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Side-by-side financial comparison of MarketAxess (MKTX) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $233.4M, roughly 1.1× MarketAxess). MarketAxess runs the higher net margin — 33.4% vs -125.2%, a 158.6% gap on every dollar of revenue. MarketAxess produced more free cash flow last quarter ($15.9M vs $-256.6M).
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.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
MKTX vs PCLA — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $233.4M | $252.6M |
| Net Profit | $78.0M | $-316.2M |
| Gross Margin | — | — |
| Operating Margin | 43.2% | -114.8% |
| Net Margin | 33.4% | -125.2% |
| Revenue YoY | 11.9% | — |
| Net Profit YoY | 418.5% | — |
| EPS (diluted) | $2.20 | — |
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 | — | ||
| Q3 25 | $208.8M | — | ||
| Q2 25 | $219.5M | — | ||
| Q1 25 | $208.6M | $252.6M | ||
| Q4 24 | $202.4M | — | ||
| Q3 24 | $206.7M | — | ||
| Q2 24 | $197.7M | — |
| Q1 26 | $78.0M | — | ||
| Q4 25 | $92.2M | — | ||
| Q3 25 | $68.2M | — | ||
| Q2 25 | $71.1M | — | ||
| Q1 25 | $15.1M | $-316.2M | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $71.5M | — | ||
| Q2 24 | $64.9M | — |
| Q1 26 | 43.2% | — | ||
| Q4 25 | 36.3% | — | ||
| Q3 25 | 41.0% | — | ||
| Q2 25 | 41.9% | — | ||
| Q1 25 | 42.4% | -114.8% | ||
| Q4 24 | 39.5% | — | ||
| Q3 24 | 42.1% | — | ||
| Q2 24 | 41.2% | — |
| Q1 26 | 33.4% | — | ||
| Q4 25 | 44.0% | — | ||
| Q3 25 | 32.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 7.2% | -125.2% | ||
| Q4 24 | 32.2% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 32.9% | — |
| Q1 26 | $2.20 | — | ||
| Q4 25 | $2.49 | — | ||
| Q3 25 | $1.84 | — | ||
| Q2 25 | $1.91 | — | ||
| Q1 25 | $0.40 | — | ||
| Q4 24 | $1.74 | — | ||
| Q3 24 | $1.90 | — | ||
| Q2 24 | $1.72 | — |
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 | $456.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $354.8M |
| Total Assets | $2.3B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $377.3M | — | ||
| Q4 25 | $519.7M | — | ||
| Q3 25 | $473.3M | — | ||
| Q2 25 | $462.8M | — | ||
| Q1 25 | $486.2M | $456.8M | ||
| Q4 24 | $544.5M | — | ||
| Q3 24 | $446.3M | — | ||
| Q2 24 | $434.1M | — |
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | $354.8M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.3B | — |
| Q1 26 | $2.3B | — | ||
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.9B | $1.2B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.9B | — |
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 | — | $-245.6M |
| Free Cash FlowOCF − Capex | $15.9M | $-256.6M |
| FCF MarginFCF / Revenue | 6.8% | -101.6% |
| Capex IntensityCapex / Revenue | — | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $581.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $382.1M | — | ||
| Q3 25 | $90.2M | — | ||
| Q2 25 | $103.7M | — | ||
| Q1 25 | $29.6M | $-245.6M | ||
| Q4 24 | $385.2M | — | ||
| Q3 24 | $95.1M | — | ||
| Q2 24 | $118.8M | — |
| Q1 26 | $15.9M | — | ||
| Q4 25 | $373.9M | — | ||
| Q3 25 | $88.7M | — | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $27.7M | $-256.6M | ||
| Q4 24 | $375.3M | — | ||
| Q3 24 | $94.3M | — | ||
| Q2 24 | $111.2M | — |
| Q1 26 | 6.8% | — | ||
| Q4 25 | 178.6% | — | ||
| Q3 25 | 42.5% | — | ||
| Q2 25 | 46.7% | — | ||
| Q1 25 | 13.3% | -101.6% | ||
| Q4 24 | 185.4% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 56.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.9% | 4.3% | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 3.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | — |
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% |
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
