Tradeweb Markets Inc (TW) Fair Value & Analysis
Financial Services · US · Market cap $21.8B · ISIN US8926721064
What is Tradeweb Markets Inc really worth?
Tradeweb Markets Inc
TW · US
A strong business, but trading 114% above our fair value of $49.17.
Strengths
Risks
For context
Fair value as of: Aug 14, 2026
From 8 valuation models · updated 22 days ago
Fair value updated Aug 14, 2026, revised from $42.40 to $49.17 (+16.0%) since Jul 19, 2026. Share price +4.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case ($61.46). The favourable scenario is already priced in.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.
How to read this chart
60‑month range $51.40 – $148.21 · fair‑value band $36.88 – $61.46 · the $105.34 price screens above the $49.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.
Analysis
Tradeweb Markets Inc (TW) currently trades at $105.34, while our model-based Fair Value estimate is $49.17, implying the stock looks roughly 114.2% overvalued today. The Quality Score stands at 76/100 (high quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of $46.11 per share, and 1 of the 8 models we run sit above the $105.34 price. Bear case: the Dividend Discount group reads lowest at $7.67, and 7 of the 8 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, Tradeweb Markets Inc generated revenue of $2.2B at a net margin of 40.3%. Revenue grew 21.2% year over year. It earns a return on equity of 14.2%. The balance sheet holds a net cash position of $1.8B. Fundamentals as of Aug 14, 2026
Our scenario range runs from $36.88 (bear case) to $61.46 (bull case); at $105.34, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −37% fair-value upside, at −53%, TW screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $2.41 per share, which is 4.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 8 models by family
Widest divergence: Earnings-Based ($46.11) versus Dividend Discount ($7.67). Highest evidence: Residual Income (68).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 72 · Market factors (momentum, volatility) 41
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company offers marketplaces that facilitate trading products across various asset classes, including rates, credit, equities, and money markets.
Full company description
Tradeweb Markets Inc. builds and operates electronic marketplaces in the United States and internationally. The company offers marketplaces that facilitate trading products across various asset classes, including rates, credit, equities, and money markets. It also provides pre-trade data and analytics, such as AI-Price, SNAP+, iNAV for ETFs, integrations, and LSEG market data; and trade execution comprising request-for-quote, request-for-market, request-for-stream, list trading, compression, blast all-to-all, click-to-trade, portfolio trading, session-based, central limit order book, bilateral firm streams, inventory-based, rematch, voice, futures vs. cash spreading, and dealer algorithmic suite. In addition, the company offers trade processing; and post-trade data, analytics, and reporting, which include transaction cost analysis, benchmark prices, and APA. It serves institutional, wholesale, retail, and corporate clients, such as 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 company was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tradeweb Markets Inc reported revenue of $2.1B in FY2025 versus $1.1B in FY2021, a compound +17.5%/yr. Reported net income was $813M in FY2025, compounding +37.6%/yr from FY2021.
TW screens 114% overvalued. Compare with Morgan Stanley, a financial holding company, →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Tradeweb Markets’ (TW) Long-Term Upside Driven by Innovation Track Record and Market Trends
- Tradeweb and Virtu Just Ran the First Fully Onchain Repo. The Plumbing Is the Story.
Peer Group
Capital Markets · 453 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Capital Markets median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 44/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Morgan Stanley, a financial holding company, MS | $214.77 | $138.97 | −35% |
| The Goldman Sachs Group GS | $1,034 | $756.89 | −27% |
| The Charles Schwab Corporation SCHW | $110.16 | $66.17 | −40% |
| Robinhood Markets, Inc HOOD | $104.26 | $30.94 | −70% |
| Macquarie Group MQG | A$251.87 | A$75.58 | −70% |
| CITIC Securities Company 600030 | ¥27.93 | ¥17.68 | −37% |
| Guotai Haitong Securities Co 601211 | ¥17.87 | ¥18.62 | +4% |
| East Money Information Co 300059 | ¥19.42 | ¥4.77 | −75% |
| CSC Financial Co 601066 | ¥25.78 | ¥14.17 | −45% |
| Huatai Securities Co 601688 | ¥19.56 | ¥19.26 | −2% |
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