Latest Ratios: P/E Ratio 26.5x · EV/EBITDA 17.8x · ROE 12.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.3B | $23.1B | $28.1B | $19.3B | $13.5B | $20.8B | $11.8B | $7.3B | — | — | — |
| Enterprise Value | $19.5B | $21.3B | $26.8B | $17.7B | $12.3B | $19.8B | $11.0B | $6.8B | — | — | — |
| P/E Ratio → | 26.52 | 28.45 | 55.95 | 53.15 | 43.87 | 91.87 | 70.97 | 41.76 | — | — | — |
| P/S Ratio | 10.41 | 11.27 | 16.34 | 14.46 | 11.40 | 19.28 | 13.17 | 9.36 | — | — | — |
| P/B Ratio | 3.00 | 3.21 | 4.40 | 3.26 | 2.44 | 3.91 | 2.34 | 1.58 | — | — | — |
| P/FCF | 18.93 | 20.50 | 32.84 | 28.24 | 23.63 | 39.41 | 29.34 | 27.22 | — | — | — |
| P/OCF | 18.27 | 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.39 | 15.59 | 13.22 | 10.36 | 18.40 | 12.32 | 8.80 | — | — | — |
| EV / EBITDA | 17.83 | 19.45 | 29.88 | 25.58 | 20.80 | 37.36 | 26.36 | 20.73 | — | — | — |
| EV / EBIT | 23.11 | 18.10 | 35.37 | 35.64 | 28.02 | 53.30 | 40.02 | 30.61 | — | — | — |
| EV / FCF | — | 18.90 | 31.32 | 25.82 | 21.48 | 37.61 | 27.44 | 25.61 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 67.3% | 67.3% | 65.7% | 65.6% | 63.6% | 62.2% | 60.8% | 57.5% | 56.0% | 50.6% | 53.6% |
| Operating Margin | 41.2% | 41.2% | 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 | 9.1% | 9.1% | 8.2% | 6.6% | 5.7% | 5.2% | 4.1% | 3.1% | 4.6% | 6.5% | 6.6% |
| ROCE | 11.6% | 11.6% | 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | — | 0.03 |
| Debt / EBITDA | 0.25 | 0.25 | 0.04 | 0.07 | 0.05 | 0.05 | 0.08 | 0.09 | — | — | 0.17 |
| Net Debt / Equity | — | -0.25 | -0.20 | -0.28 | -0.22 | -0.18 | -0.15 | -0.09 | -0.09 | -0.36 | -0.29 |
| Net Debt / EBITDA | -1.65 | -1.65 | -1.45 | -2.40 | -2.08 | -1.79 | -1.82 | -1.31 | -1.62 | -2.24 | -1.70 |
| Debt / FCF | — | -1.60 | -1.52 | -2.42 | -2.15 | -1.80 | -1.89 | -1.62 | -1.75 | -1.92 | -2.17 |
| Interest Coverage | 606.34 | 606.34 | 177.30 | 242.18 | 243.18 | — | — | — | — | 195.81 | 70.03 |
Net cash position: cash ($2.1B) exceeds total debt ($278M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.94 | 4.94 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Quick Ratio | 4.94 | 4.94 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Cash Ratio | 4.39 | 4.39 | 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
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 | 0.5% | 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 | 3.8% | 3.5% | 1.8% | 1.9% | 2.3% | 1.1% | 1.4% | 2.4% | — | — | — |
| FCF Yield | 5.3% | 4.9% | 3.0% | 3.5% | 4.2% | 2.5% | 3.4% | 3.7% | — | — | — |
| Buyback Yield | 0.5% | 0.5% | 0.2% | 0.2% | 0.7% | 0.4% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 1.0% | 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 |
Includes 30+ ratios · 10 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying TW stock.
Tradeweb Markets Inc.'s current P/E ratio is 26.5x. The historical average is 55.1x.
Tradeweb Markets Inc.'s current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.7x.
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 26.5x. Compare with industry peers and growth rates for a complete picture.
Tradeweb Markets Inc.'s current dividend yield is 0.48% with a payout ratio of 12.6%.
Tradeweb Markets Inc. has 67.3% gross margin and 41.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tradeweb Markets Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Fee concentration and rate sensitivity
Metrics are mathematically derived from official filings.
Premium Multiple, Fee-Driven Growth
Tradeweb trades at 3.10x book and 27.4x trailing earnings, a premium to peers like ICE and CME, reflecting its asset-light, high-margin franchise. According to recent market data, the forward P/E of 25.75 implies continued double-digit earnings growth.
The P/B of 3.10 is below MarketAxess's 5.16 but above ICE's 2.97, suggesting the market prices Tradeweb as a quality compounder rather than a commodity exchange. The PEG of 0.81 indicates that the current earnings multiple is justified by expected growth, but investors should monitor whether fee-based revenue can sustain this trajectory. The low dividend yield of 0.5% underscores that capital appreciation, not income, is the primary return driver.
Fee Dominance Masks Modest ROE
ROE averaged 2.5% in 2026Q2, far below peers like CME's 15.5%, due to an exceptionally high equity base relative to earnings. As reported in financial statements, non-interest income constitutes 96.8% of revenue, making the DuPont decomposition heavily reliant on asset utilization rather than leverage.
The DuPont breakdown reveals that Tradeweb's ROE is constrained by a high equity-to-assets ratio of 0.89, which limits leverage-driven returns. However, the efficiency ratio of 23.8% indicates strong cost control, and the net margin is effectively driven by fee income, not interest spreads. This suggests that profitability quality is high but structurally different from traditional banks, with growth dependent on trading volumes and market share gains.
Negligible NIM, Superior Efficiency
Net interest margin is a mere 0.2%, confirming that Tradeweb is not a spread lender, while the efficiency ratio improved to 23.8% in 2026Q2 from 28.0% a year earlier. Based on company reports, this operating leverage is a key driver of margin expansion.
The minimal NIM reflects the absence of a loan book and deposit base, making interest income immaterial. Instead, the efficiency ratio is the critical metric, and its improvement indicates that revenue growth is outpacing cost growth. This trend may continue if fixed costs remain stable while transaction volumes rise, but investors should watch for any uptick in technology or compliance expenses that could erode this advantage.
Fortress Balance Sheet, Low Leverage
Equity-to-assets stood at 0.89 in 2026Q2, up from 0.82 a year earlier, indicating a highly capitalized structure with no debt or deposit funding. As per balance sheet data, cash and bank balances of $2.1B provide ample liquidity, but this also depresses ROE.
Tradeweb's capital adequacy is not measured by regulatory ratios like CET1, but the equity buffer is substantial, with tangible book value per share rising to $14.56. The lack of leverage means the company is insulated from funding shocks, but it also implies that capital is not being deployed efficiently to generate returns. This may indicate a conservative capital policy, with room for increased buybacks or dividends if management chooses to optimize capital structure.
Minimal Credit Risk, Conservative Provisions
Tradeweb's loan book is negligible, with no charge-offs reported, yet provisions for loan losses reached $181.3M in 2026Q2, exceeding net income. According to cash flow statements, this conservative provisioning suggests a cautious approach to potential credit events.
The absence of a lending business means traditional asset quality metrics like NPL ratios are not applicable. However, the large provision expense relative to the balance sheet size is puzzling and may indicate a conservative stance or a specific reserve for contingent liabilities. Investors should monitor whether these provisions are released in future periods, as they could boost earnings, or if they signal hidden risks in the fee-based operations.
P/E Misleads Due to Provision Volatility
The most commonly misapplied ratio for Tradeweb is P/E, because its earnings are subject to one-time gains and large provision expenses that distort the multiple. As evidenced by the 2025Q4 earnings spike, a trailing P/E of 27.4 may not reflect sustainable earning power.
Investors should instead focus on P/B and P/TBV, which are more stable for a fee-based financial firm. The P/B of 3.10 is more meaningful, as it reflects the market's valuation of the franchise relative to its tangible assets. Additionally, adjusting for the one-time gain in 2025Q4 and the elevated provisions would provide a clearer picture of normalized earnings. Using forward P/E of 25.75 partially addresses this, but the volatility in non-operating items warrants caution.