Is MKTX or MS more undervalued in 2026?

CirclFi compares MarketAxess Holdings, Inc. (MKTX) and Morgan Stanley (MS) using 13 institutional-grade valuation models. MKTX has a Quality of Company score of 9.0/10 while MS scores 7.4/10.

Which is a better buy — MKTX or MS?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do MKTX and MS valuations compare?

MKTX at $131.55 and MS at $203.79 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MKTX vs MS Valuation Comparison 2026 — Intrinsic Value Analysis

MKTX

Capital Markets

MarketAxess Holdings, Inc.

Quality

9.0

out of 10

Value Trap

LOW

Price

$131.55

Last close

Models

13/13

Active

MS

Capital Markets

Morgan Stanley

Quality

7.4

out of 10

Value Trap

LOW

Price

$203.79

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	MKTX Fair Value	MKTX Upside	MS Fair Value	MS Upside
Bayesian DCF	Intrinsic	$144.78	+10.1%	$8.36	-95.6%
Earnings Power Value	Intrinsic	$71.87	-45.4%	—	—
EROIC Spread	Intrinsic	$44.40	-66.2%	$27.78	-86.4%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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MKTX vs MS — Which Stock Is More Undervalued?

MKTX scores higher with a 9.0/10 quality rating vs MS's 7.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing MarketAxess Holdings, Inc. (MKTX) and Morgan Stanley (MS) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

MKTX currently trades at $131.55 with a QOC of 9.0/10, while MS trades at $203.79 with a QOC of 7.4/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).