Tradeweb Markets Inc.

Security & Commodity Brokers, Dealers, Exchanges & Services

TWStrong10 of 11 basics passed

$111.08

+1.28%

Market cap $23.4B

$111.08

+1.28%

Market cap $23.4B

Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform.

It is a $23.4B financial services company. Revenue grew 14.0% over the last year, and it keeps 41¢ of every dollar of sales as profit. It trades at 29.0× earnings — near the lowest of its own history.

Website: tradeweb.com
Location: New York, NY
Employees: 1 569
Sector: Financial Services
Founded: 1996

Share price · 3 years

$83.20 → $111.08+33.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.21B
Profit: keeps 41¢ of every $1 sold; $897M
Free cash flow: cash left after running the business; $1.14B
P/E: years of profit in the price; 29.0
EPS: earnings per share, TTM; $4.18
Dividend: pays out 12% of profit · 9% of FCF; 0.43%
Shares: up 37% since 2019 — dilution; 214.9M
Volatility: beta vs the market — under 1 swings less; 0.61

Revenue, last 7 years

52-week range

Low $91.50$111.08High $126.57

Today's price is 56% of the way from the year's low to its high.

P/E vs its history5y

26.1×median 54.4×

Higher than 8% of past days — near the lowest of its own history.

Valuation vs own history

P/E

26.1×

92%

P/S

10.6×

89%

EV/EBITDA

22.4×

P/B

3.2×

70%

FCF yield

4.9%

88%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$332Knet selling

Purchases$0

Sales$332K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$23.4Btop 52%
Revenue growth+20%top 21%
Net margin41%top 7%
Return on equity14%top 47%
P/E29.0×top 81%
Dividend yield0.43%top 93%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth, profitability, health and quality.

Valuation54

P/E vs own history8th pct · 25/25
FCF yield4.9% · 12/25
P/S11.8x · 5/25
EV/EBITDA19.7x · 12/25

Growth90

Revenue CAGR17.5% · 20/25
Net income CAGR37.6% · 25/25
EPS CAGR ~5Y33.8% · 25/25
Fwd implied growth29.1% · 20/25

Profitability82

ROIC18.4% · 20/25
ROE13.8% · 12/25
Net margin40.7% · 25/25
Operating margin43.7% · 25/25

Health75

Altman Z16.20 · 25/25
Current ratio4.84 · 25/25
Interest coverage232.3x · 25/25
Net cash / debtn/a · 0/25

Quality92

Piotroski F7/9 · 22/25
Beneish M-3.39 · 25/25
FCF conversion128% · 25/25
Margin stabilityσ 7.5% · 20/25

Moat63

ROIC >12% years2/7 yrs · 0/25
Median gross margin34.7% · 13/25
FCF-positive years7/7 yrs · 25/25
Worst-year net marginworst 10.8% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$813M net income
FY2021Financial
Revenue crossed $1B
$1.08B for the year
FY2019Financial
Profitable every year on record
7 consecutive profitable years in our data
FY2019Financial
Positive free cash flow every year since
7-year streak
2019IPO
The company became a public company via an initial public offering, raising $1.1 billion in the…
2017Milestone
Tradeweb became the first offshore trading platform to connect with the China Foreign Exchange Trade…
2016Product
Tradeweb launched an OTC marketplace for U.S.-listed ETFs aimed at institutional investors
2014Product
Tradeweb launched active U.S
2013Acquisition
The firm acquired BondDesk Group, a bond trading venue in the U.S
2008Acquisition
Tradeweb acquired brokerage firm Hilliard Farber & Co
2006Acquisition
Tradeweb acquired Lever-Trade, which was rebranded Tradeweb Retail, a provider of web-based fixed income…
2005Product
Tradeweb launched TradeWeb IRS, a US dollar-denominated interest rate swap platform
1998Product
The trading platform was launched in 1998 as the first multi-dealer online trading network for U.S
1996Founded
The company was co-founded in 1996 by Lee Olesky and Jim Toffey, who came up with the idea while working at Credit…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$13 571 today — price return only

$2.1B revenue in FY2025

Revenue up 14.0% year over year

Profitable 7 years in a row

Positive free cash flow 7 years in a row

1 569 employees

ROIC of 18.4%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 40.7% net margin
Revenue growing 14.0% year over year
Strong cash conversion — FCF is 51.9% of revenue
Interest covered 232.3× by operating earnings
High returns on invested capital (ROIC 18.4%)

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+14.0% YoY
Profitable — makes more than it spends$897M TTM
Profit growing — earnings are higher than last year+36.6% YoY
Generates cash — cash left after running and investing$1.14B TTM
Debt under control — could handle its obligationscurrent ratio 4.84
Established company — not a micro-cap — lower blow-up risk$23.4B market cap
Not printing shares — share count not ballooning — you keep your slice+14.2% shares over ~5y
Proven track record — years of profitability behind it7/7 profitable years
Financially stable — balance sheet not near distressAltman Z 16.2 — safe
Pays a dividend — returns cash to shareholdersyield 0.43%
Valuation not extreme — price not wildly above earningsP/E 29.0

Peer comparisonTradeweb Markets Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
TW this company	$23.4B	29.0	+14.0%	40.7%	Strong
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: TW vs BRK.A · TW vs BRK.B · TW vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 6Buy 10Hold 8

Appendix · Financial records

The full statements behind this CV, FY2019–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.21B · net income $897M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.21B

YoY 14.0%

Net income (TTM)

$897M

Margin 40.7%

Operating margin

43.7%

P/E ratio

29.0

Dividend yield

0.43%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.9	1.1	1.2	1.3	1.7	2.1
Gross profit	0.3	0.4	0.4	0.5	0.7	0.8
Operating income (EBIT)	0.3	0.4	0.4	0.5	0.7	0.8
Net income	0.2	0.2	0.3	0.4	0.5	0.8
EPS (diluted)	0.88	1.09	1.48	1.72	2.33	3.78

Cash flowFree cash flow $1.14B · operating cash flow $1.20B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.14B

Margin 51.9%

Operating cash flow (TTM)

$1.20B

FCF margin

51.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.6	0.6	0.7	0.9	1.2
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.4	0.6	0.6	0.7	0.9	1.1
FCF margin	48.4%	52.1%	51.3%	54.4%	49.6%	54.9%

Balance sheetAssets $8.19B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $8.19B of assets is financed

87%

Liabilities $1.00B — borrowed moneyEquity $6.51B — owners' stake

Altman Z-Score

16.20

Safe zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

232.3x

EBIT ÷ interest expense

ROE

13.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.8	1.0	1.3	1.7	1.3	2.1
Total assets	5.7	6.0	6.3	7.1	7.3	8.2
Total liabilities	0.7	0.7	0.7	1.1	0.9	1.0
Total debt	—	—	—	—	—	—
Equity	4.3	4.6	5.0	5.4	5.8	6.5
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of TW on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $111.08 · market cap $23.4B.