Last 32 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 30.6x, down 43.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 41.7% YoY to 16.7x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 25.98 | 30.64 | 17.80 | 32.26 | 51.55 | 53.79 | 49.59 | 58.33 | 48.18 | 44.14 | 54.10 | 43.59 | 40.76 |
| — | -43.0% | -64.1% | -44.7% | +7.0% | +21.9% | -8.3% | +33.8% | +18.2% | -6.2% | +40.0% | +2.0% | -21.2% | |
| P/S Ratio | 10.20 | 10.16 | 11.08 | 11.73 | 15.34 | 15.65 | 15.18 | 14.81 | 14.06 | 13.68 | 13.13 | 13.04 | 11.75 |
| — | -35.1% | -27.0% | -20.8% | +9.1% | +14.4% | +15.6% | +13.6% | +19.7% | +8.5% | +12.7% | +27.4% | -1.3% | |
| P/B Ratio | 2.94 | 3.43 | 3.21 | 3.44 | 4.68 | 4.87 | 4.40 | 4.23 | 3.67 | 3.68 | 3.28 | 2.95 | 2.55 |
| — | -29.5% | -27.0% | -18.7% | +27.5% | +32.4% | +34.2% | +43.6% | +43.7% | +24.1% | +33.1% | +36.7% | -3.1% | |
| P/FCF | 18.57 | 66.59 | 17.15 | 19.19 | 19.49 | 136.19 | 28.82 | 24.17 | 21.17 | 270.76 | 20.89 | 21.46 | 18.42 |
| — | -51.1% | -40.5% | -20.6% | -7.9% | -49.7% | +38.0% | +12.7% | +14.9% | +253.0% | +18.3% | +38.1% | +0.4% | |
| EV / EBITDA | 17.46 | 16.74 | 18.29 | 20.22 | 28.41 | 28.70 | 26.68 | 29.30 | 24.82 | 24.01 | 23.50 | 22.84 | 20.38 |
| — | -41.7% | -31.4% | -31.0% | +14.5% | +19.5% | +13.6% | +28.3% | +21.8% | +4.8% | +3.2% | +26.4% | -6.6% | |
| EV / EBIT | 22.62 | 19.19 | 11.64 | 20.56 | 32.83 | 34.46 | 31.82 | 36.34 | 28.65 | 27.60 | 33.64 | 27.79 | 25.15 |
| — | -44.3% | -63.4% | -43.4% | +14.6% | +24.9% | -5.4% | +30.7% | +13.9% | -2.6% | +13.9% | +7.1% | -18.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Tradeweb Markets Inc.'s operating margin was 46.5% in Q1 2026, up 2.2 pp QoQ and up 6.5 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 42.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 4.1% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.3% | 68.0% | 69.4% | 67.6% | 66.9% | 65.3% | 67.2% | 64.3% | 66.1% | 65.0% | 66.0% | 64.7% | 66.5% |
| — | +4.1% | +3.4% | +5.0% | +1.2% | +0.5% | +1.8% | -0.5% | -0.6% | -0.4% | +1.1% | +0.7% | +5.6% | |
| Operating Margin | 41.2% | 46.5% | 44.3% | 41.4% | 39.0% | 40.0% | 40.7% | 35.5% | 40.1% | 41.0% | 38.3% | 38.0% | 37.5% |
| — | +16.1% | +8.8% | +16.6% | -2.9% | -2.4% | +6.3% | -6.6% | +7.1% | +10.2% | +22.5% | +6.1% | +4.4% | |
| Net Margin | 39.6% | 33.2% | 62.4% | 36.5% | 30.0% | 29.1% | 30.7% | 25.4% | 29.4% | 30.9% | 24.1% | 30.0% | 28.7% |
| — | +14.1% | +103.2% | +43.8% | +1.8% | -5.7% | +27.1% | -15.5% | +2.7% | +15.7% | -20.5% | +24.8% | +24.7% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 2.8% | 4.6% | 2.7% | 2.3% | 2.3% | 2.2% | 1.8% | 1.9% | 2.1% | 1.5% | 1.7% | 1.6% |
| — | +23.5% | +105.2% | +49.0% | +19.3% | +9.1% | +47.4% | +6.6% | +23.3% | +33.3% | -5.9% | +34.0% | +22.8% | |
| ROA | 10.5% | 2.5% | 4.0% | 2.3% | 2.0% | 2.0% | 1.9% | 1.6% | 1.6% | 1.7% | 1.3% | 1.5% | 1.4% |
| — | +22.8% | +106.2% | +48.4% | +22.7% | +16.2% | +47.9% | +2.7% | +16.1% | +24.2% | -8.2% | +33.2% | +22.8% | |
| ROIC | 9.1% | 2.9% | 2.4% | 2.3% | 2.2% | 2.4% | 2.2% | 1.9% | 2.0% | 2.1% | 1.8% | 1.6% | 1.5% |
| — | +22.8% | +6.4% | +18.7% | +13.8% | +13.0% | +23.4% | +17.8% | +28.7% | +26.8% | +44.8% | +14.1% | +3.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Tradeweb Markets Inc.'s Debt/EBITDA ratio is 0.4x, down from 1.0x last quarter — comfortably within a safe range. The current ratio has weakened 24.2% YoY to 3.64x, tightening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.02 | 0.04 | 0.04 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 |
| — | +296.4% | +593.0% | +760.1% | +6.1% | +21.2% | -32.5% | +19.9% | +11.2% | -11.8% | +64.2% | -27.9% | -26.9% | |
| Debt / EBITDA | 0.25 | 0.41 | 0.96 | 0.99 | 0.12 | 0.12 | 0.14 | 0.13 | 0.13 | 0.11 | 0.26 | 0.13 | 0.14 |
| — | +239.3% | +572.9% | +650.1% | -7.1% | +6.3% | -45.2% | +2.3% | -7.8% | -25.9% | +26.7% | -33.8% | -27.4% | |
| Current Ratio | 4.94 | 3.64 | 4.94 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 |
| — | -24.2% | +22.3% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | |
| Quick Ratio | 4.94 | 3.64 | 4.94 | 4.11 | 2.77 | 4.81 | 4.04 | 3.00 | 3.77 | 3.00 | 3.69 | 8.27 | 6.05 |
| — | -24.2% | +22.3% | +37.3% | -26.4% | +60.3% | +9.5% | -63.8% | -37.7% | -64.3% | -38.7% | +25.3% | -15.6% | |
| Interest Coverage | 606.34 | 486.46 | 1134.28 | 517.51 | 530.28 | 378.49 | 367.92 | 121.11 | 339.49 | 109.86 | — | 303.36 | 281.49 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 32 years · Updated daily
Deep dive into TW consensus models and risk factors.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TW stock.
Tradeweb Markets Inc.'s current P/E is 26.0x. The average P/E over the last 4 quarters is 33.1x. 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 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.