Tradeweb reported solid second-quarter earnings as the firm continues to benefit from strong trading volume growth across its business. Net revenue rose 9% from last year, or 8.3% on a constant currency basis, to $558.9 million. Meanwhile, adjusted net income rose 10.7% to 228.1 million.
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 its fixed fees, which could create more room for volatility in the firm’s results.
|
Metric
|
TW
|
MKTX
|
ICE
|
|---|---|---|---|
Price/Earnings (Normalized) | 28.04 | 21.06 | 20.17 |
Price/Book Value | 3.38 | 4.62 | 2.94 |
Price/Sales | 10.31 | 6.75 | 6.58 |
Price/Cash Flow | 18.78 | 12.94 | 15.52 |
|
Metric
|
TW
|
MKTX
|
ICE
|
|---|---|---|---|
Quick Ratio | 4.34 | 1.57 | 0.04 |
Current Ratio | 4.44 | 1.76 | 1.01 |
Interest Coverage | 597.03 | 59.93 | 7.50 |
|
Metric
|
TW
|
MKTX
|
ICE
|
|---|---|---|---|
Return on Assets (Normalized) | 10.99% | 15.69% | 2.82% |
Return on Equity (Normalized) | 13.95% | 26.35% | 15.06% |
Return on Invested Capital (Normalized) | 11.63% | 22.06% | 9.95% |
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1-Day Chart
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Morningstar Rating for Stocks
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United States