Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.20, read 2026-11-02
Ethical does not pass the values gate
Price127.56 USD
Fair value99.24
Ethical score30.0/100
Value readOvervaluedas of 5 Nov 2026
Our investment reviews on this name
2026-10-26Read Accumulation113.49+12.4% to today ✓Markup gives way to Accumulation after a 13% rise in 2 weeks
2026-10-11Read Markup100.77+26.6% to today ✓Distribution gives way to Markup first Markup read since August
2026-09-15Read Distribution102.94+23.9% to today Markup gives way to Distribution first Distribution read since July
2026-08-15Read Markup102.32+24.7% to today ✓Distribution gives way to Markup with volume flow in agreement
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Tradeweb Markets Inc holds its Accumulation at $127.56. The statistical read favours the buyers, held for 9 days.
As held on the ledger · 2026-11-05
Phase
Accumulation
Quantitative state
The statistical read favours the buyers, held for 9 days
Price at the screen
$127.56
Valuation
29.32 trailing · 26.08 forward price to earnings
Values screen
FAIL· score 30.0
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Capital Markets
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Capital Markets
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Tradeweb Markets does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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Today TW does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 5 Nov 2026: it trades above our $99.24 fair value estimate, narrow competitive moat, 14.90% revenue growth.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. The price runs 28.5% above the base estimate.
Where our models see it going: fair-value estimate $99.24, with a range of $91.80 to $114.13, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Electronic bond trading hits ethical barrier
Every time a fund manager swaps rates or credit without picking up the phone, Tradeweb handles the flow. The platform has lifted revenue 21 percent a year while printing 40 percent margins and a narrow moat.
We pass. Capital markets sit on the excluded list in our ethical screen, so the financials receive no further credit. A 21.7 times forward multiple and negative margin of safety at current prices simply reinforce the decision.
The 14 percent ROE looks modest for the valuation, and narrow moats in this sector rarely protect against cycles or new entrants. Analyst targets sit higher, yet the ethical line stays firm.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TW trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Accumulation$126.99+3.6%Entry 17
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 3.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135.
2026-10-29Accumulation$122.57+8.0%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 8.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Accumulation$113.49+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Accumulation$113.49+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$113.49+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$113.49+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$113.49+0.0%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$113.49+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markup$113.49+12.6%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 12.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading oversold. Over the past year the shares are down 25%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (14 analysts) rates it buy, with a mean price target of $135.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
