Tradeweb Markets Inc (TW)
NASDAQ:TW
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Tradeweb Markets
(NASDAQ:TW)
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Rating:74Outperform
Price Target:
$126.00
▲(6.47% Upside)
Action:ReiteratedDate:04/29/26
Score is driven primarily by very strong financial performance (high margins, strong cash generation, and minimal leverage) and a solidly positive earnings update (record revenue and margin expansion). These strengths are tempered by weak technical momentum (bearish indicators and price below key moving averages) and a premium valuation with a low dividend yield.
Positive Factors
Multi-asset electronic marketplace & network effects
Tradeweb's core marketplace model is transaction- and subscription-driven across multiple asset classes. Durable network effects (dealers, asset managers, liquidity) make the venue more valuable as volumes grow, supporting sustained fee revenue, client stickiness and competitive defensibility over months to years.
Negative Factors
Moderation in revenue and FCF growth
Revenue and free-cash-flow growth have slowed from prior years' faster pace. A sustained moderation reduces operating leverage and the pace at which cash can be redeployed into growth initiatives or shareholder returns, making margin and EPS upside more dependent on execution and new product adoption.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-asset electronic marketplace & network effects
Tradeweb's core marketplace model is transaction- and subscription-driven across multiple asset classes. Durable network effects (dealers, asset managers, liquidity) make the venue more valuable as volumes grow, supporting sustained fee revenue, client stickiness and competitive defensibility over months to years.
Read all positive factors
Tradeweb Markets (TW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.88B
Dividend Yield0.45%
Average Volume (3M)1.29M
Price to Earnings (P/E)28.2
Beta (1Y)0.41
Revenue Growth18.92%
EPS Growth61.95%
CountryUS
Employees1,412
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)1.08
Shares Outstanding116,035,960
10 Day Avg. Volume1,281,286
30 Day Avg. Volume1,285,110
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)3.52
Price to Sales (P/S)11.17
P/FCF Ratio20.34
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue10.79
Enterprise Value/Gross Profit14.95
Enterprise Value/Ebitda17.43
Forecast
1Y Price Target
$138.82Price Target Upside17.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)4.04
Revenue Forecast (FY)$2.36B
Tradeweb Markets Business Overview & Revenue Model
Company Description
Tradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rates, cred...
How the Company Makes Money
Tradeweb primarily earns revenue by charging fees tied to customer usage of its electronic marketplaces and related services. Its core revenue stream is transaction-based: when clients execute trades on Tradeweb’s platforms, Tradeweb receives fees...
Tradeweb Markets Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call was broadly positive: the company reported a record quarter with strong, broad-based revenue growth across swaps, ETFs, rates, credit and money markets, meaningful international momentum, expanded adjusted EBITDA margins, strong cash generation and continued shareholder returns. Key near-term headwinds include elevated expense growth (including FX and occupancy), variability from digital asset mark-to-market items, some retail/wholesale channel softness, and timing-related Market Data revenue effects. Management reiterated investment for growth while guiding expenses toward the top half of the prior range and expecting margin expansion, indicating confidence in durable long-term growth despite near-term variability.Positive Updates
Record Quarterly Revenue
Tradeweb delivered record revenues of $618 million in Q1 2026, up 21.2% year-over-year on a reported basis and 17.5% on a constant currency basis; first time surpassing $600 million in a quarter.
Negative Updates
Expense Growth and FX Headwinds
Adjusted expenses increased 20.2% on a reported basis (15.3% constant currency). Notable cost increases included technology & communications (+37.7%), occupancy (+61.5%), and adjusted G&A (+85.2%) driven by an $8.1 million unfavorable FX movement; headcount rose 11.4% year-over-year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Tradeweb delivered record revenues of $618 million in Q1 2026, up 21.2% year-over-year on a reported basis and 17.5% on a constant currency basis; first time surpassing $600 million in a quarter.
Read all positive updates
Company Guidance
Tradeweb guided 2026 adjusted expenses to trend toward the top half of its initial $1.10–$1.16 billion range while still expecting adjusted EBITDA and operating margin expansion versus 2025 (though incremental margin improvement may be more muted as it continues to invest in Credit, Rates, international markets, ICD, digital assets and technology); Q1 adjusted EBITDA margin was 55%, up 101 bps versus 2025. The company ended Q1 with approximately $1.9 billion of cash and cash equivalents, trailing‑12‑month free cash flow exceeding $1 billion (up ~31% YoY), holds $1.6 billion of Canton coins (fair value ≈ $243 million), declared a $0.14 quarterly dividend (+17% YoY), repurchased ~483k shares for $51 million and has ~$523 million of repurchase authority remaining, and expects Other revenues in 2026 to be roughly in line with 2025.Tradeweb Markets Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.16B | 2.05B | 1.73B | 1.34B | 1.19B | 1.08B |
| Gross Profit | 1.56B | 1.80B | 1.13B | 877.91M | 756.36M | 669.19M |
| EBITDA | 1.34B | 1.43B | 978.68M | 681.10M | 617.82M | 542.88M |
| Net Income | 869.69M | 812.79M | 501.51M | 364.87M | 309.34M | 226.83M |
Balance Sheet | ||||||
| Total Assets | 8.30B | 8.19B | 7.27B | 7.06B | 6.26B | 5.99B |
| Cash, Cash Equivalents and Short-Term Investments | 1.94B | 2.08B | 1.34B | 1.71B | 1.26B | 973.05M |
| Total Debt | 142.83M | 278.34M | 35.75M | 49.08M | 27.94M | 24.33M |
| Total Liabilities | 986.11M | 1.00B | 869.11M | 1.13B | 713.82M | 681.24M |
| Stockholders Equity | 6.62B | 6.51B | 5.80B | 5.37B | 4.95B | 4.65B |
Cash Flow | ||||||
| Free Cash Flow | 1.15B | 1.13B | 856.78M | 684.33M | 572.73M | 526.67M |
| Operating Cash Flow | 1.21B | 1.17B | 897.74M | 746.09M | 632.82M | 578.02M |
| Investing Cash Flow | -189.02M | -126.53M | -969.19M | -132.76M | -60.10M | -259.11M |
| Financing Cash Flow | -396.59M | -307.48M | -290.26M | -168.17M | -276.70M | -136.10M |
Tradeweb Markets Technical Analysis
Negative
118.34
Price Trends
120.88
Negative
113.20
Positive
116.84
Positive
Market Momentum
0.13
Positive
43.67
Neutral
24.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TW, the sentiment is Negative. The current price of 118.34 is below the 20-day moving average (MA) of 121.41, below the 50-day MA of 120.88, and above the 200-day MA of 116.84, indicating a neutral trend. The MACD of 0.13 indicates Positive momentum. The RSI at 43.67 is Neutral, neither overbought nor oversold. The STOCH value of 24.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TW.
Tradeweb Markets Risk Analysis
Tradeweb Markets disclosed 56 risk factors in its most recent earnings report. Tradeweb Markets reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tradeweb Markets Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $21.48B | 13.13 | 32.39% | ― | 68.18% | 106.47% | |
80 Outperform | $34.33B | 27.97 | 19.88% | 0.46% | 13.08% | 28.20% | |
75 Outperform | $5.72B | 27.05 | 18.76% | 1.66% | 3.74% | -8.43% | |
75 Outperform | $30.66B | 13.05 | 23.00% | 1.26% | 5.84% | 1.44% | |
74 Outperform | $27.88B | 28.21 | 13.10% | 0.45% | 18.92% | 61.95% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | $9.70B | 13.64 | 7.08% | 2.52% | 1.91% | 2.34% |
* Financial Sector Average
TW
Tradeweb Markets
118.12
-19.39
-14.10%
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Tradeweb Markets Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Tradeweb Markets Authorizes New $500 Million Share Buyback
Positive
Feb 5, 2026
On February 5, 2026, Tradeweb’s board approved a new share repurchase program authorizing the buyback of up to $500 million of its Class A common stock, to take effect once the existing $300 million 2022 program is fully utilized, with $23.2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.