(TW) Tradeweb Markets - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 21.857m USD | Total Return: -26.4% in 12m
Avg Turnover: 222M
EPS Trend: 99.1%
Qual. Beats: 4
Rev. Trend: 99.5%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
No distinct edge detected
Tradeweb Markets Inc. (TW) operates electronic marketplaces for trading across four primary asset classes: rates, credit, equities, and money markets. The company provides a comprehensive suite of services spanning the trade lifecycle, including pre-trade data analytics, multiple execution protocols such as request-for-quote (RFQ) and central limit order books, and post-trade reporting and processing.
The business model relies on transaction fees and data services, benefiting from the long-term secular shift of fixed income and derivatives trading from manual voice-based systems to automated electronic platforms. As a provider in the Financial Exchanges & Data sector, Tradeweb serves a diverse client base of institutional, wholesale, and retail participants, including central banks and hedge funds. Investors may find it useful to review ValueRay for deeper insights into the companys valuation metrics.
Headquartered in New York and founded in 1996, Tradeweb functions as a subsidiary of Refinitiv Parent Limited. Its infrastructure integrates proprietary liquidity pools with advanced data tools like AI-Price to facilitate price discovery and regulatory compliance for global financial market participants.
- Rising US Treasury volatility and interest rate uncertainty drive higher trading volumes
- Corporate bond electronification and portfolio trading adoption accelerate credit revenue growth
- Expansion into international rates and emerging markets diversifies geographic revenue streams
- Increased competition from MarketAxess and Bloomberg pressures transaction fee margins
- Regulatory mandates for central clearing and transparency favor electronic marketplace adoption
| Net Income: 869.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 2.32 > 1.0 |
| NWC/Revenue: 83.30% < 20% (prev 78.76%; Δ 4.54% < -1%) |
| CFO/TA 0.15 > 3% & CFO 1.21b > Net Income 869.7m |
| Net Debt (-1.79b) to EBITDA (1.51b): -1.19 < 3 |
| Current Ratio: 3.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (213.3m) vs 12m ago -0.73% < -2% |
| Gross Margin: 67.98% > 18% (prev 65.71%; Δ 2.27% > 0.5%) |
| Asset Turnover: 27.58% > 50% (prev 24.79%; Δ 2.79% > 0%) |
| Interest Coverage Ratio: 636.1 > 6 (EBIT TTM 1.26b / Interest Expense TTM 1.98m) |
| A: 0.22 (Total Current Assets 2.48b - Total Current Liabilities 681.4m) / Total Assets 8.30b |
| B: 0.21 (Retained Earnings 1.73b / Total Assets 8.30b) |
| C: 0.16 (EBIT TTM 1.26b / Avg Total Assets 7.83b) |
| D: 6.71 (Book Value of Equity 6.62b / Total Liabilities 986.1m) |
| Altman-Z'' = 10.23 = AAA |
| DSRI: 1.01 (Receivables 485.5m/407.3m, Revenue 2.16b/1.83b) |
| GMI: 0.97 (GM 65.71% / 67.98%) |
| AQI: 0.91 (AQ_t 0.68 / AQ_t-1 0.74) |
| SGI: 1.18 (Revenue 2.16b / 1.83b) |
| TATA: -0.04 (NI 869.7m - CFO 1.21b) / TA 8.30b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of June 06, 2026, the stock is trading at USD 102.53 with a total of 2,274,591 shares traded.
Over the past week, the price has changed by +2.42%,
over one month by -6.84%,
over three months by -17.52% and
over the past year by -26.35%.
Tradeweb Markets has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy TW.
- StrongBuy: 6
- Buy: 5
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 136.1 | 32.7% |
P/E Trailing = 24.7531
P/E Forward = 30.3951
P/S = 10.1342
P/B = 3.2443
P/EG = 2.0251
Revenue TTM = 2.16b USD
EBIT TTM = 1.26b USD
EBITDA TTM = 1.51b USD
Long Term Debt = unknown (0.0)
Short Term Debt = 142.8m USD (from shortTermDebt, last quarter)
Debt = 142.8m USD (from shortLongTermDebtTotal, last quarter) (leases 142.8m already included)
Net Debt = -1.79b USD (calculated: Debt 142.8m - CCE 1.94b)
Enterprise Value = 20.1b USD (21.9b + Debt 142.8m - CCE 1.94b)
Interest Coverage Ratio = 636.1 (Ebit TTM 1.26b / Interest Expense TTM 1.98m)
EV/FCF = 17.52x (Enterprise Value 20.1b / FCF TTM 1.15b)
FCF Yield = 5.71% (FCF TTM 1.15b / Enterprise Value 20.1b)
FCF Margin = 53.01% (FCF TTM 1.15b / Revenue TTM 2.16b)
Net Margin = 40.25% (Net Income TTM 869.7m / Revenue TTM 2.16b)
Gross Margin = 67.98% ((Revenue TTM 2.16b - Cost of Revenue TTM 691.7m) / Revenue TTM)
Gross Margin QoQ = 67.98% (prev 69.44%)
Tobins Q-Ratio = 2.42 (Enterprise Value 20.1b / Total Assets 8.30b)
Interest Expense / Debt = 1.38% (Interest Expense 1.98m / Debt 142.8m)
Taxrate = 21.49% (270.0m / 1.26b)
NOPAT = 987.9m (EBIT 1.26b * (1 - 21.49%))
Current Ratio = 3.64 (Total Current Assets 2.48b / Total Current Liabilities 681.4m)
Debt / Equity = 0.02 (Debt 142.8m / totalStockholderEquity, last quarter 6.62b)
Debt / EBITDA = -1.19 (Net Debt -1.79b / EBITDA 1.51b)
Debt / FCF = -1.57 (Net Debt -1.79b / FCF TTM 1.15b)
Total Stockholder Equity = 6.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.10% (Net Income 869.7m / Total Assets 8.30b)
RoE = 13.64% (Net Income TTM 869.7m / Total Stockholder Equity 6.38b)
RoCE = 19.73% (EBIT 1.26b / Capital Employed (Equity 6.38b + L.T.Debt 0.0))
RoIC = 12.92% (NOPAT 987.9m / Invested Capital 7.65b)
WACC = 6.27% (E(21.9b)/V(22.0b) * Re(6.30%) + D(142.8m)/V(22.0b) * Rd(1.38%) * (1-Tc(0.21)))
Discount Rate = 6.30% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 77.97% ; FCFF base≈1.03b ; Y1≈1.18b ; Y5≈1.73b
[DCF] Fair Price = 239.9 (EV 26.0b - Net Debt -1.79b = Equity 27.8b / Shares 116.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 99.11 | EPS CAGR: 24.56% | SUE: 4.0 | # QB: 4
Revenue Correlation: 99.52 | Revenue CAGR: 24.45% | SUE: 0.39 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.95 | Chg30d=-3.09% | Revisions=-38% | Analysts=12
EPS next Quarter (2026-09-30): EPS=0.99 | Chg30d=+0.20% | Revisions=+0% | Analysts=12
EPS current Year (2026-12-31): EPS=4.05 | Chg30d=-0.31% | Revisions=+0% | GrowthEPS=+16.7% | GrowthRev=+14.3%
EPS next Year (2027-12-31): EPS=4.57 | Chg30d=-0.07% | Revisions=-7% | GrowthEPS=+12.9% | GrowthRev=+11.1%
[Analyst] Revisions Ratio: -38%