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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and MarketAxess (MKTX). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $209.4M, roughly 1.1× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs 4.4%, a 39.6% gap on every dollar of revenue. On growth, CSW INDUSTRIALS, INC. posted the faster year-over-year revenue change (20.3% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $22.7M). Over the past eight quarters, CSW INDUSTRIALS, INC.'s revenue compounded faster (5.1% CAGR vs -0.2%).
MarketAxess Holdings Inc. is an international financial technology company that operates an electronic trading platform for the institutional credit markets, and also provides market data and post-trade services. It enables institutional investors and broker-dealers to trade credit instruments, including corporate bonds, and other types of fixed income products.
CSW vs MKTX — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $209.4M |
| Net Profit | $10.3M | $92.2M |
| Gross Margin | 39.7% | — |
| Operating Margin | 7.4% | 36.3% |
| Net Margin | 4.4% | 44.0% |
| Revenue YoY | 20.3% | 3.5% |
| Net Profit YoY | -61.9% | 41.6% |
| EPS (diluted) | $0.62 | $2.49 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $233.0M | $209.4M | ||
| Q3 25 | $277.0M | $208.8M | ||
| Q2 25 | $263.6M | $219.5M | ||
| Q1 25 | $230.5M | $208.6M | ||
| Q4 24 | $193.6M | $202.4M | ||
| Q3 24 | $227.9M | $206.7M | ||
| Q2 24 | $226.2M | $197.7M | ||
| Q1 24 | $210.9M | $210.3M |
| Q4 25 | $10.3M | $92.2M | ||
| Q3 25 | $40.7M | $68.2M | ||
| Q2 25 | $40.9M | $71.1M | ||
| Q1 25 | $35.1M | $15.1M | ||
| Q4 24 | $26.9M | $65.1M | ||
| Q3 24 | $36.1M | $71.5M | ||
| Q2 24 | $38.6M | $64.9M | ||
| Q1 24 | $31.8M | $72.6M |
| Q4 25 | 39.7% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | 36.3% | ||
| Q3 25 | 20.5% | 41.0% | ||
| Q2 25 | 20.8% | 41.9% | ||
| Q1 25 | 19.5% | 42.4% | ||
| Q4 24 | 15.3% | 39.5% | ||
| Q3 24 | 22.6% | 42.1% | ||
| Q2 24 | 24.3% | 41.2% | ||
| Q1 24 | 21.0% | 44.0% |
| Q4 25 | 4.4% | 44.0% | ||
| Q3 25 | 14.7% | 32.6% | ||
| Q2 25 | 15.5% | 32.4% | ||
| Q1 25 | 15.2% | 7.2% | ||
| Q4 24 | 13.9% | 32.2% | ||
| Q3 24 | 15.8% | 34.6% | ||
| Q2 24 | 17.1% | 32.9% | ||
| Q1 24 | 15.1% | 34.5% |
| Q4 25 | $0.62 | $2.49 | ||
| Q3 25 | $2.41 | $1.84 | ||
| Q2 25 | $2.43 | $1.91 | ||
| Q1 25 | $2.05 | $0.40 | ||
| Q4 24 | $1.60 | $1.74 | ||
| Q3 24 | $2.26 | $1.90 | ||
| Q2 24 | $2.47 | $1.72 | ||
| Q1 24 | $2.03 | $1.92 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $40.2M | $519.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $1.1B |
| Total Assets | $2.3B | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $519.7M | ||
| Q3 25 | $31.5M | $473.3M | ||
| Q2 25 | $38.0M | $462.8M | ||
| Q1 25 | $225.8M | $486.2M | ||
| Q4 24 | $213.8M | $544.5M | ||
| Q3 24 | $273.2M | $446.3M | ||
| Q2 24 | $18.9M | $434.1M | ||
| Q1 24 | $22.2M | $376.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $650.2M | $1.3B | ||
| Q1 24 | $615.7M | $1.3B |
| Q4 25 | $2.3B | $1.9B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $1.8B | ||
| Q2 24 | $1.1B | $1.9B | ||
| Q1 24 | $1.0B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $28.9M | $382.1M |
| Free Cash FlowOCF − Capex | $22.7M | $373.9M |
| FCF MarginFCF / Revenue | 9.8% | 178.6% |
| Capex IntensityCapex / Revenue | 2.6% | 3.9% |
| Cash ConversionOCF / Net Profit | 2.81× | 4.14× |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $592.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $382.1M | ||
| Q3 25 | $61.8M | $90.2M | ||
| Q2 25 | $60.6M | $103.7M | ||
| Q1 25 | $27.3M | $29.6M | ||
| Q4 24 | $11.6M | $385.2M | ||
| Q3 24 | $66.8M | $95.1M | ||
| Q2 24 | $62.7M | $118.8M | ||
| Q1 24 | $22.4M | $-4.9M |
| Q4 25 | $22.7M | $373.9M | ||
| Q3 25 | $58.7M | $88.7M | ||
| Q2 25 | $57.7M | $102.5M | ||
| Q1 25 | $22.8M | $27.7M | ||
| Q4 24 | $8.5M | $375.3M | ||
| Q3 24 | $61.3M | $94.3M | ||
| Q2 24 | $59.6M | $111.2M | ||
| Q1 24 | $17.5M | $-6.1M |
| Q4 25 | 9.8% | 178.6% | ||
| Q3 25 | 21.2% | 42.5% | ||
| Q2 25 | 21.9% | 46.7% | ||
| Q1 25 | 9.9% | 13.3% | ||
| Q4 24 | 4.4% | 185.4% | ||
| Q3 24 | 26.9% | 45.6% | ||
| Q2 24 | 26.3% | 56.2% | ||
| Q1 24 | 8.3% | -2.9% |
| Q4 25 | 2.6% | 3.9% | ||
| Q3 25 | 1.1% | 0.7% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 2.0% | 0.9% | ||
| Q4 24 | 1.6% | 4.9% | ||
| Q3 24 | 2.4% | 0.4% | ||
| Q2 24 | 1.4% | 3.9% | ||
| Q1 24 | 2.3% | 0.6% |
| Q4 25 | 2.81× | 4.14× | ||
| Q3 25 | 1.52× | 1.32× | ||
| Q2 25 | 1.48× | 1.46× | ||
| Q1 25 | 0.78× | 1.97× | ||
| Q4 24 | 0.43× | 5.91× | ||
| Q3 24 | 1.85× | 1.33× | ||
| Q2 24 | 1.62× | 1.83× | ||
| Q1 24 | 0.71× | -0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
