10 years of historical data (2016–2025) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Tradeweb Markets Inc. trades at 32.6x earnings, 40% below its 5-year average of 54.7x, sitting at the 14th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 137%. On a free-cash-flow basis, the stock trades at 25.8x P/FCF, 11% below the 5-year average of 28.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.0B | $23.1B | $28.1B | $19.3B | $13.5B | $20.8B | $11.8B | $7.3B | — | — | — |
| Enterprise Value | $27.1B | $21.2B | $26.8B | $17.7B | $12.3B | $19.8B | $11.0B | $6.8B | — | — | — |
| P/E Ratio → | 32.61 | 28.45 | 55.95 | 53.15 | 43.87 | 91.87 | 70.97 | 41.76 | — | — | — |
| P/S Ratio | 14.14 | 11.26 | 16.30 | 14.44 | 11.38 | 19.28 | 13.17 | 9.36 | — | — | — |
| P/B Ratio | 3.68 | 3.21 | 4.40 | 3.26 | 2.44 | 3.91 | 2.34 | 1.58 | — | — | — |
| P/FCF | 25.75 | 20.50 | 32.84 | 28.24 | 23.63 | 39.41 | 29.34 | 27.22 | — | — | — |
| P/OCF | 24.86 | 19.79 | 31.34 | 25.90 | 21.38 | 35.91 | 26.52 | 23.33 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Tradeweb Markets Inc.'s enterprise value stands at 25.1x EBITDA, 6% below its 5-year average of 26.7x. The Financial Services sector median is 11.1x, placing the stock at a 127% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.31 | 15.55 | 13.20 | 10.35 | 18.40 | 12.32 | 8.80 | — | — | — |
| EV / EBITDA | 25.14 | 19.65 | 29.88 | 25.58 | 20.80 | 37.36 | 26.36 | 20.73 | — | — | — |
| EV / EBIT | 32.74 | 17.98 | 35.37 | 35.64 | 28.02 | 53.30 | 40.02 | 30.61 | — | — | — |
| EV / FCF | — | 18.78 | 31.32 | 25.82 | 21.48 | 37.61 | 27.44 | 25.61 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Tradeweb Markets Inc. earns an operating margin of 40.3%, significantly above the Financial Services sector average of 21.9%. Operating margins have expanded from 37.8% to 40.3% over the past 3 years, signaling improving operational efficiency. ROE of 12.0% is modest. ROIC of 9.0% represents adequate returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 66.1% | 65.7% | 65.6% | 63.6% | 62.2% | 60.8% | 57.5% | 56.0% | 50.6% | 53.6% |
| Operating Margin | 40.3% | 40.3% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% | 24.5% | 26.2% | 17.7% | 18.9% |
| Net Profit Margin | 39.6% | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% | 10.8% | 24.3% | 16.6% | 18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 8.1% | 6.4% | 5.7% | 4.4% | 3.5% | 1.8% | 5.7% | 8.3% | 9.1% |
| ROA | 10.5% | 10.5% | 7.0% | 5.5% | 5.1% | 3.9% | 3.1% | 1.7% | 5.1% | 6.3% | 7.1% |
| ROIC | 9.0% | 9.0% | 8.2% | 6.6% | 5.7% | 5.2% | 4.1% | 3.1% | 4.6% | 6.5% | 6.6% |
| ROCE | 11.1% | 11.1% | 10.2% | 8.1% | 7.0% | 6.4% | 5.1% | 4.0% | 6.1% | 8.7% | 9.0% |
Solvency and debt-coverage ratios — lower is generally safer
Tradeweb Markets Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 4.1x). The company holds a net cash position — cash of $2.1B exceeds total debt of $139M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 426.1x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | — | 0.03 |
| Debt / EBITDA | 0.13 | 0.13 | 0.04 | 0.07 | 0.05 | 0.05 | 0.08 | 0.09 | — | — | 0.17 |
| Net Debt / Equity | — | -0.27 | -0.20 | -0.28 | -0.22 | -0.18 | -0.15 | -0.09 | -0.09 | -0.36 | -0.29 |
| Net Debt / EBITDA | -1.81 | -1.81 | -1.45 | -2.40 | -2.08 | -1.79 | -1.82 | -1.31 | -1.62 | -2.24 | -1.70 |
| Debt / FCF | — | -1.73 | -1.52 | -2.42 | -2.15 | -1.80 | -1.89 | -1.62 | -1.75 | -1.92 | -2.17 |
| Interest Coverage | 426.12 | 426.12 | 158.45 | 246.83 | 228.57 | — | — | — | — | 195.81 | 69.55 |
Net cash position: cash ($2.1B) exceeds total debt ($139M)
Short-term solvency ratios and asset-utilisation metrics
Tradeweb Markets Inc.'s current ratio of 13.93x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 3.69x to 13.93x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.93 | 13.93 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Quick Ratio | 13.93 | 13.93 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Cash Ratio | 12.39 | 12.39 | 3.21 | 2.74 | 5.27 | 4.35 | 3.70 | 2.12 | 1.05 | 1.12 | 1.15 |
| Asset Turnover | — | 0.25 | 0.24 | 0.19 | 0.19 | 0.18 | 0.16 | 0.15 | 0.13 | 0.38 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Tradeweb Markets Inc. returns 0.7% to shareholders annually — split between a 0.4% dividend yield and 0.4% buyback yield. The payout ratio of 12.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 0.3% | 0.4% | 0.5% | 0.3% | 0.5% | 2.1% | — | — | — |
| Payout Ratio | 12.6% | 12.6% | 17.0% | 20.8% | 21.3% | 28.5% | 34.9% | 186.2% | 110.0% | 181.7% | 139.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.5% | 1.8% | 1.9% | 2.3% | 1.1% | 1.4% | 2.4% | — | — | — |
| FCF Yield | 3.9% | 4.9% | 3.0% | 3.5% | 4.2% | 2.5% | 3.4% | 3.7% | — | — | — |
| Buyback Yield | 0.4% | 0.5% | 0.2% | 0.2% | 0.7% | 0.4% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.7% | 0.9% | 0.5% | 0.6% | 1.2% | 0.7% | 0.5% | 2.1% | — | — | — |
| Shares Outstanding | — | $215M | $215M | $213M | $208M | $207M | $188M | $157M | $123M | $227M | $227M |
Compare TW with 2 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| TWYou | $29B | 32.6 | 25.1 | 25.8 | 66.1% | 40.3% | 12.0% | 9.0% | 0.1 |
| MKTX | $7B | 26.4 | 15.8 | 19.0 | 68.9% | 41.7% | 20.4% | 18.0% | 0.2 |
| MIAX | $4B | 33.0 | 180.2 | 52.6 | 24.2% | -0.2% | 38.4% | -0.6% | 2.1 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 10 years · Updated daily
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Start ComparisonTradeweb Markets Inc.'s current P/E ratio is 32.6x. The historical average is 55.1x. This places it at the 14th percentile of its historical range.
Tradeweb Markets Inc.'s current EV/EBITDA is 25.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.8x.
Tradeweb Markets Inc.'s return on equity (ROE) is 12.0%. The historical average is 6.5%.
Based on historical data, Tradeweb Markets Inc. is trading at a P/E of 32.6x. This is at the 14th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tradeweb Markets Inc.'s current dividend yield is 0.39% with a payout ratio of 12.6%.
Tradeweb Markets Inc. has 66.1% gross margin and 40.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tradeweb Markets Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.