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Earnings transcript
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TW
Tradeweb Markets Inc.
$99.68
1.4
(1.42%)
| Exchange: | NASDAQ |
| Market Cap: | 21.242B |
| Shares Outstanding: | 227.255M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Financial – Capital Markets | |||||
| CEO: | William E. Hult | |||||
| Full Time Employees: | 1412 | |||||
| Address: |
| |||||
| Website: | https://www.tradeweb.com |
Tradeweb Markets Inc. is a global provider that develops and manages sophisticated electronic trading platforms across the Americas, Europe, the Middle East, Africa, and Asia Pacific. These digital venues facilitate transactions in a diverse array of financial instruments, including fixed income (rates and credit), money market products, and equities. The company offers a comprehensive range of services, encompassing pre-trade analytics and data, efficient trade execution, and streamlined processing. It also delivers valuable post-trade data insights, analytical tools, and detailed reporting solutions. Tradeweb caters to a broad spectrum of market participants. It provides flexible order management and trading systems for institutional investors, operating in 45 distinct financial markets and supporting 25 different currencies. Through its Dealerweb platform, it offers a mix of electronic, voice, and hybrid trading solutions to roughly 300 dealers and financial institutions. Furthermore, the Tradeweb Direct platform is specifically designed to serve financial advisory firms and individual traders. With a substantial client network of approximately 2,500 entities, Tradeweb serves the institutional, wholesale, and retail sectors. Its extensive client base includes asset managers, hedge funds, insurance providers, central banks, commercial banks, securities dealers, proprietary trading firms, retail brokerage houses, financial advisory practices, and regional dealers. Tradeweb Markets Inc. was established in 1996, with its corporate headquarters located in New York, New York. The company operates as a subsidiary of Refinitiv Parent Limited.
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Revenue Segmentation
EPS
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Earnings Call
AI summary
Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,338,219 | 1,725,949 | 2,052,429 |
| Gross Profit | 877,914 | 1,133,259 | 1,381,598 |
| EBITDA | 681,102 | 978,680 | 1,427,104 |
| Operating Income | 505,269 | 678,028 | 845,124 |
| Net Income | 364,866 | 501,507 | 812,792 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 7,059,538 | 7,267,993 | 8,189,557 |
| Total Liabilities | 1,128,132 | 869,108 | 1,000,320 |
| Total Stockholders Equity | 5,373,755 | 5,800,192 | 6,507,755 |
| Total Debt | 49,075 | 35,748 | 139,168 |
| Cash and Cash Equivalents | 1,707,468 | 1,341,302 | 2,084,739 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 746,089 | 897,741 | 1,167,646 |
| Capital Expenditure | -18,529 | -40,960 | -40,552 |
| Free Cash Flow | 684,325 | 856,781 | 1,127,094 |
| Net Income | 419,503 | 569,963 | 812,792 |
| Net Change in Cash | 449,239 | -366,166 | 744,437 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 3,573,763.530 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 3,773,529.750 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 3,667,000 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,997,989.538 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 2,109,673.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 2,050,115.397 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 1,631,191.545 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 1,750,659.924 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 1,686,951.191 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 692,196.189 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 730,888.569 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 710,255.002 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 7.850 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 8.150 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 7.590 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 7 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Record Revenue Performance: Apple reported a record revenue of $94 billion in Q3 FY2025, as highlighted in the earnings call transcript, reflecting robust demand across product categories and strong operational execution. This performance underscores the company’s ability to maintain market leadership.
- Strong Financial Position: High net income and free cash flow figures from the cash flow statements indicate solid profitability and liquidity, providing Apple with the flexibility to fund innovation and return value to shareholders through dividends and buybacks.
- Brand and Innovation Leadership: The earnings call emphasized Apple’s focus on innovation, with significant investments in new product features and ecosystem enhancements, reinforcing its competitive edge in the technology sector.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates TW intrinsic value between $58.66 – $121.22 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about TW valuation
Is Tradeweb Markets Inc. (TW) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Tradeweb Markets Inc. (TW) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is TW a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether TW trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is TW’s P/E ratio?
You can see TW’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for TW?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is TW a good long-term investment?
Whether TW fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
TW
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
1.42
Trading Metrics:
| Open: | 98.28 | Previous Close: | 98.28 | |
| Day Low: | 97.51 | Day High: | 100.36 | |
| Year Low: | 94.25 | Year High: | 147.49 | |
| Price Avg 50: | 112.03 | Price Avg 200: | 112.15 | |
| Volume: | 1.694M | Average Volume: | 1.574M |
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Login — it's freeTW full analysis
Welcome to MARKETSNAP’s SWOT analysis for Tradeweb Markets, also known by its ticker TW. If you’re a long-term investor looking to dig into a key player in the financial tech space, you’re in the right place. Today, we’re breaking down Tradeweb Markets, a company that’s carved out a strong niche in electronic trading platforms. Let’s dive into what makes this company tick, analyze its recent performance, and unpack a detailed SWOT to see where it stands for your portfolio. First,…
