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Financial Statements

MarketAxess Holdings Inc.

MarketAxess Holdings Inc. (MKTX)

Financial Services

Income Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings Per Share Basic 0.440.86--2.062.032.623.424.024.68
Net Profit Margin 0.140.21--0.320.280.320.340.370.40
Earnings Per Share Diluted 0.420.80--2.011.972.553.343.894.57
Revenue 114.44146.23--238.73262.77303.10369.92397.47435.56
Weighted Average Shares Outstanding 34.3633.51--36.8936.9336.6936.8436.8636.96
Gross Profit 114.44146.23--107.28118.54----
Weighted Average Shares Outstanding (Diluted) 33.2633.16--36.8936.9336.6936.8436.8636.96
Sales, General and Administrative Expense 77.6088.97--13.4915.4219.1624.5622.3423.47
Dividend per Share 0.000.00--------
Operating Income 30.0550.91--107.28118.54147.90191.60201.77212.58
Gross Margin 1.001.00--0.450.45----
Earnings before Tax 30.0550.91--114.73118.54147.90191.60201.77218.09
EBITDA Margin 0.320.39--0.500.520.550.570.560.54
Net Income 16.1031.43--76.0274.8196.04126.17148.09172.85
EBIT Margin 0.260.35--0.450.450.490.520.510.49
Net Income - Discounted ops ----------
Profit Margin 0.140.21--0.320.280.320.340.370.40
Preferred Dividends ----------
Free Cash Flow margin 0.000.00--0.000.000.000.000.000.00
R&D Expenses ----16.0417.6815.9217.2720.0523.87
Interest Expense ----38.7243.7351.8665.4353.6845.23
Earnings Before Tax Margin 0.260.35--0.480.450.490.520.510.50
Consolidated Income 16.1031.43--76.0274.8196.04126.17148.09172.85
EBIT 30.0550.91--107.28118.54147.90191.60201.77212.58
EBITDA 36.8457.26--120.33135.91166.44209.44221.04235.66
Income Tax Expense 13.9519.48--38.7243.7351.8665.4353.6845.23
Operating Expenses 84.3995.32--29.5333.11155.20178.32195.70222.98
Cost of Revenue ----131.45144.24----
Net Income Com 16.1031.43--76.0274.8196.04126.17148.09172.85
Net Income - Non-Controlling int ----------

Balance Sheet Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total current liabilities ----17.4114.4314.5717.6616.9032.18
Other Liabilities ----23.8125.3129.3034.7836.5039.05
Long-term debt ----------
Cash and cash equivalents 103.34124.99--132.69168.92199.73168.24167.01246.32
Total debt ----------
Cash and short-term investments ----200.43233.79284.43362.65406.54486.43
Deferred revenue 4.264.57--2.712.462.312.522.662.81
Inventories ----------
Tax Liabilities ----------
Goodwill and Intangible Assets 40.9536.01--68.7066.4264.1463.4463.0662.67
Deposit Liabilities ----------
Tax assets 23.9819.81--4.956.979.238.561.743.42
Total non-current liabilities -----5.944.467.5813.0616.43
Total current assets ----234.59267.62324.89413.31459.17543.96
Total liabilities 30.4734.73--41.2245.6848.3360.0366.4687.66
Payables 11.0512.37--14.6911.9612.2615.1514.2429.37
Other comprehensive income -1.39-1.65--263.28236.81227.81224.98171.29156.90
Short-term investments ----67.7464.8684.71194.40239.52240.10
Retained earnings (deficit) -55.40-34.60--51.04101.81168.01255.14353.58463.25
Property, Plant & Equipment Net 6.8612.54--32.7032.1930.9031.1038.5563.01
Total non-current assets ----116.99112.26114.15114.73122.06151.58
Other Assets ----------
Net Debt -----132.69-168.92-199.73-168.24-167.01-246.32
Investments 71.0072.55--67.7464.8684.71388.81479.04480.21
Total shareholders equity 216.50234.48--310.36334.21390.71468.01514.77607.88
Total assets 277.29299.52--351.58379.88439.04528.04581.23695.54
Long-term investments -------194.40239.52240.10
Receivables 23.1525.68--34.1633.8440.4650.6752.6457.53
Short-term debt ----------

Cash Flow Statement

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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Insurance (repayment) of debt ----------
Net Cash/Marketcap 0.000.00--------
Insurance (buybacks) of shares ----------
Depreciation & Amortization 6.796.35--13.0517.3818.5417.8419.2723.08
Dividend payments -2.65-10.63--------
Operating Cash Flow 43.3364.15--90.88109.95120.2080.29168.03223.92
Acquisitions and disposals -1.37----37.83-----
Free Cash Flow 36.5357.04--75.54105.33115.4073.90155.95188.03
Net cash flow / Change in cash -3.9821.65--3.7836.2330.80-31.48-1.2379.31
Effect of forex changes on cash -0.50-0.92---0.90-0.47-0.39-2.761.46-1.64
Financing Cash Flow -2.65-33.85---17.07-60.22-51.05-55.84-117.07-92.67
Investment purchases and sales -35.34-0.64--12.5217.5735.25-187.79-2.74
Capital Expenditure -6.80-7.11--15.344.634.796.3812.0935.89
Stock-based compensation 8.418.97--8.889.7712.5214.5114.4215.85
Investing Cash Flow ----------

Retained Earning Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Retained Earnings (Previous Year) --55-35--51102168255354
Net Income 1631--767596126148173
Stock Dividends -69-35--25-24-30-39-50-63
Divident Paid -3-11--------
Retained Earnings -55-35--51102168255354463

PPE Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Year 2009201020112012201320142015201620172018
Gross PPE -713--3332313139
Annual Depreciation 1413-13-17-5-6-6-5-11
Capital Expenditure -7-7--155561236
Net PPE 713--333231313963

Intangible and Goodwill Schedule

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Intangible and Goodwill (Previous Year) -4136--6966646363
New Purchases -35-1--131835-188-3
Intangible and Goodwill 4136--696664636363

MarketAxess Holdings Inc. income statement is the only one that provides an overview of company sales and net income
The reasoning behind the adjustment, however, is that free cash flow is meant to measure money being spent right now, not transactions that happened in the past. This makes MarketAxess Holdings Inc. FCF a useful instrument for identifying growing companies with high up-front costs, which may eat into earnings now but have the potential to pay off later.