vs
Side-by-side financial comparison of MarketAxess (MKTX) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $209.4M, roughly 1.2× MarketAxess). MarketAxess runs the higher net margin — 44.0% vs 10.6%, a 33.4% gap on every dollar of revenue. On growth, MarketAxess posted the faster year-over-year revenue change (3.5% vs 2.4%). MarketAxess produced more free cash flow last quarter ($373.9M vs $11.4M). Over the past eight quarters, Tecnoglass Inc.'s revenue compounded faster (12.8% 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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
MKTX vs TGLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $209.4M | $245.3M |
| Net Profit | $92.2M | $26.1M |
| Gross Margin | — | 40.0% |
| Operating Margin | 36.3% | 18.3% |
| Net Margin | 44.0% | 10.6% |
| Revenue YoY | 3.5% | 2.4% |
| Net Profit YoY | 41.6% | -44.5% |
| EPS (diluted) | $2.49 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $208.8M | $260.5M | ||
| Q2 25 | $219.5M | $255.5M | ||
| Q1 25 | $208.6M | $222.3M | ||
| Q4 24 | $202.4M | $239.6M | ||
| Q3 24 | $206.7M | $238.3M | ||
| Q2 24 | $197.7M | $219.7M | ||
| Q1 24 | $210.3M | $192.6M |
| Q4 25 | $92.2M | $26.1M | ||
| Q3 25 | $68.2M | $47.2M | ||
| Q2 25 | $71.1M | $44.1M | ||
| Q1 25 | $15.1M | $42.2M | ||
| Q4 24 | $65.1M | $47.0M | ||
| Q3 24 | $71.5M | $49.5M | ||
| Q2 24 | $64.9M | $35.0M | ||
| Q1 24 | $72.6M | $29.7M |
| Q4 25 | — | 40.0% | ||
| Q3 25 | — | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | — | 44.5% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | 36.3% | 18.3% | ||
| Q3 25 | 41.0% | 25.1% | ||
| Q2 25 | 41.9% | 24.0% | ||
| Q1 25 | 42.4% | 26.7% | ||
| Q4 24 | 39.5% | 28.0% | ||
| Q3 24 | 42.1% | 28.4% | ||
| Q2 24 | 41.2% | 23.3% | ||
| Q1 24 | 44.0% | 21.3% |
| Q4 25 | 44.0% | 10.6% | ||
| Q3 25 | 32.6% | 18.1% | ||
| Q2 25 | 32.4% | 17.3% | ||
| Q1 25 | 7.2% | 19.0% | ||
| Q4 24 | 32.2% | 19.6% | ||
| Q3 24 | 34.6% | 20.8% | ||
| Q2 24 | 32.9% | 15.9% | ||
| Q1 24 | 34.5% | 15.4% |
| Q4 25 | $2.49 | $0.57 | ||
| Q3 25 | $1.84 | $1.01 | ||
| Q2 25 | $1.91 | $0.94 | ||
| Q1 25 | $0.40 | $0.90 | ||
| Q4 24 | $1.74 | $1.00 | ||
| Q3 24 | $1.90 | $1.05 | ||
| Q2 24 | $1.72 | $0.75 | ||
| Q1 24 | $1.92 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $1.1B | $713.1M |
| Total Assets | $1.9B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $519.7M | $104.1M | ||
| Q3 25 | $473.3M | $127.1M | ||
| Q2 25 | $462.8M | $140.9M | ||
| Q1 25 | $486.2M | $160.2M | ||
| Q4 24 | $544.5M | $137.5M | ||
| Q3 24 | $446.3M | $124.8M | ||
| Q2 24 | $434.1M | $129.5M | ||
| Q1 24 | $376.7M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $1.1B | $713.1M | ||
| Q3 25 | $1.4B | $764.0M | ||
| Q2 25 | $1.4B | $736.0M | ||
| Q1 25 | $1.3B | $685.1M | ||
| Q4 24 | $1.4B | $631.2M | ||
| Q3 24 | $1.4B | $613.3M | ||
| Q2 24 | $1.3B | $574.8M | ||
| Q1 24 | $1.3B | $573.6M |
| Q4 25 | $1.9B | $1.3B | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.8B | $996.3M | ||
| Q2 24 | $1.9B | $942.5M | ||
| Q1 24 | $1.9B | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $373.9M | $11.4M |
| FCF MarginFCF / Revenue | 178.6% | 4.7% |
| Capex IntensityCapex / Revenue | 3.9% | 8.0% |
| Cash ConversionOCF / Net Profit | 4.14× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $592.8M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $382.1M | $31.0M | ||
| Q3 25 | $90.2M | $40.0M | ||
| Q2 25 | $103.7M | $17.9M | ||
| Q1 25 | $29.6M | $46.9M | ||
| Q4 24 | $385.2M | $61.1M | ||
| Q3 24 | $95.1M | $41.5M | ||
| Q2 24 | $118.8M | $34.5M | ||
| Q1 24 | $-4.9M | $33.4M |
| Q4 25 | $373.9M | $11.4M | ||
| Q3 25 | $88.7M | $21.2M | ||
| Q2 25 | $102.5M | $-14.7M | ||
| Q1 25 | $27.7M | $16.5M | ||
| Q4 24 | $375.3M | $35.4M | ||
| Q3 24 | $94.3M | $17.8M | ||
| Q2 24 | $111.2M | $14.2M | ||
| Q1 24 | $-6.1M | $23.6M |
| Q4 25 | 178.6% | 4.7% | ||
| Q3 25 | 42.5% | 8.2% | ||
| Q2 25 | 46.7% | -5.7% | ||
| Q1 25 | 13.3% | 7.4% | ||
| Q4 24 | 185.4% | 14.8% | ||
| Q3 24 | 45.6% | 7.5% | ||
| Q2 24 | 56.2% | 6.5% | ||
| Q1 24 | -2.9% | 12.2% |
| Q4 25 | 3.9% | 8.0% | ||
| Q3 25 | 0.7% | 7.2% | ||
| Q2 25 | 0.5% | 12.7% | ||
| Q1 25 | 0.9% | 13.7% | ||
| Q4 24 | 4.9% | 10.7% | ||
| Q3 24 | 0.4% | 9.9% | ||
| Q2 24 | 3.9% | 9.2% | ||
| Q1 24 | 0.6% | 5.1% |
| Q4 25 | 4.14× | 1.19× | ||
| Q3 25 | 1.32× | 0.85× | ||
| Q2 25 | 1.46× | 0.41× | ||
| Q1 25 | 1.97× | 1.11× | ||
| Q4 24 | 5.91× | 1.30× | ||
| Q3 24 | 1.33× | 0.84× | ||
| Q2 24 | 1.83× | 0.98× | ||
| Q1 24 | -0.07× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
