vs
Side-by-side financial comparison of MarketAxess (MKTX) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $209.4M, roughly 1.2× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs 5.0%, a 39.1% gap on every dollar of revenue. On growth, ONESPAWORLD HOLDINGS Ltd posted the faster year-over-year revenue change (11.5% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $14.9M). Over the past eight quarters, ONESPAWORLD HOLDINGS Ltd's revenue compounded faster (7.1% 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.
MKTX vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $242.1M |
| Net Profit | $92.2M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | 36.3% | 6.8% |
| Net Margin | 44.0% | 5.0% |
| Revenue YoY | 3.5% | 11.5% |
| Net Profit YoY | 41.6% | -16.2% |
| EPS (diluted) | $2.49 | $0.12 |
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 | $209.4M | $242.1M | ||
| Q3 25 | $208.8M | $258.5M | ||
| Q2 25 | $219.5M | $240.7M | ||
| Q1 25 | $208.6M | $219.6M | ||
| Q4 24 | $202.4M | $217.2M | ||
| Q3 24 | $206.7M | $241.7M | ||
| Q2 24 | $197.7M | $224.9M | ||
| Q1 24 | $210.3M | $211.2M |
| Q4 25 | $92.2M | $12.1M | ||
| Q3 25 | $68.2M | $24.3M | ||
| Q2 25 | $71.1M | $19.9M | ||
| Q1 25 | $15.1M | $15.3M | ||
| Q4 24 | $65.1M | $14.4M | ||
| Q3 24 | $71.5M | $21.6M | ||
| Q2 24 | $64.9M | $15.8M | ||
| Q1 24 | $72.6M | $21.2M |
| Q4 25 | 36.3% | 6.8% | ||
| Q3 25 | 41.0% | 10.2% | ||
| Q2 25 | 41.9% | 9.2% | ||
| Q1 25 | 42.4% | 7.7% | ||
| Q4 24 | 39.5% | 7.9% | ||
| Q3 24 | 42.1% | 10.3% | ||
| Q2 24 | 41.2% | 8.4% | ||
| Q1 24 | 44.0% | 8.0% |
| Q4 25 | 44.0% | 5.0% | ||
| Q3 25 | 32.6% | 9.4% | ||
| Q2 25 | 32.4% | 8.3% | ||
| Q1 25 | 7.2% | 7.0% | ||
| Q4 24 | 32.2% | 6.6% | ||
| Q3 24 | 34.6% | 8.9% | ||
| Q2 24 | 32.9% | 7.0% | ||
| Q1 24 | 34.5% | 10.0% |
| Q4 25 | $2.49 | $0.12 | ||
| Q3 25 | $1.84 | $0.23 | ||
| Q2 25 | $1.91 | $0.19 | ||
| Q1 25 | $0.40 | $0.15 | ||
| Q4 24 | $1.74 | $0.13 | ||
| Q3 24 | $1.90 | $0.20 | ||
| Q2 24 | $1.72 | $0.15 | ||
| Q1 24 | $1.92 | $0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $519.7M | $16.3M |
| Total DebtLower is stronger | — | $84.0M |
| Stockholders' EquityBook value | $1.1B | $542.6M |
| Total Assets | $1.9B | $707.1M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $16.3M | ||
| Q3 25 | $473.3M | $29.6M | ||
| Q2 25 | $462.8M | $35.0M | ||
| Q1 25 | $486.2M | $22.6M | ||
| Q4 24 | $544.5M | $57.4M | ||
| Q3 24 | $446.3M | $48.8M | ||
| Q2 24 | $434.1M | $62.5M | ||
| Q1 24 | $376.7M | $65.4M |
| Q4 25 | — | $84.0M | ||
| Q3 25 | — | $85.2M | ||
| Q2 25 | — | $96.2M | ||
| Q1 25 | — | $97.4M | ||
| Q4 24 | — | $98.6M | ||
| Q3 24 | — | $98.7M | ||
| Q2 24 | — | $123.8M | ||
| Q1 24 | — | $138.6M |
| Q4 25 | $1.1B | $542.6M | ||
| Q3 25 | $1.4B | $552.8M | ||
| Q2 25 | $1.4B | $548.3M | ||
| Q1 25 | $1.3B | $530.6M | ||
| Q4 24 | $1.4B | $554.5M | ||
| Q3 24 | $1.4B | $540.1M | ||
| Q2 24 | $1.3B | $532.7M | ||
| Q1 24 | $1.3B | $515.5M |
| Q4 25 | $1.9B | $707.1M | ||
| Q3 25 | $2.0B | $732.6M | ||
| Q2 25 | $2.0B | $731.8M | ||
| Q1 25 | $1.9B | $708.7M | ||
| Q4 24 | $1.8B | $746.4M | ||
| Q3 24 | $1.8B | $734.0M | ||
| Q2 24 | $1.9B | $756.8M | ||
| Q1 24 | $1.9B | $763.6M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.23× | ||
| 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 | $382.1M | $20.0M |
| Free Cash FlowOCF − Capex | $373.9M | $14.9M |
| FCF MarginFCF / Revenue | 178.6% | 6.2% |
| Capex IntensityCapex / Revenue | 3.9% | 2.1% |
| Cash ConversionOCF / Net Profit | 4.14× | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $20.0M | ||
| Q3 25 | $90.2M | $33.2M | ||
| Q2 25 | $103.7M | $20.3M | ||
| Q1 25 | $29.6M | $10.1M | ||
| Q4 24 | $385.2M | $16.6M | ||
| Q3 24 | $95.1M | $28.6M | ||
| Q2 24 | $118.8M | $18.7M | ||
| Q1 24 | $-4.9M | $15.0M |
| Q4 25 | $373.9M | $14.9M | ||
| Q3 25 | $88.7M | $27.6M | ||
| Q2 25 | $102.5M | $17.6M | ||
| Q1 25 | $27.7M | $8.4M | ||
| Q4 24 | $375.3M | $13.2M | ||
| Q3 24 | $94.3M | $27.5M | ||
| Q2 24 | $111.2M | $17.6M | ||
| Q1 24 | $-6.1M | $13.7M |
| Q4 25 | 178.6% | 6.2% | ||
| Q3 25 | 42.5% | 10.7% | ||
| Q2 25 | 46.7% | 7.3% | ||
| Q1 25 | 13.3% | 3.8% | ||
| Q4 24 | 185.4% | 6.1% | ||
| Q3 24 | 45.6% | 11.4% | ||
| Q2 24 | 56.2% | 7.8% | ||
| Q1 24 | -2.9% | 6.5% |
| Q4 25 | 3.9% | 2.1% | ||
| Q3 25 | 0.7% | 2.2% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 0.9% | 0.8% | ||
| Q4 24 | 4.9% | 1.5% | ||
| Q3 24 | 0.4% | 0.5% | ||
| Q2 24 | 3.9% | 0.5% | ||
| Q1 24 | 0.6% | 0.6% |
| Q4 25 | 4.14× | 1.65× | ||
| Q3 25 | 1.32× | 1.36× | ||
| Q2 25 | 1.46× | 1.02× | ||
| Q1 25 | 1.97× | 0.66× | ||
| Q4 24 | 5.91× | 1.15× | ||
| Q3 24 | 1.33× | 1.33× | ||
| Q2 24 | 1.83× | 1.19× | ||
| Q1 24 | -0.07× | 0.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
