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Tradeweb Markets Valuation Multiples
Discover revenue and EBITDA valuation multiples for Tradeweb Markets and similar public comparables like HiThink, LPL Financial, Futu Holdings, Equifax and more.
Tradeweb Markets Overview
About Tradeweb Markets
Founded in 1998 and headquartered in New York City, Tradeweb Markets is a leading fixed-income trading platform. While it does offer electronic processing for some voice-negotiated trades, the company focuses primarily on providing electronic trading networks that connect broker/dealers, institutional clients, and retail customers. While the company offers trading in a wide variety of products, the bulk of its business is in US and European government debt, mortgage-backed securities, interest-rate swaps, and US and international corporate bonds. The firm also sells fixed-income trading and price data, primarily through a deal with Refinitiv’s Eikon service.
Founded
2018
HQ
Employees
1.6K
Website
Sectors
Financials (LTM)
EV
$24B
Tradeweb Markets Financials
Tradeweb Markets reported last 12-month revenue of $2B and EBITDA of $1B.
In the same LTM period, Tradeweb Markets generated $1B in EBITDA and $865M in net income.
Revenue (LTM)
Tradeweb Markets P&L
In the most recent fiscal year, Tradeweb Markets reported revenue of $2B and EBITDA of $1B.
Tradeweb Markets expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | XXX | $2B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $1B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 67% | XXX | XXX | XXX |
| EBITDA | $1B | XXX | $1B | XXX | XXX | XXX |
| EBITDA Margin | 54% | XXX | 70% | XXX | XXX | XXX |
| EBIT Margin | 51% | XXX | 50% | XXX | XXX | XXX |
| Net Profit | $865M | XXX | $825M | XXX | XXX | XXX |
| Net Margin | 40% | XXX | 40% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Tradeweb Markets Stock Performance
Tradeweb Markets has current market cap of $26B, and enterprise value of $24B.
Market Cap Evolution
Tradeweb Markets' stock price is $120.69.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $24B | $26B | -0.6% | XXX | XXX | XXX | $3.88 |
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Start Free TrialTradeweb Markets Valuation Multiples
Tradeweb Markets trades at 11.1x EV/Revenue multiple, and 20.4x EV/EBITDA.
EV / Revenue (LTM)
Tradeweb Markets Financial Valuation Multiples
As of April 16, 2026, Tradeweb Markets has market cap of $26B and EV of $24B.
Equity research analysts estimate Tradeweb Markets' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Tradeweb Markets has a P/E ratio of 29.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $26B | XXX | $26B | XXX | XXX | XXX |
| EV (current) | $24B | XXX | $24B | XXX | XXX | XXX |
| EV/Revenue | 11.1x | XXX | 11.6x | XXX | XXX | XXX |
| EV/EBITDA | 20.4x | XXX | 16.6x | XXX | XXX | XXX |
| EV/EBIT | 21.9x | XXX | 23.0x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 17.2x | XXX | XXX | XXX |
| P/E | 29.7x | XXX | 31.1x | XXX | XXX | XXX |
| EV/FCF | 22.5x | XXX | 22.3x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Tradeweb Markets Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Tradeweb Markets Margins & Growth Rates
Tradeweb Markets' revenue in the last 12 month grew by 14%.
Tradeweb Markets' revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.3M for the same period.
Tradeweb Markets' rule of 40 is 70% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Tradeweb Markets' rule of X is 94% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Tradeweb Markets Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 14% | XXX | 16% | XXX | XXX | XXX |
| EBITDA Margin | 54% | XXX | 70% | XXX | XXX | XXX |
| EBITDA Growth | 15% | XXX | (10%) | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 70% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 94% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 4% | XXX | 14% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 6% | XXX | 6% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 26% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Tradeweb Markets Public Comps
See public comps and valuation multiples for other Online Brokers and Capital Markets Infrastructure comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Tradeweb Markets | XXX | XXX | XXX | XXX | XXX | XXX |
| HiThink | XXX | XXX | XXX | XXX | XXX | XXX |
| LPL Financial | XXX | XXX | XXX | XXX | XXX | XXX |
| Futu Holdings | XXX | XXX | XXX | XXX | XXX | XXX |
| Equifax | XXX | XXX | XXX | XXX | XXX | XXX |
| Experian | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Tradeweb Markets M&A Activity
Tradeweb Markets acquired XXX companies to date.
Last acquisition by Tradeweb Markets was on XXXXXXXX, XXXXX. Tradeweb Markets acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Tradeweb Markets
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialTradeweb Markets Investment Activity
Tradeweb Markets invested in XXX companies to date.
Tradeweb Markets made its latest investment on XXXXXXXX, XXXXX. Tradeweb Markets invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Tradeweb Markets
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Tradeweb Markets
| When was Tradeweb Markets founded? | Tradeweb Markets was founded in 2018. |
| Where is Tradeweb Markets headquartered? | Tradeweb Markets is headquartered in United States. |
| How many employees does Tradeweb Markets have? | As of today, Tradeweb Markets has over 1K employees. |
| Who is the CEO of Tradeweb Markets? | Tradeweb Markets' CEO is William Hult. |
| Is Tradeweb Markets publicly listed? | Yes, Tradeweb Markets is a public company listed on Nasdaq. |
| What is the stock symbol of Tradeweb Markets? | Tradeweb Markets trades under TW ticker. |
| When did Tradeweb Markets go public? | Tradeweb Markets went public in 2019. |
| Who are competitors of Tradeweb Markets? | Tradeweb Markets main competitors are HiThink, LPL Financial, Futu Holdings, Equifax. |
| What is the current market cap of Tradeweb Markets? | Tradeweb Markets' current market cap is $26B. |
| What is the current revenue of Tradeweb Markets? | Tradeweb Markets' last 12 months revenue is $2B. |
| What is the current revenue growth of Tradeweb Markets? | Tradeweb Markets revenue growth (NTM/LTM) is 14%. |
| What is the current EV/Revenue multiple of Tradeweb Markets? | Current revenue multiple of Tradeweb Markets is 11.1x. |
| Is Tradeweb Markets profitable? | Yes, Tradeweb Markets is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Tradeweb Markets? | Tradeweb Markets' last 12 months EBITDA is $1B. |
| What is Tradeweb Markets' EBITDA margin? | Tradeweb Markets' last 12 months EBITDA margin is 54%. |
| What is the current EV/EBITDA multiple of Tradeweb Markets? | Current EBITDA multiple of Tradeweb Markets is 20.4x. |
| What is the current FCF of Tradeweb Markets? | Tradeweb Markets' last 12 months FCF is $1B. |
| What is Tradeweb Markets' FCF margin? | Tradeweb Markets' last 12 months FCF margin is 49%. |
| What is the current EV/FCF multiple of Tradeweb Markets? | Current FCF multiple of Tradeweb Markets is 22.5x. |
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