Tradeweb Markets Inc.TW
NasdaqGS•Financial Services•Capital Markets
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.
Tradeweb Markets Inc. (TW) reported trailing twelve months revenue of $2.16B as of March 2026, a 18.3% increase year-over-year. Quarterly revenue reached $617.76M, reflecting continued top-line momentum.
Tradeweb Markets Inc. generated $869.69M in TTM net income, with quarterly EBITDA of $347.96M. The operating margin expanded from 40.0% to 46.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (46.5%) and net margin (33.2%) indicates moderate non-operating costs. Net margin has improved from 29.1% a year ago, signaling stronger bottom-line efficiency.
TW trades at a P/E of 28.6x (in line with broad market averages) and a P/S of 11.5x. The price-to-book ratio of 3.8x reflects a moderate premium to book value.
The company generated $94.23M in free cash flow over the trailing twelve months, a 60.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $8.30B in total assets with no in long-term debt against $6.62B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~40.7%, suggesting durable pricing power and cost discipline.
ROE is positive at ~9.7% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~42.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~42.3% — no sign of cost or pricing stress.
FCF covers net income by 1.6x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation