Saturday 17 October 2026
Export TW’s income statement to Excel — free account
Tradeweb Markets Inc.
Tradeweb Markets Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 18.9% from fiscal 2024. In the quarter to June 2026, revenue grew 8.96%, EPS grew 18.1% and free cash flow fell 5.23%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for five.
113.49
1.49
+1.33%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
188.47 | 188.47 | 188.47 | 62.64 | 68.63 | 89.41 | 43.27 | 51.60 | 55.71 | 28.23 |
Piotroski F-Score |
— | — | — | — | 7 | 7 | 7 | 6 | 7 | 7 |
P/S ratio |
11.62 | 11.62 | 11.62 | 8.85 | 12.62 | 18.74 | 11.30 | 14.06 | 16.16 | 11.17 |
P/FCF ratio |
34.96 | 34.96 | 34.96 | 25.74 | 28.12 | 38.30 | 23.45 | 27.50 | 34.48 | 21.54 |
P/Operating CF |
(377.52) | (377.52) | (377.52) | 56.92 | 80.65 | 105.24 | 64.58 | 76.88 | 98.89 | 64.42 |
P/B ratio |
1.72 | 1.72 | 1.72 | 1.49 | 2.24 | 3.80 | 2.42 | 3.17 | 4.36 | 3.19 |
Price to Tangible BV |
13.95 | 13.95 | 13.95 | 11.13 | 9.86 | 14.96 | 7.93 | 8.91 | 14.17 | 7.93 |
EV/Sales |
11.14 | 11.14 | 11.14 | 8.30 | 11.78 | 17.87 | 10.27 | 12.81 | 15.40 | 10.17 |
EV/EBITDA |
28.24 | 28.24 | 28.24 | 19.55 | 25.20 | 36.28 | 20.65 | 24.83 | 29.60 | 19.24 |
EV/Operating CF |
28.21 | 28.21 | 28.21 | 20.69 | 23.72 | 33.28 | 19.30 | 22.98 | 29.61 | 17.88 |
EV/FCF |
33.53 | 33.53 | 33.53 | 24.15 | 26.23 | 36.52 | 21.32 | 25.06 | 32.87 | 19.61 |
Quick Ratio |
1.43 | 1.35 | 1.72 | 2.80 | 4.44 | 4.94 | 5.91 | 3.63 | 3.91 | 4.96 |
Current Ratio |
1.47 | 1.38 | 1.75 | 2.84 | 4.49 | 5.03 | 6.01 | 3.69 | 4.04 | 5.08 |
Net Debt/EBITDA |
(1.70) | (2.24) | (1.62) | (1.40) | (1.90) | (1.84) | (2.13) | (2.47) | (1.49) | (1.92) |
Debt/Assets |
2.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.37 | 0.76 | 0.21 | 0.15 | 0.17 | 0.18 | 0.19 | 0.20 | 0.24 | 0.27 |
Operating CF/Net income |
1.84 | 2.68 | 1.74 | 3.71 | 2.67 | 2.55 | 2.05 | 2.04 | 1.79 | 1.44 |
Capex/Depreciation |
0.00 | (0.59) | (0.51) | (0.32) | (0.28) | (0.30) | (0.34) | (0.33) | (0.40) | (0.41) |
Interest Coverage |
93.93 | 89.09 | 57.42 | 94.91 | — | — | 228.57 | 246.83 | 158.45 | 430.36 |
| 9.27% | 8.32% | 5.74% | 1.83% | 3.46% | 4.39% | 5.70% | 6.36% | 8.13% | 11.96% | |
| 7.06% | 12.66% | 5.05% | 1.66% | 3.09% | 3.89% | 5.05% | 5.48% | 7.00% | 10.52% | |
ROIC |
0.00% | 0.00% | 2.59% | 2.87% | 3.89% | 5.17% | 6.01% | 7.48% | 8.38% | 10.23% |
Return on Tangible Assets |
59.34% | 56.52% | 48.08% | 19.66% | 22.44% | 24.36% | 25.05% | 21.40% | 38.15% | 40.36% |
Average Days of Receivables |
58.59 | 53.54 | 145.31 | 58.10 | 43.20 | 44.06 | 47.38 | 149.90 | 61.34 | 47.39 |
Research and Development Expense of Revenue |
0.00% | 5.95% | 5.55% | 5.07% | 5.32% | 5.22% | 5.54% | 5.79% | 5.71% | 6.25% |
Selling, General and Administrative Expense of Revenue |
64.65% | 62.79% | 55.81% | 52.49% | 47.95% | 45.53% | 44.71% | 42.60% | 42.26% | 40.86% |
Intangible Assets out of Total Assets |
0.65 | 0.00 | 0.82 | 0.78 | 0.68 | 0.66 | 0.62 | 0.54 | 0.61 | 0.52 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 6.42% | 4.40% | 4.83% | 5.61% | 4.87% | 5.19% | 5.04% |
Graham Net Nets |
0.04 | 0.04 | 0.04 | 0.01 | 0.02 | 0.02 | 0.05 | 0.06 | 0.03 | 0.06 |
Graham Number |
0.00 | 0.00 | 0.00 | 22.73 | 23.87 | 25.77 | 30.28 | 33.09 | 39.85 | 53.76 |
Earnings Yield |
0.53% | 0.53% | 0.53% | 1.60% | 1.46% | 1.12% | 2.31% | 1.94% | 1.79% | 3.54% |
Free Cash Flow Yield |
2.86% | 2.86% | 2.86% | 3.89% | 3.56% | 2.61% | 4.26% | 3.64% | 2.90% | 4.64% |
Revenue per Share |
3.44 | 3.53 | 4.60 | 5.24 | 4.95 | 5.34 | 5.78 | 6.35 | 8.10 | 9.63 |
Operating CF per Share |
1.20 | 1.57 | 1.94 | 2.10 | 2.46 | 2.87 | 3.08 | 3.54 | 4.21 | 5.48 |
Capex per Share |
0.00 | (0.28) | (0.29) | (0.30) | (0.24) | (0.25) | (0.29) | (0.29) | (0.42) | (0.48) |
Free Cash Flow per Share |
1.20 | 1.29 | 1.65 | 1.80 | 2.22 | 2.61 | 2.79 | 3.25 | 3.80 | 4.99 |
Cash per Share |
2.27 | 2.48 | 2.88 | 3.12 | 4.39 | 4.83 | 6.12 | 8.10 | 6.30 | 9.78 |
Shareholders Equity per Share |
7.17 | 0.00 | 31.97 | 31.03 | 27.82 | 26.36 | 26.98 | 28.14 | 30.04 | 33.72 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
7.17 | 0.00 | 31.97 | 31.03 | 27.82 | 26.36 | 26.98 | 28.14 | 30.04 | 33.72 |
Free Cash Flow |
171.85 | 183.96 | 235.29 | 266.54 | 400.70 | 526.67 | 572.73 | 684.33 | 808.87 | 1,064.55 |
Working Capital |
132.00 | 121.00 | 293.52 | 385.65 | 707.14 | 900.06 | 1,197.55 | 1,671.48 | 1,268.45 | 1,935.87 |
Capital Expenditures |
(35.35) | (40.62) | (42.10) | (44.46) | (42.54) | (51.35) | (60.10) | (61.76) | (88.87) | (103.09) |
Net Current Asset Value |
132.00 | 438.00 | 259.71 | 92.30 | 248.92 | 442.27 | 722.63 | 1,165.73 | 816.97 | 1,410.18 |
EV/EBIT |
44.58 | 44.58 | 44.58 | 33.91 | 39.91 | 53.60 | 29.60 | 33.94 | 39.21 | 25.00 |
Capex to Sales |
0.00 | 0.08 | 0.06 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
Price to Operating Income |
46.48 | 46.48 | 46.48 | 36.14 | 42.78 | 56.21 | 32.56 | 37.24 | 41.13 | 27.45 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
3.23 | 2.54 | 2.15 | 3.45 | 4.55 | 5.52 | 4.78 | 5.52 | 4.79 | 3.20 |
Cash ROIC |
12.46% | 51.97% | 4.72% | 5.27% | 6.89% | 8.38% | 8.42% | 8.96% | 10.45% | 11.48% |
Accounts Receivable Turnover |
6.43 | 6.59 | 3.92 | 4.03 | 7.79 | 9.14 | 8.36 | 3.80 | 4.11 | 7.38 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
— | — | — | — | — | 0.00 | 0.00 | — | — | — |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
— | — | — | — | — | 0.00 | 0.00 | — | — | — |
Average Receivables |
76.50 | 76.50 | 167.89 | 192.62 | 114.55 | 117.80 | 142.12 | 351.95 | 419.83 | 278.27 |
Average Payables |
31.00 | 31.00 | 37.27 | 37.69 | 37.76 | 40.76 | 42.76 | 52.10 | 76.40 | 139.63 |
Average Assets |
1,319.00 | 660.50 | 3,159.07 | 5,046.24 | 5,387.59 | 5,835.02 | 6,125.16 | 6,659.83 | 7,163.77 | 7,728.78 |
Average Common Equity |
1,005.50 | 1,005.50 | 2,779.17 | 4,582.54 | 4,805.95 | 5,164.05 | 5,427.63 | 5,738.86 | 6,165.15 | 6,794.06 |
Columns are period end dates