Foreign exchangenegative · 4 filings
“The decrease was primarily due to a $9.4 million decrease in foreign exchange losses during the three months ended March 31, 2026 compared to the prior year period.”10-Q · Apr 29, 2026 ↗
Tradeweb Markets Inc.
TW
Market read
Tradeweb Markets Inc.'s current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Company-1.0% todayVolume comparison unavailable
Market group0 of 1 activeElectronic Trading Marketplaces · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- TW's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if TW's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- TW's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Brokerage and capital-markets earnings model
For brokers and capital-markets platforms, the key question is how client activity, interest rates, customer balances, margin lending and market conditions translate into earnings and capital needs.
Key research questions
- Can client and activity growth offset pressure from lower rates or weaker trading volumes?
- Are customer balances, margin lending and credit conditions changing the risk profile?
- Does the valuation reflect a durable earnings model or unusually favorable market conditions?
Annual periods8
Price observations328
Usable filing statements239
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +18.9% year over year.
- Operating margin changed +1.4 percentage points in the latest annual period.
- Net margin changed +10.5 percentage points in the latest annual period.
Evidence challenging the case
- Data center and AI demand has repeated adverse evidence across 4 filings.
- Foreign exchange has repeated adverse evidence across 4 filings.
- Credit and interest rates has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 28% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
101.486m-17.8%12m-14.4%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.1B+20.6%$1.09+10.1%
2022-12-31$1.2B+10.4%$1.48+0.6%
2023-12-31$1.3B+12.6%$1.71+2.0%
2024-12-31$1.7B+29.0%$2.33+1.1%
2025-12-31$2.1B+18.9%$3.78-0.0%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesnegative · 3 filings
“Interest Expense Interest expense decreased by $2.3 million to $1.9 million for the year ended December 31, 2025 from $4.3 million for the year ended December 31, 2024 primarily due to the timing of payments made under the Tax Receivable Agreement.”10-K · Feb 5, 2026 ↗
Macroeconomic conditionspositive · 1 filings
“52 Table of Contents Our strong results for the first quarter of 2026 reflected robust client engagement among heightened volatility driven by overall inflationary and central bank policy concerns and global market sensitivity to geopolitical developments.”10-Q · Apr 29, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 10.6× · EV/sales 9.6×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Scenarios are withheld for Financial Services until sector-specific earnings and capital metrics are available; generic revenue/P/S scaffolds would be misleading.
Price action
How the market is pricing the story
101.48-1.0% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TW. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for TW. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind TW
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
BLKBlackRock, Inc.partnerFeb 5, 2026 ▾
“Other Strategic Alliances We have entered into a number of other strategic alliances over the years with a range of firms, such as BlackRock, Coremont and key dealers that trade on our platform, among others.”
GSThe Goldman Sachs Group, Inc.partnerFeb 5, 2026 ▾
“For us, that has meant entering into collaborations with, and/or making investments in, a range of partners and initiatives, including Digital Asset, the Canton Network, Goldman Sachs, DRW, Fnality, iAltA Capital Markets, Securitize and Alphaledger, among oth…”
Depended on by
BGCBGC Group, Inc.competitorMay 11, 2026 ▾
“We compete with TP ICAP and Tradition across various Voice/Hybrid brokerage marketplaces as well as across multiple electronic marketplaces via Fenics, which additionally competes with Tradeweb and MarketAxess.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TW is currently a Leader in the organic co-movement group Electronic Trading Marketplaces. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for TW; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.