |
| Premium | Weak | implied volatility 17% | |
| Moat | Strong | moat 9.5/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 155 contracts a day, 996 open interest | |
| Stability | Good | beta 0.80, $5.8B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
MarketAxess Holdings Inc. reports earnings on 6 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk. The shares go ex-dividend on 10 Nov 2026 (0.7800 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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| VIRT Virtu Financial, Inc. | 53.03 | 135.83 | +61% | 53Fair | $4.7B |
| GLXY Galaxy Digital | 13.97 | 3,698.44 | +100% | 32Weak | $4.6B |
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| XP XP Inc. | 15.17 | 70.40 | +78% | 55Fair | $7.9B |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 23.02 | 58.29 | +61% | 38Weak | $4.3B |
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Start free See the Sunday ScanQuestions about MKTX
Is MKTX undervalued right now?
No: at 165.61 the stock trades 44% above the GLS average fair value of 115.27 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of MKTX and what does it mean?
MKTX scores 23 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3, 4, 7. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for MKTX?
115.27 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does MarketAxess Holdings Inc. report earnings next?
The next earnings report is due on 6 Nov 2026 (before the open), 1 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does MKTX have listed options, and how liquid are they?
Yes. The nightly snapshot found 92 listed contracts with 996 open interest across all expiries and implied volatility of 17% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.