TWNasdaqSecurity & Commodity Brokers, Dealers, Exchanges & ServicesFiscal year ends December 31
Tradeweb Markets Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$114.70+1.21 (+1.07%)
Close on Oct 19, 2026
- Market cap
- $24.41B
- P/E (TTM)
- 27.4
- Dividend yield
- 0.42%
Margins
Share of revenue, fiscal years 2016 to 2025
Operating margin
40.7%+11.2 pts over 5 years
Net margin
39.6%+21.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +18.9% | +20.0% | +18.1% | – | |
| Operating income | +23.2% | +26.5% | +26.0% | – | |
| Net income | +62.1% | +38.0% | +37.3% | – | |
| EPS, diluted | +62.2% | +36.7% | +33.8% | – | |
| Free cash flow | +31.5% | +22.7% | +21.2% | – | |
| Dividend per share | +20.0% | +14.5% | +8.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 4.3% | 13.2% | |
| Return on assets | – | 3.1% | 10.5% | |
| Interest coverage | – | – | 430.4× | |
| Capex to revenue | – | 1.3% | 2.0% | |
| Diluted shares | – | 188M | 215M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tradeweb Markets generated $4.02B from operations and spent $513.56M on capital expenditure, dividends and share buybacks. 27% of that went back into the business.
Generated
$4.02B
Used
$513.56M
Capital expenditure$140.13M27%Dividends$00%Share buybacks$373.43M73%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin39.6%
×Asset turnover0.27×
×Equity multiplier1.26×
=Return on equity, FY202513.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 39.6% | 0.27× | 1.26× | 13.2% |
| FY2024 | 29.1% | 0.24× | 1.28× | 9.0% |
| FY2023 | 27.3% | 0.20× | 1.29× | 7.1% |
| FY2022 | 26.0% | 0.19× | 1.28× | 6.4% |
| FY2021 | 21.1% | 0.18× | 1.30× | 5.1% |
| FY2020 | 18.6% | 0.17× | 1.40× | 4.3% |
| FY2019 | 10.8% | 0.15× | 1.27× | 2.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$812.79M
- Cash generatingOperating cash flow above zero$1.17B
- Return on assets improvedROA up on the prior year7.1% → 11.2%
- Earnings backed by cashOperating cash flow above net income$1.17B vs $812.79M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise215M → 215M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.24 → 0.28