Symbols / TW Stock $112.36 +0.83% Tradeweb Markets Inc.

Financial Services • Capital Markets • United States • NMS
TW (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Capital Markets
CEO Mr. William E. Hult
Exch · Country NMS · United States
Market Cap 24.50B
Enterprise Value 22.78B
Income 812.16M
Sales 2.05B
FCF (ttm) —
Book/sh 30.63
Cash/sh 8.97
Employees 1,569
Insider 10d —
IPO Apr 04, 2019
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 12.70%
P/E 29.72
Forward P/E 24.55
PEG 2.69
P/S 11.95
P/B 3.67
P/C —
EV/EBITDA —
EV/Sales 11.11
Quick Ratio 4.73
Current Ratio 4.84
Debt/Eq 2.12
LT Debt/Eq —
EPS (ttm) 3.78
EPS next Y 4.58
EPS Growth 128.80%
Revenue Growth 12.50%
EPS Gr Q/Q 128.50%
Rev Gr Q/Q —
Earnings (next) 2026-04-29
Earnings (prior) 2026-02-05
ROA 11.92%
ROE 13.56%
ROIC —
Gross Margin 93.74%
Oper. Margin 42.36%
Profit Margin 39.64%
Shs Outstand 116.04M
Shs Float 115.53M
Insider Own 0.25%
Instit Own 103.33%
Short Float 1.82%
Short Ratio 1.63
Short Interest 2.11M
52W High 149.25
vs 52W High -24.72%
52W Low 97.06
vs 52W Low 15.77%
Beta 0.78
Impl. Vol. 1.56%
Rel Volume 1.11
Avg Volume 1.51M
Volume 1.69M
Target (mean) $135.21
Tgt Median $128.50
Tgt Low $112.00
Tgt High $197.00
# Analysts 14
Recom Buy
Prev Close $111.44
Price $112.36
Change 0.83%
About

Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company offers marketplaces that facilitate trading products across various asset classes, including rates, credit, equities, and money markets. It also provides pre-trade data and analytics, such as AI-Price, SNAP+, iNAV for ETFs, integrations, and LSEG market data; and trade execution comprising request-for-quote, request-for-market, request-for-stream, list trading, compression, blast all-to-all, click-to-trade, portfolio trading, session-based, central limit order book, bilateral firm streams, inventory-based, rematch, voice, futures vs. cash spreading, and dealer algorithmic suite. In addition, the company offers trade processing; and post-trade data, analytics, and reporting, which include transaction cost analysis, benchmark prices, and APA. It serves institutional, wholesale, retail, and corporate clients, such as asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers, and corporations. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$135.21
Mean price target
2. Current target
$112.36
Latest analyst target
3. DCF / Fair value
$56.70
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$112.36
Low
$112.00
High
$197.00
Mean
$135.21

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-10 main Morgan Stanley Equal-Weight → Equal-Weight $138
2026-04-09 down TD Cowen Buy → Hold $129
2026-04-08 main Barclays Equal-Weight → Equal-Weight $121
2026-02-10 main Morgan Stanley Equal-Weight → Equal-Weight $123
2026-02-06 main JP Morgan Overweight → Overweight $140
2026-02-06 main Piper Sandler Neutral → Neutral $112
2026-01-14 main TD Cowen Buy → Buy $131
2026-01-09 main UBS Buy → Buy $145
2026-01-08 main Barclays Equal-Weight → Equal-Weight $124
2025-12-12 down Barclays Overweight → Equal-Weight $121
2025-10-31 main Barclays Overweight → Overweight $132
2025-10-31 main JP Morgan Overweight → Overweight $135
2025-10-31 main TD Cowen Buy → Buy $140
2025-10-21 main Morgan Stanley Equal-Weight → Equal-Weight $124
2025-10-14 main Raymond James Outperform → Outperform $134
2025-10-07 main UBS Buy → Buy $135
2025-10-06 main Goldman Sachs Neutral → Neutral $119
2025-10-01 main Morgan Stanley Equal-Weight → Equal-Weight $125
2025-09-18 down Rothschild & Co Buy → Neutral $129
2025-09-08 main Citigroup Buy → Buy $150
News
RSS: Latest TW news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-04-15 PETERSON JUSTIN Chief Technology Officer — 21,221 $120.66 $2,560,496
2026-03-23 FURBER SARA Chief Financial Officer — 6,525 $124.86 $816,047
2026-03-23 FRIEDMAN DOUGLAS L Officer — 2,811 $124.86 $351,566
2026-03-20 PETERSON JUSTIN Chief Technology Officer — 1,005 $125.13 $125,761
2026-03-20 DIXON TROY Officer — 2,584 $125.75 $324,938
2026-03-20 CLACK AMY Officer — 271 $125.75 $34,078
2026-03-18 PETERSON JUSTIN Chief Technology Officer — 3,212 $124.76 $400,716
2026-03-17 FURBER SARA Chief Financial Officer — 6 $0.00 $0
2026-03-17 HULT WILLIAM Chief Executive Officer — 17 $0.00 $0
2026-03-17 FRIEDMAN DOUGLAS L Officer — 1 $0.00 $0
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
2,052.43
+18.92%
1,725.95
+28.97%
1,338.22
+12.57%
1,188.78
Operating Revenue
2,027.64
+18.41%
1,712.35
+29.07%
1,326.65
+12.53%
1,178.91
Cost Of Revenue
670.83
+13.18%
592.69
+28.76%
460.31
+6.45%
432.42
Reconciled Cost Of Revenue
670.83
+13.18%
592.69
+28.76%
460.31
+6.45%
432.42
Gross Profit
1,381.60
+21.91%
1,133.26
+29.09%
877.91
+16.07%
756.36
Operating Expense
536.47
+19.88%
447.50
+17.10%
382.16
+15.76%
330.13
Selling General And Administration
296.07
+25.86%
235.23
+25.59%
187.29
+13.58%
164.91
General And Administrative Expense
296.07
+25.86%
235.23
+25.59%
187.29
+13.58%
164.91
Other Gand A
270.12
+25.63%
215.02
+25.47%
171.37
+14.10%
150.18
Total Expenses
1,207.31
+16.07%
1,040.19
+23.47%
842.47
+10.48%
762.55
Operating Income
845.12
+23.24%
685.76
+38.33%
495.75
+16.31%
426.23
Total Operating Income As Reported
835.34
+23.20%
678.03
+34.19%
505.27
+22.47%
412.57
EBITDA
1,427.10
+45.82%
978.68
+33.09%
735.38
+19.03%
617.82
Normalized EBITDA
1,427.10
+45.82%
978.68
+33.09%
735.38
+19.03%
617.82
Reconciled Depreciation
250.19
+13.72%
220.00
+18.69%
185.35
+3.62%
178.88
EBIT
1,176.91
+55.13%
758.68
+37.94%
550.03
+25.31%
438.94
Total Unusual Items
—
—
—
-1.00
Total Unusual Items Excluding Goodwill
—
—
—
-1.00
Net Income
812.79
+62.07%
501.51
+37.45%
364.87
+17.95%
309.34
Pretax Income
1,174.97
+55.75%
754.40
+37.67%
547.98
+25.36%
437.13
Net Non Operating Interest Income Expense
66.47
-4.72%
69.76
+6.75%
65.35
+448.84%
11.91
Interest Expense Non Operating
1.94
-54.64%
4.28
+109.04%
2.05
+13.41%
1.80
Net Interest Income
66.47
-4.72%
69.76
+6.75%
65.35
+448.84%
11.91
Interest Expense
1.94
-54.64%
4.28
+109.04%
2.05
+13.41%
1.80
Interest Income Non Operating
68.41
-7.60%
74.04
+9.85%
67.40
+391.52%
13.71
Interest Income
68.41
-7.60%
74.04
+9.85%
67.40
+391.52%
13.71
Other Income Expense
263.38
+23743.09%
-1.11
+91.51%
-13.12
-1212.20%
-1.00
Other Non Operating Income Expenses
263.38
+23743.09%
-1.11
+91.51%
-13.12
-1212.20%
-1.00
Gain On Sale Of Security
—
—
—
-1.00
Tax Provision
253.47
+37.43%
184.44
+43.56%
128.48
+65.73%
77.52
Tax Rate For Calcs
0.00
-11.48%
0.00
+4.27%
0.00
+32.20%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
921.50
+61.68%
569.96
+35.87%
419.50
+16.65%
359.61
Net Income From Continuing Operation Net Minority Interest
812.79
+62.07%
501.51
+37.45%
364.87
+17.95%
309.34
Net Income From Continuing And Discontinued Operation
812.79
+62.07%
501.51
+37.45%
364.87
+17.95%
309.34
Net Income Continuous Operations
921.50
+61.68%
569.96
+35.87%
419.50
+16.65%
359.61
Minority Interests
-108.71
-58.80%
-68.46
-25.29%
-54.64
-8.68%
-50.27
Normalized Income
812.79
+62.07%
501.51
+37.45%
364.87
+17.95%
309.34
Net Income Common Stockholders
812.16
+62.07%
501.12
+37.52%
364.40
+17.89%
309.09
Otherunder Preferred Stock Dividend
0.64
+63.50%
0.39
-16.70%
0.47
+91.39%
0.24
Diluted EPS
3.78
+62.23%
2.33
+36.26%
1.71
+15.54%
1.48
Basic EPS
3.81
+62.13%
2.35
+35.84%
1.73
+15.33%
1.50
Basic Average Shares
213.21
+0.09%
213.03
+1.06%
210.80
+2.54%
205.58
Diluted Average Shares
214.90
-0.01%
214.92
+1.06%
212.67
+2.05%
208.40
Diluted NI Availto Com Stockholders
812.16
+62.07%
501.12
+37.52%
364.40
+17.89%
309.09
Depreciation Amortization Depletion Income Statement
250.19
+13.72%
220.00
+18.69%
185.35
+3.62%
178.88
Depreciation And Amortization In Income Statement
250.19
+13.72%
220.00
+18.69%
185.35
+3.62%
178.88
Net Income From Tax Loss Carryforward
—
—
—
—
Other Taxes
-9.79
-26.60%
-7.73
-181.22%
9.52
+169.71%
-13.65
Rent And Landing Fees
25.95
+28.37%
20.21
+26.90%
15.93
+8.18%
14.73
Rent Expense Supplemental
25.95
+28.37%
20.21
+26.90%
15.93
+8.18%
14.73
Total Other Finance Cost
—
—
-65.35
-448.84%
-11.91
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
8,189.56
+12.68%
7,267.99
+2.95%
7,059.54
+12.77%
6,260.13
Current Assets
2,418.80
+42.77%
1,694.17
-26.15%
2,294.05
+59.40%
1,439.17
Cash Cash Equivalents And Short Term Investments
2,084.74
+55.54%
1,340.30
-21.46%
1,706.47
+35.73%
1,257.23
Cash And Cash Equivalents
2,084.74
+55.54%
1,340.30
-21.46%
1,706.47
+35.73%
1,257.23
Receivables
274.78
-7.84%
298.17
-45.77%
549.78
+250.10%
157.04
Accounts Receivable
266.48
-8.14%
290.07
-47.22%
549.59
+256.16%
154.31
Gross Accounts Receivable
267.06
-8.07%
290.52
-47.17%
549.87
+256.05%
154.44
Allowance For Doubtful Accounts Receivable
-0.59
-31.32%
-0.45
-57.39%
-0.28
-120.16%
-0.13
Prepaid Assets
58.28
+6.54%
54.70
+48.62%
36.81
+53.96%
23.91
Restricted Cash
1.00
+0.00%
1.00
+0.00%
1.00
+0.00%
1.00
Total Non Current Assets
5,770.76
+3.53%
5,573.82
+16.96%
4,765.49
-1.15%
4,820.96
Net PPE
201.26
+153.08%
79.52
+35.32%
58.77
-5.74%
62.35
Gross PPE
201.26
+153.08%
79.52
+35.32%
58.77
-5.74%
62.35
Machinery Furniture Equipment
78.19
+70.08%
45.97
+36.99%
33.56
-10.30%
37.41
Other Properties
123.06
+266.81%
33.55
+33.10%
25.21
+1.09%
24.93
Goodwill And Other Intangible Assets
4,568.42
-3.37%
4,727.73
+19.64%
3,951.65
-1.08%
3,994.91
Goodwill
3,150.11
+0.00%
3,150.11
+11.88%
2,815.52
+1.27%
2,780.26
Other Intangible Assets
1,418.31
-10.10%
1,577.61
+38.86%
1,136.13
-6.46%
1,214.65
Investments And Advances
292.00
+2505.72%
11.21
—
—
Other Investments
292.00
+2505.72%
11.21
—
—
Non Current Accounts Receivable
—
—
0.19
-92.96%
2.73
Non Current Deferred Assets
568.83
-13.71%
659.20
-3.66%
684.25
-0.75%
689.44
Non Current Deferred Taxes Assets
568.83
-13.71%
659.20
-3.66%
684.25
-0.75%
689.44
Other Non Current Assets
140.25
+45.84%
96.17
+35.79%
70.82
-4.64%
74.26
Total Liabilities Net Minority Interest
1,000.32
+15.10%
869.11
-22.96%
1,128.13
+58.04%
713.82
Current Liabilities
559.97
-1.33%
567.51
-36.52%
893.96
+74.01%
513.74
Payables And Accrued Expenses
530.94
-1.07%
536.71
-38.18%
868.22
+76.86%
490.91
Payables
530.94
-1.07%
536.71
-38.18%
868.22
+76.86%
490.91
Accounts Payable
187.33
+14.85%
163.11
-60.16%
409.37
+606.36%
57.95
Employee Benefits
251.17
+12.65%
222.96
+35.68%
164.33
+8.91%
150.88
Total Tax Payable
336.52
-9.74%
372.84
-18.51%
457.52
+7.47%
425.72
Current Deferred Liabilities
29.03
-5.75%
30.80
+19.63%
25.75
+12.79%
22.83
Current Deferred Revenue
29.03
-5.75%
30.80
+19.63%
25.75
+12.79%
22.83
Total Non Current Liabilities Net Minority Interest
440.35
+46.00%
301.60
+28.79%
234.17
+17.04%
200.08
Long Term Debt And Capital Lease Obligation
139.17
+289.30%
35.75
+30.17%
27.46
-1.72%
27.94
Long Term Capital Lease Obligation
139.17
+289.30%
35.75
+30.17%
27.46
-1.72%
27.94
Non Current Deferred Liabilities
50.01
+16.59%
42.89
+106.54%
20.77
-2.28%
21.25
Non Current Deferred Taxes Liabilities
50.01
+16.59%
42.89
+106.54%
20.77
-2.28%
21.25
Other Non Current Liabilities
—
—
21.61
—
Stockholders Equity
6,507.76
+12.20%
5,800.19
+7.94%
5,373.76
+8.48%
4,953.79
Common Stock Equity
6,507.76
+12.20%
5,800.19
+7.94%
5,373.76
+8.48%
4,953.79
Capital Stock
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Common Stock
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
212.44
-0.22%
212.91
+0.42%
212.02
+2.09%
207.68
Ordinary Shares Number
212.44
-0.22%
212.91
+0.42%
212.02
+2.09%
207.68
Additional Paid In Capital
4,895.81
+1.71%
4,813.41
+1.58%
4,738.76
+3.53%
4,577.27
Retained Earnings
1,601.04
+60.62%
996.76
+55.65%
640.38
+65.63%
386.63
Gains Losses Not Affecting Retained Earnings
10.90
+209.20%
-9.98
-85.21%
-5.39
+46.71%
-10.11
Minority Interest
681.48
+13.83%
598.69
+7.36%
557.65
-5.89%
592.52
Other Equity Adjustments
10.90
+209.20%
-9.98
-85.21%
-5.39
+46.71%
-10.11
Total Equity Gross Minority Interest
7,189.24
+12.35%
6,398.89
+7.88%
5,931.41
+6.94%
5,546.32
Total Capitalization
6,507.76
+12.20%
5,800.19
+7.94%
5,373.76
+8.48%
4,953.79
Working Capital
1,858.83
+64.99%
1,126.66
-19.53%
1,400.09
+51.29%
925.43
Invested Capital
6,507.76
+12.20%
5,800.19
+7.94%
5,373.76
+8.48%
4,953.79
Total Debt
139.17
+289.30%
35.75
+30.17%
27.46
-1.72%
27.94
Capital Lease Obligations
139.17
+289.30%
35.75
+30.17%
27.46
-1.72%
27.94
Net Tangible Assets
1,939.33
+80.83%
1,072.47
-24.59%
1,422.10
+48.31%
958.88
Tangible Book Value
1,939.33
+80.83%
1,072.47
-24.59%
1,422.10
+48.31%
958.88
Duefrom Related Parties Current
8.30
+2.58%
8.09
+4115.63%
0.19
-92.96%
2.73
Duefrom Related Parties Non Current
—
—
0.19
-92.96%
2.73
Dueto Related Parties Current
7.09
+829.23%
0.76
-42.50%
1.33
-81.65%
7.23
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
1,167.65
+30.06%
897.74
+20.33%
746.09
+17.90%
632.82
Cash Flow From Continuing Operating Activities
1,167.65
+30.06%
897.74
+20.33%
746.09
+17.90%
632.82
Net Income From Continuing Operations
921.50
+61.68%
569.96
+35.87%
419.50
+16.65%
359.61
Depreciation Amortization Depletion
250.19
+13.72%
220.00
+18.69%
185.35
+3.62%
178.88
Depreciation And Amortization
250.19
+13.72%
220.00
+18.69%
185.35
+3.62%
178.88
Other Non Cash Items
-263.38
-23743.09%
1.11
-91.51%
13.12
+1212.20%
1.00
Stock Based Compensation
103.54
+15.49%
89.65
+37.65%
65.13
-2.27%
66.64
Deferred Tax
82.53
+235.71%
24.58
-75.27%
99.41
+153.54%
39.21
Deferred Income Tax
82.53
+235.71%
24.58
-75.27%
99.41
+153.54%
39.21
Operating Gains Losses
-10.95
-1543.69%
-0.67
—
1.00
Gain Loss On Investment Securities
—
—
—
1.00
Change In Working Capital
84.22
+1320.21%
-6.90
+81.05%
-36.43
-190.86%
-12.52
Change In Receivables
-6.20
+90.89%
-68.08
-222.94%
-21.08
-22.36%
-17.23
Changes In Account Receivables
-30.06
+32.03%
-44.22
-109.77%
-21.08
-22.36%
-17.23
Change In Prepaid Assets
-3.33
+80.80%
-17.35
-35.57%
-12.80
-255.82%
-3.60
Change In Payables And Accrued Expense
111.83
+29.71%
86.22
+749.34%
10.15
+5.27%
9.64
Change In Accrued Expense
24.69
-56.27%
56.46
+608.93%
7.96
+1542.75%
-0.55
Change In Payable
87.14
+192.84%
29.76
+1260.68%
2.19
-78.55%
10.20
Change In Account Payable
87.14
+192.84%
29.76
+1260.68%
2.19
-78.55%
10.20
Change In Other Working Capital
-1.58
-106.22%
25.36
+183.46%
-30.39
-4006.30%
0.78
Change In Other Current Assets
-16.50
-44.23%
-11.44
-191.94%
-3.92
-84.86%
-2.12
Change In Other Current Liabilities
0.00
+100.00%
-21.61
-200.00%
21.61
0.00
Investing Cash Flow
-126.53
+86.94%
-969.19
-630.00%
-132.76
-120.92%
-60.10
Cash Flow From Continuing Investing Activities
-126.53
+86.94%
-969.19
-630.00%
-132.76
-120.92%
-60.10
Net PPE Purchase And Sale
-40.55
+1.00%
-40.96
-121.06%
-18.53
+20.18%
-23.21
Purchase Of PPE
-40.55
+1.00%
-40.96
-121.06%
-18.53
+20.18%
-23.21
Capital Expenditure
-103.09
-16.01%
-88.87
-43.88%
-61.76
-2.78%
-60.10
Capital Expenditure Reported
-62.54
-30.54%
-47.91
-10.81%
-43.23
-17.23%
-36.88
Net Investment Purchase And Sale
-38.44
-90.34%
-20.20
-1466.72%
-1.29
0.00
Purchase Of Investment
-38.44
-90.34%
-20.20
-1466.72%
-1.29
0.00
Net Business Purchase And Sale
0.00
+100.00%
-860.13
-1133.83%
-69.71
0.00
Purchase Of Business
0.00
+100.00%
-860.13
-1133.83%
-69.71
0.00
Net Other Investing Changes
15.00
—
—
—
Financing Cash Flow
-307.48
-5.93%
-290.26
-72.60%
-168.17
+39.22%
-276.70
Cash Flow From Continuing Financing Activities
-307.48
-5.93%
-290.26
-72.60%
-168.17
+39.22%
-276.70
Net Common Stock Issuance
-104.17
-76.41%
-59.05
-67.74%
-35.20
+64.56%
-99.32
Common Stock Payments
-104.17
-76.41%
-59.05
-67.74%
-35.20
+64.56%
-99.32
Common Stock Dividend Paid
-102.34
-20.08%
-85.23
-12.28%
-75.91
-15.00%
-66.01
Cash Dividends Paid
-102.34
-20.08%
-85.23
-12.28%
-75.91
-15.00%
-66.01
Repurchase Of Capital Stock
-104.17
-76.41%
-59.05
-67.74%
-35.20
+64.56%
-99.32
Proceeds From Stock Option Exercised
0.00
-100.00%
6.74
-55.75%
15.24
+49.54%
10.19
Net Other Financing Charges
-100.96
+33.89%
-152.72
-111.24%
-72.30
+40.53%
-121.56
Changes In Cash
733.64
+302.82%
-361.71
-181.26%
445.15
+50.38%
296.02
Effect Of Exchange Rate Changes
10.80
+342.35%
-4.46
-208.98%
4.09
+137.71%
-10.84
Beginning Cash Position
1,341.30
-21.44%
1,707.47
+35.70%
1,258.23
+29.31%
973.05
End Cash Position
2,085.74
+55.50%
1,341.30
-21.44%
1,707.47
+35.70%
1,258.23
Free Cash Flow
1,064.55
+31.61%
808.87
+18.20%
684.33
+19.49%
572.73
Interest Paid Supplemental Data
2.55
-1.05%
2.57
+97.24%
1.30
-11.22%
1.47
Income Tax Paid Supplemental Data
58.06
-61.80%
152.01
+430.75%
28.64
+117.01%
13.20
Common Stock Issuance
—
—
—
0.00
Issuance Of Capital Stock
—
—
—
0.00
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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