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TWTradeweb Markets Inc.
$99.74$21.2B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
TW logo

Tradeweb Markets Inc.

TW
NASDAQ · Capital Markets
$99.74
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$21.23B
P/E26.4x
52W High$127.69
Volume1.93M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Fee-Driven Growth Offsets Provision Spike

Tradeweb's asset-light, fee-centric model continues to deliver robust revenue growth, with total revenue up 28.3% year-over-year in 2026Q2, driven by non-interest income which constitutes 96.8% of total revenue. The company's efficiency ratio improved to 23.8%...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsWeak
Explore valuation models
MARKET ACTION

TW price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

In Line

P/E is in line with peer median

03

Market leadership

RS 45 · Lag

Laggard (Underperforming 55% of market)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystEstimated earnings · Oct 30
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth is accelerating, with total revenue up 28.3% year-over-year in 2026Q2, driven by fee income which accounts for 96.8% of total revenue, while the efficiency ratio improved to 23.8%.

Analyst Consensus+35.9% target
Buy(28 analysts)
18 Buy10 Hold0 Sell

The Bull Case

Upside Catalysts

Dominant Electronic Trading Platform

Tradeweb has maintained 26 consecutive years of record annual revenues, underscoring its market leadership. In Q4 2025, total revenues reached $521 million, a 12% year‑over‑year increase, while January revenue grew 17% YoY and adjusted average daily revenues rose 26%.

AI‑Enabled Tools Drive Volume

The adoption of AiEX and Portfolio Trading tools is propelling electronic trading volumes. These platforms enhance execution efficiency and generate higher‑margin revenue streams for the firm.

International Expansion & Multi‑Asset Offerings

Tradeweb is expanding its footprint globally and adding multi‑asset capabilities. This strategy broadens its client base and opens new revenue channels across diverse markets.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
TW-5.69%
S&P 500 (^GSPC)+13.20%
1-Year Return
TW-10.44%
S&P 500 (^GSPC)+15.98%
3-Year Return
TW+23.65%
S&P 500 (^GSPC)+73.21%
5-Year Return
TW+21.81%
S&P 500 (^GSPC)+69.26%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
26.4x
Forward P/EExpansion
24.8x
EV/EBITDA0th %ile
17.7x
FCF YieldCash Flow
5.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
26.4x
53.1x
0th· Low
EV/EBITDA
17.7x
25.6x
0th· Low
Price/FCF
18.8x
28.2x
0th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$49.17-50.7%
Base (Fair)$84.46-18.8%
Bull$65.90-33.9%
$49.17 Bear$84.46 Base$65.90 Bull
Current Market Price: $99.74
Trades at a 18.1% premium to Base DCF ($84.46)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$2.05B+19.1% YoY
Net income
$813M+62.1% YoY
Free cash flow
$1.13B+31.5% YoY
Operating margin
41.2%+1.9 pts YoY
ROIC (TTM)9.1%
Avg ROIC 5Y-
ROE (TTM)12%
Piotroski Score8 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate4/12 (33%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 30, 2026
$0.97+3.1%
vs $0.94
$559M-0.0%
vs $559M
Q2 2026
Apr 29, 2026
$1.08+1.9%
vs $1.06
$618M+0.1%
vs $617M
Q1 2026
Feb 5, 2026
$0.87+2.6%
vs $0.85
$521M+0.8%
vs $517M
Q4 2025
Oct 30, 2025
$0.87+4.9%
vs $0.83
$509M+0.2%
vs $508M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·Sep 9, 2026
Tradeweb Announces Date for Third Quarter 2026 Financial Results

NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, will release financial results for the third quarter of 2026 on Thursday, October 29, 2026, at approximately 7:00 AM EDT. In addition, Tradeweb will host a conference call for investors. WHO: Billy Hult, CEO Sara Furber, CFO Ashley Serrao, Head of Treasury, FP&A and IR   WHAT: A discussion of financial results for the third quarter of 2026 followed by a question-and-ans.

GuruFocus·Sep 9, 2026
Tradeweb Announces Date for Third Quarter 2026 Financial Results

Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, will release financial results for the third quarter of 2026 on

Business Wire·Sep 4, 2026
Tradeweb Reports August 2026 Total Trading Volume of $61.2 Trillion and Average Daily Volume of $2.8 Trillion

NEW YORK--(BUSINESS WIRE)--Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today reported total trading volume for the month of August 2026 of $61.2 trillion (tn). Average daily volume ("ADV") for the month was $2.8tn, an increase of 13.7 percent (%) year-over-year ("YoY"). August 2026 Highlights RATES U.S. government bond ADV was up 28.9% YoY to $282.5 billion (bn). European government bond ADV was up 22.2% YoY to $54.1bn. U.S. government bond AD.

Seeking Alpha·Aug 14, 2026
Tradeweb Exchange-Traded Funds Update - July 2026

Trading activity on the Tradeweb European-listed ETF marketplace reached EUR 77.5 billion in July, an increase of approximately 29% year-over-year. Shares-based products dominated July's top ten, with the iShares Core EURO STOXX 50 UCITS ETF holding on to the top spot for the second consecutive month. Total consolidated U.S. ETF notional value traded in July reached USD 90.6 billion, up 45% year-over-year.

Filtered for Tradeweb Markets Inc.More Headlines
04

Compare before deciding

Benchmark TW against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Tradeweb Markets Inc. (TW)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TW logoTWTradeweb Markets Inc.Current
$99.74$21.23B26.3919.1%39.6%11.96%0.48%
ICE logoICEIntercontinental Exchange, Inc.
$152.93$86.25B26.509.27%30%13.78%—
CME logoCMECME Group Inc.
$267.21$96.08B23.947.06%63.08%15.53%—
MKTX logoMKTXMarketAxess Holdings Inc.
$163.43$5.75B24.543.85%35.23%24.48%—
CBOE logoCBOECboe Global Markets, Inc.
$266.83$27.92B25.6115.31%26.73%25.75%—
NDAQ logoNDAQNasdaq, Inc.
$94.50$52.82B30.589.86%22.6%16.3%—

Compare TW vs Peers

Tradeweb Markets Inc. (TW) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ICE

Most directly comparable listed peer for TW.

Scale Benchmark

vs MS

Larger-name benchmark to compare TW against a more recognizable public peer.

Peer Set

Compare Top 5

vs ICE, CME, MKTX, CBOE

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

TW SEC Filings & Documents

Tradeweb Markets Inc. (TW) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 30, 2026·SEC

Material company update

May 20, 2026·SEC

Material company update

Apr 29, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 5, 2026·SEC

FY 2025

Feb 7, 2025·SEC

FY 2024

Feb 9, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 30, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 30, 2025·SEC

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TW Frequently Asked Questions

Tradeweb Markets Inc. (TW) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Tradeweb Markets Inc. growing?

Tradeweb Markets Inc. (TW) grew revenue by 19.1% over the past year. This is strong growth.

Is TW profitable?

Yes, Tradeweb Markets Inc. (TW) is profitable, generating $897.2M in net income for fiscal year 2025 (39.6% net margin).

Dividend & Returns
Does TW pay dividends?

Yes, Tradeweb Markets Inc. (TW) pays a dividend with a yield of 0.48%. This makes it attractive for income-focused investors.

What is TW's return on equity?

Tradeweb Markets Inc. (TW) has a return on equity (ROE) of 12.0%. This is reasonable for most industries.

Industry Metrics
What is Tradeweb Markets Inc.'s net interest margin?

Tradeweb Markets Inc. (TW) has a net interest margin (NIM) of 0.8%. NIM has been under pressure due to interest rate environment.

What is Tradeweb Markets Inc.'s efficiency ratio?

Tradeweb Markets Inc. (TW) has an efficiency ratio of 26.1%. This is excellent, indicating strong cost control.

What if you invested $1,000 in TW back in 2016?

Total return calculator · dividends reinvested · 10+ years of data

See returns →