MarketAxess (MKTX)
Market Price (8/19/2026): $162.57 | Market Cap: $5.7 BilSector: Financials | Industry: Financial Exchanges & Data
MarketAxess (MKTX)
Market Price (8/19/2026): $162.57Market Cap: $5.7 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% Low stock price volatilityVol 12M is 40% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Electronic Fixed Income Trading, and Algorithmic Trading. | Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -100% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.5% Key risksMKTX key risks include [1] intense competitive pressure eroding its market share and profit margins in key credit markets, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Low stock price volatilityVol 12M is 40% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Electronic Fixed Income Trading, and Algorithmic Trading. |
| Weak multi-year price returns2Y Excs Rtn is -72%, 3Y Excs Rtn is -100% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 28x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -0.5% |
| Key risksMKTX key risks include [1] intense competitive pressure eroding its market share and profit margins in key credit markets, Show more. |
Qualitative Assessment
AI Analysis | Feedback
MarketAxess (MKTX) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Acquisition by Intercontinental Exchange (ICE).
On July 30, 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess for $167 per share in cash, representing a 33% premium to MarketAxess's closing price as of July 29, 2026.
2. Robust Trading Volumes and Market Share Growth in Fiscal Q2 2026.
MarketAxess reported record credit trading volumes in fiscal Q2 2026 (ended June 30, 2026), with notable gains in U.S. high-yield, portfolio trading, international credit, and Mid-X. Total portfolio trading average daily volume (ADV) increased 33% to a record $2.0 billion, and U.S. high-yield estimated market share rose to 14.9%, up 190 basis points year-over-year.
Show more
MarketAxess (MKTX) stock has gained about 5% since 4/30/2026 because of the following key factors:
1. Acquisition by Intercontinental Exchange (ICE).
On July 30, 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess for $167 per share in cash, representing a 33% premium to MarketAxess's closing price as of July 29, 2026.
2. Robust Trading Volumes and Market Share Growth in Fiscal Q2 2026.
MarketAxess reported record credit trading volumes in fiscal Q2 2026 (ended June 30, 2026), with notable gains in U.S. high-yield, portfolio trading, international credit, and Mid-X. Total portfolio trading average daily volume (ADV) increased 33% to a record $2.0 billion, and U.S. high-yield estimated market share rose to 14.9%, up 190 basis points year-over-year.
3. Fiscal Q2 2026 Earnings Beat.
MarketAxess exceeded analyst expectations for its fiscal Q2 2026 financial results, reporting earnings per share (EPS) of $1.93 (or $1.95 excluding notable items), surpassing the consensus estimate of $1.86 by 3.9%. Total revenues of $218.4 million were slightly above the Zacks Consensus Estimate of $217.34 million.
Show less
Stock Movement Drivers
Fundamental Drivers
The 3.5% change in MKTX stock from 4/30/2026 to 8/18/2026 was primarily driven by a 20.8% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 156.33 | 161.79 | 3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 846 | 870 | 2.8% |
| Net Income Margin (%) | 29.1% | 35.2% | 20.8% |
| P/E Multiple | 23.2 | 18.6 | -19.9% |
| Shares Outstanding (Mil) | 37 | 35 | 4.0% |
| Cumulative Contribution | 3.5% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| MKTX | 3.5% | |
| Market (SPY) | 6.8% | 14.0% |
| Sector (XLF) | 11.0% | 14.0% |
Fundamental Drivers
The -3.4% change in MKTX stock from 1/31/2026 to 8/18/2026 was primarily driven by a -34.2% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.56 | 161.79 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 839 | 870 | 3.7% |
| Net Income Margin (%) | 26.2% | 35.2% | 34.6% |
| P/E Multiple | 28.3 | 18.6 | -34.2% |
| Shares Outstanding (Mil) | 37 | 35 | 5.2% |
| Cumulative Contribution | -3.4% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| MKTX | -3.4% | |
| Market (SPY) | 11.2% | 8.1% |
| Sector (XLF) | 8.8% | 6.6% |
Fundamental Drivers
The -19.8% change in MKTX stock from 7/31/2025 to 8/18/2026 was primarily driven by a -46.6% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 201.76 | 161.79 | -19.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 815 | 870 | 6.7% |
| Net Income Margin (%) | 26.6% | 35.2% | 32.6% |
| P/E Multiple | 34.8 | 18.6 | -46.6% |
| Shares Outstanding (Mil) | 37 | 35 | 6.2% |
| Cumulative Contribution | -19.8% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| MKTX | -19.8% | |
| Market (SPY) | 22.4% | 1.7% |
| Sector (XLF) | 11.8% | 6.5% |
Fundamental Drivers
The -37.2% change in MKTX stock from 7/31/2023 to 8/18/2026 was primarily driven by a -51.5% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 257.54 | 161.79 | -37.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 733 | 870 | 18.7% |
| Net Income Margin (%) | 34.4% | 35.2% | 2.4% |
| P/E Multiple | 38.3 | 18.6 | -51.5% |
| Shares Outstanding (Mil) | 37 | 35 | 6.5% |
| Cumulative Contribution | -37.2% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| MKTX | -37.2% | |
| Market (SPY) | 73.6% | 6.5% |
| Sector (XLF) | 71.1% | 10.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MKTX Return | -28% | -32% | 6% | -22% | -19% | -9% | -70% |
| Peers Return | 43% | -19% | 28% | 25% | 14% | 3% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MKTX Win Rate | 33% | 50% | 50% | 50% | 42% | 38% | |
| Peers Win Rate | 63% | 38% | 63% | 55% | 62% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MKTX Max Drawdown | -40% | -46% | -48% | -34% | -31% | -43% | |
| Peers Max Drawdown | -11% | -33% | -14% | -11% | -19% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TW, ICE, CME, CBOE, NDAQ. See MKTX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/18/2026 (YTD)
How Low Can It Go
| Event | MKTX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.9% | -9.5% |
| % Gain to Breakeven | 33.2% | 10.5% |
| Time to Breakeven | 77 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.4% | -24.5% |
| % Gain to Breakeven | 79.9% | 32.4% |
| Time to Breakeven | 189 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -17.7% | -33.7% |
| % Gain to Breakeven | 21.5% | 50.9% |
| Time to Breakeven | 3 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -14.8% | -3.7% |
| % Gain to Breakeven | 17.3% | 3.9% |
| Time to Breakeven | 27 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -10.9% | -12.2% |
| % Gain to Breakeven | 12.3% | 13.9% |
| Time to Breakeven | 7 days | 62 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.3% | -15.4% |
| % Gain to Breakeven | 35.6% | 18.2% |
| Time to Breakeven | 50 days | 125 days |
In The Past
MarketAxess's stock fell -0.9% during the 2025 US Tariff Shock. Such a loss loss requires a 0.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | MKTX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.9% | -9.5% |
| % Gain to Breakeven | 33.2% | 10.5% |
| Time to Breakeven | 77 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.4% | -24.5% |
| % Gain to Breakeven | 79.9% | 32.4% |
| Time to Breakeven | 189 days | 427 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.3% | -15.4% |
| % Gain to Breakeven | 35.6% | 18.2% |
| Time to Breakeven | 50 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -67.7% | -53.4% |
| % Gain to Breakeven | 209.7% | 114.4% |
| Time to Breakeven | 413 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.9% | -8.6% |
| % Gain to Breakeven | 36.7% | 9.5% |
| Time to Breakeven | 1147 days | 47 days |
In The Past
MarketAxess's stock fell -0.9% during the 2025 US Tariff Shock. Such a loss loss requires a 0.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MarketAxess (MKTX)
MarketAxess Holdings Inc. (MKTX) operates a leading electronic trading platform serving institutional investors and broker-dealers globally. The company specializes in facilitating the trading of various fixed-income securities, including U.S. investment-grade and high-yield corporate bonds, U.S. Treasuries, municipal bonds, and emerging market debt. By providing a centralized, electronic marketplace, MarketAxess enhances liquidity and efficiency in what has traditionally been a fragmented and less transparent over-the-counter bond market.
At the heart of MarketAxess's offering is its "Open Trading" protocol, which allows for anonymous, all-to-all trading of corporate bonds, improving price discovery and execution for its clients. Beyond its core trading functionality, the company provides a comprehensive suite of value-added products and services. These include proprietary market data like Composite+ pricing, advanced execution tools such as auto-execution, robust connectivity solutions, and technology services to optimize trading workflows. Additionally, MarketAxess supports its clients with crucial pre- and post-trade services, including trade matching, regulatory reporting, and market data provision, encompassing the entire trading lifecycle for fixed-income securities.
AI Analysis | Feedback
1. The Nasdaq for bonds.
2. Bloomberg for institutional bond trading.
AI Analysis | Feedback
- Electronic Trading Platform: Provides institutional investors and broker-dealers access to liquidity for a wide range of fixed-income securities through an all-to-all anonymous trading environment.
- Market Data Products: Offers composite+ pricing and other market data to assist clients with trading decisions.
- Execution Services: Delivers specialized workflow solutions, including auto-execution, to meet client-specific trading requirements.
- Connectivity & Technology Services: Provides solutions for straight-through processing and other technologies to optimize client trading environments.
- Pre- and Post-Trade Services: Includes essential services such as trade matching, trade publication, and regulatory transaction reporting.
AI Analysis | Feedback
MarketAxess (MKTX) sells primarily to other companies, specifically within the financial industry. Its major customers can be categorized as:
- Institutional investors
- Broker-dealer companies
The provided background information does not list the names of specific customer companies, but rather describes the types of entities that utilize its electronic trading platform and services.
AI Analysis | Feedback
AI Analysis | Feedback
Christopher Concannon, Chief Executive Officer
Christopher Concannon has served as Chief Executive Officer of MarketAxess since April 2023. Prior to this, he was the company's President and Chief Operating Officer from January 2019 to April 2023. He also served as interim Chief Financial Officer between January 2024 and May 2024. Mr. Concannon has extensive leadership experience in electronic trading platforms and exchanges, including serving as President and Chief Operating Officer of Cboe Global Markets, Inc., a position he was appointed to following Cboe's acquisition of Bats Global Markets, Inc. in 2017. Before the acquisition, he was President, Director, and Chief Executive Officer of Bats Global Markets from 2014 to 2017. His career also includes executive roles at Nasdaq, Virtu Financial, and Instinet, as well as an attorney at Morgan Lewis & Bockius and the U.S. Securities and Exchange Commission.
Ilene Fiszel Bieler, Chief Financial Officer
Ilene Fiszel Bieler was appointed Chief Financial Officer of MarketAxess in May 2024. In this role, she is responsible for the company's global finance organization, including financial planning and analysis, accounting, treasury, tax, investor relations, capital management, corporate development, and strategic planning. Before joining MarketAxess, Ms. Fiszel Bieler served as Executive Vice President, Global Head of Investor Relations and Chief Operating Officer of State Street Global Markets and Global Credit Finance at State Street Corporation from 2022 to May 2024. Her prior experience includes senior roles at Barclays plc, where she was Head of Investor Relations and Strategy for the Americas, and at Citigroup Inc., where she was Head of Fixed Income Investor and Rating Agency Relations.
Richard M. McVey, Founder and Executive Chairman
Richard M. McVey founded MarketAxess in April 2000 and served as its Chief Executive Officer until April 2023, when he transitioned to Executive Chairman of the Board. He originally proposed the business model for MarketAxess in 1999 as part of J.P. Morgan's Lab Morgan program. He launched the company as an independent venture after leading an initial funding round that raised $24 million from JP Morgan and other market participants. Prior to founding MarketAxess, Mr. McVey was a managing director and head of J.P. Morgan's North American fixed income sales and investor client relations from 1996 to 2000. He led MarketAxess through its initial public offering in November 2004.
Dean Berry, Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC
Dean Berry joined MarketAxess in September 2025 as Group Chief Operating Officer and Chief Executive Officer, EMEA & APAC. Previously, Mr. Berry held several leadership positions at the London Stock Exchange Group (LSEG), including Group Head of Workflows (formerly Trading & Banking Solutions) from February 2021 to September 2025, and Interim Group Co-Head of LSEG Data & Analytics from December 2024 to September 2025. He also served as Global Head of Trading at LSEG from November 2020 to February 2021.
Kevin M. McPherson, Chief Revenue Officer
Kevin M. McPherson has served as Chief Revenue Officer of MarketAxess since July 2023. In this role, he is responsible for the company's revenue generation strategies.
AI Analysis | Feedback
MarketAxess (MKTX) faces several key risks to its business, primarily stemming from the competitive landscape, sensitivity to market conditions, and regulatory changes.
- Intensifying Competition and Market Share Decline: MarketAxess operates in a highly competitive electronic trading environment for fixed-income securities. Rivals, particularly Tradeweb Markets Inc. and dealer-owned platforms like Trumid, are aggressively expanding their capabilities in credit trading, which is MarketAxess's traditional stronghold. This intensified competition is leading to a decline in MarketAxess's market share in U.S. investment-grade and high-yield credit markets and putting pressure on its pricing power (Fee Per Million or FPM). The company also faces lower market penetration in the U.S. Treasury and European bond markets, which are already heavily electronic and fiercely contested.
- Economic and Market Volatility: The company's business is highly sensitive to global economic, political, and market factors, which can significantly influence trading volumes and demand for its services. Rising interest rates, for instance, can reduce bond issuance and liquidity, thereby slowing the growth of total credit trading volume and negatively impacting profitability. A prolonged "risk-off" environment, where investors pull back from trading activity, can also reduce overall trading and liquidity, regardless of the platform's efficiency.
- Regulatory Changes: MarketAxess operates in a heavily regulated financial industry, and changes in regulations can materially affect its operations, increase compliance costs, and impact trading volumes or fee structures. A concrete near-term regulatory threat is the U.S. Securities and Exchange Commission's (SEC) mandate for central clearing in the U.S. Treasury market, which represents a massive structural shift. Such changes could also extend to data protection and the use of emerging technologies like Artificial Intelligence (AI), potentially imposing additional compliance burdens.
AI Analysis | Feedback
AI Analysis | Feedback
MarketAxess (MKTX) operates an electronic trading platform for a variety of fixed-income securities globally. The addressable markets for its main products and services, with regional clarification, are as follows:
- U.S. Investment-Grade Bonds: The estimated addressable market for combined U.S. high-grade and U.S. high-yield bonds had an average daily notional volume (ADNV) of approximately $51.2 billion in 2025. Electronic trading accounted for nearly 50% of U.S. investment-grade corporate bond trading in 2024 and 2025.
- U.S. High-Yield Bonds: This market is part of the combined U.S. high-grade and high-yield bond addressable market of approximately $51.2 billion ADNV in 2025. Electronic trading represented 32% of the U.S. high-yield market in 2025. The electronic trading ADNV for U.S. high-yield bonds was $3.9 billion in 2025.
- U.S. Treasuries: The total U.S. Treasury market is valued at $28.6 trillion. The average daily notional volume (ADNV) for the U.S. Treasury market in 2025 was set to exceed $1 trillion. Electronic trading accounted for 55% of these volumes in 2025, with an electronic trading ADNV of $570 billion.
- Municipal Bonds (U.S.): The U.S. municipal bond market had an average daily notional volume (ADNV) of $13.1 billion in 2024 and $15.3 billion in Q3 2025. Electronic trading constituted 18.4% of the notional volume traded in 2024 and Q3 2025. This implies an electronic trading ADNV of approximately $2.81 billion in Q3 2025 for this market.
- Emerging Market Debts (Global): The total outstanding emerging market debt globally doubled from $20 trillion to $40 trillion between 2017 and 2024. Global emerging markets debt trading volumes reached US$1.441 trillion in the second quarter of 2024. Local markets instruments accounted for US$946 billion of this volume in Q2 2024.
- Eurobonds (Global): The global Eurobond market is currently valued at more than €15.3 trillion. The European corporate bond market, which includes Eurobonds, had daily trading volumes of €12.1 billion (approximately $13 billion) in 2024. MarketAxess reported a fully electronic Eurobond ADNV of $2.7 billion in March 2025.
AI Analysis | Feedback
MarketAxess (MKTX) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Portfolio Trading and Block Trading: MarketAxess expects continued significant growth in both portfolio trading and block trading across various fixed-income segments. The company has reported substantial increases in average daily volume (ADV) for both block trading and portfolio trading, particularly in U.S. credit, emerging markets, and Eurobonds. Management has highlighted ongoing enhancements to its portfolio trading solution and strategic investments in its block trading capabilities as key drivers of increased market share and revenue.
- Expansion of Dealer-Initiated Trading and New Protocols: The company is experiencing strong momentum within its dealer-initiated trading channel. New solutions, such as the "Mid-X protocol" and an "Axe trading solution" that enables dealers to send axes directly to specific clients, are gaining traction and are expected to contribute to future volume and revenue growth.
- Geographic and Product Diversification (Non-U.S. Credit and Municipal Bonds): MarketAxess is seeing robust growth in product areas outside of U.S. credit, including emerging markets debt, Eurobonds, and municipal bonds. This diversification, marked by record trading volumes and revenue in these segments, indicates successful expansion into new markets and product offerings, reducing reliance on any single market.
- Leveraging Technology, Data, and AI-powered Solutions: Continued investment in technology modernization, including the acceleration of AI integration, is a crucial driver. MarketAxess aims to enhance its proprietary data and analytics, workflow tools, and overall client experience to drive efficiency, deeper trading insights, and ultimately increase revenue and market share. Initiatives like enhancements to the X-Pro platform and automation suite are part of this strategy.
AI Analysis | Feedback
Share Repurchases
- In December 2025, MarketAxess's Board of Directors authorized the repurchase of up to $400.0 million of additional shares, increasing the total outstanding authorization to $505 million when combined with a prior $105 million balance.
- For the full year 2025, MarketAxess repurchased 1,980,715 shares of common stock at a cost of $360.0 million.
- As of January 31, 2026, $205.0 million remained under the Board's share repurchase authorization.
Outbound Investments
- In May 2025, MarketAxess completed the acquisition of approximately a 90% controlling stake in the RFQ-hub platform, a bilateral multi-asset and multi-dealer request for quote platform focused on derivatives, structured products, and ETFs.
- In August 2023, MarketAxess acquired Pragma Securities for an undisclosed amount.
Capital Expenditures
- For the full year 2025, estimated capital expenditures were $58.01 million.
- MarketAxess projects capital expenditures for the full year 2026 to be in the range of $65.0 million to $75.0 million.
- These anticipated 2026 capital expenditures are primarily focused on supporting new protocols, products, and enhancements to the trading platform, with roughly 80% allocated to capitalized software development costs.
Peer Outperformance in Financial Exchanges & Data
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MKTX | MarketAxess | 5.9% | 18.6x | -11.7% | -32.0% | -63.6% | — |
| CBOE | Cboe Global Markets | 9.5% | 22.5x | 19.5% | 100.7% | 143.7% | +207pp |
| CME | CME | 9.0% | 22.8x | 4.3% | 51.6% | 69.1% | +133pp |
| FDS | FactSet Research Systems | 6.1% | 17.9x | -21.8% | -31.1% | -17.6% | +46pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 7.5% | 129.0% | 136.6% | IBKR 512% · SNEX 245% · GS 198% |
| Diversified Banks | 12 | 47.6% | 134.7% | 117.7% | CM 169% · JPM 167% · RY 151% |
| Reinsurance | 6 | 23.0% | 85.7% | 116.3% | SPNT 145% · MTG 139% · RGA 129% |
| Life & Health Insurance | 19 | 18.6% | 60.6% | 95.8% | UNM 313% · FG 236% · MFC 186% |
| Multi-Sector Holdings | 4 | 22.0% | 42.7% | 74.2% | JEF 94% · BRK-B 76% · VOYA 72% |
| Regional Banks | 260 | 35.5% | 85.4% | 71.0% | GCBC 396% · ESQ 386% · NBN 297% |
| Property & Casualty Insurance | 42 | 16.1% | 69.3% | 70.4% | ASIC 2456900% · HRTG 449% · UVE 281% |
| Multi-line Insurance | 9 | 19.1% | 83.9% | 62.4% | GNW 202% · L 109% · SLF 93% |
| Consumer Finance | 30 | 15.5% | 87.9% | 36.2% | ENVA 760% · EZPW 373% · AGM 174% |
| Insurance Brokers | 15 | -11.6% | 8.7% | 30.9% | LIFE 652% · ARX 86% · AJG 84% |
| Asset Management & Custody Banks | 83 | -6.0% | 20.0% | 24.9% | WT 313% · VCTR 304% · SII 294% |
| Financial Exchanges & Data ← | 15 | -3.8% | 12.4% | 18.0% | VIRT 190% · CBOE 144% · CME 69% |
| Commercial & Residential Mortgage Finance | 12 | -27.7% | 23.8% | 6.3% | FNMA 560% · FMCC 555% · ESNT 68% |
| Specialized Finance | 3 | 20.2% | 54.6% | -1.2% | EFC 40% · CACC -1% · HASI -6% |
| Mortgage REITs | 34 | -4.1% | 16.3% | -10.6% | RITM 77% · NREF 60% · DX 45% |
| Transaction & Payment Processing Services | 15 | -1.1% | 3.7% | -40.4% | MA 66% · V 63% · CPAY 59% |
| Diversified Capital Markets | 21 | -30.0% | 1.0% | -43.5% | BTCS 447% · OPY 197% · LPLA 170% |
| Diversified Financial Services | 5 | -7.0% | 61.7% | -49.1% | FRHC 169% · EQH 95% · TMS -49% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 158.99 |
| Mkt Cap | 42.5 |
| Rev LTM | 5,917 |
| Op Inc LTM | 2,223 |
| FCF LTM | 1,913 |
| FCF 3Y Avg | 1,712 |
| CFO LTM | 2,104 |
| CFO 3Y Avg | 1,861 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.3% |
| Rev Chg 3Y Avg | 10.7% |
| Rev Chg Q | 9.8% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 18.5% |
| Op Inc Chg 3Y Avg | 15.1% |
| Op Mgn LTM | 40.9% |
| Op Mgn 3Y Avg | 40.1% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 39.9% |
| CFO/Rev 3Y Avg | 38.6% |
| FCF/Rev LTM | 35.8% |
| FCF/Rev 3Y Avg | 34.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 42.5 |
| P/S | 6.6 |
| P/Op Inc | 18.8 |
| P/EBIT | 16.3 |
| P/E | 22.7 |
| P/CFO | 20.7 |
| Total Yield | 5.7% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 4.6% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Price Behavior
| Market Price | $161.79 | |
| Market Cap ($ Bil) | 5.7 | |
| First Trading Date | 11/05/2004 | |
| Distance from 52W High | -16.0% | |
| 50 Days | 200 Days | |
| DMA Price | $129.25 | $156.36 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 25.2% | 3.5% |
| 3M | 1YR | |
| Volatility | 67.0% | 40.1% |
| Downside Capture | -6.43 | -12.98 |
| Upside Capture | 55.33 | -24.41 |
| Correlation (SPY) | 18.4% | 3.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.21 | 1.30 | 0.75 | 0.29 | 0.06 | 0.15 |
| Up Beta | 12.61 | 4.41 | 3.59 | 1.07 | 0.78 | 0.08 |
| Down Beta | -0.65 | 0.46 | 0.54 | 0.47 | 0.08 | 0.23 |
| Up Capture | 465% | 142% | 0% | -8% | -19% | 1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 22 | 29 | 61 | 125 | 371 |
| Down Capture | -146% | -12% | -22% | -7% | -14% | 50% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 21 | 34 | 65 | 127 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKTX | |
|---|---|---|---|---|
| MKTX | -13.3% | 40.1% | -0.28 | - |
| Sector ETF (XLF) | 11.6% | 14.5% | 0.53 | 7.8% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 3.2% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | 3.9% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | 1.6% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 7.2% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKTX | |
|---|---|---|---|---|
| MKTX | -18.2% | 35.6% | -0.49 | - |
| Sector ETF (XLF) | 10.4% | 18.4% | 0.43 | 23.7% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 25.6% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 11.5% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 3.8% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 30.6% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKTX | |
|---|---|---|---|---|
| MKTX | 1.0% | 33.9% | 0.11 | - |
| Sector ETF (XLF) | 13.5% | 22.0% | 0.56 | 26.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 33.4% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 11.7% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 6.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 33.3% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 9.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 29.5% | 29.2% | |
| 5/7/2026 | 2.6% | -6.4% | -21.0% |
| 2/6/2026 | -0.3% | 9.0% | 14.2% |
| 11/7/2025 | 0.9% | 5.0% | 4.9% |
| 8/6/2025 | -10.1% | -9.4% | -13.0% |
| 5/7/2025 | -0.3% | -6.9% | -0.9% |
| 2/6/2025 | 1.6% | -2.6% | 5.9% |
| 11/6/2024 | -1.5% | -2.7% | -12.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 4.3% | 5.1% | 6.6% |
| Median Negative | -2.5% | -6.4% | -6.7% |
| Max Positive | 29.5% | 29.2% | 14.2% |
| Max Negative | -17.8% | -19.3% | -22.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 29.5% | 29.2% | |
| 5/7/2026 | 2.6% | -6.4% | -21.0% |
| 2/6/2026 | -0.3% | 9.0% | 14.2% |
| 11/7/2025 | 0.9% | 5.0% | 4.9% |
| 8/6/2025 | -10.1% | -9.4% | -13.0% |
| 5/7/2025 | -0.3% | -6.9% | -0.9% |
| 2/6/2025 | 1.6% | -2.6% | 5.9% |
| 11/6/2024 | -1.5% | -2.7% | -12.4% |
| 8/6/2024 | 5.2% | 5.4% | 8.9% |
| 5/7/2024 | -2.4% | 0.1% | -4.2% |
| 1/31/2024 | -17.8% | -19.3% | -22.0% |
| 10/25/2023 | -9.3% | -9.4% | -0.4% |
| 7/20/2023 | 2.2% | 5.1% | -4.3% |
| 4/26/2023 | -1.7% | 1.0% | -12.3% |
| 1/25/2023 | 10.2% | 10.4% | 5.8% |
| 10/19/2022 | -3.2% | 2.3% | 9.1% |
| 7/20/2022 | -2.7% | -6.7% | 0.1% |
| 4/20/2022 | 3.9% | -1.1% | -4.9% |
| 1/26/2022 | -5.5% | -0.4% | 7.3% |
| 10/20/2021 | -1.3% | -1.6% | -6.7% |
| 7/21/2021 | -1.0% | 1.4% | 0.4% |
| 4/22/2021 | -3.9% | -6.5% | -13.7% |
| 1/27/2021 | 4.8% | 13.8% | 8.4% |
| 10/27/2020 | 4.7% | -1.6% | -5.2% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 4.3% | 5.1% | 6.6% |
| Median Negative | -2.5% | -6.4% | -6.7% |
| Max Positive | 29.5% | 29.2% | 14.2% |
| Max Negative | -17.8% | -19.3% | -22.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/27/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/24/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/18/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
Insider Activity
Updated 8/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 8102026 | 162.60 | 100 | 16,260 | 1,883,884 | Form |
| 2 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 7102026 | 115.12 | 100 | 11,512 | 1,345,292 | Form |
| 3 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 6122026 | 116.03 | 100 | 11,603 | 1,367,530 | Form |
| 4 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 5112026 | 146.99 | 100 | 14,699 | 1,747,123 | Form |
| 5 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 4102026 | 171.96 | 100 | 17,196 | 2,061,113 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 8102026 | 162.60 | 100 | 16,260 | 1,883,884 | Form |
| 2 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 7102026 | 115.12 | 100 | 11,512 | 1,345,292 | Form |
| 3 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 6122026 | 116.03 | 100 | 11,603 | 1,367,530 | Form |
| 4 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 5112026 | 146.99 | 100 | 14,699 | 1,747,123 | Form |
| 5 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 4102026 | 171.96 | 100 | 17,196 | 2,061,113 | Form |
| 6 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 3102026 | 184.93 | 100 | 18,493 | 2,235,064 | Form |
| 7 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 2102026 | 171.91 | 100 | 17,191 | 1,639,678 | Form |
| 8 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 1122026 | 168.63 | 100 | 16,863 | 1,625,256 | Form |
| 9 | Pintoff, Scott | General Counsel and Secretary | Direct | Sell | 12122025 | 177.85 | 100 | 17,785 | 1,731,903 | Form |
| 10 | McPherson, Kevin M | Chief Revenue Officer | Direct | Sell | 9152025 | 185.32 | 1,494 | 276,868 | 12,542,643 | Form |
| 11 | Casper, Stephen P | family trust | Sell | 9092025 | 186.59 | 1,600 | 298,544 | 8,062,181 | Form |
Investor Activity (13F)
Updated Aug 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Financial Exchanges & Data Resources |
| WatersTechnology |
| TabbFORUM |
| Mondovisione |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.