What is Marketaxess Holdings Inc worth?
With the base-case assumptions below, a discounted cash flow model on Marketaxess Holdings Inc's reported free cash flow gives $185.18 per share. The share price was $165.08 on November 10, 2026, 11% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $118.49 | -28% |
| Base | 4.0% | 9.0% | $185.18 | +12% |
| Bull | 9.0% | 8.0% | $309.71 | +88% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $232.59 | $246.98 | $264.57 | $286.55 | $314.82 |
| 8.0% | $197.28 | $206.61 | $217.64 | $230.87 | $247.04 |
| 9.0% | $171.44 | $177.82 | $185.18 | $193.77 | $203.92 |
| 10.0% | $151.73 | $156.26 | $161.41 | $167.28 | $174.06 |
| 11.0% | $136.21 | $139.53 | $143.25 | $147.43 | $152.17 |
Where the presets come from
Base: years 1 to 5 grow at Marketaxess Holdings Inc's revenue growth rate over the last 5 fiscal years (4.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions