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Annual data and sources

Tradeweb Markets Inc. (TW) · Nasdaq · USD · Sector unavailable · CIK 0001758730

Annual coverage: 2017-12-31–2025-12-31 (8 periods). Financial snapshot built 2026-10-09.

TW annual financial history

All stored annual observations, independent of the chart window. Per-share amounts in USD. Unavailable values are not zero.

See the calculation and limitations.

Annual per-share context (USD/share)

Complete annual history, independent of chart loading and range. Revenue/share is annual revenue per average diluted share. Debt/share is borrowings per year-end common share, excluding leases. Missing inputs remain unavailable. Metric definitions.

Fiscal endRevenue / shareTotal debt / shareInputs & filing sources
2025-12-31UnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; averageDilutedShares: 214898240; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

averageDilutedShares (2026-02-05)
2024-12-31UnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; averageDilutedShares: 214924763; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

averageDilutedShares (2026-02-05)
2023-12-31UnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; averageDilutedShares: 212668808; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

averageDilutedShares (2026-02-05)
2022-12-31UnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; averageDilutedShares: 208400040; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

averageDilutedShares (2025-02-07)
2021-12-31UnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; averageDilutedShares: 207254840; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

averageDilutedShares (2024-02-09)
2020-12-314.74Unavailable
Inputs & filings

revenue: 892659000; averageDilutedShares: 188223032; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2021-02-25)
averageDilutedShares (2023-02-24)
2019-12-314.95Unavailable
Inputs & filings

revenue: 775566000; averageDilutedShares: 156540246; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2021-02-25)
averageDilutedShares (2022-02-24)
2017-12-312.34Unavailable
Inputs & filings

revenue: 504448000; averageDilutedShares: 215568635; totalDebt: No supported complete debt aggregate or non-overlapping borrowing components; leases excluded; periodEndShares: No positive common shares on the exact fiscal-end date

revenue (2020-03-04)
averageDilutedShares (2020-03-04)

Annual returns and cash generation (%)

Complete annual history, independent of chart loading and range. FCF margin and FCF / net income use matching annual totals. ROCE uses positive exact opening and closing capital-employed bases. Inputs, scopes and unavailable reasons are disclosed below. Missing inputs remain unavailable. Metric definitions.

Fiscal endFCF margin (%)FCF / net income (%)ROCE (%)Inputs & filing sources
2025-12-31Unavailable122.31Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":1127094000,"capex":{"accession":"0001758730-26-000015","end":"2025-12-31","filed":"2026-02-05","form":"10-K","start":"2025-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-26-000015","end":"2025-12-31","filed":"2026-02-05","form":"10-K","start":"2025-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"netIncome":{"value":921500000,"tag":"ProfitLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"operatingIncome":{"value":835338000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingAssets":{"value":7267993000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2024-12-31"},"openingParentEquity":{"value":5800192000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingTotalEquity":{"value":6398885000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingCash":{"value":1340302000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingCommonEquity":{"value":5800192000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":8189557000,"tag":"Assets","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2025-12-31"},"closingParentEquity":{"value":6507755000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingTotalEquity":{"value":7189237000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCash":{"value":2084739000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2025-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCommonEquity":{"value":6507755000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":812156000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"incomeTaxExpense":{"value":253474000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"pretaxIncome":{"value":1174974000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2025-01-01","end":"2025-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"effectiveTaxRate":{"value":0.21572732673233622,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":655132766.3420638,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":6153973500,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Revenue mapping differs from reported total revenue in overlapping annual periods; cashConversion: 122.31079761258816; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2024-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2025-12-31

fcfMargin component 1 (2026-02-05) · fcfMargin component 2 (2026-02-05)
cashConversion component 1 (2026-02-05) · cashConversion component 2 (2026-02-05) · cashConversion component 3 (2026-02-05)
roce component 1 (2026-02-05) · roce component 2 (2026-02-05) · roce component 3 (2026-02-05)
2024-12-31Unavailable150.32Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":856781000,"capex":{"accession":"0001758730-26-000015","end":"2024-12-31","filed":"2026-02-05","form":"10-K","start":"2024-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-26-000015","end":"2024-12-31","filed":"2026-02-05","form":"10-K","start":"2024-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"netIncome":{"value":569963000,"tag":"ProfitLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"operatingIncome":{"value":678028000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingAssets":{"value":7059538000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2023-12-31"},"openingParentEquity":{"value":5373755000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingTotalEquity":{"value":5931406000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingCash":{"value":1706468000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingCommonEquity":{"value":5373755000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":7267993000,"tag":"Assets","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2024-12-31"},"closingParentEquity":{"value":5800192000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingTotalEquity":{"value":6398885000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCash":{"value":1340302000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2024-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCommonEquity":{"value":5800192000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":501118000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"incomeTaxExpense":{"value":184439000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"pretaxIncome":{"value":754402000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2024-01-01","end":"2024-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"effectiveTaxRate":{"value":0.24448371027648388,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":512261198.8886562,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":5586973500,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Revenue mapping differs from reported total revenue in overlapping annual periods; cashConversion: 150.32221389809516; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2023-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2024-12-31

fcfMargin component 1 (2026-02-05) · fcfMargin component 2 (2026-02-05)
cashConversion component 1 (2026-02-05) · cashConversion component 2 (2026-02-05) · cashConversion component 3 (2026-02-05)
roce component 1 (2026-02-05) · roce component 2 (2025-02-07) · roce component 3 (2026-02-05)
2023-12-31Unavailable173.43Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":727560000,"capex":{"accession":"0001758730-26-000015","end":"2023-12-31","filed":"2026-02-05","form":"10-K","start":"2023-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-26-000015","end":"2023-12-31","filed":"2026-02-05","form":"10-K","start":"2023-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"netIncome":{"value":419503000,"tag":"ProfitLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"operatingIncome":{"value":505269000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingAssets":{"value":6260131000,"tag":"Assets","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31"},"openingParentEquity":{"value":4953791000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingTotalEquity":{"value":5546316000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2022-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"openingCash":{"value":1257229000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2022-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingCommonEquity":{"value":4953791000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":7059538000,"tag":"Assets","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2023-12-31"},"closingParentEquity":{"value":5373755000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"closingTotalEquity":{"value":5931406000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCash":{"value":1706468000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2023-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2023-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"closingCommonEquity":{"value":5373755000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":364399000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"incomeTaxExpense":{"value":128477000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"pretaxIncome":{"value":547980000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2023-01-01","end":"2023-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"effectiveTaxRate":{"value":0.23445563706704625,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":386805834.71477056,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":5163773000,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Revenue mapping differs from reported total revenue in overlapping annual periods; cashConversion: 173.4338014269266; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2023-12-31

fcfMargin component 1 (2026-02-05) · fcfMargin component 2 (2026-02-05)
cashConversion component 1 (2026-02-05) · cashConversion component 2 (2026-02-05) · cashConversion component 3 (2026-02-05)
roce component 1 (2026-02-05) · roce component 2 (2024-02-09) · roce component 3 (2025-02-07)
2022-12-31Unavailable169.52Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":609608000,"capex":{"accession":"0001758730-25-000038","end":"2022-12-31","filed":"2025-02-07","form":"10-K","start":"2022-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-25-000038","end":"2022-12-31","filed":"2025-02-07","form":"10-K","start":"2022-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"netIncome":{"value":359613000,"tag":"ProfitLoss","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"operatingIncome":{"value":412573000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingAssets":{"value":5990180000,"tag":"Assets","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2021-12-31"},"openingParentEquity":{"value":4645595000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingTotalEquity":{"value":5308943000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2021-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"openingCash":{"value":972048000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2021-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingCommonEquity":{"value":4645595000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":6260131000,"tag":"Assets","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31"},"closingParentEquity":{"value":4953791000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"closingTotalEquity":{"value":5546316000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2022-12-31","filed":"2026-02-05","accession":"0001758730-26-000015","form":"10-K"},"closingCash":{"value":1257229000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2022-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2022-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"closingCommonEquity":{"value":4953791000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":309094000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"incomeTaxExpense":{"value":77520000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"pretaxIncome":{"value":437133000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2022-01-01","end":"2022-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"effectiveTaxRate":{"value":0.17733733211631242,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":339408404.87677664,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":4799693000,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Revenue mapping differs from reported total revenue in overlapping annual periods; cashConversion: 169.51778717677058; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2021-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2022-12-31

fcfMargin component 1 (2025-02-07) · fcfMargin component 2 (2025-02-07)
cashConversion component 1 (2025-02-07) · cashConversion component 2 (2025-02-07) · cashConversion component 3 (2025-02-07)
roce component 1 (2025-02-07) · roce component 2 (2023-02-24) · roce component 3 (2024-02-09)
2021-12-31Unavailable205.47Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":561143000,"capex":{"accession":"0001758730-24-000025","end":"2021-12-31","filed":"2024-02-09","form":"10-K","start":"2021-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-24-000025","end":"2021-12-31","filed":"2024-02-09","form":"10-K","start":"2021-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"netIncome":{"value":273108000,"tag":"ProfitLoss","unit":"USD","start":"2021-01-01","end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"operatingIncome":{"value":358828000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2021-01-01","end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingAssets":{"value":5679850000,"tag":"Assets","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2020-12-31"},"openingParentEquity":{"value":4303451000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingTotalEquity":{"value":5019163000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2020-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"openingCash":{"value":791280000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2020-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingCommonEquity":{"value":4303451000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":5990180000,"tag":"Assets","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2021-12-31"},"closingParentEquity":{"value":4645595000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"closingTotalEquity":{"value":5308943000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2021-12-31","filed":"2025-02-07","accession":"0001758730-25-000038","form":"10-K"},"closingCash":{"value":972048000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2021-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2021-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"closingCommonEquity":{"value":4645595000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":226828000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2021-01-01","end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"incomeTaxExpense":{"value":96875000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2021-01-01","end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"pretaxIncome":{"value":369983000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2021-01-01","end":"2021-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"effectiveTaxRate":{"value":0.26183635464332145,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":264873784.53604627,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":4474523000,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: Revenue mapping differs from reported total revenue in overlapping annual periods; cashConversion: 205.46560335105525; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2020-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2021-12-31

fcfMargin component 1 (2024-02-09) · fcfMargin component 2 (2024-02-09)
cashConversion component 1 (2024-02-09) · cashConversion component 2 (2024-02-09) · cashConversion component 3 (2024-02-09)
roce component 1 (2024-02-09) · roce component 2 (2022-02-24) · roce component 3 (2023-02-24)
2020-12-3148.37197.69Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":431744000,"capex":{"accession":"0001758730-23-000047","end":"2020-12-31","filed":"2023-02-24","form":"10-K","start":"2020-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-23-000047","end":"2020-12-31","filed":"2023-02-24","form":"10-K","start":"2020-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":892659000,"tag":"Revenues","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"netIncome":{"value":218390000,"tag":"ProfitLoss","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"operatingIncome":{"value":263355000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingAssets":{"value":5095334000,"tag":"Assets","unit":"USD","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31"},"openingParentEquity":{"value":3378588000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"openingTotalEquity":{"value":4592745000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2019-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"openingCash":{"value":460711000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2019-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"openingCommonEquity":{"value":3378588000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":5679850000,"tag":"Assets","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2020-12-31"},"closingParentEquity":{"value":4303451000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"closingTotalEquity":{"value":5019163000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2020-12-31","filed":"2024-02-09","accession":"0001758730-24-000025","form":"10-K"},"closingCash":{"value":791280000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2020-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2020-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"closingCommonEquity":{"value":4303451000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":166296000,"tag":"NetIncomeLossAvailableToCommonStockholdersBasic","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"incomeTaxExpense":{"value":56074000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"pretaxIncome":{"value":274464000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"effectiveTaxRate":{"value":0.2043036609537134,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":209550609.3695348,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":3841019500,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{"fcfMargin":{"fcfTotal":{"value":431744000,"capex":{"accession":"0001758730-23-000047","end":"2020-12-31","filed":"2023-02-24","form":"10-K","start":"2020-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-23-000047","end":"2020-12-31","filed":"2023-02-24","form":"10-K","start":"2020-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":892659000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2020-01-01","end":"2020-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"}}}}; fcfMargin: 48.36606139634508; cashConversion: 197.6940336095975; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2020-12-31

fcfMargin component 1 (2023-02-24) · fcfMargin component 2 (2023-02-24) · fcfMargin component 3 (2023-02-24)
cashConversion component 1 (2023-02-24) · cashConversion component 2 (2023-02-24) · cashConversion component 3 (2023-02-24)
roce component 1 (2023-02-24) · roce component 2 (2021-02-25) · roce component 3 (2022-02-24)
2019-12-3138.07170.62Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":295222000,"capex":{"accession":"0001758730-22-000006","end":"2019-12-31","filed":"2022-02-24","form":"10-K","start":"2019-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-22-000006","end":"2019-12-31","filed":"2022-02-24","form":"10-K","start":"2019-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":775566000,"tag":"Revenues","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"netIncome":{"value":173024000,"tag":"ProfitLoss","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"operatingIncome":{"value":189819000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingAssets":{"value":4997139000,"tag":"Assets","unit":"USD","start":null,"end":"2018-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2018-12-31"},"openingParentEquity":{"value":4572334000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2018-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"openingTotalEquity":{"value":4572334000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2018-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"openingCash":{"value":410104000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2018-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2018-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2018-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"openingCommonEquity":{"value":4572334000,"inputNames":["openingParentEquity","openingPreferredShares"]},"closingAssets":{"value":5095334000,"tag":"Assets","unit":"USD","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31"},"closingParentEquity":{"value":3378588000,"tag":"StockholdersEquity","unit":"USD","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"closingTotalEquity":{"value":4592745000,"tag":"StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest","unit":"USD","start":null,"end":"2019-12-31","filed":"2023-02-24","accession":"0001758730-23-000047","form":"10-K"},"closingCash":{"value":460711000,"tag":"CashAndCashEquivalentsAtCarryingValue","unit":"USD","start":null,"end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2019-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":0,"tag":"PreferredStockSharesOutstanding","unit":"shares","start":null,"end":"2019-12-31","filed":"2021-02-25","accession":"0001758730-21-000007","form":"10-K"},"closingCommonEquity":{"value":3378588000,"inputNames":["closingParentEquity","closingPreferredShares"]},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":83769000,"tag":"NetIncomeLoss","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":52302000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"pretaxIncome":{"value":225326000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"},"effectiveTaxRate":{"value":0.23211702155987324,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":145758779.08452642,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":3975461000,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{"fcfMargin":{"fcfTotal":{"value":295222000,"capex":{"accession":"0001758730-22-000006","end":"2019-12-31","filed":"2022-02-24","form":"10-K","start":"2019-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001758730-22-000006","end":"2019-12-31","filed":"2022-02-24","form":"10-K","start":"2019-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":775566000,"tag":"RevenueFromContractWithCustomerExcludingAssessedTax","unit":"USD","start":"2019-01-01","end":"2019-12-31","filed":"2022-02-24","accession":"0001758730-22-000006","form":"10-K"}}}}; fcfMargin: 38.065361297426655; cashConversion: 170.6248844090993; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2018-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2019-12-31

fcfMargin component 1 (2022-02-24) · fcfMargin component 2 (2022-02-24) · fcfMargin component 3 (2022-02-24)
cashConversion component 1 (2022-02-24) · cashConversion component 2 (2022-02-24) · cashConversion component 3 (2022-02-24)
roce component 1 (2022-02-24) · roce component 2 (2020-03-04) · roce component 3 (2021-02-25)
2017-12-3141.85252.39Unavailable
Inputs & filings

Calculation inputs: {"original":{"fcfTotal":{"value":211119000,"capex":{"accession":"0001558370-20-002031","end":"2017-12-31","filed":"2020-03-04","form":"10-K/A","start":"2017-01-01","tag":"PaymentsToAcquirePropertyPlantAndEquipment","unit":"USD"},"ocf":{"accession":"0001558370-20-002031","end":"2017-12-31","filed":"2020-03-04","form":"10-K/A","start":"2017-01-01","tag":"NetCashProvidedByUsedInOperatingActivities","unit":"USD"}},"revenue":{"value":504448000,"tag":"Revenues","unit":"USD","start":"2017-01-01","end":"2017-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"netIncome":{"value":83648000,"tag":"ProfitLoss","unit":"USD","start":"2017-01-01","end":"2017-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"operatingIncome":{"value":89092000,"tag":"OperatingIncomeLoss","unit":"USD","start":"2017-01-01","end":"2017-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"openingAssets":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCapitalEmployed":{"value":null,"inputNames":["openingAssets","openingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2016-12-31"},"openingParentEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCash":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"openingInvestedCapital":{"value":null,"inputNames":["openingBorrowings","openingTotalEquity","openingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2016-12-31"},"openingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"openingCommonEquity":{"value":null,"inputNames":["openingParentEquity","openingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"closingAssets":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCurrentLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCapitalEmployed":{"value":null,"inputNames":["closingAssets","closingCurrentLiabilities"],"reason":"Exact assets/current-liabilities balance missing, conflicting or from different filings at 2017-12-31"},"closingParentEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingTotalEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingNoncontrollingEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingLiabilities":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCash":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingBorrowings":{"value":null,"reason":"No supported complete debt aggregate or non-overlapping borrowing components; leases excluded"},"closingInvestedCapital":{"value":null,"inputNames":["closingBorrowings","closingTotalEquity","closingCash"],"reason":"Exact complete borrowings, consolidated equity and cash missing, ambiguous or from different filings at 2017-12-31"},"closingPreferredEquity":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingPreferredShares":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"closingCommonEquity":{"value":null,"inputNames":["closingParentEquity","closingPreferredShares"],"reason":"Common equity scope requires explicit preferred carrying value or zero preferred shares; absence is not zero"},"commonNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"parentNetIncome":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"preferredDividends":{"value":null,"reason":"Missing or conflicting matching SEC fact","conflict":false},"incomeTaxExpense":{"value":6129000,"tag":"IncomeTaxExpenseBenefit","unit":"USD","start":"2017-01-01","end":"2017-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"pretaxIncome":{"value":89777000,"tag":"IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest","unit":"USD","start":"2017-01-01","end":"2017-12-31","filed":"2020-03-04","accession":"0001558370-20-002031","form":"10-K/A"},"effectiveTaxRate":{"value":0.06826915579714181,"inputNames":["incomeTaxExpense","pretaxIncome"]},"nopat":{"value":83009764.37172104,"inputNames":["operatingIncome","effectiveTaxRate"]},"averageInvestedCapital":{"value":null,"inputNames":["openingInvestedCapital","closingInvestedCapital"]},"averageCapitalEmployed":{"value":null,"inputNames":["openingCapitalEmployed","closingCapitalEmployed"]},"averageCommonEquity":{"value":null,"inputNames":["openingCommonEquity","closingCommonEquity"]}},"recovered":{}}; fcfMargin: 41.85148915249937; cashConversion: 252.3897762050497; roce: matching numerator and positive exact opening/closing CapitalEmployed required; ambiguous scopes remain unavailable; unavailable: openingCapitalEmployed, closingCapitalEmployed; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2016-12-31; Exact assets/current-liabilities balance missing, conflicting or from different filings at 2017-12-31

fcfMargin component 1 (2020-03-04) · fcfMargin component 2 (2020-03-04) · fcfMargin component 3 (2020-03-04)
cashConversion component 1 (2020-03-04) · cashConversion component 2 (2020-03-04) · cashConversion component 3 (2020-03-04)
roce component 1 (2020-03-04)

Annual operating facts

Complete annual history, independent of chart loading and range. Operating margin is operating profit as a percentage of revenue; net margin is consolidated net profit as a percentage of revenue. Negative margins show losses. Missing inputs remain unavailable. Metric definitions.

Fiscal endRevenue (USD)Operating margin (%)Net margin (%)Inputs & filing sources
2025-12-31UnavailableUnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; operatingIncome: 835338000; netIncome: 921500000

operatingIncome (2026-02-05)
netIncome (2026-02-05)
2024-12-31UnavailableUnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; operatingIncome: 678028000; netIncome: 569963000

operatingIncome (2026-02-05)
netIncome (2026-02-05)
2023-12-31UnavailableUnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; operatingIncome: 505269000; netIncome: 419503000

operatingIncome (2026-02-05)
netIncome (2026-02-05)
2022-12-31UnavailableUnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; operatingIncome: 412573000; netIncome: 359613000

operatingIncome (2025-02-07)
netIncome (2025-02-07)
2021-12-31UnavailableUnavailableUnavailable
Inputs & filings

revenue: Revenue mapping differs from reported total revenue in overlapping annual periods; operatingIncome: 358828000; netIncome: 273108000

operatingIncome (2024-02-09)
netIncome (2024-02-09)
2020-12-31892,659,000.0029.5024.47
Inputs & filings

revenue: 892659000; operatingIncome: 263355000; netIncome: 218390000

revenue (2021-02-25)
operatingIncome (2023-02-24)
netIncome (2023-02-24)
2019-12-31775,566,000.0024.4722.31
Inputs & filings

revenue: 775566000; operatingIncome: 189819000; netIncome: 173024000

revenue (2021-02-25)
operatingIncome (2022-02-24)
netIncome (2022-02-24)
2017-12-31504,448,000.0017.6616.58
Inputs & filings

revenue: 504448000; operatingIncome: 89092000; netIncome: 83648000

revenue (2020-03-04)
operatingIncome (2020-03-04)
netIncome (2020-03-04)

Tradeweb Markets Inc. (TW) P/E ratio history

The interactive P/E chart contains all 393 stored weekly price points (2019-04-05–2026-10-08); 354 have an eligible basic or diluted ratio. Annual EPS is carried forward from its fiscal end. Use the P/E range bar or any other chart range bar to change all five chart windows.

Fiscal-year-end snapshots

7 eligible fiscal-year-end observations span 2019-12-31–2025-12-31. Latest eligible diluted P/E: 28.52×; basic P/E: 28.29×, for fiscal end 2025-12-31, using the close on 2025-12-26.

Annual P/E = eligible fiscal-year-end close ÷ reported annual EPS. This is retrospective annual P/E, not TTM or forward P/E. Why we use annual data. Missing or non-positive EPS and missing eligible prices produce unavailable ratios.

Explore the P/E chart and optional reference lines · How P/E history is calculated.

Complete annual P/E history (8 fiscal periods)
Full stored fiscal-year-end P/E history, independent of the selected chart window. Ratios in ×; prices in USD.
Fiscal endPrice dateClosePrice basisBasic P/EDiluted P/EEPS filings
2025-12-312025-12-26107.80Adjusted close28.2928.52Basic EPS (2026-02-05) Diluted EPS (2026-02-05)
2024-12-312024-12-27134.93Adjusted close57.4257.91Basic EPS (2026-02-05) Diluted EPS (2026-02-05)
2023-12-312023-12-2990.88Adjusted close52.5353.15Basic EPS (2026-02-05) Diluted EPS (2026-02-05)
2022-12-312022-12-3064.93Adjusted close43.2943.87Basic EPS (2025-02-07) Diluted EPS (2025-02-07)
2021-12-312021-12-3199.67Adjusted close88.2091.44Basic EPS (2024-02-09) Diluted EPS (2024-02-09)
2020-12-312020-12-3161.92Adjusted close67.3170.37Basic EPS (2023-02-24) Diluted EPS (2023-02-24)
2019-12-312019-12-2746.10Adjusted close80.8785.36Basic EPS (2022-02-24) Diluted EPS (2022-02-24)
2017-12-31UnavailableUnavailableUnavailableUnavailableUnavailable Source unavailable

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