Stocks · Financial Services · Financial - Capital Markets
Tradeweb Markets Inc. TW
$102.22 -1.05% Close, Oct 2, 2026 · NASDAQ · Market cap $21.76B
High qualityWeak trend
Next earnings report: Oct 29, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Diluted EPS over the last four quarters was $4.18, up 61.4% year over year.
- The shares trade at 24.5× trailing earnings, lower than 95% of the company's own readings over the past five years.
- Earnings beat analyst estimates in each of the last 7 quarters (average surprise over the last four: +3.1%).
PromtFinance scores
Each score is a percentile within the Financial Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 31%
- EPS growth (TTM, YoY)Top 18%
- FCF growth (TTM, YoY)Bottom 41%
- Revenue growth, 3-year CAGRTop 32%
- Revenue growth accelerationBottom 27%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 13%
- Gross marginTop 42%
- Operating marginTop 11%
- Cash conversion (OCF / net income)Top 43%
- Accruals (lower is better)Top 22%
- Net debt / EBITDA (lower is better)Top 15%
- Interest coverTop 1%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 37%
- Free-cash-flow yieldBottom 35%
- EBITDA / enterprise valueTop 43%
- Sales / enterprise valueBottom 12%
- P/E vs own 5-year history (lower is better)Top 8%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 22%
- 6-month returnBottom 6%
- 1-year return vs S&P 500Bottom 28%
- Distance from 52-week highBottom 24%
- Trend checklist (0–4)Bottom 9%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 41%
- Consecutive EPS beatsTop 16%
- Share of analysts rating BuyTop 28%
- Upside to consensus price targetTop 20%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 23%
- Maximum drawdown, 3 yearsBottom 27%
- Beta vs S&P 500 (lower is better)Top 27%
- Net debt / EBITDA (lower is better)Top 15%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 18.3% | 14.0% | ↓ |
| EPS growth (YoY) | 66.3% | 61.4% | ↓ |
| Gross margin | 65.9% | 68.1% | ↑ |
| Operating margin | 38.9% | 44.1% | ↑ |
| FCF margin | 50.7% | 47.8% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 14.0% | 18.3% | ↓ | Top 31% |
| EPS growth (TTM, YoY) | 61.4% | 66.3% | ↓ | Top 18% |
| Gross margin | 68.1% | 65.9% | ↑ | Top 42% |
| Operating margin | 44.1% | 38.9% | ↑ | Top 11% |
| Net margin | 40.7% | 28.9% | ↑ | — |
| Free-cash-flow margin | 47.8% | 50.7% | ↓ | — |
| Return on invested capital | 10.6% | — | Top 13% | |
| Revenue growth, 3-year CAGR | 20.0% | — | Top 32% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.27×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -2.9%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 3.7%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -75.7 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- -1.26×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 932.6×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.51%
- Net buyback yield (TTM)
- 0.48%
- Shareholder yield
- 0.99%
- Share count change, 1 year
- -1.0%
- Share count change, 3-year CAGR
- -0.1%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 30, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 7
- Beats in the last 8 reports
- 7 of 8
- Average EPS surprise, last 4
- +3.1%
- Average 2-day reaction, last 8
- +0.7%
- Positive 20 days after report
- 5 of 8
Analysts
- Consensus price target
- $133.00
- Target vs current price
- +30.1%
- Analysts with a rating
- 28
- Share rating Buy or Strong Buy
- 64%
- Consensus rating
- Buy
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 30, 2026 | +3.1% | -9.6% | -5.4% | -0.6% | — |
| Apr 29, 2026 | +1.9% | +5.1% | -1.9% | -10.2% | -11.2% |
| Feb 5, 2026 | +2.6% | +8.6% | +14.1% | +23.5% | +10.8% |
| Oct 30, 2025 | +4.9% | -1.2% | -1.0% | +2.4% | -1.5% |
| Jul 30, 2025 | +1.2% | +5.6% | +1.6% | -8.3% | -20.3% |
| Apr 30, 2025 | +0.5% | +0.7% | +4.3% | +5.0% | +1.2% |
| Feb 6, 2025 | +1.3% | -1.4% | +1.4% | +6.1% | +13.3% |
| Oct 30, 2024 | -0.4% | -2.0% | -1.8% | +3.7% | -2.0% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 30, 2026 | $0.97 | $0.94 | +3.1% | $558.9M |
| Apr 29, 2026 | $1.08 | $1.06 | +1.9% | $617.8M |
| Feb 5, 2026 | $0.87 | $0.85 | +2.6% | $521.2M |
| Oct 30, 2025 | $0.87 | $0.83 | +4.9% | $508.6M |
| Jul 30, 2025 | $0.87 | $0.86 | +1.2% | $513.0M |
| Apr 30, 2025 | $0.86 | $0.86 | +0.5% | $509.7M |
| Feb 6, 2025 | $0.76 | $0.75 | +1.3% | $463.3M |
| Oct 30, 2024 | $0.75 | $0.75 | -0.4% | $448.9M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 24.5× | 53.4× | 5th | Bottom 37% |
| P/E (forward) | 25.4× | — | — | — |
| EV / EBITDA | 13.1× | — | — | Top 43% |
| EV / Sales | 9.00× | — | — | Bottom 12% |
| Free-cash-flow yield | 4.85% | — | — | Bottom 35% |
| Earnings yield | 4.09% | — | — | Bottom 37% |
P/E over the past five years
Range 23.4× – 81.1× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -5.0%
- Earnings per share growth (TTM)
- +61.4%
- Change in P/E multiple
- -58.5%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✗ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- +1.4%
- 200-day average slope (20 days)
- -0.5%
- Distance from 50-day average
- -1.4%
- Distance from 200-day average
- -5.6%
- RSI (14)
- 48.7
- Relative volume
- 1.11×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 33.1%
- Volatility vs own 5-year history
- 84th percentile · High for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.35
- Correlation with S&P 500
- 0.22
- Current drawdown from 1-year high
- -19.2%
- Maximum drawdown, 3 years
- -38.6%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Dec 28, 2021 | Oct 11, 2022 | -48.8% | 198 days | 334 days (Feb 9, 2024) |
| Apr 3, 2025 | Jun 25, 2026 | -38.6% | 307 days | Not yet recovered |
| Dec 18, 2020 | Jan 27, 2021 | -11.5% | 25 days | 15 days (Feb 18, 2021) |
| May 9, 2024 | Jun 13, 2024 | -10.5% | 24 days | 39 days (Aug 9, 2024) |
| Oct 22, 2020 | Oct 30, 2020 | -10.4% | 6 days | 5 days (Nov 6, 2020) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $21.76B
- P/E (TTM)
- 24.5
- EPS, diluted (TTM)
- $4.18
- Revenue (TTM)
- $2.21B
- Dividend yield
- 0.53%
- 52-week range
- $91.42 – $127.69
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B |
| Gross profit | $669.2M | $756.4M | $877.9M | $1.13B | $1.38B |
| Operating income | $358.8M | $412.6M | $505.3M | $678.0M | $845.1M |
| Net income | $226.8M | $309.3M | $364.9M | $501.5M | $812.8M |
| EPS (diluted) | $1.09 | $1.48 | $1.71 | $2.34 | $3.78 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $448.9M | $463.3M | $509.7M | $513.0M | $508.6M | $521.2M | $617.8M | $558.9M |
| Net income | $113.9M | $142.2M | $148.4M | $153.8M | $185.6M | $325.0M | $205.3M | $181.3M |
| EPS (diluted) | $0.53 | $0.66 | $0.69 | $0.71 | $0.86 | $1.51 | $0.96 | $0.85 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $578.0M | $632.8M | $746.1M | $897.7M | $1.17B |
| Capital expenditure | -$51.3M | -$60.1M | -$61.8M | -$41.0M | -$40.6M |
| Free cash flow | $526.7M | $572.7M | $684.3M | $856.8M | $1.13B |
| Dividends paid | -$64.6M | -$66.0M | -$75.9M | -$85.2M | -$102.3M |
| Net share buybacks | -$75.7M | -$99.3M | -$35.2M | -$59.1M | -$104.2M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $2.06B
- Total assets
- $8.25B
- Total liabilities
- $912.7M
- Total debt
- $150.3M
- Net debt
- -$1.91B
- Shareholders’ equity
- $6.63B
As of Jun 30, 2026 (filed Jul 30, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Sep 1, 2026 | $0.14 | Sep 15, 2026 |
| Jun 1, 2026 | $0.14 | Jun 15, 2026 |
| Mar 2, 2026 | $0.14 | Mar 16, 2026 |
| Dec 1, 2025 | $0.12 | Dec 15, 2025 |
| Sep 2, 2025 | $0.12 | Sep 16, 2025 |
| Jun 2, 2025 | $0.12 | Jun 16, 2025 |
| Mar 3, 2025 | $0.12 | Mar 17, 2025 |
| Dec 2, 2024 | $0.10 | Dec 16, 2024 |
Short interest
- Shares sold short
- 3,443,179
- Days to cover
- 2.97
- Change vs previous report
- -11.0%
FINRA short interest, settlement date Sep 15, 2026.