# Tradeweb Markets Inc. (TW)

> Source: Nexqual · https://nexqual.com/TW · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Tradeweb Markets Inc. (TW), nexqual.com/TW" · informational, not investment advice.

**Price:** USD 112 (+1.19% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 110.68 · day 111.15–112.54 · 52w 91.42–127.69 · market cap $24.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.21B, net income $897M (40.7% margin), free cash flow $1.14B (SEC filings).
- Valuation: P/E 27.0x (avg 45.8x at the last 3 fiscal year-ends).
- 3 of 80 tracked superinvestors hold TW (13F, Q2 2026): 1 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.19 on a 1–5 scale) (16 analysts), mean target USD 126.07 (range 102–182).
- Total return with dividends: 1Y +5.7% vs S&P 500 +18.1%; 5Y +37.0% vs S&P 500 +85.1%.
- Next earnings: 2026-10-29, EPS estimate USD 1.01, revenue estimate $583M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.19B | $1.34B | $1.73B | $2.05B | $2.21B |
| Operating income | $359M | $413M | $505M | $678M | $835M | $964M |
| Net income | $227M | $309M | $365M | $502M | $813M | $897M |
| EPS (diluted) | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 | — |
| Free cash flow | $561M | $610M | $728M | $857M | $1.13B | $1.14B |
| Operating margin | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% | 43.7% |
| Net margin | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% | 40.7% |
| Revenue growth | +20.6% | +10.4% | +12.6% | +29.0% | +18.9% | — |
| Cash + short-term investments | $972M | $1.26B | $1.71B | $1.34B | $2.08B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.0x · P/S 11.0x · P/FCF 21.1x · P/B 3.6x · FCF yield 4.73% · Earnings yield 3.71% · Buyback yield (TTM) 1.42%
P/E at fiscal year-ends: Dec 2025 28.4x, Dec 2024 56.1x, Dec 2023 53.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold TW. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| William Von Mueffling | Cantillon Capital Management | 1.63% | $10.9M | Reduced -95.4% |
| Torray Funds |  | 1.02% | $7.6M | Reduced -0.1% |
| Viking Global | Viking Global Investors | 0.09% | $31.3M | New position |

## Analysts
Consensus Buy (mean 2.19 on a 1–5 scale), 16 analysts; mean target USD 126.07 (low 102, high 182).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Wells Fargo | Target raised | Overweight | $118 → $125 |
| 2026-10-12 | TD Cowen | Target raised | Hold | $98 → $107 |
| 2026-10-09 | Morgan Stanley | Target raised | Equal-Weight | $123 → $125 |
| 2026-10-07 | Barclays | Target raised | Equal-Weight | $113 → $116 |
| 2026-10-02 | Wells Fargo | Initiated | Overweight | $118 |
| 2026-09-09 | UBS | Target lowered | Buy | $150 → $145 |
| 2026-08-03 | JP Morgan | Target lowered | Overweight | $125 → $117 |
| 2026-07-31 | TD Cowen | Target lowered | Hold | $105 → $98 |
| 2026-07-31 | Piper Sandler | Target lowered | Neutral | $112 → $102 |
| 2026-07-31 | Barclays | Target lowered | Equal-Weight | $114 → $113 |
| 2026-07-16 | JP Morgan | Target lowered | Overweight | $143 → $125 |
| 2026-07-10 | Morgan Stanley | Target lowered | Equal-Weight | $138 → $122 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +5.7% | +37.0% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +5.7% | +6.5% |
| Volatility (annualized) | 30.6% | 27.1% |
| Max drawdown | -27.6% (Mar 2026→Jun 2026) | -46.5% (Dec 2021→Oct 2022) |

## Peers (Capital Markets)
LPLA (LPL Financial Holdings Inc.) USD 327.56 +0.59% · CRCL (Circle Internet Group, Inc.) USD 86.97 +3.20% · NMR (Nomura Holdings Inc) USD 9.28 -3.13% · FUTU (Futu Holdings Limited) USD 109.8 -3.73% · XP (XP Inc.) USD 30.04 -4.27% · BMNR (BitMine Immersion Technologies,) USD 23.36 -0.55%

## More
Full page: https://nexqual.com/TW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt