Stock fact sheet · data as of
MarketAxess Holdings Inc. (MKTX): fair value, margin of safety and Wheel Score
Financial Services · Financial - Capital Markets · United States · Defensive
Is MKTX undervalued?
MarketAxess Holdings Inc. (MKTX) closed at 164.54 on 16 Oct 2026, 39% above the GLS average fair value of 118.33. 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 291.80. 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.
The nightly engine files MKTX under Defensive: a low beta, a dividend and positive earnings.
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 | 147.93 | -10% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 83.02 | -50% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 291.80 | +77% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 112.23 | -32% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 56.92 | -65% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 131.74 | -20% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 98.99 | -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 | 96.71 | -41% | 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 weak: MKTX passes 4 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 6.9 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
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 2.8%.
The dividend yield is 1.88% at a payout ratio of 37%; 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 | 4 / 9 | ROIC | 17.2% |
|---|---|---|---|
| GLS Moat | 6.9 / 10 | ROE | 21.5% |
| Debt / equity | 0.25 | ROA | 13.6% |
| Free-cash-flow yield | 2.8% | Payout ratio | 37% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 43: Weak
MKTX scores 43 out of 100 on the Wheel Score, in the Weak band (under 50). Value 0/25, Health 9/20, Moat 10/15, Premium 8/20, Stability 16/20. 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 is 23% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (8 of 20 points). Chain open interest is 2,333 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 729k shares a day on a market cap of $5.8B, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 16 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -39% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 10 / 15 | moat 6.9/10 | |
| Premium | 8 / 20 | implied volatility 23% | |
| Stability | 16 / 20 | 729k shares/day, $5.8B cap, beta 0.79 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 6 Nov 2026 (before the open), 21 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Financial - Capital Markets
The 12 companies below are the closest to MarketAxess Holdings Inc. by market cap within the Financial - Capital Markets industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
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|---|---|---|---|---|---|
| WULF TeraWulf Inc. | 11.54 | - | - | 45Weak | $5.8B |
| RIOT Riot Platforms, Inc. | 15.10 | - | - | 45Weak | $5.7B |
| GLXY Galaxy Digital | 18.25 | 6,114.23 | +100% | 45Weak | $6.1B |
| BGC BGC Group, Inc | 11.60 | 9.42 | -23% | 66Good | $5.4B |
| MRX Marex Group Limited | 72.30 | 292.20 | +75% | 83Prime | $5.2B |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 27.67 | 56.88 | +51% | 76Good | $5.1B |
| SNEX StoneX Group Inc. | 59.93 | 704.40 | +91% | 82Prime | $7.2B |
| MC Moelis & Company | 55.32 | 88.95 | +38% | 83Prime | $4.1B |
| LAZ Lazard Inc | 36.16 | 62.30 | +42% | 82Prime | $4.0B |
| JEF Jefferies Financial Group Inc. | 44.90 | 142.63 | +69% | 87Prime | $8.5B |
| HUT Hut 8 Corp. | 76.09 | - | - | 45Weak | $9.4B |
| LTSAP Osaic Financial Services, Inc. | 19.50 | 48.03 | +59% | 39No options | $3.5B |
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Start free See the Sunday ScanQuestions about MKTX
Is MKTX undervalued right now?
No: at 164.54 the stock trades 39% above the GLS average fair value of 118.33 (data as of 16 Oct 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 43 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for MKTX?
118.33 per share as of 16 Oct 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), 21 days from the data date of 16 Oct 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 258 listed contracts with 2,333 open interest across all expiries and implied volatility of 23% 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.