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Side-by-side financial comparison of MarketAxess (MKTX) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
MarketAxess is the larger business by last-quarter revenue ($209.4M vs $117.3M, roughly 1.8× Latham Group, Inc.). MarketAxess runs the higher net margin — 44.0% vs -7.3%, a 51.3% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (5.3% vs 3.5%). Over the past eight quarters, MarketAxess's revenue compounded faster (-0.2% CAGR vs -14.4%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
MKTX vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $117.3M |
| Net Profit | $92.2M | $-8.5M |
| Gross Margin | — | 31.7% |
| Operating Margin | 36.3% | — |
| Net Margin | 44.0% | -7.3% |
| Revenue YoY | 3.5% | 5.3% |
| Net Profit YoY | 41.6% | -43.1% |
| EPS (diluted) | $2.49 | $-0.07 |
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 | — | $117.3M | ||
| Q4 25 | $209.4M | $100.0M | ||
| Q3 25 | $208.8M | $161.9M | ||
| Q2 25 | $219.5M | $172.6M | ||
| Q1 25 | $208.6M | $111.4M | ||
| Q4 24 | $202.4M | $87.3M | ||
| Q3 24 | $206.7M | $150.5M | ||
| Q2 24 | $197.7M | $160.1M |
| Q1 26 | — | $-8.5M | ||
| Q4 25 | $92.2M | $-7.0M | ||
| Q3 25 | $68.2M | $8.1M | ||
| Q2 25 | $71.1M | $16.0M | ||
| Q1 25 | $15.1M | $-6.0M | ||
| Q4 24 | $65.1M | $-29.2M | ||
| Q3 24 | $71.5M | $5.9M | ||
| Q2 24 | $64.9M | $13.3M |
| Q1 26 | — | 31.7% | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | — | — | ||
| Q4 25 | 36.3% | -10.7% | ||
| Q3 25 | 41.0% | 13.3% | ||
| Q2 25 | 41.9% | 14.3% | ||
| Q1 25 | 42.4% | -4.4% | ||
| Q4 24 | 39.5% | -14.9% | ||
| Q3 24 | 42.1% | 8.9% | ||
| Q2 24 | 41.2% | 12.5% |
| Q1 26 | — | -7.3% | ||
| Q4 25 | 44.0% | -7.0% | ||
| Q3 25 | 32.6% | 5.0% | ||
| Q2 25 | 32.4% | 9.3% | ||
| Q1 25 | 7.2% | -5.4% | ||
| Q4 24 | 32.2% | -33.4% | ||
| Q3 24 | 34.6% | 3.9% | ||
| Q2 24 | 32.9% | 8.3% |
| Q1 26 | — | $-0.07 | ||
| Q4 25 | $2.49 | $-0.06 | ||
| Q3 25 | $1.84 | $0.07 | ||
| Q2 25 | $1.91 | $0.13 | ||
| Q1 25 | $0.40 | $-0.05 | ||
| Q4 24 | $1.74 | $-0.24 | ||
| Q3 24 | $1.90 | $0.05 | ||
| Q2 24 | $1.72 | $0.11 |
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 | — |
| Total DebtLower is stronger | — | $3.3M |
| Stockholders' EquityBook value | $1.1B | $396.7M |
| Total Assets | $1.9B | $856.4M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $519.7M | — | ||
| Q3 25 | $473.3M | — | ||
| Q2 25 | $462.8M | — | ||
| Q1 25 | $486.2M | — | ||
| Q4 24 | $544.5M | — | ||
| Q3 24 | $446.3M | — | ||
| Q2 24 | $434.1M | — |
| Q1 26 | — | $3.3M | ||
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M |
| Q1 26 | — | $396.7M | ||
| Q4 25 | $1.1B | $405.9M | ||
| Q3 25 | $1.4B | $408.4M | ||
| Q2 25 | $1.4B | $398.4M | ||
| Q1 25 | $1.3B | $381.1M | ||
| Q4 24 | $1.4B | $387.2M | ||
| Q3 24 | $1.4B | $416.6M | ||
| Q2 24 | $1.3B | $408.1M |
| Q1 26 | — | $856.4M | ||
| Q4 25 | $1.9B | $823.2M | ||
| Q3 25 | $2.0B | $844.4M | ||
| Q2 25 | $2.0B | $822.1M | ||
| Q1 25 | $1.9B | $824.6M | ||
| Q4 24 | $1.8B | $794.2M | ||
| Q3 24 | $1.8B | $853.4M | ||
| Q2 24 | $1.9B | $830.0M |
| Q1 26 | — | 0.01× | ||
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× |
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 | $-47.7M |
| Free Cash FlowOCF − Capex | $373.9M | — |
| FCF MarginFCF / Revenue | 178.6% | — |
| Capex IntensityCapex / Revenue | 3.9% | — |
| Cash ConversionOCF / Net Profit | 4.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-47.7M | ||
| Q4 25 | $382.1M | $23.3M | ||
| Q3 25 | $90.2M | $51.0M | ||
| Q2 25 | $103.7M | $36.0M | ||
| Q1 25 | $29.6M | $-46.9M | ||
| Q4 24 | $385.2M | $6.2M | ||
| Q3 24 | $95.1M | $37.2M | ||
| Q2 24 | $118.8M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $373.9M | $14.1M | ||
| Q3 25 | $88.7M | $45.2M | ||
| Q2 25 | $102.5M | $29.1M | ||
| Q1 25 | $27.7M | $-50.3M | ||
| Q4 24 | $375.3M | $-98.0K | ||
| Q3 24 | $94.3M | $33.2M | ||
| Q2 24 | $111.2M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 178.6% | 14.1% | ||
| Q3 25 | 42.5% | 27.9% | ||
| Q2 25 | 46.7% | 16.8% | ||
| Q1 25 | 13.3% | -45.2% | ||
| Q4 24 | 185.4% | -0.1% | ||
| Q3 24 | 45.6% | 22.1% | ||
| Q2 24 | 56.2% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 9.2% | ||
| Q3 25 | 0.7% | 3.6% | ||
| Q2 25 | 0.5% | 4.0% | ||
| Q1 25 | 0.9% | 3.1% | ||
| Q4 24 | 4.9% | 7.2% | ||
| Q3 24 | 0.4% | 2.7% | ||
| Q2 24 | 3.9% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | 6.29× | ||
| Q2 25 | 1.46× | 2.25× | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | 6.32× | ||
| Q2 24 | 1.83× | 3.95× |
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% |
SWIM
Segment breakdown not available.
