Tradeweb Markets Inc. Financial Ratios — TW Stock

Profitability (USD)

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	16.73	31.9	350.23	163.13	113.79	98.32	71.05	61.27	62.58
Return on Assets (%)	- -	12.7	5.05	1.66	3.09	3.89	5.05	5.48	7	10.52
Return on Capital (%)	- -	16.73	31.9	5.7	10.39	19.66	26.9	27.93	30.54	34.82
Return on Invested Capital (%)	- -	17.31	5.72	3.64	4.24	4.9	5.97	6.11	7.84	9.16
Gross Margin (%)	53.56	50.65	55.98	57.52	60.83	62.17	63.62	65.6	65.66	67.32
EBITDA Margin (%)	35.35	31.26	38.64	46.71	48.01	50.43	50.9	50.9	52.48	53.37
Operating Margin (%)	18.92	17.66	26.2	28.75	30.78	34.52	35.85	37.05	39.73	41.18
Incremental Operating Margin (%)	- -	-32.92	54.32	42.96	44.26	52.67	48.65	46.52	49	48.81
Pretax Margin (%)	18.78	17.8	26.58	29.05	30.75	34.37	36.77	40.95	43.71	57.25
Profit Margin (%)	18.93	16.58	24.25	10.8	18.63	21.07	26.02	27.27	29.06	39.6
Net Income to Common Margin (%)	18.93	16.58	24.25	10.8	18.63	21.07	26.02	27.27	29.06	39.6
Effective Tax Rate (%)	- -	6.83	8.76	23.21	20.43	26.18	17.73	23.45	24.45	21.57
Dvd Payout Ratio (%)	139.54	181.71	109.96	70.9	21.48	20.22	16.1	16.01	13.35	9.93
Sustainable Growth Rate (%)	- -	-13.67	-3.18	101.91	128.1	90.79	82.49	59.68	53.09	56.36

Credit (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	31	34	24	28	27	36	139
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	31	34	24	28	27	36	139
Total Debt/EBITDA	- -	- -	- -	0.09	0.08	0.04	0.05	0.04	0.04	0.13
Net Debt/EBITDA	- -	-2.24	-1.61	-1.27	-1.85	-1.79	-2.08	-2.51	-1.48	-1.9
Total Debt/EBIT	- -	- -	- -	0.14	0.13	0.07	0.07	0.06	0.05	0.16
Net Debt/EBIT	- -	-3.96	-2.38	-2.07	-2.88	-2.62	-2.95	-3.44	-1.95	-2.47
EBITDA to Interest Expense	129.94	- -	- -	- -	- -	- -	335.24	332.73	211.67	564.3
EBITDA-CapEx/Interest Expense	122.47	- -	- -	- -	- -	- -	322.38	323.68	202.1	543.41
EBIT to Interest Expense	69.55	- -	- -	- -	- -	- -	236.14	242.18	160.26	435.41
Interest Expense	1	- -	- -	- -	- -	- -	2	2	4	2
Common Equity/Total Assets	- -	75.92	- -	0.94	2.75	4.05	6.18	9.07	13.71	19.55
Long-Term Debt/Equity (%)	- -	- -	- -	0.67	0.69	0.46	0.5	0.46	0.56	1.94
Long-Term Debt/Capital (%)	- -	- -	- -	2.39	3.8	2.62	2.77	2.24	2.19	5.75
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.61	0.61	0.41	0.45	0.39	0.49	1.7
Total Debt/Equity (%)	- -	- -	- -	0.67	0.69	0.46	0.5	0.46	0.56	1.94
Total Debt/Capital (%)	- -	- -	- -	2.39	3.8	2.62	2.77	2.24	2.19	5.75
Total Debt/Total Assets (%)	- -	- -	- -	0.61	0.61	0.41	0.45	0.39	0.49	1.7
Net Debt to Equity	- -	-35.74	-8.97	-10.03	-15.77	-18.31	-22.67	-28.77	-20.95	-29
Net Debt/Capital (%)	- -	-54.49	100	-55.36	-688.44	2,328.59	502.64	354.8	-460.74	-618.7
EBITDA	174	158	254	362	429	543	605	681	906	1,095
EBITDA-CapEx	164	144	239	347	417	526	582	663	865	1,055
Operating Income (Loss)	93	89	172	223	275	372	426	496	686	845

Liquidity (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	1.55	1.51	1.39	1.66	2.02	2.45	1.91	2.36	3.72
Current Ratio	- -	1.93	2.54	1.81	1.91	2.34	2.8	2.57	2.99	4.32
Quick Ratio	- -	1.88	2.49	1.77	1.88	2.3	2.75	2.52	2.89	4.21
CFO/Avg Current Liab	- -	1.98	1.11	1.03	1.1	1.21	1.27	1.06	1.23	2.07
Common Equity/Total Assets	- -	75.92	- -	0.94	2.75	4.05	6.18	9.07	13.71	19.55
Long-Term Debt/Equity (%)	- -	- -	- -	0.67	0.69	0.46	0.5	0.46	0.56	1.94
Long-Term Debt/Capital (%)	- -	- -	- -	2.39	3.8	2.62	2.77	2.24	2.19	5.75
Long-Term Debt/Total Assets (%)	- -	- -	- -	0.61	0.61	0.41	0.45	0.39	0.49	1.7
Total Debt/Equity (%)	- -	- -	- -	0.67	0.69	0.46	0.5	0.46	0.56	1.94
Total Debt/Capital (%)	- -	- -	- -	2.39	3.8	2.62	2.77	2.24	2.19	5.75
Total Debt/Total Assets (%)	- -	- -	- -	0.61	0.61	0.41	0.45	0.39	0.49	1.7
CFO/Total Liabilities	- -	67.97	65.3	61.88	67.09	84.85	88.65	66.13	103.29	116.73
CFO/CapEx	17.19	16.68	17.99	19.71	38.58	34.25	27.26	40.27	21.92	28.79
Altman's Z-Score	- -	2.15	2.3	10.02	11.62	19.37	13	11.94	21.91	16.32

Working Capital (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	13.57	3.88	3.97	7.71	9.14	8.36	3.8	4.11	7.38
Days Sales Outstanding	- -	26.9	94.19	92.01	47.36	39.94	43.64	95.99	88.78	49.49
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	15.71	2.36	2.38	6.58	9.96	8.94	1.97	2.07	3.83
Accounts Payable Turnover Days	- -	23.23	154.74	153.47	55.45	36.65	40.85	185.28	176.27	95.34
Cash Conversion Cycle	- -	3.68	-60.54	-61.46	-8.09	3.3	2.79	-89.29	-87.49	-45.85
Inventory to Cash Days	- -	26.9	94.19	92.01	47.36	39.94	43.64	95.99	88.78	49.49
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	6,711	11,083	19,916	13,241	19,092	27,890	22,929
- Cash & Cash Equivalents	- -	353	410	461	791	972	1,257	1,706	1,340	2,085
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	1,214	716	663	593	558	599	681
+ Total Debt	- -	- -	- -	31	34	24	28	27	36	139
Enterprise Value	- -	-353	-410	7,495	11,041	19,632	12,604	17,971	27,184	21,665
Total Capital	- -	1,000	- -	1,293	906	930	1,007	1,226	1,631	2,422
Total Debt/Capital (%)	- -	- -	- -	2.39	3.8	2.62	2.77	2.24	2.19	5.75
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01
EV/Sales	- -	- -	- -	9.66	12.37	18.24	10.6	13.43	15.75	10.56
EV/EBITDA	- -	- -	- -	20.69	25.76	36.16	20.83	26.38	30.01	19.78
EV/EBIT	- -	- -	- -	33.62	40.18	52.83	29.57	36.25	39.64	25.64
EV/Cash Flow to Firm	- -	- -	- -	24.1	24.91	33.96	19.87	24.04	30.17	18.53
EV/Free Cash Flow to Firm	- -	- -	- -	22.94	24.28	33	19.17	23.45	28.86	17.91
Diluted Market Cap	- -	- -	- -	7,098	11,563	20,493	13,423	19,261	28,138	23,110
Diluted Enterprise Value	- -	-353	-410	7,882	11,521	20,209	12,786	18,140	27,432	21,846
EV per Share	- -	- -	- -	50.64	61.2	97.47	61.31	85.25	127.61	101.61
TTM Sales	492	504	658	776	893	1,076	1,189	1,338	1,726	2,052
TTM EBITDA	174	158	254	362	429	543	605	681	906	1,095
TTM Operating Income	93	89	172	223	275	372	426	496	686	845
TTM Cash Flow to Firm	173	225	277	311	443	578	634	748	901	1,169
TTM Free Cash Flow to Firm	183	238	293	327	455	595	658	766	942	1,210

Multiples (USD)

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	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	21.72	25.43	34.45	20.46	25.19	29.98	19.13
EV/EBIT	- -	- -	- -	33.62	40.18	52.83	29.57	36.25	39.64	25.64
Enterprise Value	- -	-353	-410	7,495	11,041	19,632	12,604	17,971	27,184	21,665
Low Price	- -	- -	- -	33.68	33.23	59.35	51.47	62.45	88.49	101.71
EV/Sales	- -	- -	- -	9.66	12.37	18.24	10.6	13.43	15.75	10.56
EV/EBITDA	- -	- -	- -	20.69	25.76	36.16	20.83	26.38	30.01	19.78
Price/Earnings	- -	- -	- -	80.11	66.64	87.8	42.8	52.33	55.61	28.21
Price/Earnings Average	- -	- -	- -	74.17	58.28	72.09	46.99	44.88	47.93	33.28
Price/Earnings High	- -	- -	- -	89.19	74.92	90.87	66.62	56.14	60.19	40.04
Price/Earnings Low	- -	- -	- -	59.51	36.05	52.7	34.21	36.08	37.59	26.68
Price/Book Value	- -	- -	- -	140.29	71.02	82.09	34.25	29.81	27.98	14.32
Price/Book Value Average	- -	- -	- -	129.88	62.11	67.4	37.6	25.57	24.12	16.89
Price/Book Value High	- -	- -	- -	156.19	79.84	84.95	53.3	31.99	30.28	20.33
Price/Book Value Low	- -	- -	- -	104.21	38.42	49.27	27.37	20.56	18.91	13.54
Price/Tangible Book Value	- -	- -	- -	15.13	11.37	16.7	8.53	9.64	16.69	8.75
Price/Tangible Book Value Average	- -	- -	- -	14.01	9.95	13.71	9.37	8.27	14.38	10.32
Price/Tangible Book Value High	- -	- -	- -	16.85	12.79	17.28	13.28	10.35	18.06	12.42
Price/Tangible Book Value Low	- -	- -	- -	11.24	6.15	10.02	6.82	6.65	11.28	8.27
Price/Sales	- -	- -	- -	8.65	12.42	18.5	11.14	14.27	16.16	11.17
Price/Sales Average	- -	- -	- -	8.01	10.86	15.19	12.23	12.24	13.93	13.18
Price/Sales High	- -	- -	- -	9.63	13.96	19.15	17.34	15.31	17.49	15.86
Price/Sales Low	- -	- -	- -	6.43	6.72	11.11	8.9	9.84	10.92	10.57
Price/Cash Flow	- -	- -	- -	21.58	25	34.46	20.92	25.59	31.07	19.64
Price/Cash Flow Average	- -	- -	- -	19.98	21.87	28.29	22.97	21.95	26.78	23.16
Price/Cash Flow High	- -	- -	- -	24.02	28.11	35.66	32.57	27.46	33.62	27.87
Price/Cash Flow Low	- -	- -	- -	16.03	13.53	20.68	16.72	17.64	21	18.57
Price/Free Cash Flow Average	- -	- -	- -	20.11	22.24	28.29	22.46	21.6	25.84	22.56
Price/Free Cash Flow High	- -	- -	- -	24.18	28.59	35.65	31.85	27.03	32.44	27.15
Price/Free Cash Flow Low	- -	- -	- -	16.13	13.75	20.68	16.35	17.37	20.26	18.09
EV/Sales Average	- -	- -	- -	9.02	10.81	14.93	11.69	11.4	13.52	12.56
EV/Sales High	- -	- -	- -	10.65	13.91	18.88	16.8	14.47	17.08	15.24
EV/Sales Low	- -	- -	- -	7.44	6.67	10.84	8.37	9	10.51	9.95
EV/EBITDA Average	- -	-2.24	-1.61	19.31	22.52	29.6	22.97	22.39	25.76	23.54
EV/EBITDA High	- -	-2.24	-1.61	22.79	28.98	37.44	33.01	28.43	32.55	28.56
EV/EBITDA Low	- -	-2.24	-1.61	15.93	13.89	21.5	16.43	17.68	20.03	18.64
EV/EBIT Average	- -	-3.96	-2.38	31.39	35.12	43.25	32.61	30.77	34.02	30.51
EV/EBIT High	- -	-3.96	-2.38	37.03	45.19	54.7	46.86	39.06	42.99	37.02
EV/EBIT Low	- -	-3.96	-2.38	25.88	21.67	31.41	23.33	24.29	26.46	24.16
Last Price	- -	- -	- -	45.34	61.43	98.88	64.41	90.57	130.92	107.54
High Price	- -	- -	- -	50.48	69.06	102.33	100.25	97.18	141.69	152.65
Enterprise Value Average	- -	-353	-410	6,997	9,651	16,069	13,900	15,252	23,332	25,784
Enterprise Value High	- -	-353	-410	8,256	12,418	20,327	19,972	19,364	29,478	31,283
Enterprise Value Low	- -	-353	-410	5,769	5,954	11,670	9,944	12,043	18,145	20,422

	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	123	123	163	195	203	208	212	213	212
Diluted Weighted Avg Shares	227	227	123	157	188	207	208	213	215	215
Basic Weighted Avg Shares	227	227	123	148	180	201	206	211	213	213
Revenue per Share	2.17	2.22	5.33	5.24	4.95	5.34	5.78	6.35	8.1	9.63
EBITDA per Share	0.77	0.69	2.06	2.45	2.38	2.7	2.94	3.23	4.25	5.14
Operating Income per Share	0.41	0.39	1.4	1.51	1.52	1.84	2.07	2.35	3.22	3.96
Basic EPS, GAAP	0.41	0.37	1.29	0.57	0.92	1.13	1.5	1.73	2.35	3.81
Basic EPS from Cont Ops	0.41	0.37	1.29	1.17	1.21	1.36	1.75	1.99	2.68	4.32
Diluted EPS, GAAP	0.41	0.37	1.29	0.54	0.88	1.09	1.48	1.72	2.33	3.78
Diluted EPS from Cont Ops	0.41	0.37	1.29	1.11	1.16	1.32	1.73	1.97	2.65	4.29
Dividend per Share	0.57	0.67	1.42	1.05	0.32	0.32	0.32	0.36	0.4	0.48
Cash Flow per Share	0.76	0.99	2.25	2.1	2.46	2.87	3.08	3.54	4.21	5.48
Free Cash Flow per Basic Share	0.71	0.93	2.12	1.99	2.39	2.79	2.97	3.45	4.02	5.29
Cash & Equivalents per Share	- -	1.55	3.32	3.11	4.39	4.83	6.12	8.1	6.29	9.78
Book Value per Share	- -	4.4	- -	0.32	0.86	1.2	1.88	3.04	4.68	7.51
Tangible Book Value per Share	- -	0.7	2.64	3	5.4	5.92	7.55	9.39	7.84	12.29

Tradeweb Markets Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)