Latest Ratios: P/E Ratio 26.5x · EV/EBITDA 17.9x · ROE 12.0%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $21.4B | $23.1B | $28.1B | $19.3B | $13.5B | $20.8B | $11.8B | $7.3B | — | — | — |
| Enterprise Value | $19.6B | $21.3B | $26.8B | $17.7B | $12.3B | $19.8B | $11.0B | $6.8B | — | — | — |
| P/E Ratio → | 26.52 | 28.45 | 55.95 | 53.15 | 43.87 | 91.87 | 70.97 | 41.76 | — | — | — |
| P/S Ratio | 10.41 | 11.26 | 16.30 | 14.44 | 11.38 | 19.28 | 13.17 | 9.36 | — | — | — |
| P/B Ratio | 3.00 | 3.21 | 4.40 | 3.26 | 2.44 | 3.91 | 2.34 | 1.58 | — | — | — |
| P/FCF | 18.96 | 20.50 | 32.84 | 28.24 | 23.63 | 39.41 | 29.34 | 27.22 | — | — | — |
| P/OCF | 18.30 | 19.79 | 31.34 | 25.90 | 21.38 | 35.91 | 26.52 | 23.33 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.38 | 15.55 | 13.20 | 10.35 | 18.40 | 12.32 | 8.80 | — | — | — |
| EV / EBITDA | 17.86 | 19.45 | 29.88 | 25.58 | 20.80 | 37.36 | 26.36 | 20.73 | — | — | — |
| EV / EBIT | 23.14 | 18.10 | 35.37 | 35.64 | 28.02 | 53.30 | 40.02 | 30.61 | — | — | — |
| EV / FCF | — | 18.90 | 31.32 | 25.82 | 21.48 | 37.61 | 27.44 | 25.61 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.3% | 67.3% | 65.7% | 65.6% | 63.6% | 62.2% | 60.8% | 57.5% | 56.0% | 50.6% | 53.6% |
| Operating Margin | 41.2% | 41.2% | 39.3% | 37.8% | 34.7% | 33.3% | 29.5% | 24.5% | 26.2% | 17.7% | 18.9% |
| Net Profit Margin | 39.6% | 39.6% | 29.1% | 27.3% | 26.0% | 21.1% | 18.6% | 10.8% | 24.3% | 16.6% | 18.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.0% | 12.0% | 8.1% | 6.4% | 5.7% | 4.4% | 3.5% | 1.8% | 5.7% | 8.3% | 9.1% |
| ROA | 10.5% | 10.5% | 7.0% | 5.5% | 5.1% | 3.9% | 3.1% | 1.7% | 5.1% | 6.3% | 7.1% |
| ROIC | 9.1% | 9.1% | 8.2% | 6.6% | 5.7% | 5.2% | 4.1% | 3.1% | 4.6% | 6.5% | 6.6% |
| ROCE | 11.6% | 11.6% | 10.2% | 8.1% | 7.0% | 6.4% | 5.1% | 4.0% | 6.1% | 8.7% | 9.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | — | — | 0.03 |
| Debt / EBITDA | 0.25 | 0.25 | 0.04 | 0.07 | 0.05 | 0.05 | 0.08 | 0.09 | — | — | 0.17 |
| Net Debt / Equity | — | -0.25 | -0.20 | -0.28 | -0.22 | -0.18 | -0.15 | -0.09 | -0.09 | -0.36 | -0.29 |
| Net Debt / EBITDA | -1.65 | -1.65 | -1.45 | -2.40 | -2.08 | -1.79 | -1.82 | -1.31 | -1.62 | -2.24 | -1.70 |
| Debt / FCF | — | -1.60 | -1.52 | -2.42 | -2.15 | -1.80 | -1.89 | -1.62 | -1.75 | -1.92 | -2.17 |
| Interest Coverage | 606.34 | 606.34 | 177.30 | 242.18 | 243.18 | — | — | — | — | 195.81 | 70.03 |
Net cash position: cash ($2.1B) exceeds total debt ($278M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.94 | 4.94 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Quick Ratio | 4.94 | 4.94 | 4.04 | 3.69 | 6.01 | 5.03 | 4.25 | 2.73 | 1.75 | 1.38 | 1.46 |
| Cash Ratio | 4.39 | 4.39 | 3.21 | 2.74 | 5.27 | 4.35 | 3.70 | 2.12 | 1.05 | 1.12 | 1.15 |
| Asset Turnover | — | 0.25 | 0.24 | 0.19 | 0.19 | 0.18 | 0.16 | 0.15 | 0.13 | 0.38 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.5% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 12.6% | 12.6% | 17.0% | 20.8% | 21.3% | 28.5% | 34.9% | 186.2% | 110.0% | 181.7% | 139.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.5% | 1.8% | 1.9% | 2.3% | 1.1% | 1.4% | 2.4% | — | — | — |
| FCF Yield | 5.3% | 4.9% | 3.0% | 3.5% | 4.2% | 2.5% | 3.4% | 3.7% | — | — | — |
| Buyback Yield | 0.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 1.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $215M | $215M | $213M | $208M | $207M | $188M | $157M | $123M | $227M | $227M |
Regulatory clearing mandate shifts
Based on current market data, Tradeweb trades at a forward P/E of 23.09, which suggests investors are pricing in a growth premium relative to traditional exchange operators like CME Group, despite the company's significantly lower dividend yield of 0.5% compared to the broader financial services sector.
The PEG ratio of 0.73 indicates that the market may be undervaluing the company's earnings growth trajectory relative to its current multiple. This valuation appears to hinge on the assumption that Tradeweb will continue to capture market share in the higher-margin credit segment while maintaining its dominant position in rates.
As reported in financial statements, Tradeweb's ROIC has remained stagnant at approximately 2.9% in 2026Q1, a figure that appears low when compared to the double-digit returns generated by peers like MarketAxess and Cboe Global Markets, largely due to the heavy weight of intangible assets on the balance sheet.
The persistent gap between Tradeweb's ROIC and its peers suggests that the company's historical acquisitions have created a significant drag on capital efficiency. Investors should monitor whether management can improve these returns through organic growth or if the current asset base will continue to suppress long-term compounding potential.
According to recent quarterly filings, Tradeweb's asset turnover ratio has remained consistently low at 0.07 in 2026Q1, reflecting a business model heavily reliant on intangible assets rather than physical capital, which complicates direct comparisons with more capital-intensive exchange operators in the broader financial services industry.
The fluctuation in DSO, which reached 54 days in 2026Q1, indicates that the company's cash conversion cycle is sensitive to the settlement timing of its institutional client base. This variability suggests that while the platform is highly scalable, its liquidity position remains subject to the operational rhythms of its dealer network.
Based on the provided figures, Tradeweb maintains a fortress-like balance sheet with a debt-to-equity ratio of 0.02 in 2026Q1, which stands in stark contrast to the higher leverage profiles of peers like Nasdaq and Intercontinental Exchange, providing the firm with significant flexibility for future strategic investments.
The company's interest coverage ratio, which exceeded 486x in 2026Q1, confirms that debt service is not a material risk to the business. This ultra-conservative approach suggests that management is prioritizing financial stability over the potential tax benefits of debt, which may be a prudent strategy given the regulatory uncertainty surrounding the clearing landscape.
The take rate is the most commonly misapplied metric for Tradeweb, as it obscures the underlying product mix shift between high-volume, low-fee Treasury trading and lower-volume, high-fee credit products, leading analysts to potentially misinterpret a decline in headline pricing as a loss of competitive advantage.
Investors should instead focus on segment-specific revenue growth and volume trends to gauge true pricing power. Relying on a blended take rate ignores the strategic importance of the rates business as a gateway for higher-margin credit products, which is essential for understanding the company's long-term earnings durability.
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying TW stock.
Tradeweb Markets Inc.'s current P/E ratio is 26.5x. The historical average is 55.1x.
Tradeweb Markets Inc.'s current EV/EBITDA is 17.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.7x.
Tradeweb Markets Inc.'s return on equity (ROE) is 12.0%. The historical average is 6.5%.
Based on historical data, Tradeweb Markets Inc. is trading at a P/E of 26.5x. Compare with industry peers and growth rates for a complete picture.
Tradeweb Markets Inc.'s current dividend yield is 0.47% with a payout ratio of 12.6%.
Tradeweb Markets Inc. has 67.3% gross margin and 41.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tradeweb Markets Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.