Tradeweb Markets Inc. TW
We are a leader in building and operating electronic marketplaces for our global network of clients across the financial ecosystem. Our network is comprised of more than 3,000 clients across the institutional, wholesale, retail and corporates client sectors, including many of the largest global 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 Tradeweb platform includes marketplaces that facilitate trading global products across a range of asset classes, including rates, credit, equities and money markets. We support our clients by providing solutions across the trade lifecycle, including pre-trade, execution, post-trade and data and analytics. We are a global company serving clients in over 85 countries with offices in North America, South America, Europe, Australia, Asia and the Middle East. In addition, we currently support trading across over 30 currencies globally. Through our platform we offer our clients deep liquidity, advanced technology and a broad range of intelligent data solutions designed to support enhanced price discovery, order execution and streamlined trade workflows helping to reduce risks in client trading operations. We believe our proprietary technology and culture of collaborative innovation allow us to adapt our offerings to enter new markets, create new electronic marketplaces and solutions and adjust to regulations quickly and efficiently.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $892.7M | $775.6M | — | $563.0M | — |
| Total operating expenses | $1.22B | $1.05B | $833.0M | $776.2M | $717.6M | $629.3M | $585.7M | — | $415.4M | — |
| Operating income | $835.3M | $678.0M | $505.3M | $412.6M | $358.8M | $263.4M | $189.8M | — | $89.1M | — |
| Interest expense | $1.9M | $4.3M | $2.0M | $1.8M | $1.6M | $316.0K | $2.4M | — | — | — |
| Pre-tax income | $1.17B | $754.4M | $548.0M | $437.1M | $370.0M | $274.5M | $225.3M | — | $89.8M | — |
| Income tax | $253.5M | $184.4M | $128.5M | $77.5M | $96.9M | $56.1M | $52.3M | — | $6.1M | — |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M | $166.3M | $83.8M | — | $83.6M | — |
| EPS, basic | 3.81 | 2.35 | 1.73 | 1.50 | 1.13 | 0.92 | 0.57 | — | — | — |
| EPS, diluted | 3.78 | 2.33 | 1.71 | 1.48 | 1.09 | 0.88 | 0.54 | — | — | — |
| Shares, diluted (wtd. avg.) | $214.9M | $214.9M | $212.7M | $208.4M | $207.3M | $188.2M | $156.5M | — | $215.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.08B | $1.34B | $1.71B | $1.26B | $973.0M | $792.3M | $461.7M | $411.3M | $353.8M | $325.1M |
| Property, plant and equipment | $78.2M | $46.0M | $33.6M | $37.4M | $31.1M | $33.8M | $40.4M | $38.1M | — | — |
| Goodwill | $3.15B | $3.15B | $2.82B | $2.78B | $2.78B | $2.69B | $2.69B | $2.69B | — | — |
| Other intangibles | $1.15B | $1.28B | $1.00B | $1.07B | $1.18B | $1.18B | $1.28B | $1.38B | — | — |
| Total assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B | $5.10B | $5.00B | — | — |
| Total liabilities | $1.00B | $869.1M | $1.13B | $713.8M | $681.2M | $660.7M | $502.6M | $410.6M | — | — |
| Retained earnings | $1.60B | $996.8M | $640.4M | $386.6M | $242.6M | $156.0M | $47.8M | — | — | — |
| Total equity | $6.51B | $5.80B | $5.93B | $5.55B | $5.31B | $5.02B | $4.59B | $4.57B | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.17B | $897.7M | $746.1M | $632.8M | $578.0M | $443.2M | $311.0M | — | $224.6M | — |
| Stock-based compensation | $103.5M | $89.6M | $65.1M | $66.6M | $51.9M | $39.3M | $49.8M | — | — | — |
| Capital expenditure | $40.6M | $41.0M | $18.5M | $23.2M | $16.9M | $11.5M | $15.8M | — | $13.5M | — |
| Investing cash flow | -$126.5M | -$969.2M | -$132.8M | -$60.1M | -$259.1M | -$62.5M | -$44.5M | — | -$45.6M | — |
| Financing cash flow | -$307.5M | -$290.3M | -$168.2M | -$276.7M | -$136.1M | -$52.7M | -$218.1M | — | -$153.5M | — |
| Buybacks | $104.2M | $59.1M | $35.2M | $99.3M | $75.7M | $0 | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001758730-26-000015.
Others in SIC 6200
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CME | CME GROUP INC. | $101.46B | 25.2x | 6.4% |
| ICE | Intercontinental Exchange, Inc. | $90.53B | 27.9x | 7.5% |
| NDAQ | NASDAQ, INC. | $54.15B | 31.4x | 11.6% |
| LPLA | LPL Financial Holdings Inc. | $28.29B | 32.9x | 37.2% |
| SNEX | StoneX Group Inc. | $8.38B | 11.8x | 38.4% |
| BGC | BGC Group, Inc. | $5.79B | 39.3x | 34.7% |
| TOP | TOP Financial Group Ltd | $555.3M | — | 2.1% |
| PLUT | Plutus Financial Group Ltd | — | — | 6.9% |