Last 31 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Tradeweb Markets Inc.'s quarterly P/E stands at 17.8x, down 64.1% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 27.4% YoY to 19.4x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 32.61 | 17.80 | 32.26 | 51.55 | 53.79 | 49.59 | 58.33 | 48.18 | 44.14 | 54.10 | 43.59 | 40.76 | 47.04 |
| — | -64.1% | -44.7% | +7.0% | +21.9% | -8.3% | +33.8% | +18.2% | -6.2% | +40.0% | +2.0% | -21.2% | -14.4% | |
| P/S Ratio | 14.14 | 11.08 | 11.73 | 15.34 | 15.65 | 15.18 | 14.81 | 14.06 | 13.68 | 13.13 | 13.04 | 11.75 | 12.61 |
| — | -27.0% | -20.8% | +9.1% | +14.4% | +15.6% | +13.6% | +19.7% | +8.5% | +12.7% | +27.4% | -1.3% | -13.8% | |
| P/B Ratio | 3.68 | 3.21 | 3.44 | 4.68 | 4.87 | 4.40 | 4.23 | 3.67 | 3.68 | 3.28 | 2.95 | 2.55 | 2.96 |
| — | -27.0% | -18.7% | +27.5% | +32.4% | +34.2% | +43.6% | +43.7% | +24.1% | +33.1% | +36.7% | -3.1% | -13.9% | |
| P/FCF | 25.75 | 17.15 | 19.19 | 19.49 | 136.19 | 28.82 | 24.17 | 21.17 | 270.76 | 20.89 | 21.46 | 18.42 | 76.70 |
| — | -40.5% | -20.6% | -7.9% | -49.7% | +38.0% | +12.7% | +14.9% | +253.0% | +18.3% | +38.1% | +0.4% | -73.6% | |
| EV / EBITDA | 25.14 | 19.38 | 20.10 | 28.41 | 28.70 | 26.68 | 29.30 | 24.82 | 24.01 | 23.50 | 22.84 | 20.38 | 22.92 |
| — | -27.4% | -31.4% | +14.5% | +19.5% | +13.6% | +28.3% | +21.8% | +4.8% | +3.2% | +26.4% | -6.6% | -18.1% | |
| EV / EBIT | 32.74 | 11.57 | 20.44 | 32.83 | 34.46 | 31.82 | 36.34 | 28.65 | 27.60 | 33.64 | 27.79 | 25.15 | 28.34 |
| — | -63.7% | -43.8% | +14.6% | +24.9% | -5.4% | +30.7% | +13.9% | -2.6% | +13.9% | +7.1% | -18.9% | -27.5% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tradeweb Markets Inc.'s operating margin was 40.8% in Q4 2025, down 0.5 pp QoQ and up 0.1 pp YoY. Gross margin contracted 4.0% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 64.5% | 67.6% | 66.9% | 65.3% | 67.2% | 64.3% | 66.1% | 65.0% | 66.0% | 64.7% | 66.5% | 65.2% |
| — | -4.0% | +5.0% | +1.2% | +0.5% | +1.8% | -0.5% | -0.6% | -0.4% | +1.1% | +0.7% | +5.6% | +5.0% | |
| Operating Margin | 40.3% | 40.8% | 41.4% | 39.0% | 40.0% | 40.7% | 35.5% | 40.1% | 41.0% | 38.3% | 38.0% | 37.5% | 37.2% |
| — | +0.3% | +16.6% | -2.9% | -2.4% | +6.3% | -6.6% | +7.1% | +10.2% | +22.5% | +6.1% | +4.4% | +3.9% | |
| Net Margin | 39.6% | 62.4% | 36.5% | 30.0% | 29.1% | 30.7% | 25.4% | 29.4% | 30.9% | 24.1% | 30.0% | 28.7% | 26.7% |
| — | +103.2% | +43.8% | +1.8% | -5.7% | +27.1% | -15.5% | +2.7% | +15.7% | -20.5% | +24.8% | +24.7% | +0.2% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 4.6% | 2.7% | 2.3% | 2.3% | 2.2% | 1.8% | 1.9% | 2.1% | 1.5% | 1.7% | 1.6% | 1.6% |
| — | +105.2% | +49.0% | +19.3% | +9.1% | +47.4% | +6.6% | +23.3% | +33.3% | -5.9% | +34.0% | +22.8% | +0.7% | |
| ROA | 10.5% | 4.0% | 2.3% | 2.0% | 2.0% | 1.9% | 1.6% | 1.6% | 1.7% | 1.3% | 1.5% | 1.4% | 1.4% |
| — | +106.2% | +48.4% | +22.7% | +16.2% | +47.9% | +2.7% | +16.1% | +24.2% | -8.2% | +33.2% | +22.8% | +1.6% | |
| ROIC | 9.0% | 2.2% | 2.3% | 2.2% | 2.4% | 2.2% | 1.9% | 2.0% | 2.1% | 1.8% | 1.6% | 1.5% | 1.6% |
| — | -0.1% | +19.8% | +13.8% | +13.0% | +23.4% | +17.8% | +28.7% | +26.8% | +44.8% | +14.1% | +3.2% | +4.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tradeweb Markets Inc.'s Debt/EBITDA ratio is 0.5x, up from 0.5x last quarter — comfortably within a safe range. The current ratio has improved 245.0% YoY to 13.93x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 |
| — | +246.5% | +330.0% | +6.1% | +21.2% | -32.5% | +19.9% | +11.2% | -11.8% | +64.2% | -27.9% | -26.9% | -53.5% | |
| Debt / EBITDA | 0.13 | 0.51 | 0.49 | 0.12 | 0.12 | 0.14 | 0.13 | 0.13 | 0.11 | 0.26 | 0.13 | 0.14 | 0.15 |
| — | +258.7% | +275.1% | -7.1% | +6.3% | -45.2% | +2.3% | -7.8% | -25.9% | +26.7% | -33.8% | -27.4% | -54.3% | |
| Current Ratio | 13.93 | 13.93 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 | 8.39 |
| — | +245.0% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | +84.1% | |
| Quick Ratio | 13.93 | 13.93 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 | 8.39 |
| — | +245.0% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | +84.1% | |
| Interest Coverage | 426.12 | 527.98 | 403.01 | 465.86 | 347.70 | 329.04 | 110.18 | 299.80 | 97.60 | — | 268.83 | 249.11 | 272.98 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 31 years · Updated daily
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Start ComparisonTradeweb Markets Inc.'s current P/E is 32.6x. The average P/E over the last 4 quarters is 38.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tradeweb Markets Inc.'s current operating margin is 40.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Tradeweb Markets Inc.'s business trajectory between earnings reports.