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Tradeweb Markets Inc. key statistics and ratios

In fiscal 2025, Tradeweb Markets Inc. had return on equity of 13.2% and a net margin of 39.6%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin16.6%10.8%18.6%21.1%26.0%27.3%29.1%39.6%39.8%
Return on equity—2.5%4.3%5.1%6.4%7.1%9.0%13.2%13.8%
Return on assets—1.6%3.1%3.9%5.1%5.5%7.0%10.5%10.9%
Effective tax rate6.8%23.2%20.4%26.2%17.7%23.4%24.4%21.6%21.8%
Dividends ÷ net income—42.9%34.9%28.5%21.3%20.8%17.0%12.6%12.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

66 /100

Moderate moat

How hard Tradeweb Markets's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 8 years.

  • Durability 19 / 20

    Operating margin has been a median 35.6%; its worst year was 22.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 50.5% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 4.1% over five years; stock-based pay has been a median 4.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (71 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: FDS vs TWMORN vs TWMSCI vs TW

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Figures from Tradeweb Markets Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Tradeweb Markets Inc.