MKTX MarketAxess Holdings, Inc. - Common Stock
NASDAQ · Financial Services · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 7, 2026
$164.14
· of 52w range
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$108.7552w low
$195.9752w high
Market Cap (MRQ)
$5.78B
P/E (TTM)
19.4
EPS (TTM)
$8.46
Revenue (TTM)
$870M
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52W Range
$109–$196
Analyst Rating
HOLD
Price Target
$158
P/E
19.4
ROE
23.3%
Net Profit Margin
35.2%
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MKTX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$164.14
Market Cap (MRQ)
$5.78B
P/E (TTM)
19.4
EPS (TTM)
$8.46
Revenue (TTM)
$870M
ROE (TTM)
23.3%
Debt/Equity (MRQ)
0.1
52W Range
$109–$196
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About MarketAxess Holdings, Inc. - Common Stock Company overview from Wikipedia
MarketAxess Holdings Inc., headquartered in New York City, operates electronic trading platforms used to trade bonds and other fixed income products. It has approximately 2,100 customers, all of which are either institutional investors (91.3% of 2025 volume) or broker-dealers (8.7% of 2025 volume).
The company's platforms allow prospective traders to buy or sell specific bonds and to execute trades using a request for quote system. The company's Open Trading platform allows institutional investors, asset managers, and dealers to all trade anonymously with one another, increasing market liquidity. It also allows for portfolio trading and rules-based, automated algorithmic trading.
In 2025, 86.8% of the company's revenues were derived from commissions for transactions. In 2025, the company received an average commission of $4.28 per $1 million in government bonds traded and an average commission of $138.87 per $1 million of other bonds traded. The company has an estimated 17.0% market share for trading in U.S. corporate bonds, a 5.9% market share for trading in U.S. municipal bonds, and a 2.4% market share for trading in U.S. government bonds.
The company's primary competitor is TradeWeb.
## History
Richard McVey originally proposed the model for MarketAxess in 1999 as part of J.P. Morgan & Co.'s "Lab Morgan" program. He launched the company as an independent venture in 2000, with $24 million in capital raised from market participants including Bear Stearns. MarketAxess began trading investment-grade corporate bonds and gave investors access to new issues and research in November 2000.
In March 2001, MarketAxess acquired Trading Edge, which owned BondLink, a start-up bond company that had enabled investors to buy and sell bonds online.
In November 2004, the company became a public company via an initial public offering.
In June 2008, TCV acquired a minority stake in the company for $35 million.
In 2012, it launched its all-to-all trading marketplace, Open Trading.
In February 2013, MarketAxess acquired London-based Trax from Euroclear for $42 million.
In April 2013, MarketAxess announced a partnership to connects its electronic trading platform with BlackRock's Aladdin platform.
In January 2015, MarketAxess and BlackRock extended their Open Trading partnership, already in place in the US, to the European credit markets.
In March 2018, the company announced the extension of its all-to-all Open Trading partnership with BlackRock to Asia, focused mainly on US dollar-denominated corporate and sovereign bonds and other securities traded by market participants in the region.
By 2018, the company accounted for 18% of all U.S. investment-grade bond trading, up from 12% in 2014. Its market share peaked at 22.8% in December 2018, a period of market volatility. However, it began losing market share to TradeWeb.
In August 2019, the company began Treasury trading with the acquisition of the LiquidityEdge platform for $100 million in cash and $50 million in stock.
The company witnessed a surge in trading volumes and its stock price during the COVID-19 pandemic.
In December 2020, the company acquired the Regulatory Reporting Hub, a regulatory reporting business, from Deutsche Börse.
In April 2021, the company acqiured MuniBrokers, a central electronic venue serving municipal bond inter-dealer brokers and dealers.
In April 2022, MarketAxess and MSCI announced a collaboration on fixed income indices, portfolio construction products, and ESG data that would leverage MSCI's ESG data.
In September 2022, the company announced an extension of its partnership with Broadway Technologies for a request-for-quote workflow featuring in its US Treasury trading marketplace.
Effective April 2023, Chris Concannon was promoted to CEO of the company.
In October 2023, the company acquired Pragma, a quantitative trading technology provider specializing in algorithmic and analytical services.
In May 2025, the company acquired a 90% interest in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote platform.
In June 2025, the company launched an electronic trading platform to trade Indian government bonds.
On July 30, 2026 MarketAxess was acquired by Intercontinental Exchange for $5.7 billion.
== Finances ==
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
sectorFinancial Services
industryFinancial Services
employees863
countryUS
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$846M2016-12-31 → 2025-12-31
EPS$6.642016-12-31 → 2025-12-31
Free Cash Flow$374M2016-12-31 → 2025-12-31
Net margin35.2%2016-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | MKTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 19.45Y avg ≈40.8 | ≈40.8 | 23.5 | Undervalued | |
| P/S (TTM) | 6.65Y avg ≈11.9 | ≈11.9 | 3.6 | Overvalued | |
| P/B (MRQ) | 4.75Y avg ≈7.5 | ≈7.5 | 3.4 | Fair value | |
| EV / EBITDA | 13.3 | · | 16.6 | Fair value | |
| Price / FCF (TTM) | 29.75Y avg ≈28.1 | ≈28.1 | · | · | |
| Price / Cash Flow (TTM) | 28.85Y avg ≈27.2 | ≈27.2 | 20.5 | Undervalued | |
| EV / Revenue | 6.6 | · | · | · | |
| EV / FCF | 14.9 | · | · | · | |
| Price / Tangible Book (MRQ) | 5.15Y avg ≈10.3 | ≈10.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | MKTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 40.5%5Y avg ≈43.5% | ≈43.5% | 25.8% | Top tier | |
| EBITDA Margin (TTM) | 49.4%5Y avg ≈52.3% | ≈52.3% | 33.2% | Top tier | |
| Pretax Margin (TTM) | 42.2%5Y avg ≈45.3% | ≈45.3% | 32.9% | Top tier | |
| Net Profit Margin (TTM) | 35.2%5Y avg ≈33.7% | ≈33.7% | 24.9% | Top tier | |
| ROA (TTM) | 13.9%5Y avg ≈15.2% | ≈15.2% | 10.5% | Top tier | |
| ROE (TTM) | 23.3%5Y avg ≈21.7% | ≈21.7% | 16.7% | Top tier | |
| ROIC | 16.8%5Y avg ≈20.4% | ≈20.4% | 16.8% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | MKTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.1 | · | 0.4 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | MKTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.6%5Y avg ≈4.2% | ≈4.2% | · | · | |
| Revenue CAGR 3Y | 5.6%5Y avg ≈4.6% | ≈4.6% | · | · | |
| Revenue CAGR 5Y | 4.2% | · | · | · | |
| EPS YoY | -8.8%5Y avg ≈-3.0% | ≈-3.0% | · | · | |
| Net Income YoY | -10.1%5Y avg ≈-3.5% | ≈-3.5% | · | · | |
| EPS CAGR 3Y | -0.05%5Y avg ≈-0.68% | ≈-0.68% | · | · | |
| EPS CAGR 5Y | -3.3% | · | · | · | |
| Net Income CAGR 3Y | -0.48%5Y avg ≈-1.1% | ≈-1.1% | · | · | |
| Net Income CAGR 5Y | -3.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | MKTX | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.55Y avg ≈0.4 | ≈0.4 | 0.5 | In line | |
| Revenue / Employee | ≈$980.6K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Annualized Payout≈$3.12
5Y Div CAGR≈4.8%
Growth Streak≈15
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 19, 2026 | $0.78 | USD | ≈1.9% |
| May 20, 2026 | $0.78 | USD | ≈2.2% |
| Feb 18, 2026 | $0.78 | USD | ≈1.7% |
| Nov 19, 2025 | $0.76 | USD | ≈1.8% |
| Aug 20, 2025 | $0.76 | USD | ≈1.6% |
| May 21, 2025 | $0.76 | USD | ≈1.4% |
| Feb 19, 2025 | $0.76 | USD | ≈1.6% |
| Nov 20, 2024 | $0.74 | USD | ≈1.1% |
| Aug 21, 2024 | $0.74 | USD | ≈1.3% |
| May 21, 2024 | $0.74 | USD | ≈1.3% |
| Feb 13, 2024 | $0.74 | USD | ≈1.3% |
| Nov 7, 2023 | $0.72 | USD | ≈1.3% |
| Aug 1, 2023 | $0.72 | USD | ≈1.1% |
| May 9, 2023 | $0.72 | USD | ≈0.95% |
| Feb 7, 2023 | $0.72 | USD | ≈0.79% |
| Nov 1, 2022 | $0.70 | USD | ≈1.2% |
| Aug 2, 2022 | $0.70 | USD | ≈1.0% |
| May 3, 2022 | $0.70 | USD | ≈1.0% |
| Feb 8, 2022 | $0.70 | USD | ≈0.73% |
| Nov 2, 2021 | $0.66 | USD | ≈0.65% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
10.4%
Next Report
Nov 05, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $1.95 | $1.89 | 3.2% | |
| March 31, 2026 | May 13, 2026 | $2.25 | $2.20 | 2.4% |
| Dec. 31, 2025 | $2.51 | $1.68 | 49.5% | |
| Sept. 30, 2025 | $1.84 | $1.73 | 6.1% | |
| June 30, 2025 | $2.00 | $2.00 | 0.16% | |
| March 31, 2025 | $1.87 | $1.85 | 1.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $846M | $817M | $753M | $718M | $699M | $689M | $511M | $436M | $393M | $368M | $303M | $263M | |
| SG&A Expense | $27M | $23M | $23M | $19M | $15M | $13M | $16M | $11M | $11M | $9M | $10M | $10M | |
| Operating Expenses | $504M | $476M | $438M | $391M | $362M | $314M | $260M | $223M | $194M | $178M | $155M | $144M | |
| Operating Income | $342M | $341M | $315M | $327M | $337M | $375M | $251M | $213M | $200M | $190M | · | · | |
| Interest Expense | · | · | $2M | $700.0K | $842.0K | $1M | · | · | · | · | · | · | |
| Interest Income | · | · | $22M | $5M | $401.0K | $2M | · | · | · | · | · | · | |
| Other Non-op | $2M | $-6M | $-3M | $6M | $-3M | $-2M | $-2M | $-610.0K | $-1M | $-520.0K | · | · | |
| Pretax Income | $367M | $361M | $333M | $338M | $334M | $374M | $257M | $218M | $202M | $192M | $148M | $119M | |
| Income Tax | $120M | $86M | $75M | $88M | $76M | $75M | $53M | $45M | $54M | $65M | $52M | $44M | |
| Net Income | $247M | $274M | $258M | $250M | $258M | $299M | $205M | $173M | $148M | $126M | $96M | $75M | |
| EPS (Basic) | $6.66 | $7.29 | $6.87 | $6.68 | $6.88 | $8.01 | $5.53 | $4.68 | $4.02 | $3.42 | $2.62 | $2.03 | |
| EPS (Diluted) | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 | $7.85 | $5.40 | $4.57 | $3.89 | $3.34 | $2.55 | $1.97 | |
| Shares (Basic) | 37,056,000 | 37,600,000 | 37,546,000 | 37,468,000 | 37,508,000 | 37,359,000 | 37,083,000 | 36,958,000 | 36,864,000 | 36,844,000 | 36,690,000 | 36,930,000 | |
| Shares (Diluted) | 37,137,000 | 37,672,000 | 37,654,000 | 37,643,000 | 38,097,000 | 38,144,000 | 37,956,000 | 37,855,000 | 38,038,000 | 37,738,000 | 37,637,000 | 37,889,000 | |
| EBITDA | $419M | $415M | $386M | $388M | $391M | $411M | $278M | $236M | $19M | $18M | $19M | $17M |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $520M | $544M | $451M | $431M | $507M | $461M | $270M | $246M | $167M | $168M | $200M | $169M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | $85M | · | |
| PP&E (Net) | $112M | $107M | $103M | $100M | $96M | $85M | $72M | $63M | $39M | $31M | $31M | $32M | |
| PP&E (Gross) | $459M | $404M | $350M | $303M | $277M | $249M | $207M | $184M | $140M | $106M | $101M | $89M | |
| Accum. Depreciation | $347M | $296M | $247M | $202M | $181M | $164M | $135M | $121M | $101M | $75M | $70M | $56M | |
| Goodwill | $284M | $237M | $237M | $155M | $155M | $147M | $147M | $60M | · | · | · | · | |
| Intangibles | $111M | $98M | $119M | $98M | $116M | $95M | $61M | $3M | $3M | $4M | $4M | $7M | |
| Total Assets | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $955M | $696M | $581M | $528M | $439M | $380M | |
| Short-term Debt | $220M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $777M | $401M | $722M | $527M | $489M | $376M | $185M | $88M | $66M | $60M | $48M | $46M | |
| Total Debt | $220M | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $122.0K | $122.0K | · | · | · | · | |
| Retained Earnings | $1.54B | $1.41B | $1.24B | $1.10B | $957M | $799M | $591M | $463M | $354M | $255M | $168M | $102M | |
| Treasury Stock | $695M | $333M | $260M | $328M | $233M | $170M | $153M | $185M | $160M | $117M | $93M | $70M | |
| AOCI | $-4M | $-35M | $-24M | $-38M | $-13M | $-5M | $-10M | $-12M | $-10M | $-12M | $-5M | $-5M | |
| Stockholders' Equity | $1.15B | $1.39B | $1.29B | $1.08B | $1.04B | $955M | $770M | $608M | $515M | $468M | $391M | $334M | |
| Liabilities + Equity | $1.93B | $1.79B | $2.02B | $1.61B | $1.53B | $1.33B | $955M | $696M | $581M | $528M | $439M | $380M | |
| Shares Outstanding | 35,776,886 | 37,646,374 | 37,899,688 | 37,648,148 | 37,918,956 | 38,005,330 | 37,935,984 | 37,639,917 | 37,620,736 | 37,543,775 | 37,409,274 | 37,318,722 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $77M | $74M | $71M | $61M | $53M | $36M | $27M | $23M | $19M | $18M | $19M | $17M | |
| Stock-based Comp | $31M | $30M | $29M | $30M | $27M | $26M | $25M | $16M | $14M | $15M | $13M | $10M | |
| Deferred Tax | $22M | $-4M | $-6M | $-7M | $3M | $10M | $3M | $-1M | $7M | $7M | $2M | $4M | |
| Amort. of Intangibles | $20M | $20M | $19M | $16M | $13M | $4M | $800.0K | $400.0K | $400.0K | $700.0K | $2M | $2M | |
| Other Non-cash | $6M | $11M | $-18M | $-46M | $-60M | $33M | $6M | $13M | $-20M | $-85M | $-4M | $8M | |
| Operating Cash Flow | $382M | $385M | $334M | $289M | $282M | $404M | $266M | $224M | $168M | $90M | $125M | $110M | |
| CapEx | $8M | $10M | $9M | $13M | $17M | $15M | $12M | $36M | $12M | $6M | $5M | $5M | |
| Investing Cash Flow | $-97M | $-87M | $-155M | $-86M | $-68M | $69M | $-122M | $-50M | $-54M | $-53M | $-38M | $-13M | |
| Stock Repurchased | $420M | $75M | $0 | $88M | $63M | $16M | $17M | $25M | $42M | $24M | $23M | $38M | |
| Net Stock Activity | $-420M | $-75M | $0 | $-88M | $-63M | $-16M | $-17M | $-25M | $-42M | $-24M | $-23M | $-38M | |
| Financing Cash Flow | $-332M | $-201M | $-147M | $-242M | $-190M | $-145M | $-118M | $-93M | $-117M | $-65M | $-51M | $-60M | |
| Net Change in Cash | $-25M | $89M | $39M | $-53M | $18M | $334M | $27M | $79M | $-1M | $-31M | $31M | $36M | |
| Taxes Paid | $63M | $97M | $95M | $89M | $70M | $45M | $52M | $47M | $44M | $58M | $51M | $34M | |
| Free Cash Flow | $374M | $375M | $324M | $276M | $265M | $389M | $254M | $188M | $156M | $74M | $115M | $105M | |
| Levered FCF | · | · | $323M | $276M | $264M | $389M | · | · | · | · | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% | 54.4% | 49.1% | 48.8% | · | · | · | · | |
| Net Margin | 29.1% | 33.6% | 34.3% | 34.8% | 36.9% | 43.4% | 40.1% | 39.7% | 37.3% | 34.1% | 31.7% | 28.5% | |
| Pretax Margin | 43.4% | 44.1% | 44.2% | 47.1% | 47.8% | 54.3% | 50.3% | 50.1% | 50.8% | 51.8% | 48.8% | 45.1% | |
| EBITDA Margin | 49.5% | 50.7% | 51.2% | 54.1% | 55.9% | 59.6% | 54.3% | 54.1% | 4.9% | 4.8% | 6.1% | 6.6% | |
| ROA | 13.2% | 14.4% | 14.2% | 16.0% | 18.0% | 26.2% | 24.8% | 27.1% | 26.7% | 26.1% | 23.4% | 20.4% | |
| ROE | 19.5% | 19.8% | 20.8% | 23.8% | 24.6% | 32.3% | 28.0% | 29.1% | 30.1% | 29.4% | 26.5% | 23.2% | |
| ROIC | 16.8% | 18.7% | 18.9% | 22.4% | 25.0% | 31.4% | 25.9% | 27.7% | · | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.2 | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | 158.9 | 467.0 | 400.5 | 328.1 | · | · | · | · | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.4 | 0.5 | 0.5 | 0.6 | 0.6 | 0.7 | 0.7 | 0.8 | 0.7 | 0.7 |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $32.02 | $36.89 | $34.12 | $28.72 | · | $25.13 | $20.30 | $16.15 | $13.68 | $12.47 | $10.44 | $8.96 | |
| Revenue / Share | $22.79 | $21.69 | $19.99 | $19.08 | $18.35 | $18.07 | $13.47 | $11.51 | $10.45 | $9.80 | $8.05 | $6.94 | |
| Cash Flow / Share | $10.29 | $10.23 | $8.86 | $7.68 | $7.40 | $10.60 | $7.01 | $5.92 | $4.42 | $2.13 | $3.19 | $2.90 | |
| Cash / Share | $14.53 | $14.46 | $11.91 | $11.44 | · | $12.13 | $7.12 | $6.54 | $4.44 | $4.48 | $5.34 | $4.53 | |
| Dividend / Share | $3.04 | $2.96 | $2.88 | $2.80 | $2.64 | $2.40 | $2.04 | $1.68 | $1.32 | $1.04 | $0.80 | $0.64 | |
| EPS (TTM) | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 | $7.85 | $5.40 | $4.57 | $3.89 | $3.34 | $2.55 | $1.97 |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.6% | 8.6% | 4.8% | 2.8% | 1.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 5.6% | 5.3% | 3.0% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.2% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -8.8% | 6.3% | 3.0% | -1.8% | -13.8% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | -0.05% | 2.5% | -4.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -3.3% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -10.1% | 6.2% | 3.1% | -3.0% | -13.9% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | -0.48% | 2.1% | -4.8% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | -3.8% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $846M | $817M | $753M | $718M | $699M | $689M | $511M | $436M | $393M | $368M | $303M | $263M | |
| Net Income TTM | $247M | $274M | $258M | $250M | $258M | $299M | $205M | $173M | $148M | $126M | $96M | $75M | |
| Market Cap | $6.48B | $8.51B | $11.10B | $10.50B | · | $21.68B | $14.38B | $7.95B | $7.59B | $5.52B | $4.17B | $2.68B | |
| Enterprise Value | $6.18B | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | 27.3 | 31.0 | 42.8 | 41.9 | 60.7 | 72.7 | 70.2 | 46.2 | 51.9 | 44.0 | 43.8 | 36.4 | |
| P/S | 7.7 | 10.4 | 14.7 | 14.6 | · | 31.5 | 28.1 | 18.3 | 19.3 | 15.0 | 13.8 | 10.2 | |
| P/B | 5.7 | 6.1 | 8.6 | 9.7 | · | 22.7 | 18.7 | 13.1 | 14.7 | 11.8 | 10.7 | 8.0 | |
| P / Tangible Book | 8.6 | 8.1 | 11.8 | 12.7 | · | 30.4 | · | · | · | · | · | · | |
| P / Cash Flow | 17.0 | 22.1 | 33.3 | 36.3 | · | 53.6 | 54.1 | 35.5 | 45.2 | 68.7 | 34.7 | 24.3 | |
| P / FCF | 17.3 | 22.7 | 34.2 | 38.0 | · | 55.7 | 56.7 | 42.3 | 48.7 | 74.6 | 36.2 | 25.4 | |
| EV / EBITDA | 14.8 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / FCF | 16.5 | · | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 7.3 | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 3.7% | 3.2% | 2.3% | 2.4% | 1.7% | 1.4% | 1.4% | 2.2% | 1.9% | 2.3% | 2.3% | 2.8% |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $218M | $233M | $209M | $209M | $219M | $209M | $202M | $207M | $198M | $210M | $197M | $172M | $180M | $203M | $178M | $172M | |
| SG&A Expense | $6M | $6M | $9M | $6M | $5M | $6M | $7M | $6M | $5M | $5M | $7M | $5M | $5M | $6M | $7M | $5M | |
| Operating Expenses | $129M | $132M | $133M | $123M | $128M | $120M | $122M | $120M | $116M | $118M | $120M | $105M | $104M | $108M | $100M | $96M | |
| Operating Income | $90M | $101M | $76M | $86M | $92M | $88M | $80M | $87M | $81M | $92M | $77M | $67M | $76M | $95M | $78M | $76M | |
| Interest Expense | · | · | · | · | · | · | · | · | $621.0K | $316.0K | · | $164.0K | $53.0K | $130.0K | · | $138.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | $6M | · | $7M | $5M | $4M | · | $1M | |
| Other Non-op | $-3M | $2M | $-711.0K | $2M | $-407.0K | $527.0K | $-2M | $-1M | $-1M | $-2M | $2M | $-2M | $-2M | $-1M | $-2M | $388.0K | |
| Pretax Income | $90M | $104M | $80M | $94M | $97M | $96M | $85M | $93M | $86M | $97M | $84M | $72M | $79M | $98M | $79M | $79M | |
| Income Tax | $21M | $26M | $-13M | $25M | $26M | $81M | $19M | $21M | $21M | $24M | $14M | $17M | $19M | $25M | $20M | $20M | |
| Net Income | $68M | $78M | $92M | $68M | $71M | $15M | $65M | $71M | $65M | $73M | $70M | $55M | $60M | $74M | $59M | $59M | |
| EPS (Basic) | $1.93 | $2.21 | $2.51 | $1.84 | $1.91 | $0.40 | $1.75 | $1.90 | $1.72 | $1.92 | $1.84 | $1.47 | $1.60 | $1.96 | $1.59 | $1.58 | |
| EPS (Diluted) | $1.93 | $2.20 | $2.49 | $1.84 | $1.91 | $0.40 | $1.74 | $1.90 | $1.72 | $1.92 | $1.84 | $1.46 | $1.59 | $1.96 | $1.58 | $1.58 | |
| Shares (Basic) | 35,203,000 | 35,301,000 | · | 37,023,000 | 37,210,000 | 37,388,000 | · | 37,527,000 | 37,655,000 | 37,740,000 | · | 37,491,000 | 37,485,000 | 37,478,000 | · | 37,479,000 | |
| Shares (Diluted) | 35,242,000 | 35,386,000 | · | 37,109,000 | 37,298,000 | 37,456,000 | · | 37,608,000 | 37,689,000 | 37,790,000 | · | 37,574,000 | 37,588,000 | 37,645,000 | · | 37,567,000 | |
| EBITDA | $90M | $120M | · | $86M | $92M | $107M | · | $87M | $81M | $111M | · | $67M | $76M | $112M | · | $76M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $246M | $377M | $520M | $473M | $463M | $486M | $544M | $446M | $434M | $377M | · | $420M | $396M | $333M | · | $319M | |
| PP&E (Net) | $111M | $112M | $112M | $112M | $109M | $108M | $107M | $109M | $109M | $107M | · | $102M | $99M | $99M | · | $94M | |
| PP&E (Gross) | · | · | $459M | · | · | · | $404M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $347M | · | · | · | $296M | · | · | · | · | · | · | · | · | · | |
| Goodwill | $284M | $284M | $284M | $284M | $286M | $237M | $237M | $237M | $237M | $237M | · | $155M | $155M | $155M | · | $155M | |
| Intangibles | $100M | $105M | $111M | $116M | $121M | $94M | $98M | $104M | $108M | $114M | · | $85M | $90M | $94M | · | $100M | |
| Total Assets | $2.42B | $2.30B | $1.93B | $2.01B | $1.97B | $1.88B | $1.79B | $1.83B | $1.89B | $1.93B | · | $1.74B | $1.62B | $1.63B | · | $1.56B | |
| Short-term Debt | $116M | $228M | $220M | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $1.17B | $1.10B | $777M | $624M | $574M | $531M | $401M | $447M | $557M | $609M | · | $547M | $454M | $507M | · | $541M | |
| Total Debt | $116M | $228M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Common Stock | $123.0K | $124.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | $123.0K | · | $123.0K | $123.0K | $123.0K | · | $123.0K | |
| Retained Earnings | $1.63B | $1.59B | $1.54B | $1.47B | $1.43B | $1.39B | $1.41B | $1.37B | $1.33B | $1.29B | · | $1.21B | $1.18B | $1.15B | · | $1.07B | |
| Treasury Stock | $752M | $752M | $695M | $451M | $407M | $370M | $333M | $317M | $302M | $269M | · | $327M | $328M | $328M | · | $320M | |
| AOCI | $-12M | $-12M | $-4M | $-4M | $1M | $-23M | $-35M | $-10M | $-29M | $-29M | · | $-38M | $-28M | $-32M | · | $-60M | |
| Stockholders' Equity | $1.24B | $1.19B | $1.15B | $1.38B | $1.39B | $1.35B | $1.39B | $1.39B | $1.33B | $1.32B | $1.29B | $1.19B | $1.17B | $1.12B | $1.08B | $1.02B | |
| Liabilities + Equity | $2.42B | $2.30B | $1.93B | $2.01B | $1.97B | $1.88B | $1.79B | $1.83B | $1.89B | $1.93B | · | $1.74B | $1.62B | $1.63B | · | $1.56B | |
| Shares Outstanding | 35,191,353 | 35,542,208 | 35,776,886 | 37,149,529 | 37,416,106 | 37,571,221 | 37,646,374 | 37,724,684 | 37,783,610 | 37,938,337 | · | 37,680,665 | 37,677,426 | 37,669,360 | · | 37,636,921 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $19M | $19M | $20M | $20M | $19M | $18M | $19M | $19M | $18M | $18M | $20M | $18M | $17M | $16M | $16M | $15M | |
| Stock-based Comp | $9M | $9M | $7M | $8M | $8M | $7M | $7M | $8M | $8M | $7M | $7M | $7M | $7M | $7M | $8M | $7M | |
| Amort. of Intangibles | $5M | $5M | $5M | $6M | $5M | $4M | $5M | $5M | $5M | $5M | $6M | $4M | $4M | $4M | $4M | $4M | |
| Other Non-cash | · | $-182M | · | · | · | $-11M | · | · | · | $-103M | · | · | · | $-90M | · | · | |
| Operating Cash Flow | $27M | $-75M | $159M | $90M | $104M | $30M | $176M | $95M | $119M | $-5M | $142M | $79M | $105M | $8M | $134M | $85M | |
| CapEx | $649.0K | $259.0K | $4M | $1M | $1M | $2M | $215.0K | $835.0K | $8M | $1M | $2M | $6M | $1M | $217.0K | $6M | $4M | |
| Investing Cash Flow | $-11M | $-19M | $-17M | $-12M | $-51M | $-17M | $-12M | $-42M | $-18M | $-16M | $-92M | $-16M | $-15M | $-33M | $-18M | $-13M | |
| Stock Repurchased | $0 | $0 | $300M | $45M | $37M | $38M | $17M | $15M | $33M | $10M | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | $0 | · | · | · | $-38M | · | · | · | $-10M | · | · | · | $0 | · | · | |
| Financing Cash Flow | $-144M | $-29M | $-108M | $-82M | $-65M | $-77M | $-45M | $-42M | $-61M | $-53M | $-36M | $-23M | $-40M | $-48M | $-27M | $-28M | |
| Net Change in Cash | $-129M | $-128M | $33M | $-8M | $6M | $-56M | $100M | $26M | $39M | $-77M | $23M | $32M | $55M | $-70M | $104M | $40M | |
| Taxes Paid | $16M | $35M | $34M | $19M | $12M | $-2M | $21M | $29M | $10M | $37M | $12M | $19M | $52M | $12M | $20M | $21M | |
| Free Cash Flow | · | $-76M | · | · | · | $28M | · | · | · | $-6M | · | · | · | $7M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $-6M | · | · | · | $7M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 41.1% | 43.2% | · | 41.0% | 41.9% | 42.4% | · | 42.1% | 41.1% | 44.0% | · | 38.8% | 42.1% | 46.9% | · | 44.3% | |
| Net Margin | 31.2% | 33.4% | · | 32.6% | 32.4% | 7.2% | · | 34.6% | 32.9% | 34.5% | · | 31.9% | 33.3% | 36.2% | · | 34.5% | |
| Pretax Margin | 41.1% | 44.5% | · | 44.8% | 44.4% | 46.1% | · | 44.9% | 43.7% | 46.0% | · | 41.6% | 43.9% | 48.3% | · | 45.8% | |
| EBITDA Margin | 41.1% | 51.5% | · | 41.0% | 41.9% | 51.1% | · | 42.1% | 41.1% | 52.6% | · | 38.8% | 42.1% | 55.0% | · | 44.3% | |
| ROA | 3.1% | 3.7% | · | 3.5% | 3.7% | 0.79% | · | 4.0% | 3.7% | 4.1% | · | 3.3% | 3.8% | 4.4% | · | 3.7% | |
| ROE | 5.2% | 6.1% | · | 4.9% | 5.2% | 1.1% | · | 5.5% | 5.2% | 5.9% | · | 5.0% | 5.5% | 6.9% | · | 5.7% | |
| ROIC | 5.1% | 5.3% | · | 4.5% | 4.8% | 1.0% | · | 4.8% | 4.6% | 5.3% | · | 4.3% | 4.9% | 6.4% | · | 5.6% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.1 | 0.2 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | 131.0 | 292.7 | · | 408.0 | 1428.8 | 733.5 | · | 553.0 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $35.21 | $33.49 | · | $37.11 | $37.05 | $35.86 | · | $36.75 | $35.18 | $34.75 | · | $31.61 | $30.92 | $29.77 | · | $27.07 | |
| Revenue / Share | $6.20 | $6.60 | · | $5.63 | $5.88 | $5.57 | · | $5.50 | $5.24 | $5.57 | · | $4.59 | $4.78 | $5.40 | · | $4.58 | |
| Cash Flow / Share | · | $-2.13 | · | · | · | $0.79 | · | · | · | $-0.13 | · | · | · | $0.20 | · | · | |
| Cash / Share | $6.98 | $10.62 | · | $12.74 | $12.37 | $12.94 | · | $11.83 | $11.49 | $9.93 | · | $11.16 | $10.52 | $8.83 | · | $8.47 | |
| Dividend / Share | $0.78 | $0.78 | $0.76 | $0.76 | $0.76 | $0.76 | $0.74 | $0.74 | $0.74 | $0.74 | $0.72 | $0.72 | $0.72 | $0.72 | $0.70 | $0.70 | |
| EPS (TTM) | $8.46 | $8.44 | · | $5.89 | $5.95 | $5.76 | · | $7.38 | $6.94 | $6.81 | · | $6.59 | $6.71 | $6.90 | · | $6.44 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $870M | $871M | · | $839M | $837M | $815M | · | $812M | $778M | $760M | · | $733M | $733M | $735M | · | $705M | |
| Net Income TTM | $306M | $309M | · | $220M | $223M | $217M | · | $279M | $262M | $257M | · | $248M | $252M | $259M | · | $243M | |
| Market Cap | $3.99B | $5.86B | · | $6.47B | $8.36B | $8.13B | · | $9.67B | $7.58B | $8.32B | · | $8.05B | $9.85B | $14.74B | · | $8.37B | |
| Enterprise Value | $3.86B | $5.71B | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| P/E | 13.4 | 19.5 | · | 29.6 | 37.5 | 37.6 | · | 34.7 | 28.9 | 32.2 | · | 32.4 | 39.0 | 56.7 | · | 34.5 | |
| P/S | 4.6 | 6.7 | · | 7.7 | 10.0 | 10.0 | · | 11.9 | 9.7 | 10.9 | · | 11.0 | 13.4 | 20.0 | · | 11.9 | |
| P/B | 3.2 | 4.9 | · | 4.7 | 6.0 | 6.0 | · | 7.0 | 5.7 | 6.3 | · | 6.8 | 8.5 | 13.1 | · | 8.2 | |
| P / Tangible Book | 4.7 | 7.3 | · | 6.6 | 8.5 | 8.0 | · | 9.2 | 7.7 | 8.6 | · | 8.5 | 10.7 | 16.9 | · | 11.0 | |
| P / Cash Flow | · | -77.8 | · | · | · | 274.3 | · | · | · | -1680.7 | · | · | · | 1958.2 | · | · | |
| EV / Revenue | 4.4 | 6.6 | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Earnings Yield | 7.4% | 5.1% | · | 3.4% | 2.7% | 2.7% | · | 2.9% | 3.5% | 3.1% | · | 3.1% | 2.6% | 1.8% | · | 2.9% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $846M | $817M | $753M | $718M | $699M |
| Operating Margin % | 40.4% | 41.7% | 41.9% | 45.5% | 48.2% |
| Net Income | $247M | $274M | $258M | $250M | $258M |
| Diluted EPS | $6.64 | $7.28 | $6.85 | $6.65 | $6.77 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | · | · | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $374M | $375M | $324M | $276M | $265M |
Institutional owners (13F) 441 filers · $5.6B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
441
Value held
$5.6B
New positions
61
Exited positions
103
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 61 (-9 vs prior Q) | 103 (+19 vs prior Q) | 134 (-43 vs prior Q) | 164 (+15 vs prior Q) | +3.0M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD GROUP INC | $695,979,882 | 3,839,889 | 12.47% | Shares |
| BlackRock, Inc. | $453,941,390 | 3,999,836 | 8.13% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $397,771,671 | 3,504,905 | 7.13% | Shares |
| North Reef Capital Management LP | $385,298,550 | 3,395,000 | 6.90% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $238,359,983 | 2,100,273 | 4.27% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $222,755,056 | 1,987,288 | 3.99% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $175,531,578 | 1,546,670 | 3.14% | Shares |
| FMR LLC | $159,453,202 | 1,404,998 | 2.86% | Shares |
| STATE STREET CORP | $145,433,788 | 1,281,769 | 2.61% | Shares |
| NEUBERGER BERMAN GROUP LLC | $139,584,647 | 1,229,929 | 2.50% | Shares |
| Burgundy Asset Management Ltd. | $127,256,989 | 692,216 | 2.28% | Shares |
| MILLENNIUM MANAGEMENT LLC | $118,789,983 | 1,046,700 | 2.13% | Call option |
| GOLDMAN SACHS GROUP INC | $117,043,220 | 1,031,309 | 2.10% | Shares |
| BANK OF MONTREAL /CAN/ | $115,422,088 | 1,017,024 | 2.07% | Shares |
| CITIGROUP INC | $113,433,255 | 999,500 | 2.03% | Call option |
| GEODE CAPITAL MANAGEMENT, LLC | $112,915,474 | 994,772 | 2.02% | Shares |
| VAN ECK ASSOCIATES CORP | $104,934,783 | 924,617 | 1.88% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $67,847,626 | 597,894 | 1.22% | Shares |
| NORGES BANK | $64,964,173 | 572,422 | 1.16% | Shares |
| GUARDCAP ASSET MANAGEMENT Ltd | $62,163,314 | 536,324 | 1.11% | Shares |
| TWO SIGMA INVESTMENTS, LP | $61,726,076 | 543,890 | 1.11% | Shares |
| Azora Capital LP | $58,229,563 | 513,081 | 1.04% | Shares |
| Davis Asset Management, L.P. | $56,745,000 | 500,000 | 1.02% | Shares |
| CITADEL ADVISORS LLC | $54,666,885 | 481,689 | 0.98% | Shares |
| JPMORGAN CHASE & CO | $48,329,209 | 438,001 | 0.87% | Shares |
| MORGAN STANLEY | $47,991,093 | 422,864 | 0.86% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $44,495,458 | 392,065 | 0.80% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $37,544,194 | 330,815 | 0.67% | Shares |
| BANK OF AMERICA CORP /DE/ | $34,446,181 | 303,517 | 0.62% | Shares |
| UBS Group AG | $31,634,770 | 278,745 | 0.57% | Shares |
| TWO SIGMA ADVISERS, LP | $31,102,500 | 171,600 | 0.56% | Shares |
| Bank of New York Mellon Corp | $29,239,844 | 257,642 | 0.52% | Shares |
| RDST Capital LLC | $28,044,741 | 247,112 | 0.50% | Shares |
| NORTHERN TRUST CORP | $27,977,668 | 246,521 | 0.50% | Shares |
| JANUS HENDERSON GROUP PLC | $27,849,291 | 168,797 | 0.50% | Shares |
| COOKE & BIELER LP | $27,096,305 | 238,755 | 0.49% | Shares |
| Cubist Systematic Strategies, LLC | $26,612,506 | 152,726 | 0.48% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $25,382,719 | 223,656 | 0.45% | Shares |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $23,187,028 | 204,309 | 0.42% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $23,007,941 | 202,731 | 0.41% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $22,698,000 | 200,000 | 0.41% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $21,183,816 | 186,658 | 0.38% | Shares |
| PRINCIPAL FINANCIAL GROUP INC | $19,669,179 | 173,312 | 0.35% | Shares |
| Freestone Grove Partners LP | $19,610,959 | 172,799 | 0.35% | Shares |
| Public Sector Pension Investment Board | $17,856,290 | 157,338 | 0.32% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $17,671,009 | 107,110 | 0.32% | Shares |
| Sone Capital Management, LLC | $17,650,192 | 155,522 | 0.32% | Shares |
| Kodai Capital Management LP | $16,863,184 | 77,944 | 0.30% | Shares |
| Nuveen, LLC | $16,849,635 | 148,468 | 0.30% | Shares |
| Invesco Ltd. | $15,981,321 | 140,817 | 0.29% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| TCV VI, L.P., TCV MEMBER FUND, L.P., TECHNOLOGY CROSSOVER MANAGEMENT VI, L.L.C., TCV VI MANAGEMENT, L.L.C., JAY C. HOAG, RICHARD H. KIMBALL, JOHN L. DREW, JON Q. REYNOLDS, JR., WILLIAM J.G. GRIFFITH IV, ROBERT W. TRUDEAU ×5 filings | Sept. 20, 2011 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 45 insiders · 17 officers · 26 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Christopher R Concannon | Chief Executive Officer | April 3, 2026 F | 53,600 | 0 | 0 | $0 |
| Dean Berry | Group COO & CEO, EMEA & APAC | Oct. 1, 2025 A | 26,017 | 0 | 0 | $0 |
| Bieler Ilene Fiszel | Chief Financial Officer | June 3, 2026 F | 8,656 | 0 | 0 | $0 |
| Christopher N. Gerosa | Chief Financial Officer | Jan. 31, 2024 F | 1,752 | 0 | 0 | $0 |
| Kelley T Millet | President | June 13, 2011 G | 270,629 | 0 | 0 | $0 |
| Scott Pintoff | General Counsel and Secretary | Sept. 10, 2026 S | 11,486 | 0 | 10 | $-157,934 |
| William Quan | Chief Technology Officer | May 1, 2026 A | 218 | 0 | 0 | $0 |
| Naineshkumar Shantilal Panchal | Chief Information Officer | March 1, 2026 F | 11,331 | 0 | 0 | $0 |
| Nitin A Mirwani | Chief Accounting Officer | Feb. 15, 2026 A | 1,766 | 0 | 0 | $0 |
| Kevin M Mcpherson | Chief Revenue Officer | Feb. 15, 2026 F | 71,049 | 0 | 0 | $0 |
| Christophe Pierre Daniel Roupie | Head of EMEA and APAC | May 14, 2025 S | 8,208 | 0 | 0 | $0 |
| Michael R. Cianciulli | Head of Ext Rep & Comp Accting | April 1, 2025 A | 1,155 | 0 | 0 | $0 |
| Richard M Mcvey | Executive Chairman | Nov. 14, 2024 S | 562,029 | 0 | 0 | $0 |
| Nicholas Themelis | Chief Information Officer | March 7, 2022 S | 8,544 | 0 | 0 | $0 |
| Antonio L Delise | Global Head of Corp. Dev. | Jan. 31, 2022 F | 26,993 | 0 | 0 | $0 |
| James N B Rucker | Chief Operations, Credit and Risk Officer | Feb. 18, 2011 A | 214,447 | 0 | 0 | $0 |
| Ian N Baillie | Head of MarketAxess Europe | Dec. 14, 2006 M | 40,000 | 0 | 0 | $0 |
| William Frank Cruger Jr. | Director | Sept. 10, 2026 S | 4,033 | 0 | 1 | $-1,005,965 |
| Carlos Mauricio Hernandez | Director | June 18, 2026 G | 1,772 | 0 | 0 | $0 |
| Roberto Hoornweg | Director | June 10, 2026 A | 2,389 | 0 | 0 | $0 |
| Kourtney Gibson | Director | June 10, 2026 A | 4,542 | 0 | 0 | $0 |
| Nancy A. Altobello | Director | June 10, 2026 A | 5,152 | 0 | 0 | $0 |
| Douglas A Cifu | Director | June 10, 2026 A | 1,649 | 0 | 0 | $0 |
| Steven L Begleiter | Director | June 10, 2026 A | 12,074 | 0 | 0 | $0 |
| Kenneth T Schiciano | Director | June 10, 2026 A | 1,945 | 0 | 0 | $0 |
| Richard G Ketchum | Director | June 10, 2026 A | 6,093 | 0 | 0 | $0 |
| Stephen P Casper | Director | Sept. 8, 2025 S | 43,208 | 0 | 0 | $0 |
| Richard Leon Prager | Director | June 7, 2023 A | 3,904 | 0 | 0 | $0 |
| Xiaojia Charles Li | Director | June 8, 2022 A | 768 | 0 | 0 | $0 |
| Justin Gerald Gmelich | Director | June 8, 2022 A | 1,243 | 0 | 0 | $0 |
| John Steinhardt | Director | Dec. 9, 2020 G | 21,313 | 0 | 0 | $0 |
| David G Gomach | Director | Feb. 4, 2019 M | 19,059 | 0 | 0 | $0 |
| James Joseph Sullivan | Director | Aug. 8, 2018 A | 8,358 | 0 | 0 | $0 |
| Ronald M Hersch | Director | Feb. 13, 2017 S | 34,981 | 0 | 0 | $0 |
| Lesley Daniels Webster | Director | Aug. 8, 2014 A | 3,231 | 0 | 0 | $0 |
| Sharon Brown-Hruska | Director | July 27, 2012 A | 10,346 | 0 | 0 | $0 |
| Roger Burkhardt | Director | July 27, 2012 A | 13,161 | 0 | 0 | $0 |
| Jerome S Markowitz | Director | July 29, 2011 A | 17,307 | 0 | 0 | $0 |
| Nicolas S Rohatyn | Director | July 29, 2011 A | 28,696 | 0 | 0 | $0 |
| Wayne D Lyski | Director | Aug. 3, 2007 M | 12,500 | 0 | 0 | $0 |
| Emily Hope Portney | · | Aug. 12, 2026 G | 1,571 | 0 | 0 | $0 |
| Jane Chwick | · | Aug. 7, 2026 G | 9,223 | 0 | 0 | $0 |
| Robert Trudeau | · | May 2, 2011 S | 4,716 | 0 | 0 | $0 |
| Michael H Ziegelbaum | · | Aug. 26, 2005 M | 10,000 | 0 | 0 | $0 |
| Thomas M Thees | · | Aug. 23, 2005 P | 1,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 73 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| CVAR · ETF Opportunities Trust | 4.25% | 11,239 NS | July 31, 2026 | N-PORT |
| SCOW · Pacer Funds Trust | 3.58% | 377 NS | July 31, 2026 | N-PORT |
| FXO · First Trust Exchange-Traded AlphaDE… | 2.25% | 156,653 NS | July 31, 2026 | N-PORT |
| XSHQ · Invesco Exchange-Traded Fund Trust … | 2.05% | 36,073 SH | Oct. 2, 2026 | Daily |
| PSCF · Invesco Exchange-Traded Fund Trust … | 1.36% | 2,266 SH | Oct. 2, 2026 | Daily |
| GURU · Global X Funds | 1.25% | 4,729 NS | July 31, 2026 | N-PORT |
| SRHQ · Elevation Series Trust | 1.09% | 14,198 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.43% | 34,426 NS | July 31, 2026 | N-PORT |
| QVMS · Invesco Exchange-Traded Fund Trust … | 0.37% | 5,347 SH | Oct. 2, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.25% | 39,778 SH | Oct. 2, 2026 | Daily |
| VIOG · VANGUARD ADMIRAL FUNDS | 0.24% | 22,845 SH | Aug. 19, 2026 | Daily |
| IQSM · New York Life Investments ETF Trust | 0.22% | 4,510 NS | July 31, 2026 | N-PORT |
| VIOO · VANGUARD ADMIRAL FUNDS | 0.22% | 123,882 SH | Aug. 19, 2026 | Daily |
| VIOV · VANGUARD ADMIRAL FUNDS | 0.20% | 34,689 SH | Aug. 19, 2026 | Daily |
| SMDX · Tidal Trust III | 0.18% | 1,432 NS | July 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 0.17% | 6,924 SH | Aug. 19, 2026 | Daily |
| PKW · Invesco Exchange-Traded Fund Trust | 0.16% | 16,772 SH | Oct. 2, 2026 | Daily |
| ESML · iShares Trust | 0.14% | 23,267 SH | Sept. 11, 2026 | Daily |
| BKMC · BNY Mellon ETF Trust | 0.13% | 5,079 NS | July 31, 2026 | N-PORT |
| BBMC · J.P. Morgan Exchange-Traded Fund Tr… | 0.12% | 15,402 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.08% | 78,022 NS | July 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.08% | 4,832 SH | Sept. 11, 2026 | Daily |
| IYG · iShares Trust | 0.08% | 10,200 SH | Sept. 11, 2026 | Daily |
| IYF · iShares Trust | 0.07% | 20,095 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 3,232 SH | Oct. 2, 2026 | Daily |
| FNCL · FIDELITY COVINGTON TRUST | 0.06% | 9,417 NS | July 31, 2026 | N-PORT |
| SMMD · iShares Trust | 0.06% | 13,835 SH | Sept. 11, 2026 | Daily |
| XT · iShares Trust | 0.06% | 13,721 SH | Sept. 11, 2026 | Daily |
| REVS · Columbia ETF Trust I | 0.06% | 1,185 NS | July 31, 2026 | N-PORT |
| IWS · iShares Trust | 0.06% | 53,545 SH | Sept. 11, 2026 | Daily |
| RWJ · Invesco Exchange-Traded Fund Trust … | 0.06% | 6,815 SH | Oct. 2, 2026 | Daily |
| WSML · iShares Trust | 0.05% | 2,231 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.05% | 407,526 SH | Aug. 19, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.05% | 771,990 SH | Aug. 19, 2026 | Daily |
| VBK · VANGUARD INDEX FUNDS | 0.05% | 222,147 SH | Aug. 19, 2026 | Daily |
| VFH · VANGUARD WORLD FUND | 0.05% | 57,830 SH | Aug. 19, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.04% | 246,030 SH | Aug. 19, 2026 | Daily |
| IWR · iShares Trust | 0.04% | 131,156 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.04% | 1,224 NS | July 31, 2026 | N-PORT |
| RECS · Columbia ETF Trust I | 0.03% | 10,459 NS | July 31, 2026 | N-PORT |
| TECB · iShares Trust | 0.03% | 840 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.02% | 7,041 SH | Oct. 2, 2026 | Daily |
| DIVB · iShares Trust | 0.02% | 2,769 SH | Sept. 11, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.02% | 1,012 SH | Oct. 1, 2026 | Daily |
| VIG · VANGUARD SPECIALIZED FUNDS | 0.02% | 200,776 SH | Aug. 19, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | 0.02% | 139,462 SH | Aug. 19, 2026 | Daily |
| DGRO · iShares Trust | 0.02% | 52,219 SH | Sept. 10, 2026 | Daily |
| DSI · iShares Trust | 0.02% | 5,296 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 77,799 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.01% | 114 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.01% | 1,072,864 SH | Aug. 19, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.01% | 5,683 SH | Aug. 19, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 21,110 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.01% | 2,947 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.01% | 7,901 SH | Aug. 19, 2026 | Daily |
| IYY · iShares Trust | 0.01% | 1,619 SH | Sept. 11, 2026 | Daily |
| IWB · iShares Trust | 0.01% | 24,575 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.01% | 24,286 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.01% | 9,924 SH | Sept. 9, 2026 | Daily |
| ITOT · iShares Trust | 0.01% | 44,668 SH | Sept. 9, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.01% | 1,345 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.01% | 860 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.00% | 632 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 2,334 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.00% | 29,107 SH | Aug. 19, 2026 | Daily |
| IJR · iShares Trust | · | 2,125,028 SH | Sept. 8, 2026 | Daily |
| IJT · iShares Trust | · | 169,405 SH | Sept. 9, 2026 | Daily |
| IJS · iShares Trust | · | 139,902 SH | Aug. 31, 2026 | Daily |
| IAI · iShares Trust | · | 43,161 SH | Sept. 11, 2026 | Daily |
| XJR · iShares Trust | · | 3,341 SH | Aug. 31, 2026 | Daily |
| ISCB · iShares Trust | · | 1,557 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 3,633 SH | Sept. 11, 2026 | Daily |
| SMMV · iShares Trust | · | 6,730 SH | Sept. 1, 2026 | Daily |
MKTX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 18 analysts
BUY
Median target
$167.00
+1.7%
4 22.2%
Strong Buy
3 16.7%
Buy
11 61.1%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-10-03Mean target $158.00 -3.7%
Now
Current price $164.14
Low$124.00
Mean$158.00
High$167.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| MKTX | $6.48B | 27.3 | 3.6% | 29.1% | 19.5% | · |
| MSCI | $42.21B | 36.6 | 9.8% | 38.4% | -67.9% | · |
| CBOE | · | · | 15.1% | 23.3% | 22.4% | 51.5% |
| TW | $25.32B | 28.4 | 18.9% | 39.6% | 13.2% | · |
| FDS | $14.05B | 24.0 | 5.4% | 25.7% | 28.1% | · |
| MORN | $8.64B | 24.5 | 7.5% | 15.3% | 26.4% | · |
| MIAX | $3.80B | -44.4 | 19.7% | -5.1% | -10.8% | 31.6% |
| DFIN | $1.20B | 40.6 | -1.9% | 4.2% | 8.0% | · |
| GEMI | $1.17B | -0.6 | 26.3% | -324.6% | 220.5% | · |
| VALU | · | · | -4.7% | 64.7% | 20.3% | · |
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Source: SEC 10-Q filed Aug 7, 2026