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NASDAQ NMS - GLOBAL MARKET · Financial Services · CIK 0001758730
$121.89
+1.57% · delayed ~15 min
Last price from Oct 22, 2026
$25.99B market value
From Tradeweb Markets Inc.'s FY2025 10-K, filed Feb 5, 2026 · read the filing
Tradeweb Markets trades securities and runs financial markets. It took in $2.05B last year, which makes it a mid-sized company. Of every dollar it sells, about 40 cents is left as profit.
The financial picture is led by profitability and growth, with debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Tradeweb Markets Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$501.5M → $812.8M
Profit margin
29.1% → 39.6%
Earnings per share
$2.35 → $3.81
Cash
$1.34B → $2.08B
Measured against FY2024, from the 10-K filed Feb 5, 2026
Improved: +62.1%
$501.5M to $812.8MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
TW rose 1.57% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is in line with its sector and 2.6 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 24 analysts covering this company, as of . Their views, not this site's.
Of 24 analysts publishing on this company, 6 say strong buy, 10 say buy and 8 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 40 cents of every dollar of sales as profit, earning $812.8M last year.
Yes, quickly. Sales grew 18.9% last year.
For every $1 it owes, it owns $8.19 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $812.8M and generated $1.17B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 5, 2026Filing for FY2025 | FY202410-K · Feb 7, 2025Filing for FY2024 | FY202310-K · Feb 7, 2025Filing for FY2023 | FY202210-K · Feb 7, 2025Filing for FY2022 | FY202110-K · Feb 24, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | +18.9% |
| Operating income | $835.3M | $678.0M | $505.3M | $412.6M | $358.8M | +23.2% |
| Operating marginOperating income ÷ revenueWhat is this? | 40.7% | 39.3% | 37.8% | 34.7% | 33.3% | +1.4 pts |
| Interest expense | $1.9M | $4.3M | $2.0M | $1.8M | — | −54.6% |
| Income before tax | $1.17B | $754.4M | $548.0M | $437.1M | $370.0M | +55.7% |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M | +62.1% |
| Net marginNet income ÷ revenueWhat is this? | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | +10.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $3.81 | $2.35 | $1.73 | $1.50 | $1.13 | +61.9% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| TWTradeweb Markets Inc. · this page | 8.7/10 | 6/6 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 546 shares at $105.74 ($57.7K)
Holds 34,447 shares after this filing.
Sold on the open market
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Signed a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2026
Revenue +9.0% · Operating margin +4.9 pts · Operating income +22.7% — against Q2 FY2025
Read the filingWrite down why you are following Tradeweb Markets Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from TW's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 5, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 6 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 8.7 | 6/6 | 10-K, filed Feb 5, 2026 |
| FY2024 | 8.7 | 6/6 | 10-K, filed Feb 7, 2025 |
| FY2023 | 7.3 | 4/6 | 10-K, filed Feb 9, 2024 |
| FY2022 | 7.3 | 5/6 | 10-K, filed Feb 24, 2023 |
| FY2021 | 8.7 | 5/6 | 10-K, filed Feb 24, 2022 |
| FY2020 | 8.7 | 5/6 | 10-K, filed Feb 25, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 6 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 3 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +10.5 pts
29.1% to 39.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +61.9%
$2.35 to $3.81Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +55.5%
$1.34B to $2.08BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +18.9%
$1.73B to $2.05BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +23.2%
$678.0M to $835.3MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +31.5%
$856.8M to $1.13BSignificant
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: +1.4 pts
39.3% to 40.7%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Jul 30, 2026 — read it.
Improved: +22.7%
$199.9M to $245.3MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +17.9%
$153.8M to $181.3MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +4.9 pts
39.0% to 43.9%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +18.4%
$0.72 to $0.85Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +26.2%
$1.63B to $2.06BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +9.0%
$513.0M to $558.9MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +2.5 pts
30.0% to 32.4%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Jul 30, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -9.5%
$617.8M to $558.9MNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -14.6%
$287.3M to $245.3MNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -11.7%
$205.3M to $181.3MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −2.6 pts
46.5% to 43.9%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -11.6%
$0.97 to $0.85Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +6.2%
$1.94B to $2.06BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.6% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 35.8x — a high multiple relative to the current trailing profit.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
| 18.9% |
| 39.6% |
| 31.97x |
| 0.15x |
| NDAQNASDAQ, INC. | 7.3/10 | 9/9 | 11.6% | 21.6% | 32.93x | 1.54x |
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| COINCoinbase Global, Inc. | 7.3/10 | 4/8 | 9.4% | 17.6% | 35.93x | 1.01x |
|---|
| MSCIMSCI Inc. | 7.3/10 | 8/9 | 9.7% | 38.4% | 37.95x | -3.15x |
|---|
| CBOECboe Global Markets, Inc. | 8.7/10 | 8/9 | 15.1% | 23.3% | 31.18x | 0.81x |
|---|
| FDSFACTSET RESEARCH SYSTEMS INC | 8.7/10 | 6/9 | 5.4% | 25.7% | 21.15x | 0.97x |
|---|
| MKTXMARKETAXESS HOLDINGS INC | 7.3/10 | 4/6 | 3.6% | 29.1% | 23.89x | 0.68x |
|---|
| Median of peers | 7.3/10 | — | 9.6% | 24.5% | 32.05x | 0.89x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Holds 31,863 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 3,130 shares ($330.3K) on or after .
Shares originally obtained via Restricted Stock Units.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Changed the rights attached to its shares · Amended its charter or changed its financial year · Held a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +21.2% · Operating margin +6.5 pts · Operating income +40.7% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingAnnual report for FY2025
Revenue +18.9% · Operating margin +1.4 pts · Profit +62.1% — against FY2024
Read the filingPublished results · Reported another event
Read the filingSigned a material agreement
Read the filingQuarterly report for Q3 FY2025
Revenue +13.3% · Operating margin +5.9 pts · Profit +63.0% — against Q3 FY2024
Read the filingSigned a material agreement · Published results
Read the filingQuarterly report for Q2 FY2025
Revenue +26.7% · Operating margin −1.2 pts · Operating income +23.0% — against Q2 FY2024
Read the filingPublished results
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2025
Revenue +24.7% · Profit margin −1.8 pts · Free cash flow +86.9% — against Q1 FY2024
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingAnnual report for FY2024
Revenue +29.0% · Operating margin +1.5 pts · Capital spending +121.1% — against FY2023
Read the filingBenzinga ·
Primary sources and further research