Tradeweb Markets (TW) EV to CFO (2019 - 2026)
Tradeweb Markets' EV to CFO was 18.37 in Q2 2026, down 43.0% from 32.21 a year earlier and down 16.1% from the prior quarter.
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Analysis
Tradeweb Markets (TW) EV to CFO (2019 - 2026) Analysis & Trends
On a trailing twelve-month basis, Tradeweb Markets' EV to CFO was 13.42 through Jun 30, 2026, down 53.0% year-over-year; for FY2025, it was 20.49, down 39.0% from FY2024.
- In earlier years, EV to CFO was 33.59 in FY2024 (+24.0%), 27.10 in FY2023 (+18.0%), 22.96 in FY2022 (-33.2%) and 34.36 in FY2021 (+7.1%).
- The Q2 2026 figure marks the lowest quarterly EV to CFO since Q3 2022.
- Compared with a year earlier, EV to CFO has declined for four straight quarters, with an average decline of 10.0% over the last eight quarters.
- The best year-over-year quarter for EV to CFO over five years was Q3 2023 (growth of 40.2%); the worst was Q2 2026 (a decline of 43.0%).
- Per Business Quant data, TW's EV to CFO in the three quarters before Q2 2026 was 21.90 (Q1 2026), 20.49 (Q4 2025) and 22.85 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Cme | 106.56 Bn | 94.66 Bn | - |
| 2 | Intercontinental Exchange | 89.45 Bn | 83.19 Bn | - |
| 3 | Robinhood Markets | 88.18 Bn | 69.22 Bn | - |
| 4 | Nasdaq | 53.47 Bn | 50.90 Bn | 1.50 Bn |
| 5 | Interactive Brokers | 37.14 Bn | 14.26 Bn | - |
| 6 | Cboe Global Markets | 33.00 Bn | 24.66 Bn | 731.60 Mn |
| 7 | LPL Financial Holdings | 25.71 Bn | 21.03 Bn | - |
| 8 | Tradeweb Markets | 25.33 Bn | 17.34 Bn | - |
| 9 | Circle Internet | 21.30 Bn | 15.18 Bn | 288.85 Mn |
| 10 | Xp | 16.54 Bn | -5.29 Bn | 105.39 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 18.37 |
| Mar 31, 2026 | 21.90 |
| Dec 31, 2025 | 20.49 |
| Sep 30, 2025 | 22.85 |
| Jun 30, 2025 | 32.21 |
| Mar 31, 2025 | 37.39 |
| Dec 31, 2024 | 33.59 |
| Sep 30, 2024 | 33.27 |
| Jun 30, 2024 | 30.42 |
| Mar 31, 2024 | 33.13 |
| Dec 31, 2023 | 27.10 |
| Sep 30, 2023 | 25.20 |
| Jun 30, 2023 | 21.93 |
| Mar 31, 2023 | 27.20 |
| Dec 31, 2022 | 22.96 |
| Sep 30, 2022 | 17.98 |
| Jun 30, 2022 | 22.86 |
| Mar 31, 2022 | 31.26 |
| Dec 31, 2021 | 34.36 |
| Sep 30, 2021 | 30.74 |
API Access
Tradeweb Markets EV to CFO API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=TW&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-cfo", "ticker": "TW", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=TW&period=max&api_key=YOUR_API_KEY");
const data = await res.json();