Tradeweb Markets (TW) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Tradeweb Markets

NasdaqGS•Financial Services•Capital Markets

$125.72+1.70(0.01%)Pre-market

Market Cap

$26.45B

P/E

29.1x

P/S

11.6x

P/B

4.0x

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.

How this company scores

ExcellentMetricSide Score: 81/100

Strongest: Growth (23/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability20/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality23/25

Strengths

Strong marginsRising earningsInterest easily coveredCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 29.1x5y range 21.8x – 89.5x

Currently below its 20-quarter median.

P/S · 11.6x5y range 8.9x – 18.8x

Currently near its 20-quarter median.

P/B · 4.0x5y range 2.4x – 5.3x

Currently near its 20-quarter median.

Price & Volume

Market Cap $26.45B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.28B
Q. Revenue: $584.54M
TTM EBITDA: $1.25B
TTM Op. Income: $1.01B
Q. Op. Income: $253.43M
TTM Net Income: $909.05M
Q. Net Income: $197.46M
EPS: $0.94
Shares Out.: $210.41M

$2.28B in TTM revenue grew 14.4% YoY, reaching $584.54M last quarter. TTM EBITDA of $1.25B and TTM operating income of $1.01B show growth is flowing through to the bottom line. TTM net income of $909.05M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 54.0%
Op. Margin: 43.4%
Net Margin: 33.8%

Op. margin of 43.4% is up 2.0% YoY — cost efficiency is improving. Net margin at 33.8% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 29.1x
P/S Ratio: 11.6x
P/B Ratio: 4.0x

At 29.1x P/E, the stock trades within typical market levels. P/S of 11.6x and P/B of 4.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 23% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $8.43B
Cash: $2.11B
Long-Term Debt: N/A
Book Value: $6.62B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $347.32M
TTM Free Cash Flow: $1.15B
FCF Margin: 50.6%
FCF / Net Income: 1.3

TTM FCF of $1.15B on $347.32M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 10% — an improving trend.