Stock fact sheet · data as of
Tradeweb Markets Inc. (TW): fair value, margin of safety and Wheel Score
Financial Services · Financial - Capital Markets · United States · High Growth
Is TW undervalued?
At 110.68 (close of 16 Oct 2026), TW trades within a few percent of the GLS average fair value of 116.66 (5.1% below 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 (258.53). 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.
The nightly engine files TW under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.
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 | 127.27 | +15% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 54.47 | -51% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 166.17 | +50% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 67.03 | -39% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 258.53 | +134% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 125.04 | +13% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 196.53 | +78% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 7.95 | -93% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 46.92 | -58% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 6.21 | -94% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 120.57 | +9% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Tradeweb Markets Inc. scores 8 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 Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 8.5/10 puts TW among the more durable businesses we track: over ten years the metrics the score watches (revenue, EPS, book value, margins, cash flow, ROIC) have mostly moved the right way, year after year.
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 4.4%.
The dividend yield is 0.49% with a payout ratio of 12% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Transaction Fee Revenue 83%, Subscription Fee Revenue 11%, Market Data Revenue 5% (quarter Q2 FY2026).
Institutional ownership scores 7/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 12.0% |
|---|---|---|---|
| GLS Moat | 8.5 / 10 | ROE | 12.5% |
| Debt / equity | 0.04 | ROA | 9.9% |
| Free-cash-flow yield | 4.4% | Payout ratio | 12% |
| Institutions | 7 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 83: Prime
With a Wheel Score of 83, Tradeweb Markets Inc. sits in the Prime band - price, quality and premium all line up for the wheel strategy. The parts: Value 15/25, Health 18/20, Moat 13/15, Premium 20/20, Stability 18/20. A high score is a ranking, not a signal: it says nothing about timing, the earnings date or your position size.
Implied volatility is 39% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 2,907 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 805k shares a day on a market cap of $23.9B, with a beta of 0.61 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 18 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 15 / 25 | 5% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 13 / 15 | moat 8.5/10 | |
| Premium | 20 / 20 | implied volatility 39% | |
| Stability | 18 / 20 | 805k shares/day, $23.9B cap, beta 0.61 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Tradeweb Markets Inc. reports earnings on 29 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
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 |
|---|---|---|---|---|---|
| LPLA LPL Financial Holdings Inc. | 327.56 | 408.01 | +20% | 75Good | $25.8B |
| CRCL Circle Internet Group | 86.97 | 66.58 | -31% | 55Fair | $22.1B |
| NMR Nomura Holdings, Inc. | 9.28 | 2,645.86 | +100% | 80Prime | $27.7B |
| XP XP Inc. | 30.49 | 162.66 | +81% | 83Prime | $15.8B |
| FUTU Futu Holdings Limited | 109.80 | 1,064.51 | +90% | 87Prime | $15.4B |
| BMNR Bitmine Immersion Technologies, Inc. | 23.36 | 0.8043 | -2804% | 45Weak | $13.3B |
| BMNP Bitmine Immersion Technologies, Inc. | 98.88 | 1.77 | -5494% | 23No options | $12.7B |
| VIRT Virtu Financial, Inc. | 55.48 | 129.35 | +57% | 81Prime | $12.1B |
| SF Stifel Financial Corp | 67.80 | 79.72 | +15% | 82Prime | $10.2B |
| EVR Evercore Inc. | 256.62 | 355.06 | +28% | 82Prime | $9.9B |
| HUT Hut 8 Corp. | 76.09 | - | - | 45Weak | $9.4B |
| JEF Jefferies Financial Group Inc. | 44.90 | 142.63 | +69% | 87Prime | $8.5B |
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Start free See the Sunday ScanQuestions about TW
Is TW undervalued right now?
Not meaningfully: at 110.68 the stock trades within a few percent of the GLS average fair value of 116.66 (5.1% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of TW and what does it mean?
TW scores 83 out of 100 (Prime). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for TW?
116.66 per share as of 16 Oct 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?
The next earnings report is due on 29 Oct 2026 (before the open), 13 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does TW have listed options, and how liquid are they?
Yes. The nightly snapshot found 228 listed contracts with 2,907 open interest across all expiries and implied volatility of 39% 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.