Tradeweb Markets Inc. (TW) Stock Analysis
Financial Services · Capital Markets · NasdaqGS
Tradeweb Markets Inc. (TW) posted $2.05B in revenue for fiscal 2025 (up 18.9% year over year), at a 39.6% net margin, and has compounded revenue about 18.1%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Tradeweb Markets Inc.
Tradeweb Markets Inc. has grown revenue from $504.45M to $2.05B over the last 8 fiscal years, compounding about 18.1% a year. The most recent year was up 18.9%, roughly in line with its longer-run pace.
Net margin sits at 39.6%, up 10.5 points year over year on a 67.3% gross margin.
At today's valuation the market is pricing in roughly 8% annual free-cash-flow growth — versus the 19.8% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven.
Synthesised from Tradeweb Markets Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Tradeweb Markets Inc. revenue & earnings — last 8 fiscal years
| Metric | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $504.45M | $775.57M | $892.66M | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B |
| Gross profit | — | — | — | — | $756.36M | $877.91M | $1.13B | $1.38B |
| Net income | $83.65M | $83.77M | $166.30M | $226.83M | $309.34M | $364.87M | $501.51M | $812.79M |
| Net margin | 16.6% | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% |
Source: Tradeweb Markets Inc. SEC filings (10-K).
Tradeweb Markets Inc.: no obvious red flags in the filings
Our deterministic scan of the filed statements — receivables vs sales, earnings vs cash, dilution, leverage and margins — didn't flag anything. Ask about the risks →
What growth is priced into TW stock?
At today's market cap of $21.76B, Tradeweb Markets Inc. is priced for free-cash-flow growth of about 8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.06B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 19.8%/yr over the last five fiscal years and revenue 18.1%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 8 years of Tradeweb Markets Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeTradeweb Markets Inc. financial history by metric
About Tradeweb Markets Inc.
Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company offers marketplaces that facilitate trading products across various asset classes, including rates, credit, equities, and money markets. It also provides pre-trade data and analytics, such as AI-Price, SNAP+, iNAV for ETFs, integrations, and LSEG market data; and trade execution comprising request-for-quote, request-for-market, request-for-stream, list trading, compression, blast all-to-all, click-to-trade, portfolio trading, session-based, central limit order book, bilateral firm streams, inventory-based, rematch, voice, futures vs. cash spreading, and dealer algorithmic suite. In addition, the company offers trade processing; and post-trade data, analytics, and reporting, which include transaction cost analysis, benchmark prices, and APA. It serves institutional, wholesale, retail, and corporate clients, such as asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, regional dealers, and corporations. The company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.
Tradeweb Markets Inc. — frequently asked questions
What is Tradeweb Markets Inc.'s revenue?
Tradeweb Markets Inc. (TW) reported revenue of $2.05B for fiscal year 2025, up 18.9% from the prior year, according to its SEC filings.
Is Tradeweb Markets Inc. profitable?
Yes. TW earned net income of $812.79M in fiscal 2025, a net margin of 39.6%.
What is TW's P/E ratio?
Tradeweb Markets Inc. trades at a price-to-earnings ratio of about 24.6 based on the latest data in our nightly-refreshed cache.
How fast is Tradeweb Markets Inc. growing?
TW's revenue grew at roughly 18.1% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Tradeweb Markets Inc. have?
As of fiscal year 2025, TW carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Tradeweb Markets Inc.'s gross margin?
TW's gross margin was 67.3% in fiscal 2025 — gross profit of $1.38B on revenue of $2.05B.
What is Tradeweb Markets Inc.'s market cap?
Tradeweb Markets Inc. (TW) has a market capitalization of about $21.76B, based on the latest data in our nightly-refreshed cache.
When does Tradeweb Markets Inc.'s fiscal year end?
TW's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into TW stock?
At today's market cap of $21.76B, Tradeweb Markets Inc. is priced for free-cash-flow growth of about 8% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.06B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 19.8%/yr over the last five fiscal years and revenue 18.1%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Tradeweb Markets Inc.'s official SEC filings (10-K and 10-Q), covering 8 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.