Tradeweb Markets Inc.
TWNasdaqFinancials · Security & Commodity Brokers, Dealers, Exchanges & Services · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $2.05B | $1.73B | $1.34B | $1.19B | $1.08B | $892.7M |
| Operating income | $835.3M | $678.0M | $505.3M | $412.6M | $358.8M | $263.4M |
| Net income | $812.8M | $501.5M | $364.9M | $309.3M | $226.8M | $166.3M |
| Total assets | $8.19B | $7.27B | $7.06B | $6.26B | $5.99B | $5.68B |
| Total liabilities | $1.00B | $869.1M | $1.13B | $713.8M | $681.2M | $660.7M |
| Equity | $6.51B | $5.80B | $5.37B | $4.95B | $4.65B | $4.30B |
| EPS (diluted) | $3.78 | $2.33 | $1.71 | $1.48 | $1.09 | $0.88 |
| Shares out. | 214.9M | 214.9M | 212.7M | 208.4M | 207.3M | 188.2M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 40.7%
- Net margin
- 39.6%
- Return on equity
- 12.5%
- Return on assets
- 9.9%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 12.2%
- Debt / equity
- 0.15×
- Book value / share
- $30.28
- Revenue growth (YoY)
- 18.9%
- Net income growth (YoY)
- 62.1%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Accruals / assets
- −4.3%clean
- Piotroski F-Score
- 7/8strong
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 5 good- Operating margin is positive
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Wellington Management Group LlpPassive (13G)May 15, 2026
- Vanguard Capital Management LlcPassive (13G)Apr 30, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Price T Rowe Associates Inc /Md/Passive (13G)Feb 17, 2026
- Blackrock, Inc.Passive (13G)Apr 24, 2025
- London Stock Exchange Group PlcActivist (13D)Mar 10, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 3.1M | 2.7 | +45.1% |
| Apr 30, 2026 | 2.1M | 1.3 | +1.2% |
| Apr 15, 2026 | 2.1M | 1.7 | -7.3% |
| Mar 31, 2026 | 2.3M | 1.8 | +5.7% |
| Mar 13, 2026 | 2.2M | 1.5 | -16.9% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Modified shareholder rights · Amended charter or bylaws · Shareholder voteMay 20, 2026
- Results of operationsApr 29, 2026
- Results of operations · Other material eventFeb 5, 2026
- Entered a material agreementJan 6, 2026
- Entered a material agreement · Results of operationsOct 30, 2025
- Results of operationsJul 30, 2025
- Shareholder voteMay 21, 2025
- Results of operationsApr 30, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗Event-driven situations (1)
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