Demonstrações financeiras detalhadas de MarketAxess Holdings Inc. (MKTX): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
MarketAxess Holdings Inc. registou receitas de $849.2M no último exercício, com um CAGR de 5 anos de 4.3%. O lucro líquido atingiu $246.6M, com CAGR de 5 anos de -3.8%.
Margens dos últimos 12 meses: margem bruta 67.5%, margem operacional 40.5%, margem líquida 35.2%. O fluxo de caixa livre cresceu a CAGR de 0.8% em 5 anos.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $369.9M | $397.5M | $435.6M | $511.4M | $689.1M | $701.0M | $718.7M | $750.9M | $817.9M | $849.2M |
| Custo da Receita | $53.0M | $64.4M | $77.8M | $97.6M | $134.0M | $172.2M | $199.2M | $226.8M | $244.3M | $255.8M |
| Lucro Bruto | $317.0M | $333.1M | $357.8M | $413.7M | $555.1M | $528.8M | $519.5M | $524.1M | $573.6M | $593.4M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Operacionais | $125.4M | $131.3M | $145.2M | $162.9M | $180.4M | $191.5M | $192.7M | $205.4M | $234.7M | $243.4M |
| Lucro Operacional | $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 |
| Despesas com Juros | 0 | 0 | 0 | 0 | $1.1M | $842000 | $700000 | $2.0M | $1.6M | $1.5M |
| Lucro Antes de Impostos | $191.6M | $201.8M | $218.1M | $257.4M | $374.4M | $333.9M | $338.3M | $332.7M | $360.5M | $367.0M |
| Imposto | $65.4M | $53.7M | $45.2M | $52.5M | $75.0M | $76.0M | $88.1M | $74.6M | $86.4M | $120.1M |
| Lucro Líquido | $126.2M | $148.1M | $172.9M | $204.9M | $299.4M | $257.9M | $250.2M | $258.1M | $274.2M | $246.6M |
| LPA | $3.42 | $4.02 | $4.68 | $5.53 | $8.01 | $6.88 | $6.68 | $6.87 | $7.29 | $6.66 |
| LPA Diluído | $3.34 | $3.89 | $4.57 | $5.40 | $7.85 | $6.77 | $6.65 | $6.85 | $7.28 | $6.66 |
| Ações em Circulação (Diluídas) | $37.7M | $38.0M | $37.9M | $38.0M | $38.1M | $38.1M | $37.6M | $37.7M | $37.7M | $36.8M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $210.6M | $207.4M | $233.4M | $218.4M |
| Lucro Bruto | $145.4M | $141.3M | $170.2M | $130.4M |
| Lucro Operacional | $84.6M | $76.9M | $100.9M | $89.9M |
| EBITDA | $115.4M | $102.3M | $126.0M | $106.2M |
| Lucro Líquido | $68.2M | $92.2M | $77.9M | $68.1M |
| LPA | $1.84 | $2.51 | $2.21 | $1.93 |
| LPA Diluído | $1.84 | $2.51 | $2.20 | $1.93 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $168.2M | $167.0M | $246.3M | $270.1M | $460.9M | $506.7M | $430.7M | $451.3M | $544.5M | $519.7M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | $120.8M | $18.3M | $11.2M | $34.0M | $71.0M | $104.8M | $48.7M |
| Contas a Receber | $50.7M | $52.6M | $57.5M | $62.0M | $359.5M | $403.7M | $465.9M | $662.6M | $341.9M | $463.9M |
| Estoque | -$11.6M | -$18.7M | -$22.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $218.9M | $219.7M | $303.9M | $453.0M | $888.7M | $1.04B | $1.07B | $1.35B | $1.15B | $1.08B |
| Imobilizado | $31.1M | $38.5M | $63.0M | $153.2M | $161.1M | $167.0M | $166.4M | $165.7M | $165.4M | $112.4M |
| Ágio | $59.7M | $59.7M | $59.7M | $146.9M | $147.4M | $154.8M | $154.8M | $236.7M | $236.7M | $283.7M |
| Ativos Intangíveis | $3.7M | $3.3M | $3.0M | $61.0M | $95.4M | $116.4M | $98.1M | $119.1M | $98.1M | $110.6M |
| Ativos Totais | $528.0M | $581.2M | $695.5M | $954.9M | $1.33B | $1.53B | $1.61B | $2.02B | $1.79B | $1.81B |
| Contas a Pagar | $15.1M | $14.2M | $29.4M | $22.8M | $44.4M | $71.2M | $55.3M | $37.0M | $37.3M | $199.7M |
| Dívida de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $220.0M |
| Passivos Circulantes | $25.2M | $30.0M | $48.6M | $39.5M | $220.4M | $341.0M | $387.7M | $582.3M | $259.8M | $585.4M |
| Dívida de Longo Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Passivos Totais | $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 |
| Patrimônio Líquido | $468.0M | $514.8M | $607.9M | $770.1M | $955.1M | $1.04B | $1.08B | $1.29B | $1.39B | $1.15B |
| Dívida Total | $10.5M | $17.5M | $22.5M | $98.0M | $93.6M | $88.4M | $82.7M | $79.7M | $72.7M | $284.9M |
| Dívida Líquida | -$157.7M | -$149.5M | -$223.9M | -$293.0M | -$385.5M | -$429.5M | -$382.1M | -$442.6M | -$576.6M | -$283.5M |
| Capital de Giro | $193.7M | $189.7M | $255.2M | $413.5M | $668.3M | $699.3M | $682.8M | $762.8M | $886.1M | $493.9M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $473.3M | $519.7M | $426.4M | $245.8M |
| Ativos Totais | $2.01B | $1.81B | $2.30B | $2.42B |
| Passivos Totais | $623.7M | $650.3M | $1.10B | $1.17B |
| Patrimônio Líquido | $1.38B | $1.15B | $1.19B | $1.24B |
| Dívida Total | $66.9M | $284.9M | $292.0M | $178.9M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $126.2M | $148.1M | $172.9M | $204.9M | $299.4M | $257.9M | $250.2M | $258.1M | $274.2M | $246.9M |
| Depreciação e Amortização | $17.8M | $19.3M | $23.1M | $32.7M | $42.8M | $60.2M | $67.2M | $76.4M | $80.5M | $84.2M |
| Compensação em Ações | $14.5M | $14.4M | $15.8M | $25.3M | $25.6M | $27.3M | $29.9M | $29.2M | $29.7M | $30.9M |
| Variação Capital de Giro | -$76.8M | -$22.3M | $11.1M | $1.2M | $27.1M | -$66.0M | -$43.2M | -$25.7M | -$3.5M | -$3.9M |
| Fluxo de Caixa Operacional | $80.3M | $168.0M | $223.9M | $265.9M | $404.5M | $282.1M | $289.2M | $333.8M | $385.2M | $382.1M |
| CapEx | -$18.5M | -$25.6M | -$47.6M | -$34.7M | -$45.6M | -$50.6M | -$51.9M | -$52.4M | -$56.6M | -$8.2M |
| Aquisições | -$12.1M | -$13.5M | $11.7M | -$97.4M | -$23.3M | -$17.1M | -$34.4M | -$78.5M | 0 | -$36.5M |
| Recompra de Ações | -$23.9M | -$42.5M | -$25.2M | -$17.3M | -$16.1M | -$63.2M | -$87.5M | -$25.8M | -$75.5M | -$420.0M |
| Dividendos Pagos | -$38.5M | -$48.9M | -$62.4M | -$76.2M | -$90.6M | -$99.8M | -$105.9M | -$109.7M | -$112.7M | -$115.2M |
| Fluxo de Caixa Livre | $61.8M | $142.5M | $176.3M | $231.2M | $358.9M | $231.5M | $237.4M | $281.3M | $328.7M | $373.9M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $90.2M | $158.6M | -$75.3M | $26.8M |
| CapEx | -$13.0M | -$15.1M | -$259000 | -$12.0M |
| Fluxo de Caixa Livre | $77.2M | $143.6M | -$75.6M | $14.8M |
| Dividendos Pagos | -$29.4M | -$28.0M | -$28.4M | -$27.5M |
| Compensação em Ações | $8.4M | $7.2M | $9.2M | $8.7M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +7.4% | +9.6% | +17.4% | +34.8% | +1.7% | +2.5% | +4.5% | +8.9% | +3.8% |
| Crescimento Lucro Líquido (anual) | | +17.4% | +16.7% | +18.5% | +46.1% | -13.9% | -3.0% | +3.1% | +6.2% | -10.0% |
| Crescimento LPA (anual) | | +17.5% | +16.4% | +18.2% | +44.8% | -14.1% | -2.9% | +2.8% | +6.1% | -8.6% |
| Variação de Ações (anual) | | +0.8% | -0.5% | +0.3% | +0.5% | -0.1% | -1.2% | +0.0% | +0.0% | -2.3% |
| Crescimento FCF (anual) | | +130.6% | +23.8% | +31.1% | +55.2% | -35.5% | +2.5% | +18.5% | +16.8% | +13.8% |
| Margem Bruta | 85.7% | 83.8% | 82.1% | 80.9% | 80.6% | 75.4% | 72.3% | 69.8% | 70.1% | 69.9% |
| Margem Operacional | 51.8% | 50.8% | 48.8% | 49.1% | 54.4% | 48.1% | 45.5% | 42.4% | 41.4% | 41.2% |
| Margem EBITDA | 56.6% | 55.6% | 55.4% | 56.7% | 60.7% | 56.3% | 56.5% | 54.7% | 54.1% | 53.3% |
| Margem Líquida | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.8% | 34.8% | 34.4% | 33.5% | 29.0% |
| Margem FCF | 16.7% | 35.8% | 40.5% | 45.2% | 52.1% | 33.0% | 33.0% | 37.5% | 40.2% | 44.0% |
| Taxa Efetiva de Imposto | 34.1% | 26.6% | 20.7% | 20.4% | 20.0% | 22.8% | 26.0% | 22.4% | 24.0% | 32.7% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.64 | $3.75 | $4.66 | $6.09 | $9.41 | $6.08 | $6.31 | $7.47 | $8.72 | $10.16 |
| Dividendo por Ação | $1.02 | $1.29 | $1.65 | $2.01 | $2.37 | $2.62 | $2.81 | $2.91 | $2.99 | $3.13 |
| Ações em Circulação (Básicas) | $36.8M | $36.9M | $37.0M | $37.1M | $37.4M | $37.5M | $37.5M | $37.5M | $37.6M | $36.8M |
O que olhar em Serviços Financeiros
Asset managers, brokers, fintech, bolsas. Não são bancos — olha AUM, comissões e qualidade do FCF.
- Crescimento receita 5 anos — Sem crescimento, não há criação de valor a longo prazo
- Margem operacional — Bons asset managers têm margens >30% pela escalabilidade
- ROE — Serviços financeiros de qualidade têm ROE >15% consistente
- FCF / Net Income — Qualidade do lucro — >90% esperado em negócios leves em capital
- Dívida / Equity — Fintech e brokers com D/E alto são bombas-relógio em crise
- P/E vs próprio 5 anos — Asset managers têm múltiplos estáveis em intervalos conhecidas
- Dividend yield + buybacks — Estes negócios devolvem muito capital — olhar yield total (div + recompras)
Rentabilidade
| Margem bruta | 67.52% |
| Margem operacional | 40.51% |
| Margem líquida | 35.23% |
Saúde financeira
| Dívida / Patrimônio | 0.14 |
| Liquidez corrente | 1.76 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 42.96 | 50.19 | 45.15 | 68.56 | 71.23 | 59.78 | 41.75 | 42.63 | 31.01 | 27.21 |
| P/VP | 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 |
| Margem Bruta | 85.7% | 83.8% | 82.1% | 80.9% | 80.6% | 75.4% | 72.3% | 69.8% | 70.1% | 69.9% |
| Margem Operacional | 51.8% | 50.8% | 48.8% | 49.1% | 54.4% | 48.1% | 45.5% | 42.4% | 41.4% | 41.2% |
| Margem Líquida | 34.1% | 37.3% | 39.7% | 40.1% | 43.4% | 36.8% | 34.8% | 34.4% | 33.5% | 29.0% |