Tradeweb Markets

Financial - Capital Markets · Financial Services

Price

$99.90

-1.29 (-1.27%)

Market Cap

$21.29B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 207.3M (2021) → 214.9M (2025)

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 inves

Winston Score History

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on TW in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+37.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.5%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.9B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Tradeweb Markets is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

68.0%

Premium pricing power — 68.0% gross margin

Operating Margin

46.5%

Excellent — 46.5% operating margin

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+18.3%

Fast-growing sales (18.3% YoY)

EPS YoY

+65.4%

Earnings growing fast (65.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

139%

Turns 139% of profit into real cash

FCF Margin

53.0%

Converts sales into free cash efficiently (53.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

469.30x

Comfortably covers interest (469.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

24.5x

Growth-priced — P/E 24.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.5 → 19.3)

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Dividends

Dividend Yield

0.52%

Small dividend — 0.52% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+18.2%

Dividend growing fast (18.2% YoY)

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