Tradeweb Markets Inc.
TW · Security & Commodity Brokers, Dealers, Exchanges & Services · 212.7M shares · +8%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$30M (gross $35M, SBC $65M)
Reference price $102.00 · est. market cap ~$21.7B — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Tradeweb Markets — leading electronic fixed-income/derivatives trading platform.
Strengths
- Operating margin 41% (96th pct), net margin (88th), ROA (89th), strong FCF (94th)
- Network-effect, recurring e-trading franchise
Risks
- Trading-volume and rate-cycle sensitivity
- Competition (MarketAxess/Bloomberg)
Notable findings
- Strong balance sheetStrong balance sheet — $2.1B cash & investments
- Insider sellingInsider selling — 21 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$44M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
40.7%
Net margin
39.6%
Return on equity
12.5%
Return on assets
9.9%
Revenue growth (QoQ)
18.5%
Net-income growth
62.1%
Free cash flow
$1.1B
EBITDA
$1.1B
Tangible book value
$2.2B
Cash & investments
$2.1B
Stock comp / revenue
5.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Peterson Justin | Sell | 21K | $102.00 |
| 2026-05-26 | BERNS STEVEN | Sell | 425 | $105.26 |
| 2026-05-19 | Yared Rana | Grant | 1.6K | — |
| 2026-05-19 | Ganeles Scott | Grant | 1.6K | — |
| 2026-05-19 | Opoku Lisa | Grant | 1.6K | — |
| 2026-05-19 | Repetto Richard H | Grant | 1.6K | — |
| 2026-05-19 | BERNS STEVEN | Grant | 1.6K | — |
| 2026-05-19 | AIGRAIN JACQUES | Grant | 2.7K | — |
| 2026-05-19 | Madoff Paula | Grant | 1.9K | — |
| 2026-04-15 | Peterson Justin | Sell | 21K | $120.66 |
| 2026-03-23 | Furber Sara | Sell | 1.6K | $124.86 |
| 2026-03-23 | Friedman Douglas | Sell | 592 | $124.86 |
| 2026-03-20 | Peterson Justin | Sell | 1.0K | $125.13 |
| 2026-03-20 | Dixon Troy | Sell | 2.6K | $125.75 |
| 2026-03-20 | Friedman Douglas | Sell | 2.2K | $125.12 |
| 2026-03-20 | Furber Sara | Sell | 4.9K | $125.13 |
| 2026-03-20 | Clack Amy | Sell | 271 | $125.75 |
| 2026-03-18 | Peterson Justin | Sell | 3.2K | $124.76 |
| 2026-03-17 | Peterson Justin | Grant | 3 | — |
| 2026-03-17 | Clack Amy | Tax withheld | 1.1K | $126.17 |
| 2026-03-17 | Clack Amy | Grant | 3 | — |
| 2026-03-17 | Friedman Douglas | Tax withheld | 619 | $126.17 |
| 2026-03-17 | Friedman Douglas | Grant | 1 | — |
| 2026-03-17 | Bruni Enrico | Tax withheld | 1.5K | $126.17 |
| 2026-03-17 | Bruni Enrico | Grant | 6 | — |
| 2026-03-17 | Furber Sara | Tax withheld | 1.7K | $126.17 |
| 2026-03-17 | Furber Sara | Grant | 6 | — |
| 2026-03-17 | Hult William | Tax withheld | 5.7K | $126.17 |
| 2026-03-17 | Peterson Justin | Tax withheld | 1.2K | $126.17 |
| 2026-03-17 | Hult William | Grant | 17 | — |
| 2026-03-15 | Friedman Douglas | Tax withheld | 2.3K | $124.42 |
| 2026-03-15 | Bruni Enrico | Grant | 12K | — |
| 2026-03-15 | Bruni Enrico | Tax withheld | 4.4K | $124.42 |
| 2026-03-15 | Bruni Enrico | Grant | 44 | — |
| 2026-03-15 | Peterson Justin | Grant | 8.0K | — |
| 2026-03-15 | Peterson Justin | Tax withheld | 3.9K | $124.42 |
| 2026-03-15 | Peterson Justin | Grant | 29 | — |
| 2026-03-15 | Friedman Douglas | Grant | 6.5K | — |
| 2026-03-15 | Friedman Douglas | Grant | 18 | — |
| 2026-03-15 | Dixon Troy | Grant | 11K | — |
| 2026-03-15 | Dixon Troy | Tax withheld | 5.4K | $124.42 |
| 2026-03-15 | Dixon Troy | Grant | 25 | — |
| 2026-03-15 | Clack Amy | Grant | 6.4K | — |
| 2026-03-15 | Furber Sara | Grant | 12K | — |
| 2026-03-15 | Furber Sara | Tax withheld | 5.1K | $124.42 |
| 2026-03-15 | Furber Sara | Grant | 44 | — |
| 2026-03-15 | Hult William | Grant | 38K | — |
| 2026-03-15 | Hult William | Tax withheld | 14K | $124.42 |
| 2026-03-15 | Hult William | Grant | 104 | — |
| 2026-03-03 | Hult William | Option exercise | 72K | $20.59 |
| 2026-03-03 | Hult William | Sell | 72K | $125.62 |
| 2026-02-20 | Bruni Enrico | Sell | 17K | $119.27 |
| 2026-02-10 | Hult William | Option exercise | 72K | $20.59 |
| 2026-02-10 | Hult William | Sell | 72K | $115.45 |
| 2026-02-10 | Hult William | Sell | 49K | $115.45 |
| 2026-02-10 | Peterson Justin | Sell | 11K | $115.47 |
| 2026-02-10 | Friedman Douglas | Sell | 24K | $115.45 |
| 2026-02-10 | Friedman Douglas | Sell | 6.8K | $115.50 |
| 2026-02-10 | Furber Sara | Sell | 63K | $115.10 |
| 2026-02-10 | Clack Amy | Sell | 838 | $114.68 |
| 2026-02-10 | Clack Amy | Sell | 839 | $114.68 |
| 2026-01-01 | Hult William | Grant | 407 | — |
| 2026-01-01 | Clack Amy | Tax withheld | 2.0K | $106.20 |
| 2026-01-01 | Clack Amy | Grant | 21 | — |
| 2026-01-01 | Peterson Justin | Grant | 91K | — |
| 2026-01-01 | Peterson Justin | Tax withheld | 49K | $106.20 |
| 2026-01-01 | Peterson Justin | Grant | 474 | — |
| 2026-01-01 | Peterson Justin | Tax withheld | 14K | $106.20 |
| 2026-01-01 | Peterson Justin | Grant | 129 | — |
| 2026-01-01 | Hult William | Grant | 105K | — |
| 2026-01-01 | Hult William | Tax withheld | 57K | $106.20 |
| 2026-01-01 | Hult William | Grant | 547 | — |
| 2026-01-01 | Hult William | Tax withheld | 43K | $106.20 |
| 2026-01-01 | Friedman Douglas | Grant | 45K | — |
| 2026-01-01 | Friedman Douglas | Tax withheld | 22K | $106.20 |
| 2026-01-01 | Friedman Douglas | Grant | 258 | — |
| 2026-01-01 | Friedman Douglas | Tax withheld | 7.0K | $106.20 |
| 2026-01-01 | Friedman Douglas | Grant | 77 | — |
| 2026-01-01 | Bruni Enrico | Grant | 91K | — |
| 2026-01-01 | Bruni Enrico | Tax withheld | 43K | $106.20 |
| 2026-01-01 | Bruni Enrico | Grant | 562 | — |
| 2026-01-01 | Bruni Enrico | Tax withheld | 15K | $106.20 |
| 2026-01-01 | Bruni Enrico | Grant | 199 | — |
| 2026-01-01 | Furber Sara | Grant | 91K | — |
| 2026-01-01 | Furber Sara | Tax withheld | 45K | $106.20 |
| 2026-01-01 | Furber Sara | Grant | 519 | — |
| 2026-01-01 | Furber Sara | Tax withheld | 17K | $106.20 |
| 2026-01-01 | Furber Sara | Grant | 193 | — |
| 2025-05-20 | Ganeles Scott | Grant | 1.3K | — |
| 2025-05-20 | Repetto Richard H | Grant | 1.5K | — |
| 2025-05-20 | Madoff Paula | Grant | 1.5K | — |
| 2025-05-20 | BERNS STEVEN | Grant | 1.3K | — |
| 2025-05-20 | AIGRAIN JACQUES | Grant | 2.1K | — |
| 2025-05-20 | Opoku Lisa | Grant | 1.3K | — |
| 2025-05-20 | Yared Rana | Grant | 1.3K | — |
| 2025-05-14 | BERNS STEVEN | Sell | 450 | $141.30 |
| 2025-05-12 | Dixon Troy | Tax withheld | 309 | $141.55 |
| 2025-04-07 | Furber Sara | Sell | 1.8K | $127.60 |
| 2025-03-31 | Furber Sara | Grant | 15 | — |
| 2025-03-31 | Furber Sara | Tax withheld | 1.8K | $147.95 |
| 2025-03-20 | Furber Sara | Sell | 7.1K | $142.83 |
| 2025-03-20 | Bruni Enrico | Sell | 1.6K | $142.74 |
| 2025-03-19 | Bruni Enrico | Sell | 1.8K | $141.48 |
| 2025-03-19 | Bruni Enrico | Sell | 2.9K | $141.54 |
| 2025-03-19 | Friedman Douglas | Sell | 3.1K | $141.59 |
| 2025-03-19 | Zucker Scott | Sell | 2.3K | $141.48 |
| 2025-03-19 | Peterson Justin | Sell | 4.6K | $141.50 |
| 2025-03-17 | Peterson Justin | Grant | 6.7K | — |
| 2025-03-17 | Furber Sara | Grant | 9.9K | — |
| 2025-03-17 | Hult William | Grant | 31K | — |
| 2025-03-17 | Friedman Douglas | Grant | 3.6K | — |
| 2025-03-17 | Zucker Scott | Grant | 2.7K | — |
| 2025-03-17 | Bruni Enrico | Grant | 9.6K | — |
| 2025-03-17 | Clack Amy | Grant | 6.6K | — |
| 2025-03-15 | Hult William | Grant | 67 | — |
| 2025-03-15 | Friedman Douglas | Tax withheld | 3.2K | $141.57 |
| 2025-03-15 | Friedman Douglas | Grant | 11 | — |
| 2025-03-15 | Furber Sara | Tax withheld | 7.4K | $141.57 |
| 2025-03-15 | Furber Sara | Grant | 32 | — |
| 2025-03-15 | Zucker Scott | Tax withheld | 2.4K | $141.57 |
| 2025-03-15 | Zucker Scott | Grant | 8 | — |
| 2025-03-15 | Bruni Enrico | Grant | 61 | — |
| 2025-03-15 | Peterson Justin | Tax withheld | 5.7K | $141.57 |
| 2025-03-15 | Peterson Justin | Grant | 20 | — |
| 2025-03-15 | Hult William | Tax withheld | 19K | $141.57 |
| 2025-02-03 | Dixon Troy | Grant | 32K | — |
| 2025-01-06 | Zucker Scott | Sell | 3.7K | $132.38 |
| 2025-01-06 | Furber Sara | Sell | 9.8K | $132.39 |
| 2025-01-06 | Hult William | Sell | 15K | $132.38 |
| 2025-01-06 | Friedman Douglas | Sell | 4.3K | $132.36 |
| 2025-01-06 | Peterson Justin | Sell | 6.7K | $132.38 |
| 2025-01-01 | Bruni Enrico | Tax withheld | 6.7K | $131.33 |
| 2025-01-01 | Bruni Enrico | Grant | 62 | — |
| 2025-01-01 | Furber Sara | Tax withheld | 8.0K | $131.33 |
| 2025-01-01 | Furber Sara | Grant | 70 | — |
| 2025-01-01 | Clack Amy | Tax withheld | 2.0K | $131.33 |
| 2025-01-01 | Clack Amy | Grant | 5 | — |
| 2025-01-01 | Friedman Douglas | Tax withheld | 2.5K | $131.33 |
| 2025-01-01 | Friedman Douglas | Grant | 35 | — |
| 2025-01-01 | Zucker Scott | Tax withheld | 2.2K | $131.33 |
| 2025-01-01 | Zucker Scott | Grant | 30 | — |
| 2025-01-01 | Hult William | Tax withheld | 16K | $131.33 |
| 2025-01-01 | Hult William | Grant | 114 | — |
| 2025-01-01 | Peterson Justin | Tax withheld | 5.8K | $131.33 |
| 2025-01-01 | Peterson Justin | Grant | 45 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-20 | 3.035.03Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsExhibits | filing ↗ |
| 2026-02-05 | ResultsOtherExhibits | filing ↗ |
| 2026-01-06 | Material agreement | filing ↗ |
| 2025-10-30 | Material agreementResultsExhibits | filing ↗ |
| 2025-07-30 | ResultsExhibits | filing ↗ |
| 2025-05-21 | Shareholder voteExhibits | filing ↗ |
| 2025-04-30 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-20 | 2026-05-19 | 0001758730-26-000116 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001758730-26-000096 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001758730-26-000095 ↗ |
| 10-K | 2026-02-05 | 2025-12-31 | 0001758730-26-000015 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001758730-26-000014 ↗ |
| 8-K | 2026-01-06 | 2025-12-31 | 0001758730-26-000008 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001758730-25-000172 ↗ |
| 8-K | 2025-10-30 | 2025-10-29 | 0001758730-25-000171 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0001758730-25-000160 ↗ |
| 10-Q | 2025-07-30 | 2025-06-30 | 0001758730-25-000161 ↗ |
| 8-K | 2025-05-21 | 2025-05-20 | 0001758730-25-000145 ↗ |
| 10-Q | 2025-04-30 | 2025-03-31 | 0001758730-25-000108 ↗ |