A Business at a Glance
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Tradeweb Markets Inc.
TW
$21.5B
Mkt Cap
$99.83
-0.02%
Tradeweb Markets Inc. (TW) has a current P/E ratio of 26.4, compared to its historical median P/E of 57.7. The stock is currently considered Cheap based on its historical valuation range.
Tradeweb Markets Inc. (TW) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
Tradeweb Markets Inc. (TW) has a market capitalization of $21.5B. It is classified as a large-cap stock.
Yes, Tradeweb Markets Inc. (TW) pays a dividend with a trailing twelve-month yield of 0.48%. The company also returns capital through share buybacks, with a buyback yield of 0.49%.
Based on historical P/E analysis, Tradeweb Markets Inc. (TW) appears cheap. The current P/E of 26.4 is 54% below its historical median of 57.7. The estimated fair value CAGR (P/E method) is 25.4%.
Tradeweb Markets Inc. (TW) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
Tradeweb Markets Inc. (TW) reported annual revenue of $2.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers and corporations The Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.1B | 2.1B | 1.7B | 1.3B | 1.2B | 1.1B |
| Net Income | 813M | 813M | 502M | 365M | 309M | 227M |
| EPS | $3.78 | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 |
| Free Cash Flow | 1.1B | 1.1B | 857M | 728M | 610M | 561M |
| ROIC | 14.4% | 13.2% | 8.6% | 6.8% | 6.2% | 4.9% |
| Gross Margin | 67.3% | 67.3% | 65.7% | 65.6% | 63.6% | 62.2% |
| Debt/Equity | 0.00 | 0.15 | 0.15 | 0.21 | 0.14 | 0.15 |
| Dividends/Share | $0.48 | $0.48 | $0.40 | $0.36 | $0.32 | $0.32 |
| Operating Income | 835M | 835M | 678M | 505M | 413M | 359M |
| Operating Margin | 40.7% | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% |
| ROE | 12.5% | 13.2% | 8.6% | 6.8% | 6.2% | 4.9% |
| Shares Outstanding | 215M | 215M | 215M | 213M | 209M | 208M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 776M | 893M | 1.1B | 1.2B | 1.3B | 1.7B | 2.1B | 2.1B |
| Gross Margin | 57.5% | 60.8% | 62.2% | 63.6% | 65.6% | 65.7% | 67.3% | 67.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 329M | 350M | 407M | 432M | 460M | 593M | 671M | 671M |
| EBIT | 190M | 263M | 359M | 413M | 505M | 678M | 835M | 835M |
| Op. Margin | 24.5% | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% | 40.7% |
| Net Income | 84M | 166M | 227M | 309M | 365M | 502M | 813M | 813M |
| Net Margin | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% | 39.6% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 2.5% | 3.9% | 4.9% | 6.2% | 6.8% | 8.6% | 13.2% | 14.4% |
| ROE | 2.5% | 3.9% | 4.9% | 6.2% | 6.8% | 8.6% | 13.2% | 12.5% |
| ROA | 1.6% | 2.9% | 3.8% | 4.9% | 5.2% | 6.9% | 10.5% | 9.9% |
| Cash Flow | ||||||||
| Op. Cash Flow | 311M | 443M | 578M | 633M | 746M | 898M | 1.2B | 1.2B |
| Free Cash Flow | 295M | 432M | 561M | 610M | 728M | 857M | 1.1B | 1.1B |
| Owner Earnings | 122M | 250M | 355M | 387M | 496M | 588M | 814M | 814M |
| CapEx | 16M | 11M | 17M | 23M | 19M | 41M | 41M | 41M |
| Maint. CapEx | 139M | 154M | 171M | 179M | 185M | 220M | 250M | 250M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 139M | 154M | 171M | 179M | 185M | 220M | 250M | 250M |
| CapEx/OCF | 5.1% | 2.6% | 2.9% | 3.7% | 2.5% | 4.6% | 3.5% | 3.5% |
| Capital Allocation | ||||||||
| Dividends Paid | 36M | 58M | 65M | 66M | 76M | 85M | 102M | 102M |
| Dividend Yield | 0.6% | 0.6% | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.5% |
| Share Buybacks | 810M | 0 | 76M | 99M | 35M | 59M | 104M | 104M |
| Buyback Yield | N/A | N/A | 0.4% | 0.7% | 0.2% | 0.2% | 0.4% | 0.5% |
| Stock-Based Comp | 50M | 39M | 52M | 67M | 65M | 90M | 104M | 104M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -2.1B |
| Cash & Equiv. | 461M | 791M | 972M | 1.3B | 1.7B | 1.3B | 2.1B | 2.1B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.15 | 0.15 | 0.15 | 0.14 | 0.21 | 0.15 | 0.15 | 0.00 |
| Interest Coverage | N/A | 833.4 | 225.7 | 34.6 | 7.7 | 158.5 | 430.4 | 430.4 |
| Equity | 3.4B | 4.3B | 4.6B | 5.0B | 5.4B | 5.8B | 6.5B | 6.5B |
| Total Assets | 5.1B | 5.7B | 6.0B | 6.3B | 7.1B | 7.3B | 8.2B | 8.2B |
| Total Liabilities | 503M | 661M | 681M | 714M | 1.1B | 869M | 1.0B | 1.0B |
| Intangibles | 1.3B | 1.2B | 1.2B | 1.1B | 1.0B | 1.3B | 1.1B | 1.1B |
| Retained Earnings | 48M | 156M | 243M | 387M | 640M | 997M | 1.6B | 1.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||
| EPS | 0.54 | 0.88 | 1.09 | 1.48 | 1.71 | 2.33 | 3.78 | 3.78 |
| Owner EPS | 0.79 | 1.32 | 1.70 | 1.85 | 2.32 | 2.73 | 3.79 | 3.79 |
| Book Value | 21.78 | 22.77 | 22.32 | 23.70 | 25.18 | 26.95 | 30.27 | 30.27 |
| Cash Flow/Share | 2.00 | 2.35 | 2.78 | 3.03 | 3.50 | 4.17 | 5.43 | 4.94 |
| Dividends/Share | 0.23 | 0.31 | 0.32 | 0.32 | 0.36 | 0.40 | 0.48 | 0.48 |
| Shares Out. | 155.1M | 189.0M | 208.1M | 209.0M | 213.4M | 215.2M | 215.0M | 215.0M |
| Valuation | ||||||||
| P/E Ratio | 84.4 | 69.6 | 92.0 | 43.0 | 52.5 | 57.7 | 28.5 | 26.4 |
| P/FCF | 23.9 | 26.8 | 37.2 | 21.8 | 26.3 | 33.8 | 20.6 | 19.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 23.2 |
| Price/Book | 2.1 | 2.7 | 4.5 | 2.7 | 3.6 | 5.0 | 3.6 | 3.3 |
| Price/Sales | 8.4 | 11.3 | 15.5 | 12.5 | 12.3 | 14.0 | 13.3 | 10.5 |
| FCF Yield | 4.2% | 3.7% | 2.7% | 4.6% | 3.8% | 3.0% | 4.9% | 5.3% |
| Market Cap | 7.1B | 11.6B | 20.9B | 13.3B | 19.1B | 28.9B | 23.2B | 21.5B |
| Avg. Price | 41.78 | 53.37 | 80.35 | 70.94 | 77.18 | 112.17 | 126.88 | 99.83 |
| Year-End Price | 45.55 | 61.24 | 100.32 | 63.64 | 89.72 | 134.42 | 107.80 | 99.83 |
Tradeweb Markets Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Tradeweb Markets Inc. trades at 26.4x trailing earnings, compared to its 15-year median P/E of 57.7x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 10.2x vs a median of 26.3x. The company's 5-year average ROIC is 8.0% with a gross margin of 64.9%. Total shareholder yield (dividends + buybacks) is 1.0%. At current prices, the estimated annualized return to fair value is +25.9%.
Tradeweb Markets Inc. (TW) has a net profit margin of 39.6%. This is a strong margin indicating high profitability.
Tradeweb Markets Inc. (TW) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Tradeweb Markets Inc. (TW) has a debt-to-equity ratio of 0.15. This indicates a conservatively financed balance sheet.
Tradeweb Markets Inc. (TW) reported earnings per share (EPS) of $3.78 in its most recent fiscal year.
Tradeweb Markets Inc. (TW) has a return on equity (ROE) of 13.2%. This indicates moderate shareholder returns.
Tradeweb Markets Inc. (TW) has a 5-year average gross margin of 64.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 7 years of financial data for Tradeweb Markets Inc. (TW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Tradeweb Markets Inc. (TW) has a book value per share of $30.27, based on its most recent annual SEC filing.