TW
Tradeweb Markets Inc.
TW's fundamentals are strong: its operating margin rose 4 points to 44% and revenue grew 14%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
TW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
TW's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like TW.
TW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 29x | $132 | — |
| Current | 31x | $132 | — |
| Cheap | 43x | $184 | +40% |
| Fair | 57x | $243 | +85% |
| Expensive | 76x | $325 | +147% |
Historical ranges are pointers, not guarantees.
TW's PE is 31x, but its earnings don't support one, so it isn't a reliable read right now.
TW Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TW, with profitability improving.
TW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.57 | +7.1% |
| Q3 2026 | $4.27 | +46% |
| Q2 2026 | $4.19 | +62% |
| Q1 2026 | $4.05 | +67% |
| Q4 2025 | $3.78 | +62% |
| Q3 2025 | $2.92 | +40% |
| Q2 2025 | $2.59 | +29% |
| Q1 2025 | $2.43 | +29% |
| Q4 2024 | $2.33 | +36% |
TW's earnings per share have climbed steadily: $4.27 over the past year, up 46% from the year before, and higher year over year for 23 quarters in a row. Its recent earnings include one-off gains.
TW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $584.5M | +15% |
| Q2 2026 | $558.9M | +9% |
| Q1 2026 | $617.8M | +21% |
| Q4 2025 | $521.2M | +12% |
| Q3 2025 | $508.6M | +13% |
| Q2 2025 | $513M | +27% |
| Q1 2025 | $509.7M | +25% |
| Q4 2024 | $463.3M | +25% |
TW's revenue has grown year over year every quarter since late 2020: $585M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 43% | +2 points |
| Q2 2026 | 44% | +4.9 points |
| Q1 2026 | 47% | +6.5 points |
| Q4 2025 | 42% | +1.7 points |
| Q3 2025 | 41% | +5.9 points |
| Q2 2025 | 39% | -1.2 points |
| Q1 2025 | 40% | -1 points |
| Q4 2024 | 41% | +2.4 points |
TW's operating margin was 43% last quarter, up 2 points from the same quarter a year ago.
TW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $338M | +3% |
| Q2 2026 | $385.8M | -4.4% |
| Q1 2026 | $94.2M | +61% |
| Q4 2025 | $336.5M | +31% |
| Q3 2025 | $328.3M | +14% |
| Q2 2025 | $403.7M | +44% |
| Q1 2025 | $58.6M | +87% |
| Q4 2024 | $256.8M | +5.4% |
TW's free cash flow was $1.2B over the past year, up 10% from the year before. Free cash flow isn't a meaningful measure for financial services companies like TW.
TW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -1.9M shares |
| 1 year | -1.9% | -4.1M shares |
| 3 years | -1.2% | -2.6M shares |
| 5 years | +1.3% | +2.7M shares |
| Available history | +35% | +54.4M shares |
TW has 211M diluted shares, down 1.9% from a year ago, with $551M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $206.8M |
| Q2 2026 | $187.2M |
| Q1 2026 | $53.3M |
| Q4 2025 | $103.3M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $844,000 |
| Q4 2024 | $34.7M |
TW spent $551M buying back its own shares over the past year, more than ten times what it spent the year before.
TW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.7x | Net Cash |
| Q2 2026 | -1.7x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -1.8x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -1.4x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
TW has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like TW.
TW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.8 | Overbought |
| Stochastic | 94.6 | Overbought |
TW's weekly RSI is 72 (overbought) and its Stochastic is 95 (overbought).
TW PE vs Financial Services Sector
| Metric | TW | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 13x | 137% above |
| PE % | 9 | 63 | 54 pts below |
TW is trading at 31x earnings, a 137% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
TW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.6 | 13% above |
| 20 week MA | $108.5 | 21% above |
| 50 week MA | $109.8 | 20% above |
| 100 week MA | $119.4 | 10% above |
| 200 week MA | $107.5 | 22% above |
TW is in an uptrend: it's above all five of its weekly moving averages, and 22% above its 200-week average.
TW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.8 | $63.4 | +36% |
| 2021 | $63.4 | $98.9 | +56% |
| 2022 | $98.9 | $64.3 | -35% |
| 2023 | $64.3 | $90.9 | +41% |
| 2024 | $90.9 | $134.9 | +48% |
| 2025 | $134.9 | $107.8 | -20% |
| 2026 YTD | $107.8 | $131.6 | +22% |
TW has finished higher in four of the last six years. It's up 22% so far in 2026.