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Side-by-side financial comparison of MarketAxess (MKTX) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $124.7M, roughly 1.7× SMITH & WESSON BRANDS, INC.). MarketAxess runs the higher net margin — 44.0% vs 1.5%, a 42.5% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (3.5% vs -3.9%). MarketAxess produced more free cash flow last quarter ($373.9M vs $16.3M). Over the past eight quarters, MarketAxess's revenue compounded faster (-0.2% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
MKTX vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $124.7M |
| Net Profit | $92.2M | $1.9M |
| Gross Margin | — | 24.3% |
| Operating Margin | 36.3% | 3.3% |
| Net Margin | 44.0% | 1.5% |
| Revenue YoY | 3.5% | -3.9% |
| Net Profit YoY | 41.6% | -53.6% |
| EPS (diluted) | $2.49 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $208.8M | $85.1M | ||
| Q2 25 | $219.5M | $140.8M | ||
| Q1 25 | $208.6M | $115.9M | ||
| Q4 24 | $202.4M | $129.7M | ||
| Q3 24 | $206.7M | $88.3M | ||
| Q2 24 | $197.7M | $159.1M | ||
| Q1 24 | $210.3M | $137.5M |
| Q4 25 | $92.2M | $1.9M | ||
| Q3 25 | $68.2M | $-3.4M | ||
| Q2 25 | $71.1M | $8.6M | ||
| Q1 25 | $15.1M | $2.1M | ||
| Q4 24 | $65.1M | $4.5M | ||
| Q3 24 | $71.5M | $-1.9M | ||
| Q2 24 | $64.9M | $27.9M | ||
| Q1 24 | $72.6M | $7.9M |
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 25.9% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 24.1% | ||
| Q4 24 | — | 26.6% | ||
| Q3 24 | — | 27.4% | ||
| Q2 24 | — | 35.5% | ||
| Q1 24 | — | 28.7% |
| Q4 25 | 36.3% | 3.3% | ||
| Q3 25 | 41.0% | -3.5% | ||
| Q2 25 | 41.9% | 9.3% | ||
| Q1 25 | 42.4% | 4.1% | ||
| Q4 24 | 39.5% | 5.8% | ||
| Q3 24 | 42.1% | -1.7% | ||
| Q2 24 | 41.2% | 17.4% | ||
| Q1 24 | 44.0% | 8.2% |
| Q4 25 | 44.0% | 1.5% | ||
| Q3 25 | 32.6% | -4.0% | ||
| Q2 25 | 32.4% | 6.1% | ||
| Q1 25 | 7.2% | 1.8% | ||
| Q4 24 | 32.2% | 3.5% | ||
| Q3 24 | 34.6% | -2.1% | ||
| Q2 24 | 32.9% | 17.5% | ||
| Q1 24 | 34.5% | 5.7% |
| Q4 25 | $2.49 | $0.04 | ||
| Q3 25 | $1.84 | $-0.08 | ||
| Q2 25 | $1.91 | $0.19 | ||
| Q1 25 | $0.40 | $0.05 | ||
| Q4 24 | $1.74 | $0.10 | ||
| Q3 24 | $1.90 | $-0.04 | ||
| Q2 24 | $1.72 | $0.60 | ||
| Q1 24 | $1.92 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $363.2M |
| Total Assets | $1.9B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $22.4M | ||
| Q3 25 | $473.3M | $18.0M | ||
| Q2 25 | $462.8M | $25.2M | ||
| Q1 25 | $486.2M | $26.7M | ||
| Q4 24 | $544.5M | $39.1M | ||
| Q3 24 | $446.3M | $35.5M | ||
| Q2 24 | $434.1M | $60.8M | ||
| Q1 24 | $376.7M | $47.4M |
| Q4 25 | $1.1B | $363.2M | ||
| Q3 25 | $1.4B | $364.4M | ||
| Q2 25 | $1.4B | $372.5M | ||
| Q1 25 | $1.3B | $366.9M | ||
| Q4 24 | $1.4B | $371.5M | ||
| Q3 24 | $1.4B | $380.0M | ||
| Q2 24 | $1.3B | $399.9M | ||
| Q1 24 | $1.3B | $376.4M |
| Q4 25 | $1.9B | $548.6M | ||
| Q3 25 | $2.0B | $554.6M | ||
| Q2 25 | $2.0B | $559.6M | ||
| Q1 25 | $1.9B | $578.9M | ||
| Q4 24 | $1.8B | $587.4M | ||
| Q3 24 | $1.8B | $571.3M | ||
| Q2 24 | $1.9B | $577.4M | ||
| Q1 24 | $1.9B | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $373.9M | $16.3M |
| FCF MarginFCF / Revenue | 178.6% | 13.1% |
| Capex IntensityCapex / Revenue | 3.9% | 8.8% |
| Cash ConversionOCF / Net Profit | 4.14× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $27.3M | ||
| Q3 25 | $90.2M | $-8.1M | ||
| Q2 25 | $103.7M | $40.8M | ||
| Q1 25 | $29.6M | $-9.8M | ||
| Q4 24 | $385.2M | $-7.4M | ||
| Q3 24 | $95.1M | $-30.8M | ||
| Q2 24 | $118.8M | $43.7M | ||
| Q1 24 | $-4.9M | $25.2M |
| Q4 25 | $373.9M | $16.3M | ||
| Q3 25 | $88.7M | $-12.4M | ||
| Q2 25 | $102.5M | $33.5M | ||
| Q1 25 | $27.7M | $-16.1M | ||
| Q4 24 | $375.3M | $-10.7M | ||
| Q3 24 | $94.3M | $-35.5M | ||
| Q2 24 | $111.2M | $38.2M | ||
| Q1 24 | $-6.1M | $7.0M |
| Q4 25 | 178.6% | 13.1% | ||
| Q3 25 | 42.5% | -14.6% | ||
| Q2 25 | 46.7% | 23.8% | ||
| Q1 25 | 13.3% | -13.9% | ||
| Q4 24 | 185.4% | -8.3% | ||
| Q3 24 | 45.6% | -40.2% | ||
| Q2 24 | 56.2% | 24.0% | ||
| Q1 24 | -2.9% | 5.1% |
| Q4 25 | 3.9% | 8.8% | ||
| Q3 25 | 0.7% | 5.0% | ||
| Q2 25 | 0.5% | 5.2% | ||
| Q1 25 | 0.9% | 5.4% | ||
| Q4 24 | 4.9% | 2.5% | ||
| Q3 24 | 0.4% | 5.3% | ||
| Q2 24 | 3.9% | 3.5% | ||
| Q1 24 | 0.6% | 13.2% |
| Q4 25 | 4.14× | 14.22× | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 1.46× | 4.73× | ||
| Q1 25 | 1.97× | -4.68× | ||
| Q4 24 | 5.91× | -1.63× | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | 1.57× | ||
| Q1 24 | -0.07× | 3.20× |
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% |
SWBI
Segment breakdown not available.
