3 models fit MarketAxess Holdings Inc. Common Stock and they agree: 3 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as an asset manager: P/E comparison, Dividend discount, and Residual income.
ACCE opinionMarketAxess Holdings Inc. Common Stock (MKTX)
Fair value (3 models)
$88.88
ACCE price target
$159
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 15:06 CEST; previously $87.71 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 15:06 CEST.
Price used: $165 at the close on 23 Oct 2026, 22:00 CEST.
Models: P/E comparison, Dividend discount, and Residual income.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
85.3% above
-46.0% to fair value
ACCE score
59
out of 100
Analysts
0% buy
12 covering
P/E
19.5x
forward 18.6x
1-year return
-4.0%
Dividend yield
1.88%
MarketAxess Holdings Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
MarketAxess runs an electronic trading platform where institutional investors buy and sell fixed income bonds, including corporate, emerging market and municipal debt, plus a growing set of Open Trading and data products. Its moat rests on a network effect: the more dealers and buy-side clients quote and trade on the platform, the more liquidity it attracts, and the 41.9% operating margin and 23.1% ROE reflect how little incremental cost each additional trade carries. Revenue growth is slightly negative at -0.5%, so the investment case depends on whether trading volumes and the newer Open Trading and data offerings can re-accelerate top-line growth from here. At an 18.6x forward multiple against a 19.4x trailing one, the market is pricing in roughly flat earnings, which makes the stock worth a closer look only if you have a view on a bond-market volume recovery.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Revenue and earnings stalling
Revenue is down 0.5% year on year and earnings up only 1.0%, with a 6.4% quarter-on-quarter drop. The 5-year revenue CAGR of 4.3% is no longer being carried forward.
moderate
Score down sharply in 90 days
The ACCE score fell 11 points, from 67 to 56, with growth at 19 and momentum at 49. The fall is driven by the deteriorating growth picture.
moderate
Stock trades well above model fair value
The price sits 85.3% above the model fair value of $88.88, and 3.6% above the ACCE price target of $159.00. Valuation leaves little room for further disappointment.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Net margin of 35.2% and return on equity of 23.1% show a business that keeps a large share of each dollar it earns.
Free cash flow of $374M over the last twelve months, with debt to equity at 0.25, gives the company a lot of financial room.
Earnings per share beat expectations by 3.7% in the latest quarter, with 1.95 reported against 1.88 expected.
Why it could disappoint
Revenue fell 0.5% year over year, well short of the 4.3% average annual growth the company has managed over five years.
The shares trade at 85.3% above the model fair value of $88.88, and all three valuation models sit below the share price.
None of the 12 analysts covering the stock rate it Buy or Strong Buy, and their mean price target sits 1.5% below the share price.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 6, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where MKTX's valuation models land
Price
$164.67
Model fair value
$88.88
Model range
$77.66 to $94.98
Fair value $88.88
Price $165
The price is above the whole model range.
Model
Fair value
Upside
Dividend discount
P/E comparison
Residual income
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores