Marketaxess Holdings Inc (MKTX)

Security Brokers, Dealers & Flotation Companies

Latest Price

$163.92

TTM P/E

19.38

Normalized P/E

23.65

Div Yield

1.88%

Book Value

34.86

P/B Ratio

4.70

Valuation metrics

EPS: $6.64

Book value / share: $32.02

Formula: √(22.5 × EPS × BVPS)

Graham Number

$69.17

58% downside

Norm. op. income: $337M (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$81.18

50% downside

Base FCF: $324M (median of recent 5yr)

Growth: 10%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$232.64

+42% upside

EPS: $6.64

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$159.36

3% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	4.00M	$453.0M	11.37%	-75.3K	2026-06-30
Primecap Management Co	3.50M	$397.0M	9.96%	+157.8K	2026-06-30
North Reef Capital Management LP	3.40M	$385.0M	9.65%	+1.52M	2026-06-30
Vanguard Portfolio Management LLC	2.10M	$238.0M	5.97%	-63.4K	2026-06-30
AQR Capital Management LLC	1.99M	$222.0M	5.65%	-696.5K	2026-06-30
Vanguard Capital Management LLC	1.55M	$175.0M	4.40%	-62.6K	2026-06-30
FMR LLC	1.40M	$159.0M	3.99%	-114.4K	2026-06-30
State Street Corp	1.28M	$145.0M	3.64%	+912	2026-06-30
Neuberger Berman Group LLC	1.23M	$139.0M	3.49%	+263.9K	2026-06-30
Millennium Management LLC	1.16M	$131.0M	3.29%	-49.1K	2026-06-30