MarketAxess vs Morningstar
Morningstar reported revenue of $2.4 billion in fiscal 2025, 2.9 times MarketAxess' $846 million in fiscal 2025. MarketAxess' revenue grew 3.6% in its latest year, and Morningstar's grew 7.5%. MarketAxess had an operating margin of 40.4%, against 21.5% at Morningstar. Free cash flow was $374 million at MarketAxess and $443 million at Morningstar.
Side by side
| MarketAxess | Morningstar | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $846M | $2.4B |
| Revenue growth | 3.6% | 7.5% |
| Revenue growth a year, last 5 years | 4.2% | 12.0% |
| Gross margin | — | 61.0% |
| Operating margin | 40.4% | 21.5% |
| Net margin | 29.1% | 15.3% |
| Free cash flow | $374M | $443M |
| Free cash flow margin | 44.2% | 18.1% |
| Return on capital | — | 22.5% |
| Net debt to EBITDA | — | 0.8x |
| Dividends and buybacks | $535M | $864M |
| Change in diluted share count | −1.4% | −2.1% |
| Last close | $165.59 | $244.15 |
| P/E at the last close | 20.3× | 21.4× |
| Insider trades, last 12 months | sold $1.2 million | bought $186,590, sold $77.7 million |
| Piotroski F-score | — | 6 of 9 |
Amounts in each company's own currency, US$ 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
MarketAxessMorningstar
Operating margin
Percent of revenue
MarketAxessMorningstar
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
MarketAxessMorningstar
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 MarketAxess and Morningstar pages.