| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 25 | 29.5x | 17.3x | Bottom tier | |
Growth | 83 | 14.0% | 7.1% | Top tier | |
Quality | 80 | — | — | Top tier | |
Safety | 94 | — | — | Top tier | |
Capital Return | 78 | 0.42% | 0.06% | Top tier | |
Momentum | 73 | -8.3% | -1.6% | Top tier | |
Sentiment | 63 | 12 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Tradeweb Markets operates a global electronic network for trading fixed-income products, derivatives, equities, and money markets, connecting thousands of institutions across government bonds, interest rate swaps, credit, mortgages, ETFs, repos, and equity derivatives. Its revenue model relies on variable and fixed trading fees, alongside market data and other revenue; in Q2 FY2026, trading revenue grew 8%, comprising 9% growth in variable fees and 5% growth in fixed fees, while market data revenue increased by more than 20%, supported by the LSEG contract and proprietary data products.
In Q2 FY2026, revenue reached $558.9 million, up 9% year over year, while net income was $181.3 million and earnings per share were $0.85, equivalent to a calculated net income margin of approximately 32.4%. This was the second-highest quarterly revenue in the company's history, but it declined from $617.8 million in Q1 FY2026; for the twelve months ended in 2026, revenue totaled $2.2 billion and net income reached $897.2 million, compared with revenue of $2.1 billion and net income of $812.8 million in FY2025.
The Q2 FY2026 mix was broad across rates, credit, equities, and market data; global swaps delivered 13% revenue growth, ETF revenue grew by more than 10%, and institutional equity derivatives recorded 20% growth, while global credit growth was in the low single digits. International clients represented approximately 44% of quarterly revenue and contributed 65% of revenue growth, with international revenue growing 14% across all four asset classes, while the adjusted EBITDA margin increased to 54.4%.
Analyst consensus rates TW shares a “Buy,” with an average price target of $135.5, compared with a wide target range of $102 to $178. The average target is approximately 6.1% above the 52-week range high of $127.69, while the highest target is approximately 39.4% above it, whereas the lowest target falls within the 52-week range of $91.42 to $127.69. The breadth of the targets reflects meaningful differences in assessments of whether growth in trading volumes and automation can offset competition, fee pressure, and rising technology investment, and the available data does not include a valid earnings multiple to use as an additional valuation anchor.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
Q2 FY2026 revenue reached approximately $558.9 million, up 9% year over year, and the platform then recorded a record trading volume of $67.5 trillion in July 2026. Average daily volume increased 23.3% in July to $2.9 trillion, while average U.S. government bond volume grew 26.1% to $258 billion. Growth is coming from the expansion of electronic trading across swaps, government bonds, credit, and ETFs, alongside a 14% increase in international revenue during the quarter.
Approximately 45% of all institutional trades executed on Tradeweb in Q2 FY2026 passed through AiEX, while its average number of daily trades increased by more than 45% year over year. The company launched TARA to integrate Tradeweb data, liquidity, and artificial intelligence and convert market information into actionable insights within the credit workflow. It also continued developing SNAP+, which uses predictive analytics and trading data to select the most suitable liquidity providers for each trade.
Automated analysis for informational purposes only — not investment advice.
Retail credit revenue declined 22% year over year, while wholesale U.S. Treasury revenue fell 1% due to weakness in the streaming service. The average fee per million also declined 10.3% in long-tenor swaps and 11.4% in cash credit due to changes in the product mix. Technology and communications costs also increased 38.9%, demonstrating that data and artificial intelligence development is raising expenses before the returns on these investments are fully realized.
Tradeweb ended Q2 FY2026 with approximately $2.1 billion in cash and cash equivalents, while free cash flow exceeded $1 billion during the preceding twelve months, growing by approximately 13%. The company repurchased approximately 1.9 million shares for $189 million during the quarter, with $334 million remaining under the repurchase authorization as of June 30, 2026. The board also declared a quarterly dividend of $0.14 per Class A and Class B share, an increase of 16.7% year over year.
The provided consensus indicates a “Buy” rating and an average price target of $135.5. The target range extends from $102 to $178, a wide dispersion reflecting differences in analysts' estimates regarding the sustainability of volume and market share growth. The average target exceeds the 52-week range high of $127.69, but the lowest target of $102 falls within the same range, keeping execution risks, competition, and fee pressure present in the valuation.