Tradeweb Markets Inc Stock Research

Market Summary

USD73.95-0.13

Market Closed

-0.18%

TW Alerts

Big jump in Earnings (Y/Y)

TW Stock Price

TW RSI Chart

TW Valuation

Market Cap

15.2B

Price/Earnings (Trailing)

49.18

Price/Sales (Trailing)

12.8

EV/EBITDA

22.23

Price/Free Cashflow

24.96

TW Price/Sales (Trailing)

TW Profitability

EBT Margin

36.77%

Return on Equity

6.24%

Return on Assets

4.94%

Free Cashflow Yield

4.01%

TW Fundamentals

TW Revenue

Revenue (TTM)

1.2B

Revenue Y/Y

5.84%

Revenue Q/Q

2.06%

TW Earnings

Earnings (TTM)

309.3M

Earnings Y/Y

81.93%

Earnings Q/Q

28.75%

Price Action

52 Week Range

51.4792.29

(Low)(High)

Last 7 days

-0.3%

Last 30 days

2.6%

Last 90 days

15.1%

Trailing 12 Months

-15.7%

TW Financial Health

TW Investor Care

Dividend Yield

0.43%

Dividend/Share (TTM)

0.32

Shares Dilution (1Y)

1.72%

Diluted EPS (TTM)

1.48

Peers (Alternatives to Tradeweb Markets)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
CME	64.6B	5.0B	-4.16%	-26.67%	24	12.87	7.03%	2.07%
ICE	54.0B	9.6B	-7.24%	-28.09%	37.35	5.61	5.10%	-64.37%
NDAQ	25.8B	6.2B	-7.56%	-69.74%	22.94	4.14	5.78%	-5.22%
TROW	24.5B	6.5B	-3.27%	-24.36%	12.06	3.54	-15.43%	-49.47%
CBOE	13.5B	4.0B	-1.08%	10.70%	57.29	3.4	13.27%	-55.58%
MID-CAP
IBKR	8.1B	2.7B	-8.57%	20.79%	4.4	3.02	95.77%	12.59%
SEIC	7.4B	2.0B	-7.56%	-5.83%	15.63	3.73	3.79%	-13.01%
SF	6.4B	4.6B	-11.90%	-16.52%	9.65	1.39	-3.98%	-19.72%
SNEX	2.0B	64.7B	-4.81%	27.03%	8.19	0.03	35.87%	74.73%
SMALL-CAP
BGCP	1.9B	1.8B	19.43%	13.66%	38.4	1.04	16.43%	-60.72%
VIRT	1.8B	2.4B	-13.64%	-50.86%	6.65	0.74	-15.89%	-44.42%
COWN	1.1B	1.5B	0.39%	32.10%	14.3	0.71	-27.22%	-74.14%
AC	819.0M	10.3M	0.54%	-9.69%	-15.41	79.58	-29.47%	-152.67%
WETF	742.8M	301.3M	9.41%	-21.41%	14.66	2.47	-0.98%	1.78%
OPY	424.5M	1.1B	-12.90%	-8.54%	13.12	0.38	-20.31%	-79.65%

Financials for Tradeweb Markets

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.4%	1,189	1,173	1,151	1,115	1,076
EBITDA	3.1%	628	609	584	557	540
EBITDA Margin	1.7%	0.53*	0.52*	0.50*	0.50*	0.50*
Earnings Before Taxes	2.1%	437	428	407	383	370
EBT Margin	0.7%	0.37*	0.37*	0.35*	0.34*	0.34*
Interest Expenses	284.6%	12.00	3.00	-0.68	-1.54	-1.59
Net Income	4.1%	309	297	283	267	227
Net Income Margin	2.7%	0.26*	0.25*	0.22*	0.22*	0.21*
Free Cahsflow	3.1%	610	591	574	546	561

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	2.0%	6,260	6,137	5,990	6,001	5,990
Cash Equivalents	13.2%	1,257	1,110	960	828	972
Net PPE	11.9%	37.00	33.00	35.00	35.00	31.00
Goodwill	0%	2,780	2,780	2,780	2,780	2,780
Liabilities	4.5%	714	683	619	707	681
Shareholder's Equity	1.7%	4,954	4,869	5,371	5,294	4,646
Retained Earnings	11.0%	387	348	305	262	243
Additional Paid-In Capital	0.8%	4,577	4,542	4,420	4,389	4,401
Shares Outstanding	0.6%	206	205	204	-	-
Minority Interest	1.3%	593	585	656	645	663

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	2.7%	633	616	597	568	578
Share Based Compensation	3.4%	67.00	64.00	63.00	55.00	52.00
Cashflow From Investing	0.1%	-60.10	-60.15	-57.83	-264	-259
Cashflow From Financing	-11.8%	-276	-247	-248	-279	-136
Buy Backs	28.5%	99.00	77.00	80.00	123	76.00

Risks for TW

What is the probability of a big loss on TW?

60.8%

Probability that Tradeweb Markets stock will be more than 20% underwater in next one year

22.5%

Probability that Tradeweb Markets stock will be more than 30% underwater in next one year.

12.9%

Probability that Tradeweb Markets stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does TW drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Tradeweb Markets was unfortunately bought at previous high price.

Drawdowns

Returns for TW

Cumulative Returns on TW

26.8%

3-Year Cumulative Returns

Which funds bought or sold TW recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-2.51	710,218	6,532,220	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	7.03	39,000	208,000	-%
2023-02-28	Voya Investment Management LLC	added	4,570	99,316,100	101,199,000	0.14%
2023-02-22	CVA Family Office, LLC	sold off	-100	-	-	-%
2023-02-21	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	new	-	23,050	23,050	-%
2023-02-21	Alamar Capital Management, LLC	added	25.48	588,496	1,913,500	1.96%
2023-02-21	MACQUARIE GROUP LTD	reduced	-1.61	51,108	444,108	-%
2023-02-21	KB FINANCIAL PARTNERS, LLC	unchanged	-	2,000	13,000	-%
2023-02-17	TRUIST FINANCIAL CORP	new	-	228,166	228,166	-%
2023-02-15	LAZARD ASSET MANAGEMENT LLC	added	0.03	176,000	1,342,000	-%

Latest Funds Activity

Are funds buying TW calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own TW

No. of Funds

TW Alerts

Big jump in Earnings (Y/Y)

Tradeweb Markets News

Schedule 13G FIlings of Tradeweb Markets

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 22, 2023	london stock exchange group plc	17.2%	22,988,329	SC 13D/A
Feb 14, 2023	t. rowe price investment management, inc.	6.6%	7,322,321	SC 13G
Feb 13, 2023	ownership capital b.v.	4.68%	5,194,980	SC 13G/A
Feb 13, 2023	capital research global investors	0.0%	0	SC 13G/A
Feb 09, 2023	vanguard group inc	9.25%	10,276,137	SC 13G/A
Feb 06, 2023	wellington management group llp	5.56%	6,173,424	SC 13G
Feb 01, 2023	blackrock inc.	12.0%	13,366,523	SC 13G/A
Jul 08, 2022	london stock exchange group plc	17.6%	22,988,329	SC 13D/A
Jun 09, 2022	blackrock inc.	11.0%	11,850,068	SC 13G
Feb 14, 2022	price t rowe associates inc /md/	11.8%	12,486,962	SC 13G/A

TW Fair Value

Tradeweb Markets fair value in different scenarios

The table shows the Fair Value estimates for Tradeweb Markets for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	29.82 -59.68%	36.75 -50.30%	47.99 -35.10%	58.67 -20.66%	67.31 -8.98%
Very High Inflation	- -	- -	- -	- -	- -

Historical Tradeweb Markets Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Tradeweb Markets

View All Filings

Date Filed	Form Type	Document
Mar 23, 2023	ARS	ARS
Mar 23, 2023	DEF 14A	DEF 14A
Mar 23, 2023	DEFA14A	DEFA14A
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading
Mar 22, 2023	4	Insider Trading

Latest Insider Trading transactions for TW

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-22	Peterson Justin	sold	-145,539	75.02	-1,940	chief technology officer
2023-03-21	Hult William	acquired	617,700	20.59	30,000	chief executive officer
2023-03-21	Hult William	sold	-2,259,460	75.3154	-30,000	chief executive officer
2023-03-20	Furber Sara	sold	-169,170	75.2199	-2,249	chief financial officer
2023-03-20	Peterson Justin	sold	-222,308	75.2057	-2,956	chief technology officer
2023-03-20	Bruni Enrico	acquired	-	-	36.00	managing director, europe/asia
2023-03-20	Peterson Justin	acquired	-	-	24.00	chief technology officer
2023-03-20	Zucker Scott	sold (taxes)	-115,261	75.04	-1,536	chief admin. and risk officer
2023-03-20	Hult William	acquired	926,550	20.59	45,000	chief executive officer
2023-03-20	Friedman Douglas	sold (taxes)	-115,261	75.04	-1,536	general counsel and secretary

About Tradeweb Markets

Lee Olesky

www.tradeweb.com

1050

Tradeweb Markets Inc. builds and operates electronic marketplaces in the Americas, Europe, the Middle East, Africa, Asia Pacific, and internationally. The company's marketplaces facilitate trading in a range of asset classes, including rates, credit, money markets, and equities. It offers pre-trade data and analytics, trade execution, and trade processing, as well as post-trade data, analytics, and reporting services. The company provides flexible order and trading systems to institutional investors in 45 markets across 25 currencies. It also offers a range of electronic, voice, and hybrid platforms to approximately 300 dealers and financial institutions on electronic or hybrid markets with Dealerweb platform; and trading solutions for financial advisory firms and traders with Tradeweb Direct platform. The company serves a network of approximately 2,500 clients in the institutional, wholesale, and retail client sectors. Its customers include asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms, retail brokerage and financial advisory firms, and regional dealers. Tradeweb Markets Inc. was founded in 1996 and is headquartered in New York, New York. Tradeweb Markets Inc. is a subsidiary of Refinitiv Parent Limited.

TW Income Statement

2022-12-31

Consolidated Statements of Income - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Revenues

Total revenue

$ 1,188,781

$ 1,076,447

$ 892,659

Expenses

Employee compensation and benefits

432,421

407,260

349,658

Depreciation and amortization

178,879

171,308

153,789

Technology and communications

65,857

56,189

47,500

General and administrative

46,561

32,153

34,822

Professional fees

37,764

36,181

28,875

Occupancy

14,726

14,528

14,660

Total expenses

776,208

717,619

629,304

Operating income

412,573

358,828

263,355

Tax receivable agreement liability adjustment

^[1]

13,653

12,745

11,425

Net interest income (expense)

11,907

(1,590)

(316)

Income (loss) from investments

(1,000)

Income before taxes

437,133

369,983

274,464

Provision for income taxes

(77,520)

(96,875)

(56,074)

Net income

359,613

273,108

218,390

Less: Net income attributable to non-controlling interests

50,275

46,280

52,094

Net income attributable to Tradeweb Markets Inc.

$ 309,338

$ 226,828

$ 166,296

Earnings per share attributable to Tradeweb Markets Inc. Class A and B common stockholders:

Basic (in dollars per share)

$ 1.50

$ 1.13

$ 0.92

Diluted (in dollars per share)

$ 1.48

$ 1.09

$ 0.88

Weighted average shares outstanding:

Basic (in shares)

205,576,637

201,419,081

180,409,462

Diluted (in shares)

208,400,040

207,254,840

188,223,032

Transaction fees and commissions

Revenues

Total revenue

$ 950,269

$ 846,354

$ 681,588

Subscription fees

Revenues

Total revenue

165,922

158,448

142,358

Refinitiv market data fees

Revenues

Total revenue

62,721

61,161

59,706

Other

Revenues

Total revenue

$ 9,869

$ 10,484

$ 9,007

[1]	See Note 10 – Tax Receivable Agreement.