Financial technology company MarketAxess Holdings Inc. (NASDAQ: MKTX) on Tuesday announced medium-term financial targets and increased its share repurchase authorization.
- The company’s board has authorized the repurchase of up to $400 million of additional common shares
- Combined with the $105-Mln remaining capacity, the new authorization brings total outstanding authorizations to $505 million
- The management targets an average annual revenue growth rate of 8% – 9% for the period from 2026 through 2028, on a constant currency basis and assuming a constant business portfolio
- It forecasts an average growth of 75 – 125 bps/year in operating margin from 2026 through 2028, on a constant currency basis
- Year-to-date, the company has returned around $120 million to shareholders through stock repurchases and $86 million in dividends
- As of September 30, MarketAxess generated $400 million in net cash provided by operating activities and $385 million of free cash flow, on a TTM basis
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