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MarketAxess（MKTX）与VIRTUS INVESTMENT PARTNERS, INC.（VRTS）财务数据对比。点击上方公司名可切换其他公司
MarketAxess的季度营收约是VIRTUS INVESTMENT PARTNERS, INC.的1.0倍（$209.4M vs $208.0M），MarketAxess净利率更高（44.0% vs 16.3%，领先27.8%），MarketAxess同比增速更快（3.5% vs -10.9%），MarketAxess自由现金流更多（$373.9M vs $-74.1M），过去两年MarketAxess的营收复合增速更高（-0.2% vs -3.2%）
MarketAxess Holdings Inc.是一家国际金融科技企业，运营面向机构信贷市场的电子交易平台，同时提供市场数据及交易后服务，支持机构投资者、经纪自营商开展企业债券等各类固定收益类信用工具的交易。
Virtus Investment Partners是一家美国多管理人资产管理企业，旗下汇集多家具备独立投资流程与自有品牌的关联投资管理人，同时也提供非关联子投资顾问服务，为客户提供多元化的资产管理解决方案。
MKTX vs VRTS — 直观对比
营收规模更大
MKTX
是对方的1.0倍
$208.0M
营收增速更快
MKTX
高出14.4%
-10.9%
净利率更高
MKTX
高出27.8%
16.3%
自由现金流更多
MKTX
多$448.0M
$-74.1M
两年增速更快
MKTX
近两年复合增速
-3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $209.4M | $208.0M |
| 净利润 | $92.2M | $33.9M |
| 毛利率 | — | — |
| 营业利润率 | 36.3% | 19.1% |
| 净利率 | 44.0% | 16.3% |
| 营收同比 | 3.5% | -10.9% |
| 净利润同比 | 41.6% | -14.2% |
| 每股收益（稀释后） | $2.49 | $5.15 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MKTXVRTS
| Q4 25 | $209.4M | $208.0M | ||
| Q3 25 | $208.8M | $216.4M | ||
| Q2 25 | $219.5M | $210.5M | ||
| Q1 25 | $208.6M | $217.9M | ||
| Q4 24 | $202.4M | $233.5M | ||
| Q3 24 | $206.7M | $227.0M | ||
| Q2 24 | $197.7M | $224.4M | ||
| Q1 24 | $210.3M | $222.0M |
净利润MKTXVRTS
| Q4 25 | $92.2M | $33.9M | ||
| Q3 25 | $68.2M | $31.3M | ||
| Q2 25 | $71.1M | $42.7M | ||
| Q1 25 | $15.1M | $28.1M | ||
| Q4 24 | $65.1M | $39.5M | ||
| Q3 24 | $71.5M | $49.1M | ||
| Q2 24 | $64.9M | $26.0M | ||
| Q1 24 | $72.6M | $37.9M |
营业利润率MKTXVRTS
| Q4 25 | 36.3% | 19.1% | ||
| Q3 25 | 41.0% | 21.7% | ||
| Q2 25 | 41.9% | 21.5% | ||
| Q1 25 | 42.4% | 16.8% | ||
| Q4 24 | 39.5% | 21.7% | ||
| Q3 24 | 42.1% | 24.3% | ||
| Q2 24 | 41.2% | 19.7% | ||
| Q1 24 | 44.0% | 14.5% |
净利率MKTXVRTS
| Q4 25 | 44.0% | 16.3% | ||
| Q3 25 | 32.6% | 14.5% | ||
| Q2 25 | 32.4% | 20.3% | ||
| Q1 25 | 7.2% | 12.9% | ||
| Q4 24 | 32.2% | 16.9% | ||
| Q3 24 | 34.6% | 21.6% | ||
| Q2 24 | 32.9% | 11.6% | ||
| Q1 24 | 34.5% | 17.1% |
每股收益（稀释后）MKTXVRTS
| Q4 25 | $2.49 | $5.15 | ||
| Q3 25 | $1.84 | $4.65 | ||
| Q2 25 | $1.91 | $6.12 | ||
| Q1 25 | $0.40 | $4.05 | ||
| Q4 24 | $1.74 | $4.65 | ||
| Q3 24 | $1.90 | $5.71 | ||
| Q2 24 | $1.72 | $2.43 | ||
| Q1 24 | $1.92 | $4.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $519.7M | — |
| 总债务越低越好 | — | $390.0M |
| 股东权益账面价值 | $1.1B | $934.0M |
| 总资产 | $1.9B | $4.3B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资MKTXVRTS
| 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 24 | $376.7M | — |
总债务MKTXVRTS
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M | ||
| Q1 24 | — | $253.0M |
股东权益MKTXVRTS
| Q4 25 | $1.1B | $934.0M | ||
| Q3 25 | $1.4B | $918.7M | ||
| Q2 25 | $1.4B | $896.4M | ||
| Q1 25 | $1.3B | $893.7M | ||
| Q4 24 | $1.4B | $897.5M | ||
| Q3 24 | $1.4B | $889.0M | ||
| Q2 24 | $1.3B | $868.7M | ||
| Q1 24 | $1.3B | $871.7M |
总资产MKTXVRTS
| Q4 25 | $1.9B | $4.3B | ||
| Q3 25 | $2.0B | $3.9B | ||
| Q2 25 | $2.0B | $3.7B | ||
| Q1 25 | $1.9B | $3.7B | ||
| Q4 24 | $1.8B | $4.0B | ||
| Q3 24 | $1.8B | $3.6B | ||
| Q2 24 | $1.9B | $3.6B | ||
| Q1 24 | $1.9B | $3.5B |
负债/权益比MKTXVRTS
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | 0.29× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $382.1M | $-67.2M |
| 自由现金流经营现金流 - 资本支出 | $373.9M | $-74.1M |
| 自由现金流率自由现金流/营收 | 178.6% | -35.6% |
| 资本支出强度资本支出/营收 | 3.9% | 3.3% |
| 现金转化率经营现金流/净利润 | 4.14× | -1.99× |
| 过去12个月自由现金流最近4个季度 | $592.8M | $100.2M |
8季度趋势，按日历期对齐
经营现金流MKTXVRTS
| Q4 25 | $382.1M | $-67.2M | ||
| Q3 25 | $90.2M | $108.3M | ||
| Q2 25 | $103.7M | $75.8M | ||
| Q1 25 | $29.6M | $-3.8M | ||
| Q4 24 | $385.2M | $1.8M | ||
| Q3 24 | $95.1M | $69.1M | ||
| Q2 24 | $118.8M | $70.0M | ||
| Q1 24 | $-4.9M | $-34.5M |
自由现金流MKTXVRTS
| Q4 25 | $373.9M | $-74.1M | ||
| Q3 25 | $88.7M | $106.9M | ||
| Q2 25 | $102.5M | $74.2M | ||
| Q1 25 | $27.7M | $-6.8M | ||
| Q4 24 | $375.3M | $-3.8M | ||
| Q3 24 | $94.3M | $68.7M | ||
| Q2 24 | $111.2M | $68.6M | ||
| Q1 24 | $-6.1M | $-36.5M |
自由现金流率MKTXVRTS
| Q4 25 | 178.6% | -35.6% | ||
| Q3 25 | 42.5% | 49.4% | ||
| Q2 25 | 46.7% | 35.2% | ||
| Q1 25 | 13.3% | -3.1% | ||
| Q4 24 | 185.4% | -1.6% | ||
| Q3 24 | 45.6% | 30.3% | ||
| Q2 24 | 56.2% | 30.6% | ||
| Q1 24 | -2.9% | -16.4% |
资本支出强度MKTXVRTS
| Q4 25 | 3.9% | 3.3% | ||
| Q3 25 | 0.7% | 0.7% | ||
| Q2 25 | 0.5% | 0.7% | ||
| Q1 25 | 0.9% | 1.4% | ||
| Q4 24 | 4.9% | 2.4% | ||
| Q3 24 | 0.4% | 0.2% | ||
| Q2 24 | 3.9% | 0.6% | ||
| Q1 24 | 0.6% | 0.9% |
现金转化率MKTXVRTS
| Q4 25 | 4.14× | -1.99× | ||
| Q3 25 | 1.32× | 3.45× | ||
| Q2 25 | 1.46× | 1.77× | ||
| Q1 25 | 1.97× | -0.13× | ||
| Q4 24 | 5.91× | 0.04× | ||
| Q3 24 | 1.33× | 1.41× | ||
| Q2 24 | 1.83× | 2.69× | ||
| Q1 24 | -0.07× | -0.91× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
VRTS
| Open End Funds | $68.9M | 33% |
| Retail Separate Accounts | $51.3M | 25% |
| Institutional Accounts | $39.6M | 19% |
| Administration And Shareholder Service Fees | $18.4M | 9% |
| Closed End Funds | $15.9M | 8% |
| Distribution And Service Fees | $12.3M | 6% |
