We are adjusting our view of Tradeweb's competitive position as the rapid adoption of portfolio trading continues to shape fixed-income markets and a major rival is set to be acquired by Intercontinental Exchange.
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
|
MKTX
|
CME
|
|---|---|---|---|
Price/Earnings (Normalized) | 31.57 | 21.39 | 24.76 |
Price/Book Value | 3.81 | 4.56 | 3.95 |
Price/Sales | 11.60 | 6.75 | 15.19 |
Price/Cash Flow | 21.15 | 13.15 | 23.27 |
|
Metric
|
TW
|
MKTX
|
CME
|
|---|---|---|---|
Quick Ratio | 4.34 | 1.57 | 0.02 |
Current Ratio | 4.44 | 1.76 | 1.02 |
Interest Coverage | 597.03 | 59.93 | 34.10 |
|
Metric
|
TW
|
MKTX
|
CME
|
|---|---|---|---|
Return on Assets (Normalized) | 10.99% | 15.69% | 2.25% |
Return on Equity (Normalized) | 13.95% | 26.35% | 16.04% |
Return on Invested Capital (Normalized) | 11.63% | 22.06% | 14.69% |
|
1-Day Chart
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Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
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SCHW
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HOOD
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IBKR
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United States