Tradeweb reported strong third-quarter earnings thanks to high trading activity across its platform. Net revenue rose 14.9% from last year to $584.5 million, while adjusted diluted EPS increased to $1.02 from $0.87.
Tradeweb benefits from the secular transition away from voice negotiations toward its electronic trading platforms in fixed-income markets. If this trend accelerates, Tradeweb would enjoy rapid secular volume growth.
Tradeweb’s revenue base has become increasingly transactional, as growth in its transaction fees outpaces that of its fixed fees, potentially increasing volatility in results.
Metric | TW | ICE | MKTX |
|---|---|---|---|
Price/Earnings (Normalized) | 34.79 | 22.16 | 21.42 |
Price/Book Value | 4.09 | 3.25 | 4.56 |
Price/Sales | 11.96 | 7.03 | 6.75 |
Price/Cash Flow | 21.78 | 17.26 | 13.92 |
Metric | TW | ICE | MKTX |
|---|---|---|---|
Quick Ratio | 3.81 | 0.05 | 1.66 |
Current Ratio | 3.90 | 1.03 | 1.95 |
Interest Coverage | 607.93 | 7.44 | 46.96 |
Metric | TW | ICE | MKTX |
|---|---|---|---|
Return on Assets (Normalized) | 11.29% | 2.80% | 12.61% |
Return on Equity (Normalized) | 14.22% | 15.44% | 22.17% |
Return on Invested Capital (Normalized) | 11.86% | 10.06% | 18.30% |
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United States