TW
Tradeweb Markets Inc.
NasdaqGSUSDEQUITY
Financial Services
DELAYED
Buy
+21/100
Last price
107.54
▲ 0.43 (0.40%)
MARKET · —
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Tool
1D
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Range —
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Open
—
Prev close
107.11
Day high
109.75
Day low
105.83
Volume
2.09M
Market cap
$23.23B
P/E (TTM)
25.73
52W range
91.42 – 127.69
Trailing performance
Returnvs SPY
1W
+6.89%
+4.9%
1M
+1.26%
+0.1%
3M
+7.70%
+3.2%
6M
-13.84%
-32.0%
YTD
0.00%
-14.2%
1Y
-2.22%
-18.6%
3Y
+34.09%
-48.2%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on TW open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-35.86K
Net selling
Buy transactions
7
17.64K shares
Sell transactions
5
53.50K shares
Net transactions
+12
Buys less sells
Sell : buy shares
3.0 : 1
Mixed
Insider-held shares
584.39K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 17, 26 | DIXON TROY Officer |
SELL | 3.13K | $331.79K | Direct |
| Jun 1, 26 | PETERSON JUSTIN Chief Technology Officer |
SELL | 21.22K | $2.16M | Direct |
| May 26, 26 | BERNS STEVEN D Director |
SELL | 425 | $44.74K | Direct |
| May 19, 26 | GANELES SCOTT C. Director |
STOCK | 1.65K | $0 | Direct |
| May 19, 26 | YARED RANA Director |
STOCK | 1.65K | $0 | Direct |
| May 19, 26 | REPETTO RICHARD H Director |
STOCK | 1.65K | $0 | Direct |
| May 19, 26 | OPOKU LISA Director |
STOCK | 1.65K | $0 | Direct |
| May 19, 26 | BERNS STEVEN D Director |
STOCK | 1.65K | $0 | Direct |
| May 19, 26 | MADOFF PAULA Director |
STOCK | 1.91K | $0 | Direct |
| Apr 15, 26 | PETERSON JUSTIN Chief Technology Officer |
SELL | 21.22K | $2.56M | Direct |
| Mar 23, 26 | FRIEDMAN DOUGLAS L Officer |
SELL | 2.81K | $351.57K | Direct |
| Mar 23, 26 | FURBER SARA Chief Financial Officer |
SELL | 6.53K | $816.05K | Direct |
| Mar 20, 26 | PETERSON JUSTIN Chief Technology Officer |
SELL | 1.00K | $125.76K | Direct |
| Mar 20, 26 | DIXON TROY Officer |
SELL | 2.58K | $324.94K | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Fundamentals
Market cap$23.23B
Enterprise value$21.48B
Revenue (TTM)$2.20B
Gross profit$2.05B
EBITDA—
Net income$896.70M
EPS (TTM)$4.18
Free cash flow—
Total cash$2.06B
Total debt$150.34M
Book value / share$31.09
Shares outstanding114.04M
Float113.75M
Short % of float3.03%
Dividend yield0.52%
Beta (5Y)0.61
Valuation & profitability ratios
Trailing P/E25.73
Forward P/E23.26
PEG ratio1.73
Price / sales—
Price / book3.46
EV / revenue9.75
EV / EBITDA—
Gross margin93.15%
Operating margin43.83%
Profit margin40.70%
Return on equity14.47%
Return on assets12.48%
Debt / equity2.05
Current ratio6.79
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $2.05B | $1.73B | $1.34B | $1.19B | +18.9% |
| Operating revenue | $2.03B | $1.71B | $1.33B | $1.18B | +18.4% |
| Cost of revenue | $670.83M | $592.69M | $460.31M | $432.42M | +13.2% |
| Gross profit | $1.38B | $1.13B | $877.91M | $756.36M | +21.9% |
| Selling, general & admin | $296.07M | $235.23M | $187.29M | $164.91M | +25.9% |
| Total operating expense | $536.47M | $447.50M | $382.16M | $330.13M | +19.9% |
| Operating income | $845.12M | $685.76M | $495.75M | $426.23M | +23.2% |
| Net interest income | $66.47M | $69.76M | $65.35M | $11.91M | -4.7% |
| Pre-tax income | $1.17B | $754.40M | $547.98M | $437.13M | +55.7% |
| Tax provision | $253.47M | $184.44M | $128.48M | $77.52M | +37.4% |
| Net income | $812.79M | $501.51M | $364.87M | $309.34M | +62.1% |
| Net income to common | $812.16M | $501.12M | $364.40M | $309.09M | +62.1% |
| Basic EPS | 3.81 | 2.35 | 1.73 | 1.50 | +62.1% |
| Diluted EPS | 3.78 | 2.33 | 1.71 | 1.48 | +62.2% |
| EBIT | $1.18B | $758.68M | $550.03M | $438.94M | +55.1% |
| EBITDA | $1.43B | $978.68M | $735.38M | $617.82M | +45.8% |
| Basic shares | 213.21M | 213.03M | 210.80M | 205.58M | +0.1% |
| Diluted shares | 214.90M | 214.92M | 212.67M | 208.40M | -0.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $2.08B | $1.34B | $1.71B | $1.26B | +55.5% |
| Cash & short-term investments | $2.08B | $1.34B | $1.71B | $1.26B | +55.5% |
| Accounts receivable | $266.48M | $290.07M | $549.59M | $154.31M | -8.1% |
| Total current assets | $2.42B | $1.69B | $2.29B | $1.44B | +42.8% |
| Property, plant & equipment | $201.26M | $79.52M | $58.77M | $62.35M | +153.1% |
| Goodwill & intangibles | $4.57B | $4.73B | $3.95B | $3.99B | -3.4% |
| Total assets | $8.19B | $7.27B | $7.06B | $6.26B | +12.7% |
| Total current liabilities | $559.97M | $567.51M | $893.96M | $513.74M | -1.3% |
| Total debt | $139.17M | $35.75M | $27.46M | $27.94M | +289.3% |
| Total liabilities | $1.00B | $869.11M | $1.13B | $713.82M | +15.1% |
| Retained earnings | $1.60B | $996.76M | $640.38M | $386.63M | +60.6% |
| Shareholder equity | $6.51B | $5.80B | $5.37B | $4.95B | +12.2% |
| Working capital | $1.86B | $1.13B | $1.40B | $925.43M | +65.0% |
| Net tangible assets | $1.94B | $1.07B | $1.42B | $958.88M | +80.8% |
| Shares issued | 212.44M | 212.91M | 212.02M | 207.68M | -0.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $921.50M | $569.96M | $419.50M | $359.61M | +61.7% |
| Depreciation & amortisation | $250.19M | $220.00M | $185.35M | $178.88M | +13.7% |
| Stock-based compensation | $103.54M | $89.65M | $65.13M | $66.64M | +15.5% |
| Change in working capital | $84.22M | -$6.90M | -$36.43M | -$12.52M | +1,320.2% |
| Operating cash flow | $1.17B | $897.74M | $746.09M | $632.82M | +30.1% |
| Capital expenditure | -$103.09M | -$88.87M | -$61.76M | -$60.10M | -16.0% |
| Investing cash flow | -$126.53M | -$969.19M | -$132.76M | -$60.10M | +86.9% |
| Share buybacks | -$104.17M | -$59.05M | -$35.20M | -$99.32M | -76.4% |
| Dividends paid | -$102.34M | -$85.23M | -$75.91M | -$66.01M | -20.1% |
| Financing cash flow | -$307.48M | -$290.26M | -$168.17M | -$276.70M | -5.9% |
| Free cash flow | $1.06B | $808.87M | $684.33M | $572.73M | +31.6% |
| End cash position | $2.09B | $1.34B | $1.71B | $1.26B | +55.5% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $558.95M | $617.76M | $521.18M | $508.60M | $512.97M | -9.5% |
| Operating revenue | $553.55M | $610.85M | $511.19M | $502.67M | $507.73M | -9.4% |
| Cost of revenue | $172.46M | $197.79M | $159.27M | $164.99M | $169.69M | -12.8% |
| Gross profit | $386.48M | $419.97M | $361.92M | $343.61M | $343.28M | -8.0% |
| Selling, general & admin | $79.73M | $72.01M | $80.81M | $68.88M | $80.38M | +10.7% |
| Total operating expense | $141.22M | $132.72M | $131.12M | $133.23M | $143.43M | +6.4% |
| Operating income | $245.26M | $287.25M | $230.80M | $210.37M | $199.85M | -14.6% |
| Net interest income | $17.65M | $16.83M | $18.84M | $19.83M | $14.54M | +4.9% |
| Pre-tax income | $270.19M | $302.92M | $456.71M | $269.62M | $227.06M | -10.8% |
| Tax provision | $63.50M | $69.76M | $89.59M | $59.07M | $51.54M | -9.0% |
| Net income | $181.32M | $205.28M | $324.99M | $185.64M | $153.78M | -11.7% |
| Net income to common | $181.27M | $205.21M | $324.74M | $185.50M | $153.66M | -11.7% |
| Basic EPS | 0.85 | 0.96 | 1.52 | 0.87 | 0.72 | -11.5% |
| Diluted EPS | 0.85 | 0.96 | 1.51 | 0.86 | 0.71 | -11.5% |
| EBIT | $270.69M | $303.55M | $457.12M | $270.14M | $227.49M | -10.8% |
| EBITDA | $332.18M | $364.26M | $517.21M | $334.49M | $290.54M | -8.8% |
| Basic shares | 212.46M | 212.69M | 213.07M | 213.36M | 213.34M | -0.1% |
| Diluted shares | 212.80M | 213.32M | 214.74M | 214.98M | 214.97M | -0.2% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $2.06B | $1.94B | $2.08B | $1.91B | $1.63B | +6.2% |
| Cash & short-term investments | $2.06B | $1.94B | $2.08B | $1.91B | $1.63B | +6.2% |
| Accounts receivable | $320.86M | $482.26M | $266.48M | $362.88M | $807.94M | -33.5% |
| Total current assets | $2.44B | $2.48B | $2.42B | $2.34B | $2.51B | -1.6% |
| Property, plant & equipment | $210.39M | $203.84M | $201.26M | $196.92M | $70.32M | +3.2% |
| Goodwill & intangibles | $4.50B | $4.53B | $4.57B | $4.61B | $4.65B | -0.8% |
| Total assets | $8.25B | $8.30B | $8.19B | $8.00B | $8.06B | -0.5% |
| Total current liabilities | $549.92M | $681.43M | $559.97M | $670.28M | $1.10B | -19.3% |
| Total debt | $150.34M | $142.83M | $139.17M | $135.63M | $32.32M | +5.3% |
| Total liabilities | $912.69M | $986.11M | $1.00B | $1.06B | $1.33B | -7.4% |
| Retained earnings | $1.69B | $1.73B | $1.60B | $1.41B | $1.25B | -2.2% |
| Shareholder equity | $6.63B | $6.62B | $6.51B | $6.28B | $6.10B | +0.2% |
| Working capital | $1.89B | $1.80B | $1.86B | $1.67B | $1.41B | +5.1% |
| Net tangible assets | $2.14B | $2.09B | $1.94B | $1.68B | $1.45B | +2.3% |
| Shares issued | 211.07M | 212.97M | 212.44M | 213.42M | 213.39M | -0.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $206.69M | $233.17M | $367.12M | $210.55M | $175.52M | -11.4% |
| Depreciation & amortisation | $61.49M | $60.71M | $60.09M | $64.35M | $63.05M | +1.3% |
| Stock-based compensation | $29.80M | $25.06M | $28.30M | $26.14M | $26.91M | +18.9% |
| Change in working capital | $88.09M | -$234.00M | $59.54M | $69.77M | $170.62M | +137.6% |
| Operating cash flow | $394.11M | $103.83M | $355.95M | $342.30M | $409.19M | +279.6% |
| Capital expenditure | -$27.23M | -$27.11M | -$34.81M | -$31.41M | -$22.06M | -0.4% |
| Investing cash flow | -$33.92M | -$77.30M | -$34.81M | -$34.85M | -$42.06M | +56.1% |
| Share buybacks | -$187.22M | -$53.33M | -$103.33M | $0 | $0 | -251.0% |
| Dividends paid | -$29.73M | -$29.77M | -$25.56M | -$25.61M | -$25.61M | +0.1% |
| Financing cash flow | -$239.12M | -$172.14M | -$145.26M | -$28.46M | -$50.73M | -38.9% |
| Free cash flow | $366.88M | $76.72M | $321.14M | $310.89M | $387.13M | +378.2% |
| End cash position | $2.06B | $1.94B | $2.09B | $1.91B | $1.63B | +6.2% |
Options analytics
Put / call volume
0.59
Call-heavy session
Put / call open interest
0.50
Positioning, not flow
Max pain
105.00
-2.4% from spot
ATM implied vol
3.1%
Nearest strike to spot
Skew (10% OTM)
0.0%
Calls bid over puts
Call volume
34
Contracts, this expiry
Put volume
20
Contracts, this expiry
Heaviest call OI
110.00
835 contracts
Heaviest put OI
90.00
273 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.95 | 0.97 | +2.5% |
| Mar 2026 | 1.06 | 1.08 | +1.5% |
| Dec 2025 | 0.84 | 0.87 | +3.0% |
| Sep 2025 | 0.83 | 0.87 | +4.9% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 1.00 | 14 | $576.51M | +13.4% |
| Next quarter | 1.01 | 14 | $590.08M | +13.2% |
| Current year | 4.06 | 15 | $2.34B | +14.2% |
| Next year | 4.62 | 15 | $2.62B | +11.6% |
Analyst targets & ownership
Mean target$123.73
High target$183.00
Low target$98.00
Implied upside15.06%
Analyst count15
ConsensusBUY
Strong buy / Buy4 / 5
Hold7
Sell / Strong sell0 / 0
Held by insiders0.28%
Held by institutions106.97%
Institutions holding825
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
102.49
+4.92% from price
SMA 20
102.51
+4.91% from price
SMA 50
103.89
+3.51% from price
SMA 100
102.36
+5.06% from price
SMA 200
108.31
-0.71% from price
EMA 12
103.47
+3.93% from price
EMA 26
103.29
+4.12% from price
EMA 50
103.39
+4.02% from price
RSI (14)
61.5
Neutral
MACD (12,26,9)
0.18
Hist 0.65
ATR (14)
2.81
2.61% of price
Realised vol 30D
28.5%
Annualised
Bollinger upper
106.61
20, 2σ
Bollinger lower
98.40
20, 2σ
50 / 200 cross
Death
103.89 vs 108.31
Trend bias
Below 200
-0.71%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
-0.15
Less volatile than market
Correlation to SPY
-0.06
Largely independent
Realised vol 30D
28.5%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-27.7%
Peak to trough
Max drawdown 5Y
-48.8%
Peak to trough
ATR 14
2.81
2.61% of price
Beta (reported)
0.61
5Y monthly, from filing
Short interest
Shares short
3.44M
Prior 3.69M
Change vs prior
-6.8%
Shorts covering
% of float
3.03%
Normal
% of shares out
1.63%
Against total outstanding
Days to cover
2.9
Liquid
Float
113.75M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Oct 2, 26 | Wells Fargo | INITIATED | — | Overweight |
| Sep 9, 26 | UBS | MAINTAINED | Buy | Buy |
| Aug 3, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Jul 31, 26 | TD Cowen | MAINTAINED | Hold | Hold |
| Jul 31, 26 | Piper Sandler | MAINTAINED | Neutral | Neutral |
| Jul 31, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 16, 26 | JP Morgan | MAINTAINED | Overweight | Overweight |
| Jul 10, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 9, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 7, 26 | Raymond James | MAINTAINED | Outperform | Outperform |
| Jun 30, 26 | Goldman Sachs | UPGRADE | Neutral | Buy |
| Jun 22, 26 | TD Cowen | MAINTAINED | Hold | Hold |
Dividends & splits
Forward rate$0.56 / yr
Forward yield0.52%
5-year avg yield0.39%
Payout ratio12.44%
Ex-dividend dateSep 1, 2026
Next pay dateSep 15, 2026
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-07-30
Corporate Changes & Voting Matters
8-K · 2026-05-20
Periodic Financial Reports
10-Q · 2026-04-29
Proxy Statements
DEF 14A · 2026-03-26
Proxy Statements
PRE 14A · 2026-03-16
Corporate Changes & Voting Matters
8-K · 2026-02-05
Corporate Changes & Voting Matters
8-K · 2026-01-06
Periodic Financial Reports
10-Q · 2025-10-30
Headlines
U.S. Treasury Yields Rise in Asian Trade as Markets Await Fed Minutes
Barrons.com · 2h ago
Dollar Rises Ahead of Fed Minutes
Barrons.com · 3h ago
Eurozone Bond Yields Rise, French OATs Underperform
The Wall Street Journal · 4h ago
Global Bond Yields Turn Lower
The Wall Street Journal · 17h ago
Sector Update: Financial Stocks Advance Premarket Tuesday
MT Newswires · 22h ago
Sector Update: Financial
MT Newswires · 22h ago
Tradeweb Markets Average Daily Volume Rises 29% in September
MT Newswires · 24h ago
Capitolis Announces $220 Million in Financing, Including $120 Million Series E at $1.9 Billion Valuation, from Bank of America, Barclays, BNP Paribas, Citi, J.P. Morgan, Nomura, State Street, UBS, Tradeweb, and Others
GlobeNewswire · 24h ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
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