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Side-by-side financial comparison of MarketAxess (MKTX) and LiveRamp Holdings, Inc. (RAMP). Click either name above to swap in a different company.
LiveRamp Holdings, Inc. is the larger business by last-quarter revenue ($212.2M vs $209.4M, roughly 1.0× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs 18.8%, a 25.3% gap on every dollar of revenue. On growth, LiveRamp Holdings, Inc. posted the faster year-over-year revenue change (8.6% vs 3.5%). Over the past eight quarters, LiveRamp Holdings, Inc.'s revenue compounded faster (11.1% 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.
LiveRamp Holdings, Inc., is an American SaaS company that offers a data connectivity platform whose services include data onboarding, the transfer of offline data online for marketing purposes.
MKTX vs RAMP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $212.2M |
| Net Profit | $92.2M | $39.9M |
| Gross Margin | — | 71.9% |
| Operating Margin | 36.3% | 18.6% |
| Net Margin | 44.0% | 18.8% |
| Revenue YoY | 3.5% | 8.6% |
| Net Profit YoY | 41.6% | 255.7% |
| EPS (diluted) | $2.49 | $0.62 |
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 | $212.2M | ||
| Q3 25 | $208.8M | $199.8M | ||
| Q2 25 | $219.5M | $194.8M | ||
| Q1 25 | $208.6M | $188.7M | ||
| Q4 24 | $202.4M | $195.4M | ||
| Q3 24 | $206.7M | $185.5M | ||
| Q2 24 | $197.7M | $176.0M | ||
| Q1 24 | $210.3M | $171.9M |
| Q4 25 | $92.2M | $39.9M | ||
| Q3 25 | $68.2M | $27.4M | ||
| Q2 25 | $71.1M | $7.7M | ||
| Q1 25 | $15.1M | $-6.3M | ||
| Q4 24 | $65.1M | $11.2M | ||
| Q3 24 | $71.5M | $1.7M | ||
| Q2 24 | $64.9M | $-7.5M | ||
| Q1 24 | $72.6M | $-5.4M |
| Q4 25 | — | 71.9% | ||
| Q3 25 | — | 70.2% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | — | 71.9% | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | 70.6% | ||
| Q1 24 | — | 72.2% |
| Q4 25 | 36.3% | 18.6% | ||
| Q3 25 | 41.0% | 10.7% | ||
| Q2 25 | 41.9% | 3.7% | ||
| Q1 25 | 42.4% | -6.1% | ||
| Q4 24 | 39.5% | 7.5% | ||
| Q3 24 | 42.1% | 4.0% | ||
| Q2 24 | 41.2% | -3.0% | ||
| Q1 24 | 44.0% | -8.3% |
| Q4 25 | 44.0% | 18.8% | ||
| Q3 25 | 32.6% | 13.7% | ||
| Q2 25 | 32.4% | 4.0% | ||
| Q1 25 | 7.2% | -3.3% | ||
| Q4 24 | 32.2% | 5.7% | ||
| Q3 24 | 34.6% | 0.9% | ||
| Q2 24 | 32.9% | -4.3% | ||
| Q1 24 | 34.5% | -3.1% |
| Q4 25 | $2.49 | $0.62 | ||
| Q3 25 | $1.84 | $0.42 | ||
| Q2 25 | $1.91 | $0.12 | ||
| Q1 25 | $0.40 | $-0.10 | ||
| Q4 24 | $1.74 | $0.17 | ||
| Q3 24 | $1.90 | $0.03 | ||
| Q2 24 | $1.72 | $-0.11 | ||
| Q1 24 | $1.92 | $-0.09 |
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 | $403.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $962.3M |
| Total Assets | $1.9B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $403.4M | ||
| Q3 25 | $473.3M | $376.9M | ||
| Q2 25 | $462.8M | $371.1M | ||
| Q1 25 | $486.2M | $420.8M | ||
| Q4 24 | $544.5M | $384.3M | ||
| Q3 24 | $446.3M | $348.4M | ||
| Q2 24 | $434.1M | $342.7M | ||
| Q1 24 | $376.7M | $368.9M |
| Q4 25 | $1.1B | $962.3M | ||
| Q3 25 | $1.4B | $943.8M | ||
| Q2 25 | $1.4B | $947.8M | ||
| Q1 25 | $1.3B | $948.9M | ||
| Q4 24 | $1.4B | $957.7M | ||
| Q3 24 | $1.4B | $932.1M | ||
| Q2 24 | $1.3B | $951.9M | ||
| Q1 24 | $1.3B | $949.1M |
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.8B | $1.3B | ||
| Q3 24 | $1.8B | $1.2B | ||
| Q2 24 | $1.9B | $1.2B | ||
| Q1 24 | $1.9B | $1.2B |
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 | — |
| Free Cash FlowOCF − Capex | $373.9M | — |
| FCF MarginFCF / Revenue | 178.6% | — |
| Capex IntensityCapex / Revenue | 3.9% | 0.1% |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | — | ||
| Q3 25 | $90.2M | $57.4M | ||
| Q2 25 | $103.7M | $-15.8M | ||
| Q1 25 | $29.6M | — | ||
| Q4 24 | $385.2M | $45.1M | ||
| Q3 24 | $95.1M | $55.6M | ||
| Q2 24 | $118.8M | $-9.3M | ||
| Q1 24 | $-4.9M | — |
| Q4 25 | $373.9M | — | ||
| Q3 25 | $88.7M | $56.8M | ||
| Q2 25 | $102.5M | $-16.2M | ||
| Q1 25 | $27.7M | — | ||
| Q4 24 | $375.3M | $44.8M | ||
| Q3 24 | $94.3M | $55.4M | ||
| Q2 24 | $111.2M | $-9.6M | ||
| Q1 24 | $-6.1M | — |
| Q4 25 | 178.6% | — | ||
| Q3 25 | 42.5% | 28.4% | ||
| Q2 25 | 46.7% | -8.3% | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 185.4% | 22.9% | ||
| Q3 24 | 45.6% | 29.8% | ||
| Q2 24 | 56.2% | -5.4% | ||
| Q1 24 | -2.9% | — |
| Q4 25 | 3.9% | 0.1% | ||
| Q3 25 | 0.7% | 0.3% | ||
| Q2 25 | 0.5% | 0.2% | ||
| Q1 25 | 0.9% | 0.2% | ||
| Q4 24 | 4.9% | 0.1% | ||
| Q3 24 | 0.4% | 0.1% | ||
| Q2 24 | 3.9% | 0.1% | ||
| Q1 24 | 0.6% | 1.0% |
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | 2.09× | ||
| Q2 25 | 1.46× | -2.04× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | 4.02× | ||
| Q3 24 | 1.33× | 32.10× | ||
| Q2 24 | 1.83× | — | ||
| 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% |
RAMP
Segment breakdown not available.
