Last 34 quarters of trend data · Financial Services · Exchanges & Financial Data
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 29.63 | 26.82 | 29.31 | 30.64 | 17.80 | 32.26 | 51.55 | 53.79 | 49.59 | 58.33 | 48.18 | 44.14 | 54.10 | 43.59 | 40.76 | 47.04 | 38.65 | 42.74 | 51.70 | 54.92 | 108.85 |
| — | -16.9% | -43.1% | -43.0% | -64.1% | -44.7% | +7.0% | +21.9% | -8.3% | +33.8% | +18.2% | -6.2% | +40.0% | +2.0% | -21.2% | -14.4% | -64.5% | -45.0% | -34.0% | -2.0% | +95.2% | |
| P/S Ratio | 11.92 | 9.10 | 9.48 | 10.17 | 11.09 | 11.74 | 15.35 | 15.67 | 15.20 | 14.86 | 14.08 | 13.73 | 13.13 | 13.05 | 11.77 | 12.63 | 11.65 | 10.23 | 11.90 | 14.63 | 18.83 |
| — | -22.5% | -38.3% | -35.1% | -27.1% | -21.0% | +9.0% | +14.1% | +15.8% | +13.8% | +19.7% | +8.8% | +12.7% | +27.6% | -1.1% | -13.7% | -38.1% | -35.4% | -29.2% | +5.5% | +42.2% | |
| P/B Ratio | 3.82 | 2.90 | 2.89 | 3.43 | 3.21 | 3.44 | 4.68 | 4.87 | 4.40 | 4.23 | 3.67 | 3.68 | 3.28 | 2.95 | 2.55 | 2.96 | 2.46 | 2.16 | 2.63 | 3.44 | 3.93 |
| — | -15.7% | -38.2% | -29.5% | -27.0% | -18.7% | +27.5% | +32.4% | +34.2% | +43.6% | +43.7% | +24.1% | +33.1% | +36.7% | -3.1% | -13.9% | -37.3% | -32.7% | -22.0% | +17.3% | +59.7% | |
| P/FCF | 25.61 | 16.71 | 16.15 | 66.59 | 17.98 | 19.19 | 19.49 | 136.19 | 28.82 | 24.17 | 21.17 | 270.76 | 20.89 | 21.46 | 18.42 | 76.70 | 17.66 | 15.53 | 18.34 | 290.87 | 29.66 |
| — | -12.9% | -17.1% | -51.1% | -37.6% | -20.6% | -7.9% | -49.7% | +38.0% | +12.7% | +14.9% | +253.0% | +18.3% | +38.1% | +0.4% | -73.6% | -40.5% | -36.3% | -39.7% | +292.7% | +29.4% | |
| EV / EBITDA | 20.13 | 15.28 | 15.73 | 16.74 | 18.29 | 20.22 | 28.41 | 28.70 | 26.68 | 29.30 | 24.82 | 24.01 | 23.50 | 22.84 | 20.38 | 22.92 | 22.77 | 18.08 | 21.83 | 27.97 | 36.91 |
| — | -24.4% | -44.6% | -41.7% | -31.4% | -31.0% | +14.5% | +19.5% | +13.6% | +28.3% | +21.8% | +4.8% | +3.2% | +26.4% | -6.6% | -18.1% | -38.3% | -41.2% | -35.0% | +8.3% | +41.9% | |
| EV / EBIT | 30.04 | 16.61 | 20.27 | 19.19 | 11.64 | 20.56 | 32.83 | 34.46 | 31.82 | 36.34 | 28.65 | 27.60 | 33.64 | 27.79 | 25.15 | 28.34 | 29.53 | 25.95 | 30.99 | 39.10 | 47.89 |
| — | -19.2% | -38.2% | -44.3% | -63.4% | -43.4% | +14.6% | +24.9% | -5.4% | +30.7% | +13.9% | -2.6% | +13.9% | +7.1% | -18.9% | -27.5% | -38.3% | -44.6% | -38.5% | +6.9% | +37.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.4% | 100.1% | 67.6% | 68.1% | 69.5% | 67.6% | 67.0% | 65.4% | 67.2% | 64.5% | 66.2% | 65.3% | 66.0% | 64.8% | 66.6% | 65.3% | 65.3% | 64.2% | 63.0% | 62.1% | 61.3% |
| — | +48.0% | +0.9% | +4.1% | +3.4% | +4.8% | +1.2% | +0.2% | +1.9% | -0.4% | -0.7% | -0.1% | +1.1% | +0.8% | +5.8% | +5.1% | +6.4% | +1.9% | +1.2% | +0.0% | -2.7% | |
| Operating Margin | 41.2% | 43.4% | 43.8% | 46.5% | 44.3% | 41.4% | 39.0% | 40.1% | 40.7% | 35.6% | 40.2% | 41.2% | 38.3% | 38.0% | 37.5% | 37.3% | 31.2% | 35.8% | 35.9% | 35.8% | 32.9% |
| — | +4.8% | +12.4% | +16.1% | +8.8% | +16.3% | -3.0% | -2.7% | +6.4% | -6.4% | +7.1% | +10.5% | +22.5% | +6.2% | +4.5% | +4.0% | -5.1% | +11.1% | +11.7% | -0.4% | +7.2% | |
| Net Margin | 39.6% | 33.8% | 32.4% | 33.3% | 62.4% | 36.5% | 30.0% | 29.1% | 30.7% | 25.5% | 29.5% | 31.0% | 24.1% | 30.1% | 28.7% | 26.7% | 30.4% | 24.1% | 23.0% | 26.6% | 17.7% |
| — | -7.5% | +8.0% | +14.1% | +103.1% | +43.5% | +1.8% | -6.0% | +27.3% | -15.4% | +2.7% | +16.0% | -20.5% | +25.0% | +24.9% | +0.3% | +71.9% | +16.6% | +8.5% | +7.3% | -25.3% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 2.7% | 2.5% | 2.8% | 4.6% | 2.7% | 2.3% | 2.3% | 2.2% | 1.8% | 1.9% | 2.1% | 1.5% | 1.7% | 1.6% | 1.6% | 1.6% | 1.3% | 1.3% | 1.6% | 0.9% |
| — | -1.0% | +6.8% | +23.5% | +105.2% | +49.0% | +19.3% | +9.1% | +47.4% | +6.6% | +23.3% | +33.3% | -5.9% | +34.0% | +22.8% | +0.7% | +74.6% | +21.7% | +20.1% | +17.4% | -16.7% | |
| ROA | 10.5% | 2.4% | 2.2% | 2.5% | 4.0% | 2.3% | 2.0% | 2.0% | 1.9% | 1.6% | 1.6% | 1.7% | 1.3% | 1.5% | 1.4% | 1.4% | 1.4% | 1.1% | 1.1% | 1.4% | 0.8% |
| — | +2.4% | +9.9% | +22.8% | +106.2% | +48.4% | +22.7% | +16.2% | +47.9% | +2.7% | +16.1% | +24.2% | -8.2% | +33.2% | +22.8% | +1.6% | +75.0% | +22.8% | +20.3% | +17.1% | -16.5% | |
| ROIC | 9.1% | 2.5% | 2.5% | 2.9% | 2.4% | 2.3% | 2.2% | 2.4% | 2.2% | 1.9% | 2.0% | 2.1% | 1.8% | 1.6% | 1.5% | 1.6% | 1.2% | 1.4% | 1.5% | 1.6% | 1.3% |
| — | +12.4% | +9.6% | +22.8% | +6.4% | +18.7% | +13.8% | +13.0% | +23.4% | +17.8% | +28.7% | +26.8% | +44.8% | +14.1% | +3.2% | +4.7% | -3.7% | +16.0% | +23.4% | +8.9% | +19.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 |
| — | -48.0% | +326.4% | +296.4% | +593.0% | +760.1% | +6.1% | +21.2% | -32.5% | +19.9% | +11.2% | -11.8% | +64.2% | -27.9% | -26.9% | -53.5% | +9.9% | +3.1% | +0.7% | +64.0% | -33.3% | |
| Debt / EBITDA | 0.25 | 0.47 | 0.49 | 0.41 | 0.96 | 0.99 | 0.12 | 0.12 | 0.14 | 0.13 | 0.13 | 0.11 | 0.26 | 0.13 | 0.14 | 0.15 | 0.20 | 0.19 | 0.20 | 0.34 | 0.18 |
| — | -52.1% | +298.6% | +239.3% | +572.9% | +650.1% | -7.1% | +6.3% | -45.2% | +2.3% | -7.8% | -25.9% | +26.7% | -33.8% | -27.4% | -54.3% | +13.5% | -5.4% | -13.7% | +50.0% | -41.7% | |
| Current Ratio | 4.94 | 4.56 | 6.05 | 3.64 | 4.94 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 | 8.39 | 6.01 | 6.60 | 7.17 | 4.56 | 5.03 |
| — | +11.0% | +118.1% | -24.2% | +22.3% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | +84.1% | +19.6% | +42.2% | +58.0% | -22.4% | +18.3% | |
| Quick Ratio | 4.94 | 4.56 | 6.05 | 3.64 | 4.94 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 | 8.39 | 6.01 | 6.60 | 7.17 | 4.56 | 5.03 |
| — | +11.0% | +118.1% | -24.2% | +22.3% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | +84.1% | +19.6% | +42.2% | +58.0% | -22.4% | +18.3% | |
| Interest Coverage | 606.34 | 556.56 | 471.26 | 486.46 | 1134.28 | 517.51 | 530.28 | 378.49 | 367.92 | 121.11 | 339.49 | 109.86 | — | 303.36 | 281.49 | 302.55 | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 34 years · Updated daily
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Quick answers to the most common questions about buying TW stock.
Tradeweb Markets Inc.'s current P/E is 29.6x. The average P/E over the last 4 quarters is 26.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Tradeweb Markets Inc.'s current operating margin is 41.2%. Margins have been compressing 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.