MKTX // MarketAxess Holdings Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0001278021 ↗

Financials • Investment Bankers/Brokers/Service

$165.30 ▲ +0.38 (+0.23%)

MKT CAP: $5.80B • VOL: 931.1K

52W L $109 52W H $196

ROARABLE / RQD

A- • 82/100

PIOTROSKI

7 / 9

MKTX // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 82/100 [A-] (+0 PT) • UNCHANGED AS OF 2026-11-02

ROARABLE A-

RQD CONFIDENCE

82 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Buy — Superior Risk/Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

18 / 20

STRONG

FCF -0.4% vs NI -10% • ROIC-WACC +19.5% • Z 3.2

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

[LOCKED] OUTLIER

UNLOCK BELOW TO REVEAL

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

17 / 20

STRONG

FCF YIELD +6.4% • P/E 21.9x • F-SCORE 7/9

04 FRED 90D r-MATRIX

Macro Regime Fit

[LOCKED] OUTLIER

UNLOCK BELOW TO REVEAL

05 10-K REDLINE AUDIT

Forensic 10-K Risk

15 / 20

SOLID

20 BASE - 5 DEDUCT • 0 CRIT / 0 MED • STABLE

SIGNAL

Why did MKTX's Macro Regime Fit & Whale & Options Flow sub-score just trigger an outlier signal? Enter your email to unlock the full 5-Pillar Rating Breakdown + get instant alerts whenever MKTX is Upgraded or Downgraded.

MKTX // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +6.72%⚡ TESTING RESISTANCE

2026-11-02O $164.8H $165.3L $164.8C $165.3VOL 731.6K

RES: $165.5SUP: $164.8SMA50: $163.9SMA200: $155.2

MKTX // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

ACCUMULATE CONVICTION: 60/100

BEAR 0

100 BULL

MarketAxess Holdings Inc. (MKTX) exhibits 45.0% gross margins and 28.4% return on invested capital within Financials (Investment Bankers/Brokers/Service), balanced against a 16.1x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 40.4% operating margin and 28.4% ROIC, outpacing sector cost of capital.

ROIC: 28.4% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +3.6% paired with 6.44% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +3.6% // FCF YLD: 6.44%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.80 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.80 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 23.5x trailing P/E (21.9x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 23.5x // EV/EBITDA: 16.1x

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $165.30 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Investment Bankers/Brokers/Service require continuous execution to defend 29.2% net margins.

NET MARGIN: 29.2% // D/E: 0.45x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 21.9x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.02).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 23.5x

FORWARD P/E 21.9x

EV / EBITDA 16.1x

FCF YIELD 6.44%

GROSS MARGIN —

OPERATING MARGIN 40.4%

NET MARGIN 29.2%

ROIC % 28.4%

REV GROWTH YOY +3.6%

DILUTED EPS TTM $7.02

DEBT / EQUITY —

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 63.9

5Y EQUITY BETA 1.02

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // MKTXPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $151.26

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for MKTX & activate live FRED threshold breach alerts.

HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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