Tradeweb Markets Inc. (TW) intrinsic value & 10-year financials
Tradeweb Markets Inc. (TW) has a Graham intrinsic value of $125.56 per share. At $113.49 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue grew 17.6% a year to $2.1B, with an average return on invested capital of 6.5%.
- Graham intrinsic value
- $125.56
- Share price (Oct 17, 2026)
- $113.49
- Price vs Graham value
- 10% below
- Market cap
- $24.4B
- Revenue (FY2025)
- $2.1B
- Revenue growth (10-yr CAGR)
- 17.6%
- ROIC (10-yr avg)
- 6.5%
- Free cash flow (FY2025)
- $1.1B
TW 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.1B | $812.8M | $3.78 | $1.1B | 40.7% | — |
| FY2024 | $1.7B | $501.5M | $2.33 | $856.8M | 39.3% | — |
| FY2023 | $1.3B | $364.9M | $1.71 | $727.6M | 37.8% | — |
| FY2022 | $1.2B | $309.3M | $1.48 | $609.6M | 34.7% | — |
| FY2021 | $1.1B | $226.8M | $1.09 | $561.1M | 33.3% | — |
| FY2020 | $892.7M | $166.3M | $0.88 | $431.7M | 29.5% | — |
| FY2019 | $775.6M | $83.8M | $0.54 | $295.2M | 24.5% | — |
| FY2018 | — | — | — | — | — | — |
| FY2017 | $563.0M | $83.6M | — | $211.1M | 15.8% | — |
| FY2016 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Tradeweb Markets Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Tradeweb Markets Inc. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Tradeweb Markets Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Tradeweb Markets Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $125.56 per share.