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Tradeweb Markets Inc.
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NASDAQ: TW Financials Cap Markets 🔎 Screen
🏹 Trader: 🎯 Near 52W High View all →
$23.4B
Market Cap
28.4
P/E
2.04
PEG
9.5%
ROCE
13.6%
ROE
0.02
D/E
40.6%
OPM
-13.1%
% from 52W High
65
α RS
🔍 TW is showing a multi-screen setup because it matches 11 of 39 tracked screener presets, Sector RRG has Financials in the Improving quadrant with the trail still strengthening, and RS Rating is 65. The main caution: the Steady Dividend preset's Backtest win rate is only 45.9%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG RS Rating Backtest
Sources
Conviction 11/39 · Financials in Improving quadrant · RS Rating 65 · Backtest win rate 45.9%
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🌏 Global Investor Returns
Currency-adjusted total returns for TW including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
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.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding TW
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 408.8K $48.1M 0.08% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$558.9M
+9.0% YoY
Operating Income
$245.3M
+22.7% YoY
Operating Margin
43.9%
+4.9pp YoY
Net Income
$206.7M
+17.8% YoY
What Went Right
  • Revenue reached $558.9M, up 9% YoY — its second-highest quarterly total — with June growth accelerating to >20% YoY.
  • International revenue rose 13.9% to $245.1M and drove 65% of total growth; market data grew 22.6%.
  • U.S. Treasuries institutional share remained above 50% for the 9th straight quarter; global swaps core risk share hit a record, up 207bps YoY.
What to Watch
  • Overall credit growth was soft at +3.3% as retail credit revenue fell 22% and munis remained weak.
  • Wholesale U.S. Treasury revenue declined 1% on streaming softness amid intense competition.
  • Fee per million fell 11.4% in cash credit and 10.3% in long-tenor swaps on mix/duration, and management guided to more muted incremental margin expansion.
Management Guidance
  • Maintained FY2026 adjusted expense guidance toward the top half of $1.1B–$1.16B; expects adjusted EBITDA and operating margin expansion vs 2025.
  • H2 adjusted expense growth should slow relative to prior year; Q2 other revenue is a reasonable run rate with super validator fees expected to moderate.
  • July average daily revenue growth is tracking up low-teens YoY, with preliminary double-digit volume growth across rates, credit and equities.
Investor Lens
The thesis looks stronger after this call: growth is broad-based and durable, international contributed 65% of revenue growth, and share gains were record or near-record in U.S. Treasuries, swaps and credit block trading. The $2.1B cash position and $1B TTM free cash flow give ample room for buybacks and frontier-market optionality. Credit remains the biggest swing factor — strong institutional momentum is offset by retail weakness and fee compression, but management's workflow/data/AI investments appear to be gaining traction. Overall, the multi-asset electronification story remains intact.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG STRONG: $559M Q2 revenue, +9% YoY; June +20%.
Revenue
Second-quarter revenues rose 9.0% to $558.9M (8.3% constant currency), the second-highest quarterly total in company history. Growth was led by rates (+10.2%), equities (+13.5%), market data (+22.6%) and international (+13.9%), while credit was softer at +3.3%.
Profitability
GAAP net income increased 17.8% to $206.7M, with diluted EPS of $0.85; adjusted net income was $228.1M (+10.7%) and adjusted diluted EPS was $0.97 (+11.5%). Net income margin was 37.0%, up 276bps YoY.
Margins
Adjusted EBITDA margin was 54.4%, up 24bps YoY and 43bps versus FY2025. Adjusted expenses rose 9.4% (9.9% constant currency), with tech/communications +38.9% and occupancy +39.1% partly offset by comp +1.6%; reported operating margin was ~43.9%.
Balance Sheet
Cash and equivalents were ~$2.1B; TTM free cash flow exceeded $1B, up ~13% YoY. Repurchases totaled 1.9M shares for $189M, with $334M authorization remaining, and Canton Coin position was valued at ~$230M.
Key Risks
Management flagged retail credit weakness (-22%) and a 1% decline in wholesale U.S. Treasury revenue amid intense competition. Fee per million fell 10.3% in long-tenor swaps and 11.4% in cash credit on mix/duration, and analysts probed the competitive impact of ICE's acquisition of MarketAxess. Incremental margin expansion is expected to be more muted as investment continues.
Outlook
FY2026 adjusted expenses are expected to trend toward the top half of $1.1B–$1.16B; management expects adjusted EBITDA and operating margin expansion vs 2025, with H2 expense growth slowing. July revenue growth is tracking up low-teens YoY, with double-digit volume growth across rates, credit and equities.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 saw 9% year-over-year revenue growth, driven by broad-based gains across asset classes and strong international performance. Adjusted EBITDA margin expanded, and free cash flow exceeded $1 billion. Management remains confident in long-term growth, supported by ongoing investments in technology and electronification.
Q1 2026 Q1 2026 2026-04-29
Record quarterly revenue of $618M, up 21% year-over-year, driven by strong international and swaps growth. Adjusted EBITDA margin expanded, with robust cash flow and ongoing investments in technology, digital assets, and new markets. Free cash flow exceeded $1B.
Q4 2025 Q4 2025 2026-02-05
Record annual revenue surpassed $2 billion, with 19% year-over-year growth and strong Q4 results. Digital asset initiatives, international expansion, and robust segment performance drove margin and EPS gains. 2026 guidance calls for continued investment and margin expansion.
Q3 2025 Q3 2025 2025-10-30
Q3 revenue rose 13% YoY to $509M, with strong international and digital asset growth. Adjusted EBITDA margin expanded, and guidance points to continued tech investment and margin improvement. Renewed LSEG contract and new digital initiatives support future growth.
Q2 2025 Q2 2025 2025-07-30
Record quarterly revenues and double-digit growth were driven by strong client activity, international expansion, and increased electronification. Investments in digital assets, new protocols, and cross-selling initiatives position the business for continued growth amid a constructive market and regulatory environment.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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