Donnelley Financial Solutions vs MarketAxess
MarketAxess reported revenue of $846 million in fiscal 2025, about the same as Donnelley Financial Solutions' $767 million in fiscal 2025. Donnelley Financial Solutions' revenue fell 1.9% in its latest year, and MarketAxess' grew 3.6%. Donnelley Financial Solutions had an operating margin of 18.4%, against 40.4% at MarketAxess. Free cash flow was $108 million at Donnelley Financial Solutions and $374 million at MarketAxess.
Side by side
| Donnelley Financial Solutions | MarketAxess | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $767M | $846M |
| Revenue growth | −1.9% | 3.6% |
| Revenue growth a year, last 5 years | −3.0% | 4.2% |
| Gross margin | — | — |
| Operating margin | 18.4% | 40.4% |
| Net margin | 4.2% | 29.1% |
| Free cash flow | $108M | $374M |
| Free cash flow margin | 14.1% | 44.2% |
| Return on capital | 20.5% | — |
| Net debt to EBITDA | 0.8x | — |
| Dividends and buybacks | $185M | $535M |
| Change in diluted share count | −6.6% | −1.4% |
| Last close | $66.98 | $165.59 |
| P/E at the last close | 17.7× | 20.3× |
| Insider trades, last 12 months | bought $999,945, sold $11.4 million | sold $1.2 million |
| Piotroski F-score | 5 of 8 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Donnelley Financial SolutionsMarketAxess
Operating margin
Percent of revenue
Donnelley Financial SolutionsMarketAxess
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Donnelley Financial SolutionsMarketAxess
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Donnelley Financial Solutions and MarketAxess pages.