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Side-by-side financial comparison of MarketAxess (MKTX) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $233.4M, roughly 1.4× MarketAxess). MarketAxess runs the higher net margin — 33.4% vs 3.4%, a 30.0% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (11.9% vs 1.6%). MarketAxess produced more free cash flow last quarter ($15.9M vs $11.6M). Over the past eight quarters, MarketAxess's revenue compounded faster (8.7% CAGR vs 4.4%).
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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
MKTX vs NGVC — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.4M | $335.6M |
| Net Profit | $78.0M | $11.3M |
| Gross Margin | — | 29.5% |
| Operating Margin | 43.2% | 4.4% |
| Net Margin | 33.4% | 3.4% |
| Revenue YoY | 11.9% | 1.6% |
| Net Profit YoY | 418.5% | 14.0% |
| EPS (diluted) | $2.20 | $0.49 |
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.
| Q1 26 | $233.4M | — | ||
| Q4 25 | $209.4M | $335.6M | ||
| Q3 25 | $208.8M | $336.1M | ||
| Q2 25 | $219.5M | $328.7M | ||
| Q1 25 | $208.6M | $335.8M | ||
| Q4 24 | $202.4M | $330.2M | ||
| Q3 24 | $206.7M | $322.7M | ||
| Q2 24 | $197.7M | $309.1M |
| Q1 26 | $78.0M | — | ||
| Q4 25 | $92.2M | $11.3M | ||
| Q3 25 | $68.2M | $11.8M | ||
| Q2 25 | $71.1M | $11.6M | ||
| Q1 25 | $15.1M | $13.1M | ||
| Q4 24 | $65.1M | $9.9M | ||
| Q3 24 | $71.5M | $9.0M | ||
| Q2 24 | $64.9M | $9.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 29.5% | ||
| Q3 25 | — | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 29.9% | ||
| Q3 24 | — | 29.6% | ||
| Q2 24 | — | 29.2% |
| Q1 26 | 43.2% | — | ||
| Q4 25 | 36.3% | 4.4% | ||
| Q3 25 | 41.0% | 4.6% | ||
| Q2 25 | 41.9% | 4.7% | ||
| Q1 25 | 42.4% | 5.2% | ||
| Q4 24 | 39.5% | 4.0% | ||
| Q3 24 | 42.1% | 3.7% | ||
| Q2 24 | 41.2% | 4.2% |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 44.0% | 3.4% | ||
| Q3 25 | 32.6% | 3.5% | ||
| Q2 25 | 32.4% | 3.5% | ||
| Q1 25 | 7.2% | 3.9% | ||
| Q4 24 | 32.2% | 3.0% | ||
| Q3 24 | 34.6% | 2.8% | ||
| Q2 24 | 32.9% | 3.0% |
| Q1 26 | $2.20 | — | ||
| Q4 25 | $2.49 | $0.49 | ||
| Q3 25 | $1.84 | $0.51 | ||
| Q2 25 | $1.91 | $0.50 | ||
| Q1 25 | $0.40 | $0.56 | ||
| Q4 24 | $1.74 | $0.43 | ||
| Q3 24 | $1.90 | $0.38 | ||
| Q2 24 | $1.72 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $377.3M | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $220.0M |
| Total Assets | $2.3B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $377.3M | — | ||
| Q4 25 | $519.7M | $23.2M | ||
| Q3 25 | $473.3M | $17.1M | ||
| Q2 25 | $462.8M | $13.2M | ||
| Q1 25 | $486.2M | $21.2M | ||
| Q4 24 | $544.5M | $6.3M | ||
| Q3 24 | $446.3M | $8.9M | ||
| Q2 24 | $434.1M | $13.9M |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | $220.0M | ||
| Q3 25 | $1.4B | $212.4M | ||
| Q2 25 | $1.4B | $202.5M | ||
| Q1 25 | $1.3B | $193.0M | ||
| Q4 24 | $1.4B | $181.9M | ||
| Q3 24 | $1.4B | $174.3M | ||
| Q2 24 | $1.3B | $167.8M |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $1.9B | $668.6M | ||
| Q3 25 | $2.0B | $670.5M | ||
| Q2 25 | $2.0B | $659.0M | ||
| Q1 25 | $1.9B | $664.6M | ||
| Q4 24 | $1.8B | $648.9M | ||
| Q3 24 | $1.8B | $655.5M | ||
| Q2 24 | $1.9B | $654.4M |
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 | — | $21.1M |
| Free Cash FlowOCF − Capex | $15.9M | $11.6M |
| FCF MarginFCF / Revenue | 6.8% | 3.4% |
| Capex IntensityCapex / Revenue | — | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $581.0M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | $21.1M | ||
| Q3 25 | $90.2M | $15.6M | ||
| Q2 25 | $103.7M | $2.9M | ||
| Q1 25 | $29.6M | $34.1M | ||
| Q4 24 | $385.2M | $2.7M | ||
| Q3 24 | $95.1M | $24.5M | ||
| Q2 24 | $118.8M | $12.4M |
| Q1 26 | $15.9M | — | ||
| Q4 25 | $373.9M | $11.6M | ||
| Q3 25 | $88.7M | $7.5M | ||
| Q2 25 | $102.5M | $-4.2M | ||
| Q1 25 | $27.7M | $27.6M | ||
| Q4 24 | $375.3M | $-6.9M | ||
| Q3 24 | $94.3M | $18.0M | ||
| Q2 24 | $111.2M | $3.6M |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 178.6% | 3.4% | ||
| Q3 25 | 42.5% | 2.2% | ||
| Q2 25 | 46.7% | -1.3% | ||
| Q1 25 | 13.3% | 8.2% | ||
| Q4 24 | 185.4% | -2.1% | ||
| Q3 24 | 45.6% | 5.6% | ||
| Q2 24 | 56.2% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 2.9% | ||
| Q3 25 | 0.7% | 2.4% | ||
| Q2 25 | 0.5% | 2.2% | ||
| Q1 25 | 0.9% | 1.9% | ||
| Q4 24 | 4.9% | 2.9% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 3.9% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | 1.86× | ||
| Q3 25 | 1.32× | 1.32× | ||
| Q2 25 | 1.46× | 0.25× | ||
| Q1 25 | 1.97× | 2.60× | ||
| Q4 24 | 5.91× | 0.27× | ||
| Q3 24 | 1.33× | 2.72× | ||
| Q2 24 | 1.83× | 1.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKTX
| Commissions | $203.5M | 87% |
| Information services | $14.4M | 6% |
| Post-trade services | $11.6M | 5% |
| Technology services | $3.9M | 2% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
