# Tradeweb Markets Inc. Class A Common Stock (TW) — Stock CV

Tradeweb Markets Inc. is a $23.4B financial services company. Revenue grew 14.0% over the last year, and it keeps 41¢ of every dollar of sales as profit. It trades at 29.0× earnings — near the lowest of its own history.

> Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform.

## Identity

- **Ticker**: TW
- **Sector**: Financial Services
- **Industry**: Security & Commodity Brokers, Dealers, Exchanges & Services
- **Headquarters**: NEW YORK, NY
- **Employees**: 1 569
- **Website**: https://www.tradeweb.com
- **Market cap**: $23.4B
- **Last price**: $111.08
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $2.21B
- **Net income**: $897M
- **Free cash flow**: $1.14B
- **P/E**: 29.0
- **Revenue growth (YoY)**: 14.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 90 |
| Profitability | 82 |
| Health | 75 |
| Quality | 92 |
| Moat | 63 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +14.0% YoY
- [x] Profitable — $897M TTM
- [x] Profit growing — +36.6% YoY
- [x] Generates cash — $1.14B TTM
- [x] Debt under control — current ratio 4.84
- [x] Established company — $23.4B market cap
- [ ] Not printing shares — +14.2% shares over ~5y
- [x] Proven track record — 7/7 profitable years
- [x] Financially stable — Altman Z 16.2 — safe
- [x] Pays a dividend — yield 0.43%
- [x] Valuation not extreme — P/E 29.0

## Experience (career milestones)

- **FY2025** — Best year on record: $813M net income
- **FY2021** — Revenue crossed $1B: $1.08B for the year
- **FY2019** — Profitable every year on record: 7 consecutive profitable years in our data
- **FY2019** — Positive free cash flow every year since: 7-year streak
- **2019** — The company became a public company via an initial public offering, raising $1.1 billion in the…
- **2017** — Tradeweb became the first offshore trading platform to connect with the China Foreign Exchange Trade…
- **2016** — Tradeweb launched an OTC marketplace for U.S.-listed ETFs aimed at institutional investors
- **2014** — Tradeweb launched active U.S
- **2013** — The firm acquired BondDesk Group, a bond trading venue in the U.S
- **2008** — Tradeweb acquired brokerage firm Hilliard Farber & Co
- **2006** — Tradeweb acquired Lever-Trade, which was rebranded Tradeweb Retail, a provider of web-based fixed income…
- **2005** — Tradeweb launched TradeWeb IRS, a US dollar-denominated interest rate swap platform
- **1998** — The trading platform was launched in 1998 as the first multi-dealer online trading network for U.S
- **1996** — The company was co-founded in 1996 by Lee Olesky and Jim Toffey, who came up with the idea while working at Credit…

## Strengths

- Strongly profitable — 40.7% net margin
- Revenue growing 14.0% year over year
- Strong cash conversion — FCF is 51.9% of revenue
- Interest covered 232.3× by operating earnings
- High returns on invested capital (ROIC 18.4%)

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.08B | $227M | $561M |
| FY2022 | $1.19B | $309M | $610M |
| FY2023 | $1.34B | $365M | $728M |
| FY2024 | $1.73B | $502M | $857M |
| FY2025 | $2.05B | $813M | $1.13B |

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Source: https://stockcv.com/TW — derived from company filings; may be delayed or incomplete. Information, not investment advice.