Tradeweb Markets Inc.
TW· Nasdaq· Security & Commodity Brokers, Dealers, Exchanges & Services
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 54.9%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +18.1%
We record prices for the companies we cover; TW is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 214.9M
- Revenue
- $2.1B
- Free cash flow
- $1.1B
- Owner earnings
- $1.0B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 40.7%
- Net
- 39.6%
- Free cash flow
- 54.9%
- Owner earnings
- 49.9%
- Stock pay
- 5.0%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- 12.5%
- ROE, 5 yr avg
- 7.8%
Growth (CAGR)
- Revenue, 3 yr
- 20.0%
- Revenue, 5 yr
- 18.1%
- Revenue, 8 yr
- 17.6%
- Diluted EPS, 3 yr
- 36.7%
- Diluted EPS, 5 yr
- 33.8%
- Diluted EPS, 8 yr
- –
- Free cash flow, 3 yr
- 22.7%
- Free cash flow, 5 yr
- 21.2%
- Free cash flow, 8 yr
- 23.3%
Financial health · FY2025
- Cash and investments
- $2.1B
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 2.7%
Financials: ten years from the 10-Ks
Revenue
$2.1B
+20.3% a year over 7 years
FY2017FY2025
Margins
Operating40.7%Net39.6%
FY2025
FY2017FY2025
Free cash flow and owner earnings
Free cash flow$1.1BOwner earnings$1.0B
Free cash flow +27.0% a year
FY2017FY2025
Diluted shares
214.9M
-0.3% over 7 years, net buybacks
FY2017FY2025
Every figure, year by year
| Fiscal year | FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| The business | ||||||||
| Revenue | $563.0M | $775.6M | $892.7M | $1.1B | $1.2B | $1.3B | $1.7B | $2.1B |
| Revenue growth | – | – | 15.1% | 20.6% | 10.4% | 12.6% | 29.0% | 18.9% |
| Gross margin | – | – | – | – | – | – | – | – |
| Operating margin | 15.8% | 24.5% | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% |
| Net income | – | $83.8M | $166.3M | $226.8M | $309.3M | $364.9M | $501.5M | $812.8M |
| Net margin | – | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
| Diluted EPS | – | $0.54 | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 |
| Return on invested capital? | – | – | – | – | – | – | – | – |
| Cash | ||||||||
| Operating cash flow | $224.6M | $311.0M | $443.2M | $578.0M | $632.8M | $746.1M | $897.7M | $1.2B |
| Capital expenditure | $13.5M | $15.8M | $11.5M | $16.9M | $23.2M | $18.5M | $41.0M | $40.6M |
| Free cash flow | $211.1M | $295.2M | $431.7M | $561.1M | $609.6M | $727.6M | $856.8M | $1.1B |
| Stock-based compensation | $26.1M | $49.8M | $39.3M | $51.9M | $66.6M | $65.1M | $89.6M | $103.5M |
| Owner earnings? | $185.0M | $245.4M | $392.5M | $509.2M | $543.0M | $662.4M | $767.1M | $1.0B |
| Free cash flow per share | $0.98 | $1.89 | $2.29 | $2.71 | $2.93 | $3.42 | $3.99 | $5.24 |
| Capital allocation | ||||||||
| Dividends paid | – | – | – | – | – | – | – | – |
| Share repurchases | – | $0 | $0 | $75.7M | $99.3M | $35.2M | $59.1M | $104.2M |
| Diluted shares | 215.6M | 156.5M | 188.2M | 207.3M | 208.4M | 212.7M | 214.9M | 214.9M |
| Share count change? | – | – | 20.2% | 10.1% | 0.6% | 2.0% | 1.1% | 0.0% |
| Balance sheet | ||||||||
| Cash and equivalents | $353.8M | $460.7M | $791.3M | $972.0M | $1.3B | $1.7B | $1.3B | $2.1B |
| Short-term investments | – | – | – | – | – | – | – | – |
| Total debt | – | – | – | – | – | – | – | – |
| Net debt | – | – | – | – | – | – | – | – |
| Shareholders' equity | – | $3.4B | $4.3B | $4.6B | $5.0B | $5.4B | $5.8B | $6.5B |
Latest filings
| 2026-10-29 | 10-Q | Quarterly report |
| 2026-10-29 | 8-K | Earnings release |
| 2026-07-30 | 10-Q | Quarterly report |
| 2026-07-30 | 8-K | Earnings release |
| 2026-04-29 | 10-Q | Quarterly report |
| 2026-04-29 | 8-K | Earnings release |
| 2026-03-26 | DEF 14A | Proxy statement |
| 2026-02-05 | 10-K | Annual report |
| 2026-02-05 | 8-K | Earnings release |
| 2025-10-30 | 10-Q | Quarterly report |
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