MARKETAXESS HOLDINGS INC (MKTX)

Security Brokers, Dealers & Flotation Companies

Latest Price

$162.30

TTM P/E

19.23

Normalized P/E

23.71

Div Yield

1.89%

Book Value

33.72

P/B Ratio

4.81

Valuation metrics

EPS: $6.64

Book value / share: $32.02

Formula: √(22.5 × EPS × BVPS)

Graham Number

$69.17

57% 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

+43% upside

EPS: $6.64

Target P/E: 24×

Formula: EPS × P/E

P/E Fair Value

$159.36

2% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	4.08M	$672.0M	11.47%	+328.7K	2026-03-31
PRIMECAP MANAGEMENT CO/CA/	3.35M	$552.0M	9.42%	+171.7K	2026-03-31
AQR CAPITAL MANAGEMENT LLC	2.68M	$442.0M	7.55%	+125.6K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	2.16M	$356.0M	6.09%	--	2026-03-31
North Reef Capital Management LP	1.88M	$309.0M	5.28%	+265.7K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	1.61M	$265.0M	4.53%	--	2026-03-31
FMR LLC	1.52M	$250.0M	4.27%	-485.2K	2026-03-31
STATE STREET CORP	1.28M	$211.0M	3.60%	+32.5K	2026-03-31
VAN ECK ASSOCIATES CORP	1.24M	$204.0M	3.49%	+24.3K	2026-03-31
MILLENNIUM MANAGEMENT LLC	1.21M	$198.0M	3.39%	+852.5K	2026-03-31