Tradeweb Markets Inc. (TW)

Price$100.61Cached quoteAs of 2026-09-29 22:19 UTC

AI: Fair-priced

Price checkAt roughly twenty-six times recent earnings, the shares look fairly priced rather than clearly cheap.

Using the supplied SEC history, trailing twelve-month diluted earnings are about $4.19 a share, putting the stock at roughly 26 times earnings. Trailing free cash flow—cash left after running the business and capital spending—is about $1.14 billion. Using roughly 211 million Class A and Class B shares that carry the economic ownership, the company trades near 20 times that cash flow; subtracting its $2.06 billion cash balance and no debt lowers the figure to about 18 times. A five-year 8% return with a 22-times exit multiple needs roughly 11.5% annual earnings growth before dividends.

Big pictureRevenue and cash have compounded quickly, but trading activity still moves with market conditions.

From 2020 through 2025, revenue compounded about 18% annually, operating income about 26%, and operating cash flow about 21%. First-half 2026 revenue rose 15% from a year earlier, while trailing free cash flow was about $1.14 billion. That supports unusually durable economics. Still, the pace is not smooth: first-quarter revenue grew 21.2%, then second-quarter growth slowed to 9.0% even though trading volume rose 18.2%. Different products carry different fees, so market activity and trade mix can make revenue growth swing.

Business strengthA debt-free balance sheet and disciplined buybacks soften downside and limit dilution.

At June 2026, Tradeweb held about $2.06 billion of cash, had no outstanding debt, and reported about $0.91 billion of total liabilities. That gives the company real flexibility, although $3.15 billion of goodwill means acquisitions remain a large part of the asset base. During the first half, it spent about $240 million repurchasing shares, versus roughly $55 million of stock-based compensation, meaning employee pay delivered through shares or share-linked awards. Another $334 million of authorization remained. Implied diluted shares stayed near 214 million, slightly below 2025, suggesting buybacks are more than offsetting dilution.

What could change the storySustained high-volume growth would justify the premium; weaker fee mix could erase the margin of safety.

The bull case is that electronic trading adoption keeps compounding: July average daily trading volume rose 23.3%, including 26.1% in U.S. government bonds and 45.3% in longer-dated interest-rate trading. The bear case is conversion: second-quarter revenue grew only 9% on 18.2% volume growth, showing that lower-fee products can dilute the benefit of heavier trading. Technology and communications expense also rose 38.9% year over year in the quarter. Sustained low-double-digit revenue and earnings growth would support today’s multiple; repeated single-digit revenue growth would not.

AI: News

Q2 revenue missProfit beat expectations, but slower revenue growth reset what investors were willing to pay.

On July 30, Tradeweb reported $558.9 million of second-quarter revenue, up 9.0%, and adjusted earnings of $0.97 per share. Revenue was below the roughly $563.6 million average analyst forecast cited by Investing.com, even as adjusted earnings beat expectations. The shares closed 9.6% lower that day. The timing makes the report the clearest explanation for the move, though one-day price action can reflect other trading factors. Investors appeared to punish slower revenue conversion from strong volume growth.

June volume surgeTrading activity accelerated sharply, but the stock’s muted response showed volume alone was not enough.

On July 7, Tradeweb said June average daily trading volume reached $3.2 trillion, up 29.5% from a year earlier, while second-quarter volume rose 18.2%. The shares finished about 2.1% lower that day. That opposite-direction move means the price decline should not be attributed to the volume report alone. Still, the data mattered because it raised the question later confirmed by earnings: rapid volume growth does not always become equally rapid revenue growth when lower-fee products dominate the mix.

July volumes stayed strongStrong July activity eased some growth worries after the earnings selloff, but did not fully answer fee concerns.

On August 6, Tradeweb reported $2.9 trillion of average daily trading volume, up 23.3% year over year. U.S. government bond activity rose 26.1%, European government bonds 20.8%, and longer-dated interest-rate trading 45.3%. The shares gained about 1.0% that day, but that timing is not enough to prove causation. The report was nevertheless constructive because it showed activity remained healthy immediately after a quarter in which investors had questioned whether strong trading volumes would continue to translate into revenue.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2017
Revenue	$2.05B	$1.73B	$1.34B	$1.19B	$1.08B	$892.7M	$775.6M	$563.0M
Operating expenses	$1.22B	$1.05B	$833.0M	$776.2M	$717.6M	$629.3M	$585.7M	—
Operating income	$835.3M	$678.0M	$505.3M	$412.6M	$358.8M	$263.4M	$189.8M	$89.1M
Operating margin	40.70%	39.28%	37.76%	34.71%	33.33%	29.50%	24.47%	15.83%
EBITDA	$1.09B	$898.0M	$690.6M	$591.5M	$530.1M	$417.1M	$329.1M	$157.7M
EBITDA margin	52.89%	52.03%	51.61%	49.75%	49.25%	46.73%	42.44%	28.01%
Net income	$812.8M	$501.5M	$364.9M	$309.3M	$226.8M	$166.3M	$83.8M	$83.6M
Net profit margin	39.60%	29.06%	27.27%	26.02%	21.07%	18.63%	10.80%	14.86%
Basic EPSper basic share	$3.81	$2.35	$1.73	$1.50	$1.13	$0.92	$0.57	—
Diluted EPSper diluted share	$3.78	$2.33	$1.71	$1.48	$1.09	$0.88	$0.54	—

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)44$64.05M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Peterson JustinChief Technology Officer	SellClass A common stock	21.2K	$102.00	$2.16M	15.1K
May 26, 2026Form 4 · 10b5-1	BERNS STEVENDirector	SellClass A common stock	425	$105.26	$44.7K	4.9K
Apr 15, 2026Form 4 · 10b5-1	Peterson JustinChief Technology Officer	SellClass A common stock	21.2K	$120.66	$2.56M	36.3K
Mar 23, 2026Form 4 · 10b5-1	Friedman DouglasChief Legal Officer	SellClass A common stock	592	$124.86	$73.9K	13.9K
Mar 23, 2026Form 4 · 10b5-1	Furber SaraChief Financial Officer	SellClass A common stock	1.6K	$124.86	$201.5K	22.3K

Review ownership filings at SEC.gov ↗

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Tradeweb Markets Inc. (TW)

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