Is Tradeweb Markets, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Tradeweb Markets, Inc. has moved from very attractive to fair. Based on the current metrics, the company appears to be overvalued, particularly when considering its P/E ratio of 60 compared to the peer average of approximately 47.5, as well as an EV to EBITDA ratio of 41.20, which is significantly higher than the peer average of 24.83. Additionally, the PEG ratio stands at 1.78, indicating that the stock may not be priced appropriately relative to its growth prospects.
In comparison to its peers, Tradeweb's valuation ratios suggest it is not competitively priced within the capital markets industry. Notable peers include the average P/E ratio of 47.5 and an EV to EBITDA of 24.83, both of which highlight Tradeweb's relative overvaluation. Furthermore, the company has underperformed against the S&P 500 across multiple time frames, with a year-to-date return of -18.33% compared to the S&P 500's 13.30%, reinforcing the notion that the stock may be overvalued at its current price of 106.92.