What is the 13F Pro Quality Score for TW?

13F Pro ranks Tradeweb Markets Inc. (TW) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View TW's current score at https://13fpro.ai/company/TW (free sign-up required for the full ranking).

Which hedge funds own the most TW stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of TW include PRICE T ROWE ASSOCIATES /MD/, BlackRock,, WELLINGTON MANAGEMENT GROUP LLP. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/company/TW as soon as new 13F filings post.

Where does 13F Pro source TW data?

All Tradeweb Markets Inc. fundamentals and ownership data come directly from SEC EDGAR. Tradeweb Markets Inc. files with the SEC under CIK 1758730. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is TW in?

Tradeweb Markets Inc. (TW) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives TW's revenue?

Per Tradeweb Markets Inc.'s latest 10-Q filed with the SEC on 2026-07-30, the biggest revenue drivers are: Transaction fees and commissions ($465.3M, +8.3% YoY); Subscription fees ($61.7M); LSEG market data fees ($26.5M). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/company/TW.

What are TW's largest expenses?

Tradeweb Markets Inc.'s latest 10-Q reports these as the largest expense items: Employee compensation and benefits ($172.5M, +1.6% YoY); Depreciation and amortization ($61.5M, -2.5% YoY); Technology and communications ($42.0M, +38.9% YoY). Sourced directly from SEC EDGAR filing text for Q2 FY2026 (quarter ended June 30, 2026).

How often is TW research updated on 13F Pro?

TW's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Tradeweb Markets Inc.(TW)Stock Analysis

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13F Pro Quality Score

76.9/100

Rank #78 of 2,961 stocksTOP 5%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Nov 14, 2026.

Revenue Growth

83.2/100

Profitability

97.1/100

Balance Sheet

87.4/100

Earnings Quality

57.4/100

Free Cash Flow

95.6/100

Institutional Flow

49.2/100

Revenue Scale

64.9/100

Dilution Risk

24.7/100

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Why TW Scores 77/100

exact factor attribution · 2026-09-11

TW's composite is driven by profitability and revenue growth, held back by shareholder dilution. Bars show each factor's exact push vs. a median company, using the same weights the ranking engine applies.

Profitability

+9.4 pts

97th pct

Revenue growth

+8.8 pts

83th pct

Free cash flow

+6.8 pts

96th pct

Capital efficiency

+5.0 pts

87th pct

Scale

+3.0 pts

65th pct

Earnings growth

+2.4 pts

86th pct

Earnings quality

+0.7 pts

57th pct

Institutional flow

-0.1 pts

49th pct

Shareholder dilution

-1.7 pts

25th pct

Latest change (2026-08-01): 81 → 75 · ↓ Revenue growth 85→67; ↓ Free cash flow 90→67

Factor percentiles are cross-sectional ranks across the ~2,800-stock scored universe, computed from SEC EDGAR filings. Not investment advice.

TW Stock Analysis & AI Quality Score

Data updated 2026-09-11

AI stock analysis and institutional research for Tradeweb Markets Inc. (TW), a Financials sector company. 13F Pro's AI-powered ranking engine scores TW at 76.9/100 on a 32-signal composite quality model, placing it at rank #78 of 2,961 stocks — the top 5% of the AI-ranked universe. TW scores in the top quartile across profitability (97.1), free cash flow (95.6), balance sheet strength (87.4). Shareholder dilution risk is elevated at 24.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Tradeweb Markets Inc. reports quarterly revenue of $558.9M, net income of $181.3M, an operating margin of 43.9%. Top institutional holders of TW by reported 13-F value include PRICE T ROWE ASSOCIATES, BlackRock, WELLINGTON MANAGEMENT GROUP LLP, based on the most recent SEC filings. TW trades on the Nasdaq exchange and files with the SEC under CIK 1758730. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TW daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Tradeweb Markets Inc. directly from SEC EDGAR. Tradeweb Markets Inc.'s 13F Pro composite quality score has ranged between 64 and 81 since 2021, currently 76.9 — an improving long-term trajectory across 68 quarterly and live scoring snapshots.

✦

Fun facts about Tradeweb Markets Inc.

Quirks, history, and lore behind TW — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. financial services company · mid-cap · listed on Nasdaq · headquartered in New York City.
2
The Numbers
Annual revenue in the low billions of dollars, with a business model built on transaction fees and subscriptions rather than taking market risk itself.
3
The History
Founded in 1996 and backed early by major Wall Street dealers, it was built to drag a corner of finance kicking and screaming into the electronic age.
4
The Secret
It operates a electronic marketplace specifically for fixed-income securities — think bonds, not stocks — serving institutional clients like asset managers and central banks.
5
The Lore
Its founding shareholders included giants like Goldman Sachs, JPMorgan, and Morgan Stanley, which made it simultaneously the industry's disruptor and its darling.
6
The Giveaway
The place where the world's biggest bond traders click 'buy' — an electronic fixed-income and derivatives platform that went public in 2019 under a two-letter ticker.

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What's Driving TW's Business? Latest 10-Q Breakdown

✓ 31/31 datapoints verified

AI-extracted from Tradeweb Markets Inc.'s 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Total revenue rose 9.0% YoY to $558.9M on rates derivatives, mortgages and credit, while flat total expenses (+0.2%) drove operating income up 22.7% to $245.3M.

Biggest Revenue Drivers

Transaction fees and commissions$465.3M+8.3% YoY

Higher revenues for rates derivatives, mortgages, U.S. and European corporate bonds, equity derivatives, ETFs, and higher ICD Portal money market balances

Subscription fees$61.7M

Fees for granting clients access to the platform for trading and market data, generally charged on a fixed price basis

Biggest Revenue Drivers

Total revenue: $558.9M+9.0% YoY

Transaction fees and commissions$465.3M+8.3% YoY

Higher revenues for rates derivatives, mortgages, U.S. and European corporate bonds, equity derivatives, ETFs, and higher ICD Portal money market balances

Subscription fees$61.7M

Fees for granting clients access to the platform for trading and market data, generally charged on a fixed price basis

LSEG market data fees$26.5M

Amendments to the LSEG market data license agreement effective November 2025 included higher overall fees and more frequent historical data set deliveries

Other$5.4M+2.8% YoY

Includes $1.7 million of Validator Revenue earned in Canton Coins for Super Validator and Validator services on the Canton Network

Largest Expense Items

Employee compensation and benefits$172.5M+1.6% YoY

Higher headcount (1,613 employees) and related salaries, benefits and stock-based compensation, partially offset by lower incentive compensation tied to financial performance

Depreciation and amortization$61.5M-2.5% YoY

Relatively flat; amortization of acquired and internally developed software and other intangible assets

Technology and communications$42.0M+38.9% YoY

Increased investment in data strategy and infrastructure plus higher data fees on higher trading volumes; $5.2M from a step-up that began in second-half 2025

General and administrative$16.6M-44.6% YoY

A $17.2 million decrease in foreign exchange losses, partially offset by higher travel and entertainment costs

Margins: The filing reports no gross margin, but total expenses were essentially flat (+0.2%) against 9.0% revenue growth, lifting operating income 22.7% to $245.3 million from $199.9 million.

Watch Items from the Filing

Retail client sector revenue fell 12.0% to $33.1M from $37.6M, driven primarily by lower revenues for municipals and U.S. corporate bonds.
Blended average variable fees per million fell to $2.14 from $2.30 (-7.2%), on mix shifts toward lower-fee-capture swaps under one year and credit derivatives.
LSEG holds 90.0% of combined voting power and 51.2% economic interest; LSEG market data fees were $26.5M of the quarter's revenue.
Canton Coin holdings of $230.0M produced a $15.1M unrealized loss this quarter; 1.3 billion coins valued at $181.6M are transfer-restricted under lockup.
Repurchased 1,684,901 shares at $98.35 average for $165.7M under the 2026 program; $334.3M of the $500.0M authorization remains available.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q2 2026

$558.9M

Net Income

Q2 2026

$181.3M

Free Cash Flow

Q2 2026

$385.8M

Operating Margin

Q2 2026

43.9%

ROIC

Q2 2026

14.8%

Period

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro

Revenue

+18.9% YoY

$2.05BFY 2025

FY22 $1.19BFY23 $1.34BFY24 $1.73BFY25 $2.05B

Net Income

+62.1% YoY

$812.8MFY 2025

FY22 $309.3MFY23 $364.9MFY24 $501.5MFY25 $812.8M

Operating Income

+23.2% YoY

$835.3MFY 2025

FY22 $412.6MFY23 $505.3MFY24 $678.0MFY25 $835.3M

EPS (Diluted)

+62.2% YoY

$3.78FY 2025

FY22 $1.48FY23 $1.71FY24 $2.33FY25 $3.78

Total Assets

+12.7% YoY

$8.19BFY 2025

FY22 $6.26BFY23 $7.06BFY24 $7.27BFY25 $8.19B

Op. Cash Flow

+30.1% YoY

$1.17BFY 2025

FY22 $632.8MFY23 $746.1MFY24 $897.7MFY25 $1.17B

Free Cash Flow

+31.5% YoY

$1.13BFY 2025

FY22 $609.6MFY23 $727.6MFY24 $856.8MFY25 $1.13B

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$2.05B +18.9%	$1.73B +29.0%	$1.34B +12.6%	$1.19B +10.4%	$1.08B +20.6%	$892.7M
Net Income	$812.8M +62.1%	$501.5M +37.4%	$364.9M +18.0%	$309.3M +36.4%	$226.8M +36.4%	$166.3M
Operating Income	$835.3M +23.2%	$678.0M +34.2%	$505.3M +22.5%	$412.6M +15.0%	$358.8M +36.3%	$263.4M
EPS (Diluted)	$3.78 +62.2%	$2.33 +36.3%	$1.71 +15.5%	$1.48 +35.8%	$1.09 +23.9%	$0.88
Total Assets	$8.19B +12.7%	$7.27B +3.0%	$7.06B +12.8%	$6.26B +4.5%	$5.99B +5.5%	$5.68B
Operating Cash Flow	$1.17B +30.1%	$897.7M +20.3%	$746.1M +17.9%	$632.8M +9.5%	$578.0M +30.4%	$443.2M
Free Cash Flow	$1.13B +31.5%	$856.8M +17.8%	$727.6M +19.3%	$609.6M +8.6%	$561.1M +30.0%	$431.7M

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Available Research

13F Pro tracks comprehensive data for Tradeweb Markets Inc. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of TW

PRICE T ROWE ASSOCIATES INC /MD/
$1.6B16,376,924 sh
BlackRock, Inc.
$685.9M6,882,278 sh
WELLINGTON MANAGEMENT GROUP LLP
$618.3M6,204,054 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$603.7M6,057,601 sh
VANGUARD CAPITAL MANAGEMENT LLC
$522.1M5,238,973 sh
Carmignac Gestion
$386.4M3,876,800 sh
T. Rowe Price Investment Management, Inc.
$329.0M3,301,026 sh
STATE STREET CORP
$279.8M2,807,827 sh
AQR CAPITAL MANAGEMENT LLC
$272.4M2,787,932 sh
Grantham, Mayo, Van Otterloo & Co. LLC
$265.4M2,663,518 sh

Fund	Value	Shares
PRICE T ROWE ASSOCIATES INC /MD/	$1.6B	16,376,924
BlackRock, Inc.	$685.9M	6,882,278
WELLINGTON MANAGEMENT GROUP LLP	$618.3M	6,204,054
VANGUARD PORTFOLIO MANAGEMENT LLC	$603.7M	6,057,601
VANGUARD CAPITAL MANAGEMENT LLC	$522.1M	5,238,973
Carmignac Gestion	$386.4M	3,876,800
T. Rowe Price Investment Management, Inc.	$329.0M	3,301,026
STATE STREET CORP	$279.8M	2,807,827
AQR CAPITAL MANAGEMENT LLC	$272.4M	2,787,932
Grantham, Mayo, Van Otterloo & Co. LLC	$265.4M	2,663,518

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Is TW a good stock to buy?

13F Pro's AI-powered analysis of Tradeweb Markets Inc. (TW) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TW are available on the TW stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing. TW is classified as a large company.

Which hedge funds own TW?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TW. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Tradeweb Markets Inc.'s investment landscape.