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 $181.54 per share. The share price was $164.19 on September 25, 2026, 10% 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% | $114.85 | -30% |
| Base | 4.0% | 9.0% | $181.54 | +11% |
| Bull | 9.0% | 8.0% | $306.07 | +86% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $228.95 | $243.34 | $260.93 | $282.91 | $311.18 |
| 8.0% | $193.63 | $202.97 | $213.99 | $227.23 | $243.40 |
| 9.0% | $167.80 | $174.18 | $181.54 | $190.13 | $200.28 |
| 10.0% | $148.08 | $152.62 | $157.76 | $163.64 | $170.42 |
| 11.0% | $132.56 | $135.89 | $139.61 | $143.79 | $148.53 |
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