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Morgan Stanley (MS) vs Tradeweb Markets Inc. (TW)

Morgan Stanley and Tradeweb Markets Inc. are both Capital Markets companies. Morgan Stanley is the larger, with a market value of $286.0B against $26.2B — 10.9× the size. Morgan Stanley trades at the lower P/E: 14.0× against 27.0×. Tradeweb Markets Inc. grew revenue faster over the last twelve months: 14.0% against 12.0%. Tradeweb Markets Inc. has the higher net margin (40.7% vs 15.2%) and the higher return on invested capital (11.4% vs 0.00%). Both pay a dividend; Morgan Stanley yields more (2.30% vs 0.48%). Across the 20 metrics below, Tradeweb Markets Inc. leads on 14 and Morgan Stanley on 6.

Valuation

Metric MS TW Capital Markets median
P/E 14.00 27.02 14.20
P/S 2.14 10.93 2.00
P/B 2.60 3.29 1.51
Price to free cash flow n/m 22.42 6.36
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.14% 3.70% (3.94%)
Free cash flow yield (6.65%) 4.46% (1.62%)

Profitability

Metric MS TW Capital Markets median
Gross margin 95.94% 100.00% 62.80%
Operating margin 59.08% 43.68% 0.00%
Net margin 15.16% 40.66% (0.55%)
Free cash flow margin 0.00% 48.75% 0.00%
Return on equity 0.00% 12.76% 0.00%
Return on assets 0.00% 11.00% 0.00%
Return on invested capital 0.00% 11.41% 0.00%

Growth

Metric MS TW Capital Markets median
Revenue growth (TTM) 12.03% 14.04% 20.70%
EPS growth (last fiscal year) 28.43% 62.23% 22.92%
Revenue growth, 5-year CAGR 17.86% 18.12% 18.16%
Net income growth, 5-year CAGR 9.13% 37.35% 0.00%

Health

Metric MS TW Capital Markets median
Debt to equity 3.34 0.00 0.08
Current ratio 0.79 6.23 1.50
Net debt to EBITDA (0.46) (1.92) (0.24)

Dividend

Metric MS TW Capital Markets median
Dividend yield 2.30% 0.48% 1.36%
Payout ratio 0.33 0.13 0.19

Size

Metric MS TW Capital Markets median
Market cap 286.00b 26.21b 565.91m

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