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Side-by-side financial comparison of MarketAxess (MKTX) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $140.7M, roughly 1.5× Purple Innovation, Inc.). MarketAxess runs the higher net margin — 44.0% vs -2.3%, a 46.3% gap on every dollar of revenue. On growth, Purple Innovation, Inc. posted the faster year-over-year revenue change (9.1% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $-7.8M). Over the past eight quarters, Purple Innovation, Inc.'s revenue compounded faster (8.3% 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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
MKTX vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $140.7M |
| Net Profit | $92.2M | $-3.2M |
| Gross Margin | — | 41.9% |
| Operating Margin | 36.3% | -1.6% |
| Net Margin | 44.0% | -2.3% |
| Revenue YoY | 3.5% | 9.1% |
| Net Profit YoY | 41.6% | 62.1% |
| EPS (diluted) | $2.49 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $208.8M | $118.8M | ||
| Q2 25 | $219.5M | $105.1M | ||
| Q1 25 | $208.6M | $104.2M | ||
| Q4 24 | $202.4M | $129.0M | ||
| Q3 24 | $206.7M | $118.6M | ||
| Q2 24 | $197.7M | $120.3M | ||
| Q1 24 | $210.3M | $120.0M |
| Q4 25 | $92.2M | $-3.2M | ||
| Q3 25 | $68.2M | $-11.7M | ||
| Q2 25 | $71.1M | $-17.3M | ||
| Q1 25 | $15.1M | $-19.1M | ||
| Q4 24 | $65.1M | $-8.5M | ||
| Q3 24 | $71.5M | $-39.2M | ||
| Q2 24 | $64.9M | $27.0K | ||
| Q1 24 | $72.6M | $-50.2M |
| Q4 25 | — | 41.9% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | 36.3% | -1.6% | ||
| Q3 25 | 41.0% | -10.2% | ||
| Q2 25 | 41.9% | -13.5% | ||
| Q1 25 | 42.4% | -13.9% | ||
| Q4 24 | 39.5% | -6.0% | ||
| Q3 24 | 42.1% | -39.5% | ||
| Q2 24 | 41.2% | -12.1% | ||
| Q1 24 | 44.0% | -19.3% |
| Q4 25 | 44.0% | -2.3% | ||
| Q3 25 | 32.6% | -9.9% | ||
| Q2 25 | 32.4% | -16.5% | ||
| Q1 25 | 7.2% | -18.4% | ||
| Q4 24 | 32.2% | -6.6% | ||
| Q3 24 | 34.6% | -33.1% | ||
| Q2 24 | 32.9% | 0.0% | ||
| Q1 24 | 34.5% | -41.8% |
| Q4 25 | $2.49 | $0.03 | ||
| Q3 25 | $1.84 | $0.11 | ||
| Q2 25 | $1.91 | $0.16 | ||
| Q1 25 | $0.40 | $0.18 | ||
| Q4 24 | $1.74 | $0.08 | ||
| Q3 24 | $1.90 | $0.36 | ||
| Q2 24 | $1.72 | $0.00 | ||
| Q1 24 | $1.92 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $1.1B | $-29.7M |
| Total Assets | $1.9B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $24.3M | ||
| Q3 25 | $473.3M | $32.4M | ||
| Q2 25 | $462.8M | $34.2M | ||
| Q1 25 | $486.2M | $21.6M | ||
| Q4 24 | $544.5M | $29.0M | ||
| Q3 24 | $446.3M | $23.4M | ||
| Q2 24 | $434.1M | $23.4M | ||
| Q1 24 | $376.7M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.1B | $-29.7M | ||
| Q3 25 | $1.4B | $-26.9M | ||
| Q2 25 | $1.4B | $-15.6M | ||
| Q1 25 | $1.3B | $1.3M | ||
| Q4 24 | $1.4B | $20.2M | ||
| Q3 24 | $1.4B | $28.0M | ||
| Q2 24 | $1.3B | $66.4M | ||
| Q1 24 | $1.3B | $65.5M |
| Q4 25 | $1.9B | $296.3M | ||
| Q3 25 | $2.0B | $302.1M | ||
| Q2 25 | $2.0B | $303.8M | ||
| Q1 25 | $1.9B | $293.8M | ||
| Q4 24 | $1.8B | $307.8M | ||
| Q3 24 | $1.8B | $309.3M | ||
| Q2 24 | $1.9B | $362.1M | ||
| Q1 24 | $1.9B | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | $373.9M | $-7.8M |
| FCF MarginFCF / Revenue | 178.6% | -5.5% |
| Capex IntensityCapex / Revenue | 3.9% | 1.4% |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $-5.8M | ||
| Q3 25 | $90.2M | $-968.0K | ||
| Q2 25 | $103.7M | $-4.0M | ||
| Q1 25 | $29.6M | $-23.1M | ||
| Q4 24 | $385.2M | $6.8M | ||
| Q3 24 | $95.1M | $1.1M | ||
| Q2 24 | $118.8M | $-8.9M | ||
| Q1 24 | $-4.9M | $-16.8M |
| Q4 25 | $373.9M | $-7.8M | ||
| Q3 25 | $88.7M | $-1.8M | ||
| Q2 25 | $102.5M | $-7.0M | ||
| Q1 25 | $27.7M | $-25.3M | ||
| Q4 24 | $375.3M | $5.7M | ||
| Q3 24 | $94.3M | $101.0K | ||
| Q2 24 | $111.2M | $-11.0M | ||
| Q1 24 | $-6.1M | $-19.9M |
| Q4 25 | 178.6% | -5.5% | ||
| Q3 25 | 42.5% | -1.5% | ||
| Q2 25 | 46.7% | -6.6% | ||
| Q1 25 | 13.3% | -24.3% | ||
| Q4 24 | 185.4% | 4.4% | ||
| Q3 24 | 45.6% | 0.1% | ||
| Q2 24 | 56.2% | -9.2% | ||
| Q1 24 | -2.9% | -16.5% |
| Q4 25 | 3.9% | 1.4% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 2.8% | ||
| Q1 25 | 0.9% | 2.2% | ||
| Q4 24 | 4.9% | 0.8% | ||
| Q3 24 | 0.4% | 0.9% | ||
| Q2 24 | 3.9% | 1.7% | ||
| Q1 24 | 0.6% | 2.5% |
| 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× | -330.22× | ||
| Q1 24 | -0.07× | — |
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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
