Loading…
Electronic trading platform for bonds, rates and ETFs, connecting institutional and retail market participants.
Electronic trading platform for bonds, rates and ETFs, connecting institutional and retail market participants.
Charges a fee on each trade completed on its platform, plus fixed subscription fees from dealers and investors, so income rises with trading volume and market volatility, especially in government bonds and interest-rate swaps. Rates and credit are bigger lines than ETFs, which are growing from a smaller base.
Moat: narrow (network effects, switching costs, data). Deep liquidity network of dealers and buy-side users on its platform is difficult for new entrants to match.
Headquarters: New York, New York, US · Founded: 1996 · Employees: 1,569
Size Tradeweb Markets (TW) is a United States Financials company (Investment Banks/Brokers) with a market value of $29.7B, the 367th largest of 3,117 United States companies the cockpit tracks. Shares closed at $127.73 on 6 Nov 2026.
Performance Over six months the shares gained 17.4%, against -2.4% for the median peer and -1.1% for the United States market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +14.0%); the operating margin is 44.1% (peer median 36.4%).
Valuation It trades at 27.9× forward earnings against a peer median of 12.6× (3rd most expensive of 21).
Short interest Short interest is 2.8% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.28B | $2.05B | $1.73B | $1.34B | $1.19B |
| Revenue growth | — | +19% | +29% | +13% | — |
| Gross profit | $2.04B | $1.80B | $1.51B | $1.15B | $1.01B |
| EBITDA | $1.25B | $1.08B | $948M | $699M | $588M |
| Net income | $909M | $812M | $501M | $364M | $309M |
| Free cash flow | $1.15B | $1.13B | $857M | $725M | $610M |
| Capital expenditure | $118M | $103M | $88.9M | $61.8M | $60.1M |
| Total debt | $149M | $139M | $35.7M | $49.1M | $27.9M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tradeweb Markets TW | $29.7B | +17% | +14% | 44% | 27.9× | n/a |
| MarketAxess MKTX | $5.83B | +12% | +3% | 39% | 19.5× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| Virtu Financial VIRT | $8.37B | +5% | +28% | 38% | 7.8× | n/a |
| Broadridge Financial Solutions BR | $21.5B | +28% | +7% | 17% | 17.9× | 8.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.5% | +0.9% | 2nd highest of 21 |
| 6-month return | +17.4% | -2.4% | 6th highest of 21 |
| Distance from 52-week high | -1.0% | -15.0% | highest of 21 |
| Revenue growth (TTM) | +14.4% | +14.0% | 9th highest of 21 |
| Operating margin | 44.1% | 36.4% | 7th highest of 21 |
| Forward P/E | 27.9× | 12.6× | 3rd most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |
| GF Securities 000776.SZ | China | $20.9B | -10% | +37% | 42% | 7.8× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Euronext ENX.PA | France | $18.8B | +21% | +14% | 52% | 19.7× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| China Galaxy Securities 601881.SS | China | $16.1B | -8% | -20% | 37% | 9.5× | n/a | n/a |
| Meritz Financial 138040.KS | South Korea | $15.7B | +18% | +31% | 49% | 8.6× | n/a | n/a |
| CITIC Securities 6030.HK | Hong Kong | $56.2B | -23% | +102% | 22% | 7.1× | n/a | n/a |
| Shenwan Hongyuan 000166.SZ | China | $15.5B | -8% | -26% | 31% | 10.9× | n/a | n/a |
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| Daiwa Securities 8601.T | Japan | $14.0B | +11% | +18% | 17% | 10.8× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |