Morningstar vs Tradeweb Markets
Morningstar is the larger business, with $2.45bn of revenue in fiscal 2025 against $2.05bn for Tradeweb Markets (1.2 times as much). Tradeweb Markets grew faster (18.9% against 7.5%). Tradeweb Markets kept more of each dollar of sales as profit: a net margin of 39.6% against 15.3%.
| Latest fiscal year | MorningstarMORN, 2025 | Tradeweb MarketsTW, 2025 |
|---|---|---|
| Revenue | $2.45bn | $2.05bn |
| Revenue growth | 7.5% | 18.9% |
| Net income | $374m | $813m |
| Operating margin | 21.5% | — |
| Net margin | 15.3% | 39.6% |
| Return on equity | 26.3% | 13.2% |
| Free cash flow | $443m | $1.13bn |
| Cash | $475m | $2.08bn |
| Total debt | $1.07bn | $0 |
| Debt to equity | 88.0% | — |
| Dividend per share | $1.87 | $0.48 |
| Dividend yield | 0.9% | 0.4% |
| Share buybacks | $787m | $104m |
| Employees | 10,973 | 1,569 |
| Market value | $8.84bn | $26.56bn |
| Price vs our value range | — | — |
| Moat score | 79 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 1 buys, 259 sales | 0 buys, 23 sales |