Tradeweb Markets Inc - Ordinary Shares Cls A
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+ FollowMarket Cap$26.47B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Record momentum / strong financial performance:
- Q3 revenue: $585M, the second-highest quarterly revenue in Tradeweb history; +14.9% YoY reported (+15.4% constant currency).
- First 9 months: >$1.7B revenue, already surpassing full-year 2024.
- Adjusted EBITDA margin: 54.5%, +59 bps YoY (reflecting improving profitability while still investing).
- Rates & credits led overall results; market data revenues also up (nearly +20% YoY, driven by an LSEG market data contract).
International growth is a major driver:
- International revenue more than +22% YoY; international contributed >60% of overall revenue growth in Q3.
- European and Asian client revenue growth: ~+20% YoY (Europe) and ~+30% YoY (Asia).
- Examples cited: record European government bond volumes in September, and record Snap+ usage / AiEX volumes in European credit.
Electronic share gains and “runway” for electronification remain central:
- US Treasuries: Q3 market share 23.6%, +160 bps YoY, driving >15% YoY revenue growth.
- Swap share (ex-compression): +330 bps YoY to a record; total market share moved 21.8% → 25.3% from Q3’25 to Q3’26.
- Management emphasized that electronic trading is still not dominant across many fixed income workflows (they called out that a large share of global fixed income activity still happens by phone/chat, implying substantial runway).
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$179.56
41.4% upside
Current Fair Value
41.4% upsideUndervalued by 41.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $26.47 Billion |
|---|---|
| Enterprise Value | $24.60 Billion |
| Annual dividend | $0.54 |
| Dividend yield | 0.44% |
| Earnings per Share | $3.81 |
| Beta | 0.61 |
| Outstanding Shares | 210,409,905 |
Return
| Return on Equity | 13.70% |
|---|---|
| Return on Assets | 11.02% |
| Return on Invested Capital | 15.99% |
Valuation & Multiples
| P/E Ratio | 28.7 |
|---|---|
| PEG | -461.53 |
| Price to Sales | 12.7 |
| Price to Book Ratio | 3.74 |
| Enterprise Value to Revenue | 10.78 |
| Enterprise Value to EBIT | 19.08 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.01
Consensus analyst estimateRevenue Estimate
$584.69 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$1.02
Consensus analyst estimateRevenue Estimate
$598.36 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 40.63% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.90%▼ 53.53% |
|---|---|
| Total Invested | $407.78M▼ 96.52% |
| Investors Holding | 157▼ 417.00% |
About Tradeweb Markets Inc
1,412 employees
CEO: William E. Hult
Tradeweb Markets Inc. is an international financial services company that builds and operates electronic over-the-counter marketplaces for trading fixed income products, ETFs and derivatives. The company was co-founded in 1996 by Lee O...