Tradeweb Markets Inc. (TW) 10-Year Financial Performance & Capital Metrics

TW • • Banking & Credit

Financial ServicesCapital MarketsCapital Markets InfrastructureElectronic Trading Platforms

AboutTradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors in 45 markets across 25 currencies. It also offers a range of electronic, voice, and hybrid platforms to approximately 300 dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves a network of approximately 2,500 clients in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. Tradeweb Markets Inc. was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.Show more

Net Interest Income $70M +6.7%
Total Revenue $1.73B +29.0%
Net Income $502M +37.4%
Return on Equity 8.13% +27.9%
Net Interest Margin 0.96% +3.7%
Efficiency Ratio 26.38% -5.3%
ROA 7% +27.8%
Equity / Assets 88.04% +4.8%
Book Value per Share 29.77 +6.7%
Tangible BV/Share 7.78 -16.5%
Debt/Equity 0.01 -32.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 43.0%
✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 26.4% efficiency ratio
✓Well capitalized: 88.0% equity/assets
✓Diversified revenue: 95.7% from non-interest income

✗Weaknesses

✗Weak NIM of 1.0%
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y17.35%

3Y17.04%

TTM-

Profit (Net Income) CAGR

10Y-

5Y43.03%

3Y30.27%

TTM40.44%

EPS CAGR

10Y-

5Y16.09%

3Y29%

TTM39.71%

ROCE

10Y Avg7.19%

5Y Avg7.36%

3Y Avg8.44%

Latest10.21%

Peer Comparison

Electronic Trading Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWTradeweb Markets Inc.	12.13B	104.11	44.49	28.97%	29.06%	9.08%	7.06%	0.01
BGCBGC Group, Inc	3.22B	8.95	35.80	11.45%	5.75%	14.52%	7.57%	1.37
MKTXMarketAxess Holdings Inc.	6.49B	174.66	23.99	8.58%	33.56%	15.79%	5.78%	0.05
DFINDonnelley Financial Solutions, Inc.	1.46B	55.18	18.03	-1.92%	11.82%	7.68%	7.18%	0.33
SNEXStoneX Group Inc.	5.53B	105.89	17.98	32.53%	0.23%	12.87%		7.68
MRXMarex Group plc Ordinary Shares	2.86B	39.94	14.68	23.06%	7.53%	31.07%	39.93%	6.28
VIRTVirtu Financial, Inc.	3.05B	35.88	12.08	25.45%	9.61%	24.84%	17.88%	3.84
HGBLHeritage Global Inc.	49.33M	1.42	10.14	-25.08%	11.42%	4.64%	15.42%	0.04

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-695K	230K	2.51M	2.37M	0	0	11.91M	65.35M	69.76M
NII Growth %	-	1.33%	9.93%	-0.06%	-1%	-	-	4.49%	0.07%
Net Interest Margin %	-	-	-	-	-	-	-	-	-
Interest Income	644K	685K	2.51M	2.37M	0	0	13.71M	67.4M	74.04M
Interest Expense	1.34M	455K	0	0	0	0	1.8M	2.05M	4.28M
Loan Loss Provision	227.25M	248.51M	289.49M	329.46M	349.66M	407.26M	430.62M	458.26M	588.41M
Non-Interest Income+	491.54M	503.76M	655.07M	773.19M	892.66M	1.08B	1.18B	1.27B	1.65B
Non-Interest Income %	-	-	-	-	-	-	-	-	-
Total Revenue+	492.18M	504.45M	657.58M	775.57M	892.66M	1.08B	1.19B	1.34B	1.73B
Revenue Growth %	-	0.02%	0.3%	0.18%	0.15%	0.21%	0.1%	0.13%	0.29%
Non-Interest Expense	170.47M	166.39M	195.82M	256.29M	279.65M	310.36M	343.79M	372.64M	455.23M
Efficiency Ratio	-	-	-	-	-	-	-	-	-
Operating Income+	93.13M	89.09M	172.27M	189.82M	263.36M	358.83M	412.57M	505.27M	678.03M
Operating Margin %	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-	-0.04%	0.93%	0.1%	0.39%	0.36%	0.15%	0.22%	0.34%
Pretax Income+	92.44M	89.78M	174.78M	225.33M	274.46M	369.98M	437.13M	547.98M	754.4M
Pretax Margin %	-	-	-	-	-	-	-	-	-
Income Tax+	-725K	6.13M	15.31M	52.3M	56.07M	96.88M	77.52M	128.48M	184.44M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-
Net Income+	93.16M	83.65M	159.47M	83.77M	166.3M	226.83M	309.34M	364.87M	501.51M
Net Margin %	-	-	-	-	-	-	-	-	-
Net Income Growth %	-	-0.1%	0.91%	-0.47%	0.99%	0.36%	0.36%	0.18%	0.37%
Net Income (Continuing)	93.16M	83.65M	159.47M	173.02M	218.39M	273.11M	359.61M	419.5M	569.96M
EPS (Diluted)+	0.41	0.37	1.29	1.11	0.88	1.09	1.48	1.71	2.34
EPS Growth %	-	-0.1%	2.49%	-0.14%	-0.21%	0.24%	0.36%	0.16%	0.37%
EPS (Basic)	0.41	0.37	1.29	1.17	0.92	1.13	1.50	1.73	2.36
Diluted Shares Outstanding	227.28M	227.28M	123.38M	156.54M	188.22M	207.25M	208.4M	212.67M	214.93M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B	1.34B
Short Term Investments	0	0	0	0	0	0	0	0	0
Total Investments+	969K	375K	3.24M	2.52M	111K	3.31M	20.01M	9.09M	25.89M
Investments Growth %	-	-0.61%	7.65%	-0.22%	-0.96%	28.85%	5.04%	-0.55%	1.85%
Long-Term Investments	969K	375K	3.24M	2.52M	111K	3.31M	20.01M	9.09M	25.89M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-
Goodwill	563.49M	563.42M	2.69B	2.69B	2.69B	2.78B	2.78B	2.82B	3.15B
Intangible Assets	292.85M	263.4M	1.55B	1.45B	1.35B	1.34B	1.21B	1.14B	1.58B
PP&E (Net)	24.83M	27.03M	38.13M	64.91M	63.25M	51.56M	62.35M	58.77M	79.52M
Other Assets	17.18M	18.13M	25.03M	27.24M	82.46M	76.36M	56.98M	61.92M	89.57M
Total Current Assets	415.05M	437.71M	684.51M	594.89M	909.61M	1.12B	1.44B	2.29B	1.69B
Total Non-Current Assets	905.69M	879.18M	4.31B	4.5B	4.77B	4.87B	4.82B	4.77B	5.58B
Total Assets+	1.32B	1.32B	5B	5.1B	5.68B	5.99B	6.26B	7.06B	7.27B
Asset Growth %	-	-0%	2.79%	0.02%	0.11%	0.05%	0.05%	0.13%	0.03%
Return on Assets (ROA)	0.07%	0.06%	0.05%	0.02%	0.03%	0.04%	0.05%	0.05%	0.07%
Accounts Payable	30.49M	31.69M	213.76M	63.29M	42.94M	38.83M	63.77M	409.37M	163.11M
Total Debt+	29.29M	0	0	30.95M	34.46M	24.33M	27.94M	49.08M	35.75M
Net Debt	-295.79M	-353.8M	-411.3M	-430.76M	-757.82M	-948.72M	-1.23B	-1.66B	-1.31B
Long-Term Debt	0	0	0	0	0	0	0	0	0
Short-Term Debt	29.29M	0	0	8.52M	11.61M	0	0	21.61M	0
Other Liabilities	0	0	0	240.82M	404.33M	412.45M	425.72M	457.52M	372.84M
Total Current Liabilities	283.32M	317.12M	391M	217.76M	214.08M	223.45M	238.9M	622.38M	417.63M
Total Non-Current Liabilities	0	0	19.63M	284.83M	446.61M	457.79M	474.92M	505.75M	451.48M
Total Liabilities	283.32M	317.12M	410.63M	502.59M	660.69M	681.24M	713.82M	1.13B	869.11M
Total Equity+	1.02B	986.47M	4.57B	4.59B	5.02B	5.31B	5.55B	5.93B	6.4B
Equity Growth %	-	-0.04%	3.64%	0%	0.09%	0.06%	0.04%	0.07%	0.08%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.08%	0.06%	0.02%	0.03%	0.04%	0.06%	0.06%	0.08%
Book Value per Share	4.51	4.34	37.06	29.34	26.67	25.62	26.61	27.89	29.77
Tangible BV per Share	-	-	-	-	-	-	-	-	-
Common Stock	1.04B	999.74M	4.57B	3K	2K	2K	2K	2K	2K
Additional Paid-in Capital	0	0	0	3.33B	4.14B	4.4B	4.58B	4.74B	4.81B
Retained Earnings	0	0	0	47.83M	156.04M	242.62M	386.63M	640.38M	996.76M
Accumulated OCI	-16.15M	-13.27M	-866K	1.37M	4.31M	1.6M	-10.11M	-5.39M	-9.98M
Treasury Stock	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	171.84M	224.58M	277.38M	311M	443.23M	578.02M	632.82M	746.09M	897.74M
Operating CF Growth %	-	0.31%	0.24%	0.12%	0.43%	0.3%	0.09%	0.18%	0.2%
Net Income	93.16M	83.65M	159.47M	173.02M	218.39M	273.11M	359.61M	419.5M	569.96M
Depreciation & Amortization	80.86M	68.61M	81.83M	139.33M	153.79M	171.31M	178.88M	185.35M	220M
Deferred Taxes	-6.32M	-950K	3.57M	-18.11M	53.76M	72.66M	39.21M	99.41M	24.58M
Other Non-Cash Items	26.22M	58.52M	21.1M	0	0	0	1M	13.12M	1.11M
Working Capital Changes	-22.08M	14.75M	11.42M	-33.06M	-22M	9M	-12.52M	-36.43M	-7.57M
Cash from Investing+	-50.56M	-45.55M	-42.1M	-44.46M	-62.54M	-259.11M	-60.1M	-132.76M	-969.19M
Purchase of Investments	0	-5M	0	0	-20M	0	0	-1.29M	0
Sale/Maturity of Investments	0	1000K	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-
Acquisitions	-15.22M	66K	0	0	-20M	-207.76M	0	-69.71M	-860.13M
Other Investing	-25.35M	-27.16M	-26.68M	-28.68M	-11.05M	-34.47M	-36.88M	-43.23M	-68.1M
Cash from Financing+	-130.52M	-153.46M	-175.35M	-218.14M	-52.69M	-136.1M	-276.7M	-168.17M	-290.26M
Dividends Paid	-130M	-152M	-175.35M	-155.94M	-58.09M	-64.57M	-66.01M	-75.91M	-85.23M
Share Repurchases	-130M	-152M	-175.35M	0	0	-75.68M	-99.32M	-35.2M	-59.05M
Stock Issued	0	0	0	1.97B	626.27M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0
Other Financing	-521K	-1.46M	0	-2.03B	-620.87M	4.15M	-111.37M	-57.06M	-145.98M
Net Change in Cash+	-15.44M	28.72M	57.51M	50.41M	330.57M	180.77M	285.18M	449.24M	-366.17M
Exchange Rate Effect	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	340.51M	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B
Cash at End	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B	1.34B
Interest Paid	1.34M	455K	0	0	0	0	1.47M	1.3M	2.57M
Income Taxes Paid	6.74M	6.31M	8.16M	43.84M	19.11M	3.88M	13.2M	28.64M	152.01M
Free Cash Flow+	136.5M	183.96M	235.29M	266.54M	400.7M	526.67M	572.73M	684.33M	856.78M
FCF Growth %	-	0.35%	0.28%	0.13%	0.5%	0.31%	0.09%	0.19%	0.25%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.09%	8.32%	5.74%	1.83%	3.46%	4.39%	5.7%	6.36%	8.13%
Return on Assets (ROA)	7.05%	6.34%	5.05%	1.66%	3.09%	3.89%	5.05%	5.48%	7%
Net Interest Margin	-0.05%	0.02%	0.05%	0.05%	0%	0%	0.19%	0.93%	0.96%
Efficiency Ratio	34.63%	32.99%	29.78%	33.05%	31.33%	28.83%	28.92%	27.85%	26.38%
Equity / Assets	77.59%	74.91%	91.5%	90.14%	88.37%	88.63%	88.6%	84.02%	88.04%
Book Value / Share	4.51	4.34	37.06	29.34	26.67	25.62	26.61	27.89	29.77
NII Growth	-	133.09%	992.61%	-5.57%	-100%	-	-	448.84%	6.75%
Dividend Payout	139.54%	181.71%	109.96%	186.15%	34.93%	28.47%	21.34%	20.8%	17%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Transaction Fee Revenue	-	-	-	-	1.08B	1.42B
Transaction Fee Revenue Growth	-	-	-	-	-	32.01%
Subscription Fee Revenue	138.73M	142.36M	-	-	183.97M	206.66M
Subscription Fee Revenue Growth	-	2.61%	-	-	-	12.33%
Market Data Revenue	55.63M	59.71M	-	-	64.34M	82.14M
Market Data Revenue Growth	-	7.32%	-	-	-	27.68%
Financial Service, Other	-	-	-	-	11.57M	13.6M
Financial Service, Other Growth	-	-	-	-	-	17.56%

Revenue by Geography

	2019	2020	2021	2022	2023	2024
UNITED STATES	-	570.06M	673.22M	760.64M	850.34M	1.06B
UNITED STATES Growth	-	-	18.10%	12.99%	11.79%	24.74%
Non-US	-	322.6M	403.22M	428.14M	487.88M	665.25M
Non-US Growth	-	-	24.99%	6.18%	13.95%	36.36%
U	497.32M	-	-	-	-	-
U Growth	-	-	-	-	-	-
Non Us	278.25M	-	-	-	-	-
Non Us Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Tradeweb Markets Inc. (TW) has a price-to-earnings (P/E) ratio of 44.5x. This suggests investors expect higher future growth.

Growth & Financials

Tradeweb Markets Inc. (TW) grew revenue by 29.0% over the past year. This is strong growth.

Yes, Tradeweb Markets Inc. (TW) is profitable, generating $630.0M in net income for fiscal year 2024 (29.1% net margin).

Dividend & Returns

Yes, Tradeweb Markets Inc. (TW) pays a dividend with a yield of 0.38%. This makes it attractive for income-focused investors.

Tradeweb Markets Inc. (TW) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

Industry Metrics

Tradeweb Markets Inc. (TW) has a net interest margin (NIM) of 1.0%. NIM has been under pressure due to interest rate environment.

Tradeweb Markets Inc. (TW) has an efficiency ratio of 26.4%. This is excellent, indicating strong cost control.

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Tradeweb Markets Inc. (TW) 10-Year Financial Performance & Capital Metrics

TW • • Banking & Credit

Financial ServicesCapital MarketsCapital Markets InfrastructureElectronic Trading Platforms

Net Interest Income $70M +6.7%
Total Revenue $1.73B +29.0%
Net Income $502M +37.4%
Return on Equity 8.13% +27.9%
Net Interest Margin 0.96% +3.7%
Efficiency Ratio 26.38% -5.3%
ROA 7% +27.8%
Equity / Assets 88.04% +4.8%
Book Value per Share 29.77 +6.7%
Tangible BV/Share 7.78 -16.5%
Debt/Equity 0.01 -32.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 43.0%
✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 26.4% efficiency ratio
✓Well capitalized: 88.0% equity/assets
✓Diversified revenue: 95.7% from non-interest income

✗Weaknesses

✗Weak NIM of 1.0%
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y17.35%

3Y17.04%

TTM-

Profit (Net Income) CAGR

10Y-

5Y43.03%

3Y30.27%

TTM40.44%

EPS CAGR

10Y-

5Y16.09%

3Y29%

TTM39.71%

ROCE

10Y Avg7.19%

5Y Avg7.36%

3Y Avg8.44%

Latest10.21%

Peer Comparison

Electronic Trading Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TWTradeweb Markets Inc.	12.13B	104.11	44.49	28.97%	29.06%	9.08%	7.06%	0.01
BGCBGC Group, Inc	3.22B	8.95	35.80	11.45%	5.75%	14.52%	7.57%	1.37
MKTXMarketAxess Holdings Inc.	6.49B	174.66	23.99	8.58%	33.56%	15.79%	5.78%	0.05
DFINDonnelley Financial Solutions, Inc.	1.46B	55.18	18.03	-1.92%	11.82%	7.68%	7.18%	0.33
SNEXStoneX Group Inc.	5.53B	105.89	17.98	32.53%	0.23%	12.87%		7.68
MRXMarex Group plc Ordinary Shares	2.86B	39.94	14.68	23.06%	7.53%	31.07%	39.93%	6.28
VIRTVirtu Financial, Inc.	3.05B	35.88	12.08	25.45%	9.61%	24.84%	17.88%	3.84
HGBLHeritage Global Inc.	49.33M	1.42	10.14	-25.08%	11.42%	4.64%	15.42%	0.04

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-695K	230K	2.51M	2.37M	0	0	11.91M	65.35M	69.76M
NII Growth %	-	1.33%	9.93%	-0.06%	-1%	-	-	4.49%	0.07%
Net Interest Margin %	-	-	-	-	-	-	-	-	-
Interest Income	644K	685K	2.51M	2.37M	0	0	13.71M	67.4M	74.04M
Interest Expense	1.34M	455K	0	0	0	0	1.8M	2.05M	4.28M
Loan Loss Provision	227.25M	248.51M	289.49M	329.46M	349.66M	407.26M	430.62M	458.26M	588.41M
Non-Interest Income+	491.54M	503.76M	655.07M	773.19M	892.66M	1.08B	1.18B	1.27B	1.65B
Non-Interest Income %	-	-	-	-	-	-	-	-	-
Total Revenue+	492.18M	504.45M	657.58M	775.57M	892.66M	1.08B	1.19B	1.34B	1.73B
Revenue Growth %	-	0.02%	0.3%	0.18%	0.15%	0.21%	0.1%	0.13%	0.29%
Non-Interest Expense	170.47M	166.39M	195.82M	256.29M	279.65M	310.36M	343.79M	372.64M	455.23M
Efficiency Ratio	-	-	-	-	-	-	-	-	-
Operating Income+	93.13M	89.09M	172.27M	189.82M	263.36M	358.83M	412.57M	505.27M	678.03M
Operating Margin %	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-	-0.04%	0.93%	0.1%	0.39%	0.36%	0.15%	0.22%	0.34%
Pretax Income+	92.44M	89.78M	174.78M	225.33M	274.46M	369.98M	437.13M	547.98M	754.4M
Pretax Margin %	-	-	-	-	-	-	-	-	-
Income Tax+	-725K	6.13M	15.31M	52.3M	56.07M	96.88M	77.52M	128.48M	184.44M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-
Net Income+	93.16M	83.65M	159.47M	83.77M	166.3M	226.83M	309.34M	364.87M	501.51M
Net Margin %	-	-	-	-	-	-	-	-	-
Net Income Growth %	-	-0.1%	0.91%	-0.47%	0.99%	0.36%	0.36%	0.18%	0.37%
Net Income (Continuing)	93.16M	83.65M	159.47M	173.02M	218.39M	273.11M	359.61M	419.5M	569.96M
EPS (Diluted)+	0.41	0.37	1.29	1.11	0.88	1.09	1.48	1.71	2.34
EPS Growth %	-	-0.1%	2.49%	-0.14%	-0.21%	0.24%	0.36%	0.16%	0.37%
EPS (Basic)	0.41	0.37	1.29	1.17	0.92	1.13	1.50	1.73	2.36
Diluted Shares Outstanding	227.28M	227.28M	123.38M	156.54M	188.22M	207.25M	208.4M	212.67M	214.93M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B	1.34B
Short Term Investments	0	0	0	0	0	0	0	0	0
Total Investments+	969K	375K	3.24M	2.52M	111K	3.31M	20.01M	9.09M	25.89M
Investments Growth %	-	-0.61%	7.65%	-0.22%	-0.96%	28.85%	5.04%	-0.55%	1.85%
Long-Term Investments	969K	375K	3.24M	2.52M	111K	3.31M	20.01M	9.09M	25.89M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-
Goodwill	563.49M	563.42M	2.69B	2.69B	2.69B	2.78B	2.78B	2.82B	3.15B
Intangible Assets	292.85M	263.4M	1.55B	1.45B	1.35B	1.34B	1.21B	1.14B	1.58B
PP&E (Net)	24.83M	27.03M	38.13M	64.91M	63.25M	51.56M	62.35M	58.77M	79.52M
Other Assets	17.18M	18.13M	25.03M	27.24M	82.46M	76.36M	56.98M	61.92M	89.57M
Total Current Assets	415.05M	437.71M	684.51M	594.89M	909.61M	1.12B	1.44B	2.29B	1.69B
Total Non-Current Assets	905.69M	879.18M	4.31B	4.5B	4.77B	4.87B	4.82B	4.77B	5.58B
Total Assets+	1.32B	1.32B	5B	5.1B	5.68B	5.99B	6.26B	7.06B	7.27B
Asset Growth %	-	-0%	2.79%	0.02%	0.11%	0.05%	0.05%	0.13%	0.03%
Return on Assets (ROA)	0.07%	0.06%	0.05%	0.02%	0.03%	0.04%	0.05%	0.05%	0.07%
Accounts Payable	30.49M	31.69M	213.76M	63.29M	42.94M	38.83M	63.77M	409.37M	163.11M
Total Debt+	29.29M	0	0	30.95M	34.46M	24.33M	27.94M	49.08M	35.75M
Net Debt	-295.79M	-353.8M	-411.3M	-430.76M	-757.82M	-948.72M	-1.23B	-1.66B	-1.31B
Long-Term Debt	0	0	0	0	0	0	0	0	0
Short-Term Debt	29.29M	0	0	8.52M	11.61M	0	0	21.61M	0
Other Liabilities	0	0	0	240.82M	404.33M	412.45M	425.72M	457.52M	372.84M
Total Current Liabilities	283.32M	317.12M	391M	217.76M	214.08M	223.45M	238.9M	622.38M	417.63M
Total Non-Current Liabilities	0	0	19.63M	284.83M	446.61M	457.79M	474.92M	505.75M	451.48M
Total Liabilities	283.32M	317.12M	410.63M	502.59M	660.69M	681.24M	713.82M	1.13B	869.11M
Total Equity+	1.02B	986.47M	4.57B	4.59B	5.02B	5.31B	5.55B	5.93B	6.4B
Equity Growth %	-	-0.04%	3.64%	0%	0.09%	0.06%	0.04%	0.07%	0.08%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.08%	0.06%	0.02%	0.03%	0.04%	0.06%	0.06%	0.08%
Book Value per Share	4.51	4.34	37.06	29.34	26.67	25.62	26.61	27.89	29.77
Tangible BV per Share	-	-	-	-	-	-	-	-	-
Common Stock	1.04B	999.74M	4.57B	3K	2K	2K	2K	2K	2K
Additional Paid-in Capital	0	0	0	3.33B	4.14B	4.4B	4.58B	4.74B	4.81B
Retained Earnings	0	0	0	47.83M	156.04M	242.62M	386.63M	640.38M	996.76M
Accumulated OCI	-16.15M	-13.27M	-866K	1.37M	4.31M	1.6M	-10.11M	-5.39M	-9.98M
Treasury Stock	0	0	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	171.84M	224.58M	277.38M	311M	443.23M	578.02M	632.82M	746.09M	897.74M
Operating CF Growth %	-	0.31%	0.24%	0.12%	0.43%	0.3%	0.09%	0.18%	0.2%
Net Income	93.16M	83.65M	159.47M	173.02M	218.39M	273.11M	359.61M	419.5M	569.96M
Depreciation & Amortization	80.86M	68.61M	81.83M	139.33M	153.79M	171.31M	178.88M	185.35M	220M
Deferred Taxes	-6.32M	-950K	3.57M	-18.11M	53.76M	72.66M	39.21M	99.41M	24.58M
Other Non-Cash Items	26.22M	58.52M	21.1M	0	0	0	1M	13.12M	1.11M
Working Capital Changes	-22.08M	14.75M	11.42M	-33.06M	-22M	9M	-12.52M	-36.43M	-7.57M
Cash from Investing+	-50.56M	-45.55M	-42.1M	-44.46M	-62.54M	-259.11M	-60.1M	-132.76M	-969.19M
Purchase of Investments	0	-5M	0	0	-20M	0	0	-1.29M	0
Sale/Maturity of Investments	0	1000K	0	0	0	0	0	0	0
Net Investment Activity	-	-	-	-	-	-	-	-	-
Acquisitions	-15.22M	66K	0	0	-20M	-207.76M	0	-69.71M	-860.13M
Other Investing	-25.35M	-27.16M	-26.68M	-28.68M	-11.05M	-34.47M	-36.88M	-43.23M	-68.1M
Cash from Financing+	-130.52M	-153.46M	-175.35M	-218.14M	-52.69M	-136.1M	-276.7M	-168.17M	-290.26M
Dividends Paid	-130M	-152M	-175.35M	-155.94M	-58.09M	-64.57M	-66.01M	-75.91M	-85.23M
Share Repurchases	-130M	-152M	-175.35M	0	0	-75.68M	-99.32M	-35.2M	-59.05M
Stock Issued	0	0	0	1.97B	626.27M	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	0	0	0	0	0	0	0
Other Financing	-521K	-1.46M	0	-2.03B	-620.87M	4.15M	-111.37M	-57.06M	-145.98M
Net Change in Cash+	-15.44M	28.72M	57.51M	50.41M	330.57M	180.77M	285.18M	449.24M	-366.17M
Exchange Rate Effect	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	340.51M	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B
Cash at End	325.07M	353.8M	411.3M	461.71M	792.28M	973.05M	1.26B	1.71B	1.34B
Interest Paid	1.34M	455K	0	0	0	0	1.47M	1.3M	2.57M
Income Taxes Paid	6.74M	6.31M	8.16M	43.84M	19.11M	3.88M	13.2M	28.64M	152.01M
Free Cash Flow+	136.5M	183.96M	235.29M	266.54M	400.7M	526.67M	572.73M	684.33M	856.78M
FCF Growth %	-	0.35%	0.28%	0.13%	0.5%	0.31%	0.09%	0.19%	0.25%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.09%	8.32%	5.74%	1.83%	3.46%	4.39%	5.7%	6.36%	8.13%
Return on Assets (ROA)	7.05%	6.34%	5.05%	1.66%	3.09%	3.89%	5.05%	5.48%	7%
Net Interest Margin	-0.05%	0.02%	0.05%	0.05%	0%	0%	0.19%	0.93%	0.96%
Efficiency Ratio	34.63%	32.99%	29.78%	33.05%	31.33%	28.83%	28.92%	27.85%	26.38%
Equity / Assets	77.59%	74.91%	91.5%	90.14%	88.37%	88.63%	88.6%	84.02%	88.04%
Book Value / Share	4.51	4.34	37.06	29.34	26.67	25.62	26.61	27.89	29.77
NII Growth	-	133.09%	992.61%	-5.57%	-100%	-	-	448.84%	6.75%
Dividend Payout	139.54%	181.71%	109.96%	186.15%	34.93%	28.47%	21.34%	20.8%	17%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Transaction Fee Revenue	-	-	-	-	1.08B	1.42B
Transaction Fee Revenue Growth	-	-	-	-	-	32.01%
Subscription Fee Revenue	138.73M	142.36M	-	-	183.97M	206.66M
Subscription Fee Revenue Growth	-	2.61%	-	-	-	12.33%
Market Data Revenue	55.63M	59.71M	-	-	64.34M	82.14M
Market Data Revenue Growth	-	7.32%	-	-	-	27.68%
Financial Service, Other	-	-	-	-	11.57M	13.6M
Financial Service, Other Growth	-	-	-	-	-	17.56%

Revenue by Geography

	2019	2020	2021	2022	2023	2024
UNITED STATES	-	570.06M	673.22M	760.64M	850.34M	1.06B
UNITED STATES Growth	-	-	18.10%	12.99%	11.79%	24.74%
Non-US	-	322.6M	403.22M	428.14M	487.88M	665.25M
Non-US Growth	-	-	24.99%	6.18%	13.95%	36.36%
U	497.32M	-	-	-	-	-
U Growth	-	-	-	-	-	-
Non Us	278.25M	-	-	-	-	-
Non Us Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Tradeweb Markets Inc. (TW) has a price-to-earnings (P/E) ratio of 44.5x. This suggests investors expect higher future growth.

Growth & Financials

Tradeweb Markets Inc. (TW) grew revenue by 29.0% over the past year. This is strong growth.

Yes, Tradeweb Markets Inc. (TW) is profitable, generating $630.0M in net income for fiscal year 2024 (29.1% net margin).

Dividend & Returns

Yes, Tradeweb Markets Inc. (TW) pays a dividend with a yield of 0.38%. This makes it attractive for income-focused investors.

Tradeweb Markets Inc. (TW) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.

Industry Metrics

Tradeweb Markets Inc. (TW) has a net interest margin (NIM) of 1.0%. NIM has been under pressure due to interest rate environment.

Tradeweb Markets Inc. (TW) has an efficiency ratio of 26.4%. This is excellent, indicating strong cost control.