Tradeweb Markets Inc

TW: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$581.00	Rwj	Tzlzwhnv

Tradeweb Earnings: Market Share Gains in Multiple Asset Classes Drive Strong Results

Michael Miller

Jul 25, 2024

Wide-moat-rated Tradeweb Markets reported strong second-quarter results, benefiting from both increased market share and higher fixed-income trading volume industrywide. Revenue increased 30.4% from last year to $405 million, while adjusted diluted earnings per share increased to $0.70 from $0.52 last year. As we incorporate these results, we do not plan to materially alter our $92 fair value estimate. We see the shares as modestly overvalued at current prices.

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