Tradeweb Markets Inc.
- Open
- 101.64
- Day high
- 102.49
- Day low
- 99.26
- Prev close
- 101.19
- Volume
- 1.1M
- Mkt cap
- $21.3B
- P/E (TTM)
- 24.5
- EPS (TTM)
- $4.07
- P/B
- 3.2
- P/S
- 9.8
- Yield
- 0.28%
- Per share
- $0.28
- ▼Insiders net selling -$4.8M over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions mixed (13F)
Tradeweb Markets Inc. (TW) is a Financial Services company listed on NASDAQ. The stock is down 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4).
Tradeweb Markets Inc. (TW) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TW earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $1.06 | $1.08 | +1.9% | $618M | +0.1% |
| Feb 5, 2026 | $0.85 | $0.87 | +2.4% | $521M | -10.0% |
| Oct 30, 2025 | $0.83 | $0.87 | +4.9% | $509M | +0.2% |
| Jul 30, 2025 | $0.86 | $0.87 | +1.2% | $513M | -0.3% |
| Apr 30, 2025 | $0.86 | $0.86 | +0.5% | $510M | -0.5% |
| Feb 6, 2025 | $0.75 | $0.76 | +1.3% | $463M | +1.2% |
| Jul 25, 2024 | $0.69 | $0.70 | +1.4% | $405M | -0.8% |
| Apr 25, 2024 | $0.71 | $0.71 | +0.0% | $409M | -0.6% |
| Oct 26, 2023 | $0.55 | $0.55 | +0.0% | $328M | -0.3% |
| Jul 27, 2023 | $0.50 | $0.52 | +4.0% | $311M | +0.5% |
| Apr 27, 2023 | $0.53 | $0.54 | +1.9% | $329M | +0.6% |
| Feb 2, 2023 | $0.46 | $0.49 | +6.5% | $293M | -0.1% |
TW insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Peterson Justinofficer: Chief Technology Officer | Sell | 21,221 | $102.00 |
| May 27, 2026 | BERNS STEVENdirector | Sell | 425 | $105.26 |
| May 20, 2026 | Repetto Richard Hdirector | Grant | 1,645 | — |
| May 20, 2026 | BERNS STEVENdirector | Grant | 1,645 | — |
| May 20, 2026 | Ganeles Scottdirector | Grant | 1,645 | — |
| May 20, 2026 | Opoku Lisadirector | Grant | 1,645 | — |
| May 20, 2026 | AIGRAIN JACQUESdirector | Grant | 2,668 | — |
| May 20, 2026 | Yared Ranadirector | Grant | 1,645 | — |
| May 20, 2026 | Madoff Pauladirector | Grant | 1,912 | — |
| Apr 17, 2026 | Peterson Justinofficer: Chief Technology Officer | Sell | 21,221 | $120.66 |
| Mar 24, 2026 | Clack Amyofficer: Chief Administrative Officer | Sell | 271 | $125.75 |
| Mar 24, 2026 | Furber Saraofficer: Chief Financial Officer | Sell | 1,614 | $124.86 |
| Mar 24, 2026 | Peterson Justinofficer: Chief Technology Officer | Sell | 1,005 | $125.13 |
| Mar 24, 2026 | Friedman Douglasofficer: Chief Legal Officer | Sell | 592 | $124.86 |
| Mar 24, 2026 | Dixon Troyofficer: MD, Co-Head of Global Markets | Sell | 2,584 | $125.75 |
Source: TW SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full TW insider & 13F page →Tradeweb Markets Inc. company profile
Overview
Tradeweb Markets Inc. (NASDAQ:TW) is a leading operator of electronic trading platforms for fixed income, derivatives, and ETF markets. Founded in 1996 and headquartered in New York, the company went public in April 2019. Tradeweb has grown from a startup focused on U.S. Treasury trading to become a global multi-asset electronic trading network serving approximately 2,500 institutional clients across 45 markets and 25 currencies. The company operates as a subsidiary of Refinitiv Parent Limited and has established itself as a critical infrastructure provider in the electronification of traditionally voice-based fixed income markets.
Business
Tradeweb operates electronic marketplaces that facilitate trading in fixed income securities, derivatives, and exchange-traded funds. The company essentially serves as a digital intermediary, connecting buyers and sellers in financial markets that were historically conducted over the phone between traders. Think of it as creating sophisticated online marketplaces for institutional investors to trade bonds, interest rate swaps, and other complex financial instruments. The company operates across five main business segments: Rates (approximately 40-45% of revenue): This segment facilitates trading in government bonds (like U.S. Treasuries), interest rate swaps, and mortgage-backed securities. Tradeweb has achieved significant market share in U.S. Treasuries, capturing over 50% of electronic trading volume in this massive market. Credit (approximately 25-30% of revenue): Handles corporate bonds, municipal bonds, and credit derivatives. This includes investment-grade corporate bonds, high-yield bonds, and credit default swaps. The company has been expanding its portfolio trading capabilities, allowing clients to trade baskets of bonds simultaneously. Money Markets (approximately 10-15% of revenue): Covers short-term funding markets including repurchase agreements (repos) and certificates of deposit. This segment was significantly enhanced by the 2024 acquisition of ICD, which expanded Tradeweb's presence in the institutional cash management space. Equities (approximately 5-10% of revenue): Primarily focused on exchange-traded funds (ETFs) and equity derivatives trading, serving both institutional and retail market segments. Market Data (approximately 10-15% of revenue): Provides pre-trade and post-trade data, analytics, and reporting services. This includes proprietary pricing data and market intelligence derived from the company's extensive trading activity. The company serves a diverse client base including asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, and retail brokerage firms across institutional, wholesale, and retail sectors.
Revenue model
Tradeweb generates revenue primarily through transaction-based fees charged to market participants for using its electronic trading platforms. The company typically earns a small fee per million dollars of notional value traded, with rates varying by asset class and market conditions. For example, in interest rate swaps, the company might earn $50-100 per million dollars traded, while government bond trading might generate lower fees per million but compensate through higher volumes. The business model includes multiple revenue streams: 1. Transaction fees from electronic trading, which represent the majority of revenues and are volume-dependent. 2. Subscription fees from market data services and platform access. 3. Technology licensing and integration fees from partnerships with major asset managers like BlackRock's Aladdin platform. The company's paying customers are primarily institutional investors who value the efficiency, transparency, and cost savings of electronic trading compared to traditional voice-based trading. Dealers and market makers also pay fees to access the platform's liquidity and client flow. Several factors influence Tradeweb's margins and profitability. Market volatility generally increases trading volumes and revenues, as seen during periods of interest rate uncertainty. Interest rate movements particularly impact the rates business, with both rising and falling rate environments potentially driving activity. Regulatory changes promoting electronic trading and transparency, such as MiFID II in Europe, create tailwinds for electronification. Competition from traditional voice brokers and new electronic platforms can pressure fee rates, though Tradeweb's network effects and technology investments help maintain pricing power. Technology infrastructure costs represent a significant expense, but the scalable nature of the platform means incremental trading volume generates high marginal profits once fixed costs are covered.
Competitive moat
Tradeweb possesses a strong competitive moat built primarily on network effects and switching costs. The company's platforms become more valuable as more participants join, creating a virtuous cycle where liquidity attracts more traders, which in turn attracts more liquidity providers. This two-sided marketplace dynamic is particularly powerful in financial markets where liquidity is paramount. The company's moat is reinforced by several factors: 1. High switching costs for institutional clients who have integrated Tradeweb's systems into their trading workflows and risk management systems. 2. Regulatory compliance and operational risk considerations make clients hesitant to frequently change trading platforms. 3. Data and analytics capabilities that improve with scale, providing valuable market intelligence that becomes more comprehensive as trading volume increases. 4. Technology infrastructure investments that require significant capital and expertise to replicate. However, the moat faces potential challenges. Large financial institutions like JPMorgan, Goldman Sachs, and Bloomberg continue to operate competing platforms and have the resources to invest heavily in technology. New entrants backed by technology companies could potentially disrupt traditional market structures. Regulatory changes that mandate open access or interoperability could reduce switching costs. Additionally, clients' desire to avoid over-dependence on single platforms means they often maintain relationships with multiple trading venues, limiting any single platform's pricing power. The strength of Tradeweb's moat varies by market segment. In U.S. Treasuries and interest rate swaps, where the company has achieved significant scale and market share, the moat appears quite strong. In credit markets, where competition is more fragmented and electronic adoption is still growing, the moat is developing but not yet as entrenched.
Risks & safety
Tradeweb demonstrates a strong margin of safety with robust financial metrics and conservative capital structure. • Liquidity position: $1.34 billion in cash and short-term investments with minimal debt (debt-to-equity ratio of 0.006), providing substantial financial flexibility • Cash generation: Strong free cash flow of $857 million in 2024, representing approximately 50% of revenues, indicating highly cash-generative business model • Current ratio: 2.99x indicating strong ability to meet short-term obligations • Solvency risk: Minimal given strong balance sheet and consistent profitability • Valuation metrics: Trading at 55.6x P/E ratio and 27.2x EV/EBITDA, which appears expensive but reflects the quality and growth prospects of the business • Return on equity: 8.6% demonstrates reasonable profitability, though recent quarterly ROE has been lower around 2.5% • Revenue visibility: High recurring nature of trading activity and long-term client relationships provide relatively predictable cash flows • Market position: Leading positions in key markets (50%+ market share in U.S. Treasuries) provide defensive characteristics
Recent development
Over the past few years, Tradeweb has pursued an aggressive growth strategy focused on geographic expansion, product diversification, and strategic acquisitions. The company completed several key acquisitions including Yieldbroker to expand its Asia-Pacific presence, r8fin for emerging markets capabilities, and most significantly ICD (Institutional Cash Distributors) in 2024 to strengthen its money markets business and access corporate treasury clients. The company has made substantial investments in multi-asset trading capabilities, recognizing that 60% of its clients trade across multiple asset classes. This includes developing portfolio trading solutions that allow clients to trade baskets of securities simultaneously, which is particularly valuable in credit markets where it addresses issues like information leakage and execution certainty. Emerging markets expansion has been a key focus, with management identifying over $1 billion in addressable revenue opportunity. The company has been building out its swaps and rates capabilities in emerging market currencies and exploring credit market opportunities in these regions. Technology innovation has centered on automation and artificial intelligence, with the launch of products like AiEX (automated trading) and RFQ Edge (enhanced analytics). The company has also been investing in blockchain and digital asset technologies, forming partnerships with companies like Securitize and participating in the Canton Network for digital asset infrastructure. Strategic partnerships have been crucial, particularly the integration with BlackRock's Aladdin platform for credit trading, which provides access to a vast network of asset managers. The company has also been transitioning some of its credit business from variable to fixed pricing models to create more predictable revenue streams while maintaining volume-driven growth potential.
TW company profile · for informational purposes only — not investment advice.
Track TW with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free