(TW) Tradeweb Markets - Overview
Stock: Electronic Marketplaces, Trading Platforms, Market Data, Trade Execution
| Risk 5d forecast | |
|---|---|
| Volatility | 26.0% |
| Relative Tail Risk | -5.79% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.27 |
| Alpha | -14.56 |
| Character TTM | |
|---|---|
| Beta | 0.413 |
| Beta Downside | 0.682 |
| Drawdowns 3y | |
|---|---|
| Max DD | 33.05% |
| CAGR/Max DD | 0.52 |
EPS (Earnings per Share)
Revenue
Description: TW Tradeweb Markets February 11, 2026
Tradeweb Markets Inc. (NASDAQ:TW) operates a suite of electronic marketplaces that enable institutional participants to trade a broad set of asset classes-including rates, credit, equities, and money-market instruments-via a variety-rich execution stack (RFQ, RFS, list trading, CL-OB, etc.) and complementary pre- and post-trade data services such as AI-Price analytics, iNAV for ETFs, and transaction-cost analysis. The platform serves asset managers, hedge funds, banks, dealers, central banks, and corporate treasuries worldwide, positioning Tradeweb as a multi-asset, end-to-end trading infrastructure provider.
In its most recent fiscal year (FY 2025), Tradeweb reported revenue of $2.03 billion, up 11.8% year-over-year, driven by a 14% increase in total trading volume to $2.6 trillion and a 9% rise in client-count to roughly 2,800 institutions. The company’s gross margin expanded to 73.2% as AI-enhanced pricing tools and higher-margin post-trade analytics gained traction. Macro-level drivers include the continued migration from voice to electronic trading in the fixed-income space (estimated 65% of all U.S. Treasury trades now executed electronically) and a low-interest-rate environment that fuels higher turnover in money-market and short-duration credit products. Tradeweb’s exposure to these trends is reflected in its growing share of the U.S. Treasury electronic market, now estimated at 45% of total volume.
For a deeper dive into Tradeweb’s valuation dynamics and how its AI-driven data services may affect future cash flows, consider exploring the analyst framework on ValueRay.
Piotroski VR‑10 (Strict, 0-10) 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 7149 % > 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?
Over the past week, the price has changed by +5.92%, over one month by +10.56%, over three months by +5.66% and over the past year by -8.24%.
Is TW a buy, sell or hold?
- StrongBuy: 6
- Buy: 5
- Hold: 4
- Sell: 1
- StrongSell: 0
What are the forecasts/targets for the TW price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 130.2 | 12.3% |
| Analysts Target Price | 130.2 | 12.3% |
| ValueRay Target Price | 126.8 | 9.3% |
TW Fundamental Data Overview February 13, 2026
P/E Forward = 32.7869
P/S = 12.2553
P/B = 3.7567
P/EG = 2.6273
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 = 23.32b USD (25.13b + Debt 278.3m - CCE 2.09b)
Interest Coverage Ratio = 606.3 (Ebit TTM 1.18b / Interest Expense TTM 1.94m)
EV/FCF = 21.02x (Enterprise Value 23.32b / FCF TTM 1.11b)
FCF Yield = 4.76% (FCF TTM 1.11b / Enterprise Value 23.32b)
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 = 2.85 (Enterprise Value 23.32b / Total Assets 8.19b)
Interest Expense / Debt = 0.14% (Interest Expense 403.0k / 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 = 7.36% (E(25.13b)/V(25.41b) * Re(7.44%) + D(278.3m)/V(25.41b) * Rd(0.14%) * (1-Tc(0.20)))
Discount Rate = 7.44% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 0.21%
[DCF Debug] Terminal Value 82.99% ; FCFF base≈989.4m ; Y1≈1.18b ; Y5≈1.88b
Fair Price DCF = 331.8 (EV 36.56b - Net Debt -1.81b = Equity 38.37b / Shares 115.7m; r=7.36% [WACC]; 5y FCF grow 20.90% → 2.90% )
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 (2026-03-31): EPS=1.00 | Chg30d=+0.049 | Revisions Net=+1 | Analysts=11
EPS current Year (2026-12-31): EPS=3.96 | Chg30d=+0.123 | Revisions Net=+7 | Growth EPS=+14.1% | Growth Revenue=+12.4%
EPS next Year (2027-12-31): EPS=4.45 | Chg30d=+0.178 | Revisions Net=+6 | Growth EPS=+12.3% | Growth Revenue=+10.8%