Tradeweb Markets
TW on Nasdaq. Tradeweb sells electronic trading marketplaces to banks, asset managers, hedge funds and financial firms. Market value $16.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
Yearly profit per dollar of owners' money: 7 cents. Above 10 is good.
What you pay for each dollar of net assets: $3.48.
Profit per $100 you pay: $3.88.
Quality score: 82 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$107.54 a share, 18% above its 1-year low
Over the past year the price has ranged from $91.42 to $127.69.
Dividend: 0.4% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.1bn | $1.2bn | $1.3bn | $1.7bn | $2.1bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.21bn | 0.21bn | 0.21bn | 0.21bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsStrong, 18.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $559 million last quarter, up 9% on a year ago.
- Profit: $181 million, up 18% on a year ago.
- Spare cash over the past 12 months: $1.1 billion, up from $952 million.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $449m |
| December 2024 | $463m |
| March 2025 | $510m |
| June 2025 | $513m |
| September 2025 | $509m |
| December 2025 | $521m |
| March 2026 | $618m |
| June 2026 | $559m |
| Quarter to | Amount |
|---|---|
| September 2024 | $114m |
| December 2024 | $142m |
| March 2025 | $148m |
| June 2025 | $154m |
| September 2025 | $186m |
| December 2025 | $325m |
| March 2026 | $205m |
| June 2026 | $181m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
9 long-term investors we follow own it, up from 8 last quarter. 562 funds in all.
- GMOJeremy Grantham
- Value
- $265m
- Share of fund
- 0.6%
- Kensico Capital ManagementMichael Lowenstein
- Value
- $100m
- Share of fund
- 1.7%
- Torray Investment PartnersRobert Torray (founder)
- Value
- $8m
- Share of fund
- 1.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $265m | 0.6% | |
| Kensico Capital ManagementMichael Lowenstein | $100m | 1.7% | |
| Mawer Investment ManagementMawer team | $58m | 0.4% | Cut |
| Viking Global InvestorsAndreas Halvorsen | $31m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $27m | <0.1% | Added |
| Cantillon Capital ManagementWilliam von Mueffling | $11m | 1.6% | Cut |
| Horizon KineticsMurray Stahl | $10m | 0.1% | Added |
| Torray Investment PartnersRobert Torray (founder) | $8m | 1.0% | |
| Seilern Investment ManagementPeter Seilern | $2m | 0.2% | Cut |
Largest holders overall
- Price T Rowe Associates$1.6bnAdded
- BlackRock$686m
- Wellington Management Group LLP$618mCut
- Vanguard Portfolio Management$604mAdded
- Vanguard Capital Management$522m
- Carmignac Gestion$386mAdded
- T. Rowe Price Investment Management$329mCut
- State Street$280mAdded
- AQR Capital Management$272mCut
- GMO$265m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Refinitiv Parent Limitedat least 50.8%(filed with 6 related holders)Since 6 March 2025
What they said
The penultimate paragraph of Item 4 is hereby supplemented by adding the below disclosure immediately prior to the last sentence in such paragraph: On March 6, 2025, the Board of the Issuer appointed Rich Repetto as a Class II director, effective March 6, 2025. Mr. Repetto will…
Read the filing - T. Rowe Price Associates, Inc.Passive investor13.6%+3.2 ptsSince 31 December 2025
- BlackRock, Inc.Passive investor5.5%Since 31 March 2025
- Wellington Management Group LLPPassive investorat least 5.3%−1.2 pts(filed with 3 related holders)Since 30 June 2026
- Vanguard Portfolio ManagementPassive investor5.2%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Refinitiv Parent Limited | at least 50.8% (filed with 6 related holders) | 6 March 2025 | What they saidThe penultimate paragraph of Item 4 is hereby supplemented by adding the below disclosure immediately prior to the last sentence in such paragraph: On March 6, 2025, the Board of the Issuer appointed Rich Repetto as a Class II director, effective March 6, 2025. Mr. Repetto will… Read the filing |
T. Rowe Price Associates, Inc. Passive investor | 13.6%+3.2 pts | 31 December 2025 | |
BlackRock, Inc. Passive investor | 5.5% | 31 March 2025 | |
Wellington Management Group LLP Passive investor | at least 5.3%−1.2 pts (filed with 3 related holders) | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 5.2% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 8 sold $45m, $43m of it under preset trading plans.
- Dixon TroyMD, Co-Head of Global MarketsSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 2,584
- Price
- $106.06
- Value
- $274,059
- Dixon TroyMD, Co-Head of Global MarketsSoldunder a preset trading plan
- Date
- 14 August 2026
- Shares
- 546
- Price
- $105.74
- Value
- $57,734
- Peterson JustinChief Technology OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 21,221
- Price
- $102.00
- Value
- $2m
- BERNS STEVENDirectorSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 425
- Price
- $105.26
- Value
- $44,736
- Peterson JustinChief Technology OfficerSoldunder a preset trading plan
- Date
- 15 April 2026
- Shares
- 21,221
- Price
- $120.66
- Value
- $3m
- Friedman DouglasChief Legal OfficerSoldunder a preset trading plan
- Date
- 23 March 2026
- Shares
- 592
- Price
- $124.86
- Value
- $73,917
- Furber SaraChief Financial OfficerSoldunder a preset trading plan
- Date
- 23 March 2026
- Shares
- 1,614
- Price
- $124.86
- Value
- $201,524
- Dixon TroyMD, Co-Head of Global MarketsSoldunder a preset trading plan
- Date
- 20 March 2026
- Shares
- 2,584
- Price
- $125.75
- Value
- $324,938
- Friedman DouglasChief Legal OfficerSoldunder a preset trading plan
- Date
- 20 March 2026
- Shares
- 2,219
- Price
- $125.12
- Value
- $277,641
- Furber SaraChief Financial OfficerSoldunder a preset trading plan
- Date
- 20 March 2026
- Shares
- 4,911
- Price
- $125.13
- Value
- $614,513
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Dixon Troy MD, Co-Head of Global Markets | Sold under a preset trading plan | 2,584 | $106.06 | $274,059 |
| 14 August 2026 | Dixon Troy MD, Co-Head of Global Markets | Sold under a preset trading plan | 546 | $105.74 | $57,734 |
| 1 June 2026 | Peterson Justin Chief Technology Officer | Sold under a preset trading plan | 21,221 | $102.00 | $2m |
| 26 May 2026 | BERNS STEVEN Director | Sold under a preset trading plan | 425 | $105.26 | $44,736 |
| 15 April 2026 | Peterson Justin Chief Technology Officer | Sold under a preset trading plan | 21,221 | $120.66 | $3m |
| 23 March 2026 | Friedman Douglas Chief Legal Officer | Sold under a preset trading plan | 592 | $124.86 | $73,917 |
| 23 March 2026 | Furber Sara Chief Financial Officer | Sold under a preset trading plan | 1,614 | $124.86 | $201,524 |
| 20 March 2026 | Dixon Troy MD, Co-Head of Global Markets | Sold under a preset trading plan | 2,584 | $125.75 | $324,938 |
| 20 March 2026 | Friedman Douglas Chief Legal Officer | Sold under a preset trading plan | 2,219 | $125.12 | $277,641 |
| 20 March 2026 | Furber Sara Chief Financial Officer | Sold under a preset trading plan | 4,911 | $125.13 | $614,513 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.