Tradeweb Markets Inc. (TW)
Fair bewertetFundamental
83
Kurs
$102.67
Marktkapitalisierung
$22.05B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Tradeweb operates electronic marketplaces where banks, asset managers and other institutions buy and sell bonds, derivatives, ETFs and money-market instruments instead of trading by phone. It does not take positions itself: it connects buyers and sellers, runs the auction or request-for-quote process, and charges for access and for each trade executed. The London Stock Exchange Group is its majority shareholder, giving Tradeweb a large distribution partner but also tying its fortunes partly to a single controlling owner.
Wie das Geld verdient wird
Most revenue comes from fees charged on trading volume, so it rises with how much clients trade rather than with market direction, plus a smaller and steadier stream from selling the trading data the platform generates. Because the marketplace itself is software, adding another trade or another data subscriber costs Tradeweb very little, so revenue growth tends to fall straight through to profit once the platform is built and dealers are connected to it.
Umsatz nach Segment
Trading of government bonds, mortgage securities, and interest-rate swaps and swaptions, the platform's original and largest business.
Electronic trading of corporate bonds, municipal bonds and credit derivatives across the United States and Europe.
Trading of repurchase agreements and other short-term funding instruments used by banks and asset managers.
Licensing of pricing and trading data generated on the platform, sold to clients separately from trade execution itself.
Trading of ETFs and equity derivatives, a newer and smaller line built on the same institutional client base.
Residual revenue not attributed to a specific asset class, including smaller emerging products still being scaled up.
Wettbewerbsvorteil
Netzwerkeffekte · SchmalA trading venue is worth more to a dealer the more buyers already use it, and worth more to a buyer the more dealers already quote on it, so an established platform is hard to dislodge once both sides are present in size. Tradeweb's edge is real where it leads, but well-capitalized rivals compete venue by venue, so the advantage is uneven.
Was die Nachfrage antreibt
ZyklischRevenue tracks trading volumes, which rise when markets are volatile and rates or credit spreads are moving, and can fall in calm periods when institutions trade less. Underneath that cycle sits a steadier structural trend: more of bond and derivatives trading is moving from phone calls onto electronic platforms like Tradeweb's every year, which cushions the swings but does not eliminate them.
Wichtigste Risiken
- Dealer client concentration — A limited number of large dealer clients account for a significant share of trading volume, and their contracts are non-exclusive and terminable, so losing a major one would be felt across the business.
- Revenue tied to trading activity — Because fees are charged per trade, revenue depends on how much clients choose to trade, which can fall sharply in calm markets or if a client shifts volume to phone or a rival platform.
- Majority shareholder relationship — London Stock Exchange Group controls Tradeweb and also runs data and post-trade businesses that can overlap with Tradeweb's own, creating potential conflicts of interest in how the relationship is managed.
- Competition from voice and rival venues — Dealer clients still trade by phone, email and instant message, and other electronic platforms compete for the same flow, so Tradeweb must keep winning volume rather than assume it is locked in.
Kundenkonzentration
Not disclosed as a percentage, but the company states that a significant share of trading volume and revenue is concentrated among a limited number of large dealer clients.
Die Argumente dafür
Buyers argue that the multi-decade shift of bond and derivatives trading from phone calls to electronic platforms still has years to run, that Tradeweb's leadership in rates and growing share in credit compound as more volume flows through, and that the low incremental cost of each extra trade lets revenue growth convert efficiently into profit.
Die Argumente dagegen
Sellers fear that revenue tied so closely to trading volume leaves the business exposed to any quiet stretch in markets, that a handful of large dealers hold real bargaining power over fees, and that LSEG's control and overlapping interests could shape decisions in ways that do not always favor Tradeweb's minority shareholders.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
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Bilanz & Liquidität
Umsatz
$2.21B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$897M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$1.13B
Gesamtes Eigenkapital
$6.51B
Gesamtverbindlichkeiten
$1.00B
Current Ratio
4.12
Zinsdeckungsgrad
469.28
Schulden/EBITDA
0.14
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$115.25
Aktueller Kurs
$102.67
Sicherheitsmarge
+10.9%
Innerer-Wert-Spanne
$74.91 - $155.58
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
24.07
ROE
12.5%
P/B-Verhältnis
-
P/FCF
0.00
Bruttomarge
-
ROIC
-
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
-
WACC
8.0%
ROIC − WACC
-
Fundamentalanalyse-Kriterien
Bestanden (18)
- EPS shows upward trend
- EPS CAGR 38.31%
- Price CAGR 11.65%
- Debt/Equity ratio
- Operating Margin 43.7%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 13.8%
- Revenue Growth 5Y 18.1%
- Analyst Consensus 67% Buy
- PEG Ratio 0.78
- Earnings Quality (OCF/NI) 1.33
- Share Dilution -0.1%
- Net Margin Trend 40.7% vs 28.9%
- Piotroski F-Score 6/9
Nicht bestanden (3)
- Low reliance on intangibles
- DCF valuation (Unknown)
- Earnings Surprise avg -0.2%
Nicht verfügbar (7)
- ROIC NaN%
- Gross Margin NaN%
- P/FCF 0.00
- P/B Ratio NaN
- Dividend Payout NaN%
- Current Ratio
- Price below Graham Number
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. William E. Hult | CEO & Director | 55 |
| Ms. Sara Hassan Furber | Chief Financial Officer | 49 |
| Mr. Justin Peterson Ph.D. | Chief Technology Officer | 62 |
| Mr. Enrico Bruni | Managing Director & Co-Head of Global Markets | 54 |
| Mr. Troy Dixon | Managing Director & Co-Head of Global Markets | 53 |
| Ms. Amy Clack | Chief Administrative Officer & Chief Risk Officer | 54 |
| Mr. Ashley Neil Serrao C.F.A., C.M.A. | MD, Head of Treasury, FP&A & Investor Relations | - |
| Mr. Douglas Friedman J.D. | Chief Legal Officer, General Counsel & Secretary | 55 |
| Ms. Devi Shanmugham | Global Head of Compliance | - |
| Li Renn Tsai | MD and Head of Product & Sales | - |
Prüfungsrisiko
1
Vorstandsrisiko
6
Vergütungsrisiko
5
Aktionärsrechterisiko
10
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-05
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-07-30
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-07-30
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for TW, sourced from Markets Gazette.
- 4/8/2026NEUTRALTradeweb CEO: Opportunities Around Predictive Markets
Tradeweb CEO Billy Hult highlighted potential opportunities within predictive markets during a discussion on the bond trading landscape. While specific financial figures or forward-looking statements were not detailed, the commentary suggests a strategic focus on innovation and market development. Investors will monitor Tradeweb's future initiatives in this area, as advancements in predictive analytics could enhance trading efficiency and uncover new revenue streams for the company and its clients in the fixed income space.
- 2/20/2026POSITIVETradeweb Strikes Deal to Show Kalshi Data
Tradeweb Markets Inc. has struck a deal to integrate Kalshi Inc.'s prediction markets, making Kalshi's event-based contracts accessible to a broader institutional investor base. This strategic partnership expands Tradeweb's offerings and could boost trading volume and investor interest in both markets.
via Markets Gazette