Estados financieros detallados de MarketAxess Holdings Inc. (MKTX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
MarketAxess Holdings Inc. registró ingresos de $849.2M en el último ejercicio fiscal, con un CAGR de 5 años del 4.3%. El beneficio neto alcanzó $246.6M, con un CAGR a 5 años del -3.8%.
Márgenes de los últimos 12 meses: margen bruto 67.5%, margen operativo 40.5%, margen neto 35.2%. El flujo de caja libre creció a un CAGR del 0.8% en 5 años.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $369.9M | $397.5M | $435.6M | $511.4M | $689.1M | $701.0M | $718.7M | $750.9M | $817.9M | $849.2M |
| Coste de Ventas | $53.0M | $64.4M | $77.8M | $97.6M | $134.0M | $172.2M | $199.2M | $226.8M | $244.3M | $255.8M |
| Beneficio Bruto | $317.0M | $333.1M | $357.8M | $413.7M | $555.1M | $528.8M | $519.5M | $524.1M | $573.6M | $593.4M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gastos Operativos | $125.4M | $131.3M | $145.2M | $162.9M | $180.4M | $191.5M | $192.7M | $205.4M | $234.7M | $243.4M |
| Beneficio Operativo | $191.6M | $201.8M | $212.6M | $250.9M | $374.7M | $337.3M | $326.8M | $318.7M | $338.9M | $350.0M |
| EBITDA | $209.4M | $221.0M | $241.2M | $290.1M | $418.3M | $395.0M | $406.1M | $411.1M | $442.6M | $452.7M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | $1.1M | $842000 | $700000 | $2.0M | $1.6M | $1.5M |
| Beneficio Antes de Impuestos | $191.6M | $201.8M | $218.1M | $257.4M | $374.4M | $333.9M | $338.3M | $332.7M | $360.5M | $367.0M |
| Impuestos | $65.4M | $53.7M | $45.2M | $52.5M | $75.0M | $76.0M | $88.1M | $74.6M | $86.4M | $120.1M |
| Beneficio Neto | $126.2M | $148.1M | $172.9M | $204.9M | $299.4M | $257.9M | $250.2M | $258.1M | $274.2M | $246.6M |
| BPA | $3.42 | $4.02 | $4.68 | $5.53 | $8.01 | $6.88 | $6.68 | $6.87 | $7.29 | $6.66 |
| BPA Diluido | $3.34 | $3.89 | $4.57 | $5.40 | $7.85 | $6.77 | $6.65 | $6.85 | $7.28 | $6.66 |
| Acciones en Circulación (Diluidas) | $37.7M | $38.0M | $37.9M | $38.0M | $38.1M | $38.1M | $37.6M | $37.7M | $37.7M | $36.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $210.6M | $207.4M | $233.4M | $218.4M |
| Beneficio Bruto | $145.4M | $141.3M | $170.2M | $130.4M |
| Beneficio Operativo | $84.6M | $76.9M | $100.9M | $89.9M |
| EBITDA | $115.4M | $102.3M | $126.0M | $106.2M |
| Beneficio Neto | $68.2M | $92.2M | $77.9M | $68.1M |
| BPA | $1.84 | $2.51 | $2.21 | $1.93 |
| BPA Diluido | $1.84 | $2.51 | $2.20 | $1.93 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $168.2M | $167.0M | $246.3M | $270.1M | $460.9M | $506.7M | $430.7M | $451.3M | $544.5M | $519.7M |
| Inversiones a Corto | 0 | 0 | 0 | $120.8M | $18.3M | $11.2M | $34.0M | $71.0M | $104.8M | $48.7M |
| Cuentas por Cobrar | $50.7M | $52.6M | $57.5M | $62.0M | $359.5M | $403.7M | $465.9M | $662.6M | $341.9M | $463.9M |
| Inventario | -$11.6M | -$18.7M | -$22.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $218.9M | $219.7M | $303.9M | $453.0M | $888.7M | $1.04B | $1.07B | $1.35B | $1.15B | $1.08B |
| Inmovilizado Material | $31.1M | $38.5M | $63.0M | $153.2M | $161.1M | $167.0M | $166.4M | $165.7M | $165.4M | $112.4M |
| Fondo de Comercio | $59.7M | $59.7M | $59.7M | $146.9M | $147.4M | $154.8M | $154.8M | $236.7M | $236.7M | $283.7M |
| Activos Intangibles | $3.7M | $3.3M | $3.0M | $61.0M | $95.4M | $116.4M | $98.1M | $119.1M | $98.1M | $110.6M |
| Activos Totales | $528.0M | $581.2M | $695.5M | $954.9M | $1.33B | $1.53B | $1.61B | $2.02B | $1.79B | $1.81B |
| Cuentas por Pagar | $15.1M | $14.2M | $29.4M | $22.8M | $44.4M | $71.2M | $55.3M | $37.0M | $37.3M | $199.7M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $220.0M |
| Pasivos Corrientes | $25.2M | $30.0M | $48.6M | $39.5M | $220.4M | $341.0M | $387.7M | $582.3M | $259.8M | $585.4M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $60.0M | $66.5M | $87.7M | $184.8M | $376.4M | $489.1M | $526.7M | $722.1M | $400.6M | $650.3M |
| Reservas | $255.1M | $353.6M | $463.3M | $591.1M | $799.4M | $957.0M | $1.10B | $1.24B | $1.41B | $1.54B |
| Patrimonio Neto | $468.0M | $514.8M | $607.9M | $770.1M | $955.1M | $1.04B | $1.08B | $1.29B | $1.39B | $1.15B |
| Deuda Total | $10.5M | $17.5M | $22.5M | $98.0M | $93.6M | $88.4M | $82.7M | $79.7M | $72.7M | $284.9M |
| Deuda Neta | -$157.7M | -$149.5M | -$223.9M | -$293.0M | -$385.5M | -$429.5M | -$382.1M | -$442.6M | -$576.6M | -$283.5M |
| Capital Circulante | $193.7M | $189.7M | $255.2M | $413.5M | $668.3M | $699.3M | $682.8M | $762.8M | $886.1M | $493.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $473.3M | $519.7M | $426.4M | $245.8M |
| Activos Totales | $2.01B | $1.81B | $2.30B | $2.42B |
| Pasivos Totales | $623.7M | $650.3M | $1.10B | $1.17B |
| Patrimonio Neto | $1.38B | $1.15B | $1.19B | $1.24B |
| Deuda Total | $66.9M | $284.9M | $292.0M | $178.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $126.2M | $148.1M | $172.9M | $204.9M | $299.4M | $257.9M | $250.2M | $258.1M | $274.2M | $246.9M |
| Amortizaciones | $17.8M | $19.3M | $23.1M | $32.7M | $42.8M | $60.2M | $67.2M | $76.4M | $80.5M | $84.2M |
| Compensación en Acciones | $14.5M | $14.4M | $15.8M | $25.3M | $25.6M | $27.3M | $29.9M | $29.2M | $29.7M | $30.9M |
| Cambio en Capital Circulante | -$76.8M | -$22.3M | $11.1M | $1.2M | $27.1M | -$66.0M | -$43.2M | -$25.7M | -$3.5M | -$3.9M |
| Flujo de Caja Operativo | $80.3M | $168.0M | $223.9M | $265.9M | $404.5M | $282.1M | $289.2M | $333.8M | $385.2M | $382.1M |
| Inversiones (CapEx) | -$18.5M | -$25.6M | -$47.6M | -$34.7M | -$45.6M | -$50.6M | -$51.9M | -$52.4M | -$56.6M | -$8.2M |
| Adquisiciones | -$12.1M | -$13.5M | $11.7M | -$97.4M | -$23.3M | -$17.1M | -$34.4M | -$78.5M | 0 | -$36.5M |
| Recompra de Acciones | -$23.9M | -$42.5M | -$25.2M | -$17.3M | -$16.1M | -$63.2M | -$87.5M | -$25.8M | -$75.5M | -$420.0M |
| Dividendos Pagados | -$38.5M | -$48.9M | -$62.4M | -$76.2M | -$90.6M | -$99.8M | -$105.9M | -$109.7M | -$112.7M | -$115.2M |
| Flujo de Caja Libre | $61.8M | $142.5M | $176.3M | $231.2M | $358.9M | $231.5M | $237.4M | $281.3M | $328.7M | $373.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $90.2M | $158.6M | -$75.3M | $26.8M |
| Inversiones (CapEx) | -$13.0M | -$15.1M | -$259000 | -$12.0M |
| Flujo de Caja Libre | $77.2M | $143.6M | -$75.6M | $14.8M |
| Dividendos Pagados | -$29.4M | -$28.0M | -$28.4M | -$27.5M |
| Compensación en Acciones | $8.4M | $7.2M | $9.2M | $8.7M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +7.4% | +9.6% | +17.4% | +34.8% | +1.7% | +2.5% | +4.5% | +8.9% | +3.8% |
| Crecimiento Beneficio Neto (anual) | | +17.4% | +16.7% | +18.5% | +46.1% | -13.9% | -3.0% | +3.1% | +6.2% | -10.0% |
| Crecimiento BPA (anual) | | +17.5% | +16.4% | +18.2% | +44.8% | -14.1% | -2.9% | +2.8% | +6.1% | -8.6% |
| Cambio en Acciones (anual) | | +0.8% | -0.5% | +0.3% | +0.5% | -0.1% | -1.2% | +0.0% | +0.0% | -2.3% |
| Crecimiento FCF (anual) | | +130.6% | +23.8% | +31.1% | +55.2% | -35.5% | +2.5% | +18.5% | +16.8% | +13.8% |
| Margen Bruto | 85.7% | 83.8% | 82.1% | 80.9% | 80.6% | 75.4% | 72.3% | 69.8% | 70.1% | 69.9% |
| Margen Operativo | 51.8% | 50.8% | 48.8% | 49.1% | 54.4% | 48.1% | 45.5% | 42.4% | 41.4% | 41.2% |
| Margen EBITDA | 56.6% | 55.6% | 55.4% | 56.7% | 60.7% | 56.3% | 56.5% | 54.7% | 54.1% | 53.3% |
| Margen Neto | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.8% | 34.8% | 34.4% | 33.5% | 29.0% |
| Margen FCF | 16.7% | 35.8% | 40.5% | 45.2% | 52.1% | 33.0% | 33.0% | 37.5% | 40.2% | 44.0% |
| Tasa Impositiva Efectiva | 34.1% | 26.6% | 20.7% | 20.4% | 20.0% | 22.8% | 26.0% | 22.4% | 24.0% | 32.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $1.64 | $3.75 | $4.66 | $6.09 | $9.41 | $6.08 | $6.31 | $7.47 | $8.72 | $10.16 |
| Dividendo por Acción | $1.02 | $1.29 | $1.65 | $2.01 | $2.37 | $2.62 | $2.81 | $2.91 | $2.99 | $3.13 |
| Acciones en Circulación (Básicas) | $36.8M | $36.9M | $37.0M | $37.1M | $37.4M | $37.5M | $37.5M | $37.5M | $37.6M | $36.8M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Margen bruto | 67.52% |
| Margen operativo | 40.51% |
| Margen neto | 35.23% |
Salud financiera
| Deuda / Patrimonio | 0.14 |
| Ratio corriente | 1.76 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 42.96 | 50.19 | 45.15 | 68.56 | 71.23 | 59.78 | 41.75 | 42.63 | 31.01 | 27.21 |
| P/VC | 11.57 | 14.45 | 12.85 | 18.26 | 22.32 | 14.81 | 9.67 | 8.50 | 6.12 | 5.82 |
| P/V | 14.63 | 18.71 | 17.93 | 27.49 | 30.93 | 22.00 | 14.54 | 14.64 | 10.39 | 7.86 |
| Margen Bruto | 85.7% | 83.8% | 82.1% | 80.9% | 80.6% | 75.4% | 72.3% | 69.8% | 70.1% | 69.9% |
| Margen Operativo | 51.8% | 50.8% | 48.8% | 49.1% | 54.4% | 48.1% | 45.5% | 42.4% | 41.4% | 41.2% |
| Margen Neto | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.8% | 34.8% | 34.4% | 33.5% | 29.0% |