Friday 6 November 2026 Export TW’s income statement to Excel — free account

Tradeweb Markets Inc.

TW Financial Capital Markets

Tradeweb Markets Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 18.9% from fiscal 2024.

Revenue: +14.9%
EPS: +22.9%
Free cash flow: +2.33%

Quarter to September 2026, against a year earlier

127.52 0.04 −0.03%

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Market cap: $29.6B
P/E: 29.0×
Fwd P/E: 34.5×
Dividend yield: 0.42%
F-score: 7/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

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

Show all line items

Columns are period end dates · fundamentals updated 2 Nov 2026

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