What is Tradeweb Markets Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Tradeweb Markets Inc.'s reported free cash flow gives $183.13 per share. The share price was $129.63 on November 10, 2026, 29% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $115.13 | -11% |
| Base | 15.0% | 9.0% | $183.13 | +41% |
| Bull | 20.0% | 8.0% | $309.74 | +139% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $234.61 | $250.66 | $270.28 | $294.80 | $326.33 |
| 8.0% | $195.93 | $206.34 | $218.65 | $233.41 | $251.45 |
| 9.0% | $167.80 | $174.91 | $183.13 | $192.71 | $204.03 |
| 10.0% | $146.46 | $151.52 | $157.26 | $163.81 | $171.38 |
| 11.0% | $129.77 | $133.48 | $137.62 | $142.29 | $147.58 |
Where the presets come from
Base: years 1 to 5 grow at Tradeweb Markets Inc.'s revenue growth rate over the last 5 fiscal years (18.1% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions