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 '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
28.23 | 55.71 | 51.60 | 43.27 | 89.41 | 68.63 | 62.64 | 188.47 | 188.47 | 188.47 |
Piotroski F-Score |
7 | 7 | 6 | 7 | 7 | 7 | — | — | — | — |
P/S ratio |
11.17 | 16.16 | 14.06 | 11.30 | 18.74 | 12.62 | 8.85 | 11.62 | 11.62 | 11.62 |
P/FCF ratio |
21.54 | 34.48 | 27.50 | 23.45 | 38.30 | 28.12 | 25.74 | 34.96 | 34.96 | 34.96 |
P/Operating CF |
64.42 | 98.89 | 76.88 | 64.58 | 105.24 | 80.65 | 56.92 | (377.52) | (377.52) | (377.52) |
P/B ratio |
3.19 | 4.36 | 3.17 | 2.42 | 3.80 | 2.24 | 1.49 | 1.72 | 1.72 | 1.72 |
Price to Tangible BV |
7.93 | 14.17 | 8.91 | 7.93 | 14.96 | 9.86 | 11.13 | 13.95 | 13.95 | 13.95 |
EV/Sales |
10.17 | 15.40 | 12.81 | 10.27 | 17.87 | 11.78 | 8.30 | 11.14 | 11.14 | 11.14 |
EV/EBITDA |
19.24 | 29.60 | 24.83 | 20.65 | 36.28 | 25.20 | 19.55 | 28.24 | 28.24 | 28.24 |
EV/Operating CF |
17.88 | 29.61 | 22.98 | 19.30 | 33.28 | 23.72 | 20.69 | 28.21 | 28.21 | 28.21 |
EV/FCF |
19.61 | 32.87 | 25.06 | 21.32 | 36.52 | 26.23 | 24.15 | 33.53 | 33.53 | 33.53 |
Quick Ratio |
4.96 | 3.91 | 3.63 | 5.91 | 4.94 | 4.44 | 2.80 | 1.72 | 1.35 | 1.43 |
Current Ratio |
5.08 | 4.04 | 3.69 | 6.01 | 5.03 | 4.49 | 2.84 | 1.75 | 1.38 | 1.47 |
Net Debt/EBITDA |
(1.92) | (1.49) | (2.47) | (2.13) | (1.84) | (1.90) | (1.40) | (1.62) | (2.24) | (1.70) |
Debt/Assets |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.20% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 |
Asset Turnover |
0.27 | 0.24 | 0.20 | 0.19 | 0.18 | 0.17 | 0.15 | 0.21 | 0.76 | 0.37 |
Operating CF/Net income |
1.44 | 1.79 | 2.04 | 2.05 | 2.55 | 2.67 | 3.71 | 1.74 | 2.68 | 1.84 |
Capex/Depreciation |
(0.41) | (0.40) | (0.33) | (0.34) | (0.30) | (0.28) | (0.32) | (0.51) | (0.59) | 0.00 |
Interest Coverage |
430.36 | 158.45 | 246.83 | 228.57 | — | — | 94.91 | 57.42 | 89.09 | 93.93 |
| 11.96% | 8.13% | 6.36% | 5.70% | 4.39% | 3.46% | 1.83% | 5.74% | 8.32% | 9.27% | |
| 10.52% | 7.00% | 5.48% | 5.05% | 3.89% | 3.09% | 1.66% | 5.05% | 12.66% | 7.06% | |
ROIC |
10.23% | 8.38% | 7.48% | 6.01% | 5.17% | 3.89% | 2.87% | 2.59% | 0.00% | 0.00% |
Return on Tangible Assets |
40.36% | 38.15% | 21.40% | 25.05% | 24.36% | 22.44% | 19.66% | 48.08% | 56.52% | 59.34% |
Average Days of Receivables |
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 |
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 |
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 |
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 |
5.04% | 5.19% | 4.87% | 5.61% | 4.83% | 4.40% | 6.42% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
0.06 | 0.03 | 0.06 | 0.05 | 0.02 | 0.02 | 0.01 | 0.04 | 0.04 | 0.04 |
Graham Number |
53.76 | 39.85 | 33.09 | 30.28 | 25.77 | 23.87 | 22.73 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
3.54% | 1.79% | 1.94% | 2.31% | 1.12% | 1.46% | 1.60% | 0.53% | 0.53% | 0.53% |
Free Cash Flow Yield |
4.64% | 2.90% | 3.64% | 4.26% | 2.61% | 3.56% | 3.89% | 2.86% | 2.86% | 2.86% |
Revenue per Share |
9.63 | 8.10 | 6.35 | 5.78 | 5.34 | 4.95 | 5.24 | 4.60 | 3.53 | 3.44 |
Operating CF per Share |
5.48 | 4.21 | 3.54 | 3.08 | 2.87 | 2.46 | 2.10 | 1.94 | 1.57 | 1.20 |
Capex per Share |
(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 |
4.99 | 3.80 | 3.25 | 2.79 | 2.61 | 2.22 | 1.80 | 1.65 | 1.29 | 1.20 |
Cash per Share |
9.78 | 6.30 | 8.10 | 6.12 | 4.83 | 4.39 | 3.12 | 2.88 | 2.48 | 2.27 |
Shareholders Equity per Share |
33.72 | 30.04 | 28.14 | 26.98 | 26.36 | 27.82 | 31.03 | 31.97 | 0.00 | 7.17 |
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 |
33.72 | 30.04 | 28.14 | 26.98 | 26.36 | 27.82 | 31.03 | 31.97 | 0.00 | 7.17 |
Free Cash Flow |
1,064.55 | 808.87 | 684.33 | 572.73 | 526.67 | 400.70 | 266.54 | 235.29 | 183.96 | 171.85 |
Working Capital |
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 |
(103.09) | (88.87) | (61.76) | (60.10) | (51.35) | (42.54) | (44.46) | (42.10) | (40.62) | (35.35) |
Net Current Asset Value |
1,410.18 | 816.97 | 1,165.73 | 722.63 | 442.27 | 248.92 | 92.30 | 259.71 | 438.00 | 132.00 |
EV/EBIT |
25.00 | 39.21 | 33.94 | 29.60 | 53.60 | 39.91 | 33.91 | 44.58 | 44.58 | 44.58 |
Capex to Sales |
0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.06 | 0.08 | 0.00 |
Price to Operating Income |
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 |
3.20 | 4.79 | 5.52 | 4.78 | 5.52 | 4.55 | 3.45 | 2.15 | 2.54 | 3.23 |
Cash ROIC |
11.48% | 10.45% | 8.96% | 8.42% | 8.38% | 6.89% | 5.27% | 4.72% | 51.97% | 12.46% |
Accounts Receivable Turnover |
7.38 | 4.11 | 3.80 | 8.36 | 9.14 | 7.79 | 4.03 | 3.92 | 6.59 | 6.43 |
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 |
278.27 | 419.83 | 351.95 | 142.12 | 117.80 | 114.55 | 192.62 | 167.89 | 76.50 | 76.50 |
Average Payables |
139.63 | 76.40 | 52.10 | 42.76 | 40.76 | 37.76 | 37.69 | 37.27 | 31.00 | 31.00 |
Average Assets |
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 |
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 |
Columns are period end dates