TW - Tradeweb Markets Inc.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$131.20
DETAILS
HIGH:
$150.00
LOW:
$112.00
MEDIAN:
$138.00
CONSENSUS:
$131.20
UPSIDE:
23.54%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||
| Revenue | 2,052.4 | 1,725.9 | 1,338.2 | 1,188.8 | 1,076.4 | 892.7 | 775.6 | 657.6 | 504.4 | 492.2 |
| Cost of Revenue | 670.8 | 592.7 | 460.3 | 432.4 | 407.3 | 349.7 | 329.5 | 289.5 | 249.0 | 228.6 |
| Gross Profit | 1,381.6 | 1,133.3 | 877.9 | 756.4 | 669.2 | 543.0 | 446.1 | 368.1 | 255.5 | 263.6 |
| Operating Expenses | ||||||||||
| R&D Expenses | 0 | 0 | 55.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 296.1 | 235.2 | 562.1 | 164.9 | 139.1 | 125.9 | 117.0 | 114.0 | 97.8 | 89.6 |
| Other Expenses | 240.4 | 220.0 | (245.2) | 178.9 | 171.3 | 153.8 | 139.3 | 81.8 | 68.6 | 80.9 |
| Operating Expenses | 536.5 | 455.2 | 372.6 | 343.8 | 310.4 | 279.6 | 256.3 | 195.8 | 166.4 | 170.5 |
| Operating Income | ||||||||||
| Operating Income | 845.1 | 678.0 | 505.3 | 412.6 | 358.8 | 263.4 | 189.8 | 172.3 | 89.1 | 93.1 |
| Interest Expense | 1.9 | 4.3 | 2.0 | 1.8 | 0 | 0 | 0 | 0 | 0.5 | 1.3 |
| Interest Income | 68.4 | 74.0 | 67.4 | 13.7 | 0 | 0 | 2.4 | 2.5 | 0.7 | 0.6 |
| Profitability | ||||||||||
| EBITDA | 1,427.1 | 978.7 | 681.1 | 617.8 | 542.9 | 428.6 | 362.3 | 254.1 | 157.7 | 174.6 |
| EBIT | 1,176.9 | 758.7 | 495.8 | 438.9 | 371.6 | 274.8 | 223.0 | 172.3 | 89.1 | 93.8 |
| Income Before Tax | 1,175.0 | 754.4 | 548.0 | 437.1 | 370.0 | 274.5 | 225.3 | 174.8 | 89.8 | 92.4 |
| Income Tax Expense | 253.5 | 184.4 | 128.5 | 77.5 | 96.9 | 56.1 | 52.3 | 15.3 | 6.1 | (0.7) |
| Net Income | 812.8 | 501.5 | 364.9 | 309.3 | 226.8 | 166.3 | 83.8 | 159.5 | 83.6 | 93.2 |
| Per Share Data | ||||||||||
| EPS (Basic) | 3.81 | 2.36 | 1.73 | 1.50 | 1.13 | 0.92 | 1.17 | 1.29 | 0.37 | 0.41 |
| EPS (Diluted) | 3.78 | 2.34 | 1.71 | 1.48 | 1.09 | 0.88 | 1.11 | 1.29 | 0.37 | 0.41 |
| Shares Outstanding | 213.2 | 213.0 | 210.8 | 205.6 | 201.4 | 180.4 | 148.0 | 123.4 | 227.3 | 227.3 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||
| Cash & Cash Equivalents | 2,084.7 | 1,341.3 | 1,707.5 | 1,258.2 | 973.0 | 792.3 | 461.7 | 411.3 | 353.8 | 325.1 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 257.8 | 290.1 | 549.6 | 154.3 | 129.9 | 105.7 | 123.5 | 261.8 | 74.0 | 79.4 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 54.7 | 36.8 | 23.9 | 20.5 | 11.7 | 9.7 | 11.4 | 9.9 | 10.5 |
| Total Current Assets | 2,342.6 | 1,686.1 | 2,293.9 | 1,436.4 | 1,123.5 | 909.6 | 594.9 | 684.5 | 437.7 | 415.0 |
| Non-Current Assets | ||||||||||
| Property, Plant & Equipment | 123.1 | 79.5 | 58.8 | 62.3 | 51.6 | 63.3 | 64.9 | 38.1 | 27.0 | 24.8 |
| Goodwill | 3,150.1 | 3,150.1 | 2,815.5 | 2,780.3 | 2,780.3 | 2,694.8 | 2,694.8 | 2,694.8 | 563.4 | 563.5 |
| Intangible Assets | 1,148.0 | 1,577.6 | 1,136.1 | 1,214.7 | 1,336.2 | 1,350.1 | 1,454.5 | 1,551.4 | 263.4 | 292.9 |
| Long-Term Investments | 292.0 | 25.9 | 9.1 | 20.0 | 3.3 | 0.1 | 2.5 | 3.2 | 0.4 | 1.0 |
| Other Non-Current Assets | 0 | 89.6 | 61.9 | 57.0 | 76.4 | 82.5 | 27.2 | 25.0 | 18.1 | 17.2 |
| Total Non-Current Assets | 5,282.0 | 5,581.9 | 4,765.7 | 4,823.7 | 4,866.7 | 4,770.2 | 4,500.4 | 4,312.6 | 879.2 | 905.7 |
| Total Assets | 8,189.6 | 7,268.0 | 7,059.5 | 6,260.1 | 5,990.2 | 5,679.9 | 5,095.3 | 4,997.1 | 1,316.9 | 1,320.7 |
| Current Liabilities | ||||||||||
| Account Payables | 187.3 | 163.1 | 409.4 | 63.8 | 38.8 | 42.9 | 63.3 | 213.8 | 31.7 | 30.5 |
| Short-Term Debt | 0 | 0 | 21.6 | 0 | 0 | 11.6 | 8.5 | 0 | 0 | 29.3 |
| Deferred Revenue | 29.0 | 30.8 | 25.7 | 22.8 | 24.9 | 23.2 | 24.0 | 27.9 | 29.7 | 42.2 |
| Other Current Liabilities | 7.1 | 0.8 | 1.3 | 1.4 | 4.9 | 5.1 | 1.5 | 5.0 | 135.0 | 76.4 |
| Total Current Liabilities | 474.6 | 417.6 | 622.4 | 238.9 | 223.4 | 214.1 | 217.8 | 391.0 | 317.1 | 283.3 |
| Non-Current Liabilities | ||||||||||
| Long-Term Debt | 139.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 50.0 | 42.9 | 20.8 | 21.3 | 21.0 | 19.4 | 21.6 | 19.6 | 0 | 0 |
| Other Non-Current Liabilities | 197.4 | 372.8 | 457.5 | 425.7 | 412.4 | 404.3 | 240.8 | 0 | 0 | 0 |
| Total Non-Current Liabilities | 525.7 | 451.5 | 505.8 | 474.9 | 457.8 | 446.6 | 284.8 | 19.6 | 0 | 0 |
| Total Liabilities | 1,000.3 | 869.1 | 1,128.1 | 713.8 | 681.2 | 660.7 | 502.6 | 410.6 | 317.1 | 283.3 |
| Stockholders' Equity | ||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4,573.2 | 999.7 | 1,040.9 |
| Retained Earnings | 1,601.0 | 996.8 | 640.4 | 386.6 | 242.6 | 156.0 | 47.8 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 10.9 | (10.0) | (5.4) | (10.1) | 1.6 | 4.3 | 1.4 | (0.9) | (13.3) | (16.2) |
| Total Stockholders' Equity | 6,507.8 | 5,800.2 | 5,373.8 | 4,953.8 | 4,645.6 | 4,303.5 | 3,378.6 | 4,572.3 | 986.5 | 1,024.8 |
| Total Liabilities & Equity | 8,189.6 | 7,268.0 | 7,059.5 | 6,260.1 | 5,990.2 | 5,679.9 | 5,095.3 | 4,997.1 | 1,316.9 | 1,320.7 |
| Debt Metrics | ||||||||||
| Total Debt | 278.3 | 35.7 | 49.1 | 27.9 | 24.3 | 34.5 | 31.0 | 0 | 0 | 29.3 |
| Net Debt | (1,806.4) | (1,305.6) | (1,658.4) | (1,230.3) | (948.7) | (757.8) | (430.8) | (411.3) | (353.8) | (295.8) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | 812.8 | 570.0 | 419.5 | 359.6 | 273.1 | 218.4 | 173.0 | 159.5 | 83.6 | 93.2 |
| Depreciation & Amortization | 250.2 | 220.0 | 185.3 | 178.9 | 171.3 | 153.8 | 139.3 | 81.8 | 68.6 | 80.9 |
| Stock-Based Compensation | 103.5 | 89.6 | 65.1 | 66.6 | 51.9 | 39.3 | 49.8 | 19.6 | 26.1 | 0 |
| Change in Working Capital | 84.2 | (7.6) | (36.4) | (12.5) | 9.0 | (22.0) | (33.1) | 11.4 | 14.7 | (22.1) |
| Other Non-Cash Items | (175.4) | 1.1 | 13.1 | 1 | 0 | 0 | 0 | 21.1 | 58.5 | 26.2 |
| Operating Cash Flow | 1,167.6 | 897.7 | 746.1 | 632.8 | 578.0 | 443.2 | 311.0 | 277.4 | 224.6 | 171.8 |
| Investing Activities | ||||||||||
| Capital Expenditure | (40.6) | (41.0) | (61.8) | (60.1) | (51.3) | (42.5) | (44.5) | (42.1) | (40.6) | (35.3) |
| Acquisitions | 0 | (860.1) | (69.7) | 0 | (207.8) | (20) | 0 | 0 | 0.1 | (15.2) |
| Purchases of Investments | 0 | 0 | (1.3) | 0 | 0 | (20) | 0 | 0 | (5) | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.2 | 0 |
| Other Investing Activities | (86.0) | (68.1) | (43.2) | (36.9) | (34.5) | (11.0) | (28.7) | (26.7) | (27.2) | (25.4) |
| Investing Cash Flow | (126.5) | (969.2) | (132.8) | (60.1) | (259.1) | (62.5) | (44.5) | (42.1) | (45.6) | (50.6) |
| Financing Activities | ||||||||||
| Net Debt Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | (104.2) | (59.1) | (35.2) | (99.3) | (75.7) | 0 | 0 | (175.3) | (152) | (130) |
| Dividends Paid | (102.3) | (85.2) | (75.9) | (66.0) | (64.6) | (58.1) | (155.9) | (175.3) | (152) | (130) |
| Other Financing Activities | (101.0) | (146.0) | (57.1) | (111.4) | 4.1 | (620.9) | (2,033.4) | 0 | (1.5) | (0.5) |
| Financing Cash Flow | (307.5) | (290.3) | (168.2) | (276.7) | (136.1) | (52.7) | (218.1) | (175.3) | (153.5) | (130.5) |
| Cash Position | ||||||||||
| Net Change in Cash | 744.4 | (366.2) | 449.2 | 285.2 | 180.8 | 330.6 | 50.4 | 57.5 | 28.7 | (15.4) |
| Cash at Beginning | 1,341.3 | 1,707.5 | 1,258.2 | 973.0 | 792.3 | 461.7 | 411.3 | 353.8 | 325.1 | 340.5 |
| Cash at End | 2,085.7 | 1,341.3 | 1,707.5 | 1,258.2 | 973.0 | 792.3 | 461.7 | 411.3 | 353.8 | 325.1 |
| Free Cash Flow | 1,127.1 | 856.8 | 684.3 | 572.7 | 526.7 | 400.7 | 266.5 | 235.3 | 184.0 | 136.5 |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 2,052.4 | 1,725.9 | 1,338.2 | 1,188.8 | 1,076.4 | 892.7 | 775.6 | 657.6 | 504.4 | 492.2 |
| Gross Profit | 1,381.6 | 1,133.3 | 877.9 | 756.4 | 669.2 | 543.0 | 446.1 | 368.1 | 255.5 | 263.6 |
| Operating Income | 845.1 | 678.0 | 505.3 | 412.6 | 358.8 | 263.4 | 189.8 | 172.3 | 89.1 | 93.1 |
| Net Income | 812.8 | 501.5 | 364.9 | 309.3 | 226.8 | 166.3 | 83.8 | 159.5 | 83.6 | 93.2 |
| EPS (Diluted) | 3.78 | 2.34 | 1.71 | 1.48 | 1.09 | 0.88 | 1.11 | 1.29 | 0.37 | 0.41 |
| Balance Sheet | ||||||||||
| Cash & Equivalents | 2,084.7 | 1,341.3 | 1,707.5 | 1,258.2 | 973.0 | 792.3 | 461.7 | 411.3 | 353.8 | 325.1 |
| Total Assets | 8,189.6 | 7,268.0 | 7,059.5 | 6,260.1 | 5,990.2 | 5,679.9 | 5,095.3 | 4,997.1 | 1,316.9 | 1,320.7 |
| Total Debt | 278.3 | 35.7 | 49.1 | 27.9 | 24.3 | 34.5 | 31.0 | 0 | 0 | 29.3 |
| Stockholders' Equity | 6,507.8 | 5,800.2 | 5,373.8 | 4,953.8 | 4,645.6 | 4,303.5 | 3,378.6 | 4,572.3 | 986.5 | 1,024.8 |
| Cash Flow | ||||||||||
| Operating Cash Flow | 1,167.6 | 897.7 | 746.1 | 632.8 | 578.0 | 443.2 | 311.0 | 277.4 | 224.6 | 171.8 |
| Capital Expenditure | (40.6) | (41.0) | (61.8) | (60.1) | (51.3) | (42.5) | (44.5) | (42.1) | (40.6) | (35.3) |
| Free Cash Flow | 1,127.1 | 856.8 | 684.3 | 572.7 | 526.7 | 400.7 | 266.5 | 235.3 | 184.0 | 136.5 |