Stock fact sheet · data as of
Tradeweb Markets Inc. (TW): fair value, margin of safety and Wheel Score
Ticker symbol TW · Financial Services · Financial - Capital Markets · United States · Class A common stock · Growth
TW is Tradeweb Markets Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is TW undervalued?
At 126.99 (close of 5 Nov 2026), TW trades within a few percent of the GLS average fair value of 120.03 (5.8% above fair value). 9 models produced a value and they split 5 above the price to 4 below. A stock priced at fair value earns about half of the Wheel Score's Value points; the rest of the score comes from health, moat, premium and stability.
There is a wide gap between DDM (7.95) and GLS Growth (264.49). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, TW is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 25, growth score 81, out of 100).
Nine valuation models for TW
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 140.49 | +11% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 55.31 | -56% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 168.87 | +33% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 67.99 | -46% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 264.49 | +108% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 127.37 | +0% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 199.81 | +57% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 7.95 | -94% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 48.00 | -62% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 6.21 | -95% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 131.29 | +3% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Tradeweb Markets Inc. scores 9 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability TW scores 6.7/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are moderate - ROIC 12.0%, ROE 12.5%, ROA 9.9% - with debt at 0.04 times equity and a free-cash-flow yield of 3.9%.
The dividend yield is 0.43% with a payout ratio of 13% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Transaction Fee Revenue 84%, Subscription Fee Revenue 11%, Market Data Revenue 5% (quarter Q3 FY2026).
Institutional ownership scores 7/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 9 / 9 | ROIC | 12.0% |
|---|---|---|---|
| GLS Moat | 6.7 / 10 | ROE | 12.5% |
| Debt / equity | 0.04 | ROA | 9.9% |
| Free-cash-flow yield | 3.9% | Payout ratio | 13% |
| Institutions | 7 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 46: Weak
With a Wheel Score of 46 Tradeweb Markets Inc. sits in the Weak band. It fails filter 3, below fair value - trades 6% above our fair value; Value (weak) is its weakest part.
Implied volatility is 35% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is 8,596 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.5M shares a day on a market cap of $27.4B, with a beta of 0.56 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 6% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 6% above fair value | |
| Premium | Strong | implied volatility 35% | |
| Moat | Good | moat 6.7/10 | |
| Health | Strong | Piotroski 9/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Weak | 804 contracts a day, 8,596 open interest | |
| Stability | Strong | beta 0.56, $27.4B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for TW in the nightly calendar. The shares go ex-dividend on 1 Dec 2026 (0.1400 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Financial - Capital Markets
The 12 companies below are the closest to Tradeweb Markets Inc. by market cap within the Financial - Capital Markets industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| NMR Nomura Holdings, Inc. | 9.79 | 17.13 | +43% | 47Weak | $28.6B |
| LPLA LPL Financial Holdings Inc. | 311.48 | 496.45 | +37% | 91Prime | $24.3B |
| CRCL Circle Internet Group | 76.12 | 68.34 | -11% | 36Weak | $19.3B |
| FUTU Futu Holdings Limited | 97.92 | 476.82 | +79% | 53Fair | $13.7B |
| BMNP Bitmine Immersion Technologies, Inc. | 98.10 | 1.63 | -5908% | 13No options | $13.0B |
| BMNR Bitmine Immersion Technologies, Inc. | 21.73 | 0.7947 | -2635% | 29Weak | $12.4B |
| EVR Evercore Inc. | 311.03 | 355.42 | +12% | 75Good | $12.0B |
| SF Stifel Financial Corp | 72.94 | 97.45 | +25% | 79Good | $10.9B |
| HOOD Robinhood Markets, Inc. | 87.41 | 73.05 | -20% | 39Weak | $69.4B |
| JEF Jefferies Financial Group Inc. | 51.17 | 141.57 | +64% | 81Good | $9.7B |
| XP XP Inc. | 15.17 | 70.40 | +78% | 55Fair | $7.9B |
| SNEX StoneX Group Inc. | 56.83 | 712.67 | +92% | 79Good | $6.9B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about TW
What kind of share is TW?
TW is Tradeweb Markets Inc.'s Class A common stock. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is TW undervalued right now?
Not meaningfully: at 126.99 the stock trades within a few percent of the GLS average fair value of 120.03 (5.8% above fair value, data as of 5 Nov 2026).
What is the Wheel Score of TW and what does it mean?
TW scores 46 out of 100 (Weak) - it fails Wheel Trade Filter 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for TW?
120.03 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Tradeweb Markets Inc. report earnings next?
No upcoming earnings date is recorded for TW in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does TW have listed options, and how liquid are they?
Yes. The nightly snapshot found 104 listed contracts with 8,596 open interest across all expiries and implied volatility of 35% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.