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Side-by-side financial comparison of MarketAxess (MKTX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $148.3M, roughly 1.4× Shoals Technologies Group, Inc.). MarketAxess runs the higher net margin — 44.0% vs 5.5%, a 38.6% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 3.5%). MarketAxess produced more free cash flow last quarter ($373.9M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
MKTX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $148.3M |
| Net Profit | $92.2M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 36.3% | 11.7% |
| Net Margin | 44.0% | 5.5% |
| Revenue YoY | 3.5% | 38.6% |
| Net Profit YoY | 41.6% | 3.9% |
| EPS (diluted) | $2.49 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $208.8M | $135.8M | ||
| Q2 25 | $219.5M | $110.8M | ||
| Q1 25 | $208.6M | $80.4M | ||
| Q4 24 | $202.4M | $107.0M | ||
| Q3 24 | $206.7M | $102.2M | ||
| Q2 24 | $197.7M | $99.2M | ||
| Q1 24 | $210.3M | $90.8M |
| Q4 25 | $92.2M | $8.1M | ||
| Q3 25 | $68.2M | $11.9M | ||
| Q2 25 | $71.1M | $13.9M | ||
| Q1 25 | $15.1M | $-282.0K | ||
| Q4 24 | $65.1M | $7.8M | ||
| Q3 24 | $71.5M | $-267.0K | ||
| Q2 24 | $64.9M | $11.8M | ||
| Q1 24 | $72.6M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 36.3% | 11.7% | ||
| Q3 25 | 41.0% | 13.7% | ||
| Q2 25 | 41.9% | 14.4% | ||
| Q1 25 | 42.4% | 5.4% | ||
| Q4 24 | 39.5% | 15.4% | ||
| Q3 24 | 42.1% | 4.4% | ||
| Q2 24 | 41.2% | 18.7% | ||
| Q1 24 | 44.0% | 12.8% |
| Q4 25 | 44.0% | 5.5% | ||
| Q3 25 | 32.6% | 8.7% | ||
| Q2 25 | 32.4% | 12.5% | ||
| Q1 25 | 7.2% | -0.4% | ||
| Q4 24 | 32.2% | 7.3% | ||
| Q3 24 | 34.6% | -0.3% | ||
| Q2 24 | 32.9% | 11.9% | ||
| Q1 24 | 34.5% | 5.3% |
| Q4 25 | $2.49 | $0.05 | ||
| Q3 25 | $1.84 | $0.07 | ||
| Q2 25 | $1.91 | $0.08 | ||
| Q1 25 | $0.40 | $0.00 | ||
| Q4 24 | $1.74 | $0.04 | ||
| Q3 24 | $1.90 | $0.00 | ||
| Q2 24 | $1.72 | $0.07 | ||
| Q1 24 | $1.92 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $600.0M |
| Total Assets | $1.9B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $7.3M | ||
| Q3 25 | $473.3M | $8.6M | ||
| Q2 25 | $462.8M | $4.7M | ||
| Q1 25 | $486.2M | $35.6M | ||
| Q4 24 | $544.5M | $23.5M | ||
| Q3 24 | $446.3M | $11.1M | ||
| Q2 24 | $434.1M | $3.2M | ||
| Q1 24 | $376.7M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $1.1B | $600.0M | ||
| Q3 25 | $1.4B | $589.6M | ||
| Q2 25 | $1.4B | $575.4M | ||
| Q1 25 | $1.3B | $558.9M | ||
| Q4 24 | $1.4B | $556.8M | ||
| Q3 24 | $1.4B | $545.2M | ||
| Q2 24 | $1.3B | $544.6M | ||
| Q1 24 | $1.3B | $554.0M |
| Q4 25 | $1.9B | $904.1M | ||
| Q3 25 | $2.0B | $851.8M | ||
| Q2 25 | $2.0B | $795.0M | ||
| Q1 25 | $1.9B | $788.4M | ||
| Q4 24 | $1.8B | $793.1M | ||
| Q3 24 | $1.8B | $801.3M | ||
| Q2 24 | $1.9B | $788.4M | ||
| Q1 24 | $1.9B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $373.9M | $-11.3M |
| FCF MarginFCF / Revenue | 178.6% | -7.6% |
| Capex IntensityCapex / Revenue | 3.9% | 4.8% |
| Cash ConversionOCF / Net Profit | 4.14× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $-4.1M | ||
| Q3 25 | $90.2M | $19.4M | ||
| Q2 25 | $103.7M | $-13.8M | ||
| Q1 25 | $29.6M | $15.6M | ||
| Q4 24 | $385.2M | $14.0M | ||
| Q3 24 | $95.1M | $15.7M | ||
| Q2 24 | $118.8M | $37.8M | ||
| Q1 24 | $-4.9M | $12.9M |
| Q4 25 | $373.9M | $-11.3M | ||
| Q3 25 | $88.7M | $9.0M | ||
| Q2 25 | $102.5M | $-26.0M | ||
| Q1 25 | $27.7M | $12.3M | ||
| Q4 24 | $375.3M | $12.5M | ||
| Q3 24 | $94.3M | $13.3M | ||
| Q2 24 | $111.2M | $35.8M | ||
| Q1 24 | $-6.1M | $10.4M |
| Q4 25 | 178.6% | -7.6% | ||
| Q3 25 | 42.5% | 6.6% | ||
| Q2 25 | 46.7% | -23.5% | ||
| Q1 25 | 13.3% | 15.4% | ||
| Q4 24 | 185.4% | 11.6% | ||
| Q3 24 | 45.6% | 13.0% | ||
| Q2 24 | 56.2% | 36.1% | ||
| Q1 24 | -2.9% | 11.4% |
| Q4 25 | 3.9% | 4.8% | ||
| Q3 25 | 0.7% | 7.7% | ||
| Q2 25 | 0.5% | 11.0% | ||
| Q1 25 | 0.9% | 4.0% | ||
| Q4 24 | 4.9% | 1.4% | ||
| Q3 24 | 0.4% | 2.3% | ||
| Q2 24 | 3.9% | 2.0% | ||
| Q1 24 | 0.6% | 2.7% |
| Q4 25 | 4.14× | -0.50× | ||
| Q3 25 | 1.32× | 1.63× | ||
| Q2 25 | 1.46× | -1.00× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | 1.79× | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | 3.21× | ||
| Q1 24 | -0.07× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
