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Tradeweb TW

Tradeweb scores good on business quality (6.4 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$111.08Oct 10, 2026
Business qualityGood
Next earningsOct 29, 2026
Insiders, 90 daysQuiet

Why it matters

  1. What Tradeweb does

    Tradeweb Markets operates electronic marketplaces for rates, credit, equities, and money markets, making money by charging institutional clients fees for trade execution. The firm is expanding its multi-asset electronic platform as global institutions demand faster execution across fixed income.

  2. What it does best

    Tradeweb dominates electronic US Treasury trading volume through deep dealer networks. With a free cash flow margin in the top quartile at 93%, its network effects create a sticky ecosystem that rivals struggle to match.

  3. The main risk

    A sudden drop in interest rate volatility could compress trading volumes across its core rates segment, threatening the 18.9% revenue growth rate currently driving the valuation.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityFair

Operating margin stands at 43.6% with free cash flow converting strongly from a net income of $895M, proving the business scales efficiently.

MoatWeak

Network effects lock in institutional clients across global bond markets, backed by an operating margin sitting in the sector's top decile at 88th percentile.

GrowthFast

Revenue growth hit 18.9%, accelerating past historical levels as electronic adoption deepens across rates and credit segments.

Financial healthFair

Zero total debt and $2.1B in cash completely eliminate debt costs, supported by $1B in free cash flow and a massive 467x interest coverage ratio, leaving the balance sheet very strong.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

No open market buys or unplanned sales by executives or directors.

Our sealed record on TW

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is TW a good business?

Tradeweb scores good on the Cluenex quality check (6.4 of 10), measured against its own industry. Profitability is fair, moat weak, growth fast and financial health fair.

Are insiders buying TW?

In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.

When does TW report earnings?

Oct 29, 2026.

For members

See TW today

  • Today's verdict on TW, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Tradeweb (TW)”, https://cluenex.com/stocks/tw/, data as of Oct 10, 2026.