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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

127.63 0.64 +0.50%
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
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Tradeweb Markets Inc. (TW) valuation and DCF model

What the price implies · reverse DCF

At $127.63 the price implies 36.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 8.3% a year over the last five years. The price asks for about four times its five-year rate. Return on equity averaged 6.5% over ten years; the price implies 26.3% for good.

In December 2019 the price assumed 15.7% a year; Tradeweb Markets Inc. went on to grow the dividend a share 28.2% a year to FY2025.

Price implies
36.8%
Last 5 years, reported
8.3%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
36.8% a year for ten years
$127.63
today’s price
Its base case
8.3% a year for five years, then 5.0%
$14.26
88.8% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Tradeweb Markets Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 36.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Tradeweb Markets Inc.’s own cost of capital: risk-free 4.3% + beta 0.56 × equity premium 4.5% = 6.8% cost of equity; weighted, 6.8%.

Use 6.8%
Base case value per share $14.26 ten years discounted, and what follows
Current price $127.63 market price per share
Below today’s price 88.8% downside at the base case’s assumptions

How we got there$6.02 10 years of dividends+$8.24 terminal value=$14.26 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Capital Markets).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 29.01× 41.56× 80.54× 64% below 14.35× 102% above
P/FCF 24.80× 26.35× 29.39× 16% below 9.28× 167% above
P/B 3.66× 3.36× 2.78× 32% above 1.36× 168% above
EV/EBITDA — 26.12× 26.01× — 3.38× —
EV/Sales — 13.31× 12.00× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
43.98×87.96×131.93×175.91×10Y avg 80.54×2017201820192020202120222023202420252026

TW trades at 29.01× P/E, against a 10-year average of 80.54× (range 28.23×–188.47×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $354.31 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.