(TW) Tradeweb Markets - Overview

Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 26.861m USD | Total Return: -2.7% in 12m

Trading Platforms, Data, Analytics, Processing
Total Rating 61
Safety 95
Buy Signal 0.40
Capital Markets
Industry Rotation: +19.2
Market Cap: 26.9B
Avg Turnover: 143M USD
ATR: 2.69%
Peers RS (IBD): 67.6
Risk 5d forecast
Volatility26.5%
Rel. Tail Risk-3.94%
Reward TTM
Sharpe Ratio-0.20
Alpha-17.41
Character TTM
Beta0.303
Beta Downside0.277
Drawdowns 3y
Max DD33.05%
CAGR/Max DD0.62
EPS (Earnings per Share) EPS (Earnings per Share) of TW over the last years for every Quarter: "2021-03": 0.43, "2021-06": 0.39, "2021-09": 0.39, "2021-12": 0.42, "2022-03": 0.48, "2022-06": 0.47, "2022-09": 0.45, "2022-12": 0.49, "2023-03": 0.54, "2023-06": 0.52, "2023-09": 0.55, "2023-12": 0.64, "2024-03": 0.71, "2024-06": 0.7, "2024-09": 0.75, "2024-12": 0.76, "2025-03": 0.86, "2025-06": 0.87, "2025-09": 0.87, "2025-12": 0.87,
EPS CAGR: 17.19%
EPS Trend: 97.4%
Last SUE: 3.74
Qual. Beats: 1
Revenue Revenue of TW over the last years for every Quarter: 2021-03: 273.399, 2021-06: 260.84, 2021-09: 265.325, 2021-12: 276.883, 2022-03: 311.486, 2022-06: 297.138, 2022-09: 287.115, 2022-12: 293.042, 2023-03: 329.249, 2023-06: 310.613, 2023-09: 328.357, 2023-12: 370, 2024-03: 408.739, 2024-06: 404.951, 2024-09: 448.915, 2024-12: 463.344, 2025-03: 509.677, 2025-06: 512.971, 2025-09: 508.598, 2025-12: 521.183,
Rev. CAGR: 14.71%
Rev. Trend: 96.2%
Last SUE: -0.86
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: TW Tradeweb Markets

Tradeweb Markets Inc. (NASDAQ: TW) operates global electronic marketplaces that enable trading across rates, credit, equities, and money-market products. Its platform combines pre-trade analytics (AI-Price, SNAP+, iNAV), a suite of execution methods (RFQ, streaming, list trading, algorithmic tools), and post-trade services such as transaction-cost analysis and benchmark pricing, serving a broad client base that includes asset managers, hedge funds, banks, central banks, and corporate treasuries.

In the most recent fiscal year, Tradeweb generated $2.5 billion in revenue, up roughly 15 % year-over-year, and reported an operating margin near 45 %, reflecting strong pricing power in its high-margin data and analytics segments. Fixed-income trading volume on its platforms reached $4.2 trillion, a 12 % increase driven by heightened interest-rate volatility and the ongoing migration of institutional trading to electronic venues. The company’s AI-enhanced pricing tools have seen adoption rise by 30 % YoY, underscoring the sector’s shift toward data-rich, low-latency solutions.

For a deeper, data-driven valuation, you might explore the analysis on ValueRay.

Headlines to Watch Out For
  • Electronic trading volume growth drives transaction fee revenue
  • Interest rate volatility impacts fixed income trading activity
  • Regulatory changes influence market structure and platform adoption
  • Competition from other electronic trading venues pressures market share
Piotroski VR‑10 (Strict) 7.0
Net Income: 812.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.14 > 0.02 and ΔFCF/TA 2.42 > 1.0
NWC/Revenue: 91.01% < 20% (prev 73.49%; Δ 17.52% < -1%)
CFO/TA 0.14 > 3% & CFO 1.17b > Net Income 812.8m
Net Debt (-1.81b) to EBITDA (1.43b): -1.27 < 3
Current Ratio: 4.94 > 1.5 & < 3
Outstanding Shares: last quarter (214.7m) vs 12m ago -0.09% < -2%
Gross Margin: 72.15% > 18% (prev 0.66%; Δ 7.15k% > 0.5%)
Asset Turnover: 26.56% > 50% (prev 23.75%; Δ 2.81% > 0%)
Interest Coverage Ratio: 606.3 > 6 (EBITDA TTM 1.43b / Interest Expense TTM 1.94m)
Altman Z'' 4.85
A: 0.23 (Total Current Assets 2.34b - Total Current Liabilities 474.6m) / Total Assets 8.19b
B: 0.20 (Retained Earnings 1.60b / Total Assets 8.19b)
C: 0.15 (EBIT TTM 1.18b / Avg Total Assets 7.73b)
D: 1.61 (Book Value of Equity 1.61b / Total Liabilities 1.00b)
Altman-Z'' Score: 4.85 = AA
Beneish M -3.28
DSRI: 0.75 (Receivables 257.8m/290.1m, Revenue 2.05b/1.73b)
GMI: 0.91 (GM 72.15% / 65.66%)
AQI: 0.91 (AQ_t 0.69 / AQ_t-1 0.76)
SGI: 1.19 (Revenue 2.05b / 1.73b)
TATA: -0.04 (NI 812.8m - CFO 1.17b) / TA 8.19b)
Beneish M-Score: -3.28 (Cap -4..+1) = AA
What is the price of TW shares? As of April 11, 2026, the stock is trading at USD 121.44 with a total of 1,146,952 shares traded.
Over the past week, the price has changed by -1.72%, over one month by -2.72%, over three months by +15.87% and over the past year by -2.74%.
Is TW a buy, sell or hold? 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
What are the forecasts/targets for the TW price?
Analysts Target Price 131.7 8.4%
Tradeweb Markets (TW) - Fundamental Data Overview as of 06 April 2026
P/E Trailing = 32.5926
P/E Forward = 37.037
P/S = 13.0997
P/B = 4.0311
P/EG = 2.9706
Revenue TTM = 2.05b USD
EBIT TTM = 1.18b USD
EBITDA TTM = 1.43b USD
Long Term Debt = 139.2m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 139.2m USD (from shortTermDebt, last fiscal year)
Debt = 278.3m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -1.81b USD (from netDebt column, last quarter)
Enterprise Value = 25.05b USD (26.86b + Debt 278.3m - CCE 2.09b)
Interest Coverage Ratio = 606.3 (Ebit TTM 1.18b / Interest Expense TTM 1.94m)
EV/FCF = 22.58x (Enterprise Value 25.05b / FCF TTM 1.11b)
FCF Yield = 4.43% (FCF TTM 1.11b / Enterprise Value 25.05b)
FCF Margin = 54.07% (FCF TTM 1.11b / Revenue TTM 2.05b)
Net Margin = 39.60% (Net Income TTM 812.8m / Revenue TTM 2.05b)
Gross Margin = 72.15% ((Revenue TTM 2.05b - Cost of Revenue TTM 571.7m) / Revenue TTM)
Gross Margin QoQ = 88.47% (prev 67.56%)
Tobins Q-Ratio = 3.06 (Enterprise Value 25.05b / Total Assets 8.19b)
Interest Expense / Debt = 0.14% (Interest Expense 403k / Debt 278.3m)
Taxrate = 19.62% (89.6m / 456.7m)
NOPAT = 946.1m (EBIT 1.18b * (1 - 19.62%))
Current Ratio = 4.94 (Total Current Assets 2.34b / Total Current Liabilities 474.6m)
Debt / Equity = 0.04 (Debt 278.3m / totalStockholderEquity, last quarter 6.51b)
Debt / EBITDA = -1.27 (Net Debt -1.81b / EBITDA 1.43b)
Debt / FCF = -1.63 (Net Debt -1.81b / FCF TTM 1.11b)
Total Stockholder Equity = 6.21b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.52% (Net Income 812.8m / Total Assets 8.19b)
RoE = 13.10% (Net Income TTM 812.8m / Total Stockholder Equity 6.21b)
RoCE = 18.55% (EBIT 1.18b / Capital Employed (Equity 6.21b + L.T.Debt 139.2m))
RoIC = 15.24% (NOPAT 946.1m / Invested Capital 6.21b)
WACC = 6.98% (E(26.86b)/V(27.14b) * Re(7.05%) + D(278.3m)/V(27.14b) * Rd(0.14%) * (1-Tc(0.20)))
Discount Rate = 7.05% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 33.33 | Cagr: 0.21%
[DCF] Terminal Value 84.65% ; FCFF base≈989.4m ; Y1≈1.18b ; Y5≈1.88b
[DCF] Fair Price = 369.0 (EV 41.01b - Net Debt -1.81b = Equity 42.82b / Shares 116.0m; r=6.98% [WACC]; 5y FCF grow 20.90% → 3.0% )
EPS Correlation: 97.37 | EPS CAGR: 17.19% | SUE: 3.74 | # QB: 1
Revenue Correlation: 96.23 | Revenue CAGR: 14.71% | SUE: -0.86 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.98 | Chg7d=+0.002 | Chg30d=+0.014 | Revisions Net=+2 | Analysts=11
EPS current Year (2026-12-31): EPS=4.01 | Chg7d=-0.001 | Chg30d=+0.037 | Revisions Net=+1 | Growth EPS=+15.6% | Growth Revenue=+13.2%
EPS next Year (2027-12-31): EPS=4.49 | Chg7d=-0.007 | Chg30d=+0.025 | Revisions Net=+1 | Growth EPS=+11.9% | Growth Revenue=+10.6%
[Analyst] Revisions Ratio: +1.00 (2 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 4.9% (Discount Rate 7.9% - Earnings Yield 3.1%)
[Growth] Growth Spread = +6.3% (Analyst 11.1% - Implied 4.9%)
External Resources
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