Tradeweb Markets Inc. (TW)
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Tradeweb Markets Inc. (TW) reported revenue of $559 million for Q2 FY2026, the quarter ended 30 June 2026, up 9.0% on the same quarter a year earlier. Net income was $181 million, up 17.9% on the year, and diluted earnings per share $0.85. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.
Revenue$559 millionup 9.0%
Net income$181 millionup 17.9%
Diluted EPS$0.85
QuarterQ2 FY2026ended 30 June 2026
Tradeweb Markets (TW) in brief
Tradeweb Markets (TW) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 18.9% on the year before.
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Net income was $813 million and diluted earnings per share $3.78. Revenue was $1.7 billion in fiscal 2024, $1.3 billion in fiscal 2023, $1.2 billion in fiscal 2022 and $1.1 billion in fiscal 2021. Net income in the same years was $502 million, $365 million, $309 million and $227 million. Over the twelve months to 30 June 2026, Tradeweb Markets reported revenue of $2.2 billion and net income of $897 million. Revenue grew 18.1% a year, compounded, over the five years to fiscal 2025. Tradeweb Markets declared $0.52 a share in dividends over the last four quarters. At the close of 27 October 2026 the market cap of Tradeweb Markets was $25.5 billion, 28.6 times its earnings over the last twelve months.Ratios
From the filings
ROE13.5%
ROCE14.5%
Operating margin43.7%
Net margin40.7%
FCF margin51.9%
Interest cover469.28
Debt to equity0.00
Cash conversion1.33
Share count, last 12 months-0.4%
Sales CAGR, 3 years20.0%
Profit CAGR, 3 years38.0%
EPS, TTM$4.18
At the close of 27 October 2026
Price$119.71
Market cap$25.5 billion
Stock P/E28.64
Price to book3.84
EV / EBITDA19.34
Dividend yield0.4%
Market cap / sales11.54
52-week high$126.57
52-week low$91.50
Price, 1 year9.0%
Price CAGR, 3 years10.9%
Price CAGR, 5 years6.5%
Worked from the filed figures; hover a name for the formula.
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The priced ones use the latest price, the last regular-hours trade on IEX. Tradeweb Markets Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.TWgreeksoup.ai
Daily prices to 27 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
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Data provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.The public record on TW
| Dividends | $0.52 a share over the four quarters to 30 June 2026, a 0.43% yield |
| Filings | 15 in twelve months: 7 current reports (8-K), about 4 results of operations; 3 material agreement; 1 unregistered sale of equity; 1 regulation FD disclosure; 1 change to security holders' rights |
| Planned insider sales | 17 Form 144 notices in twelve months, $44.5 million; latest 14 August 2026 |
| Options tape | put/call 0.02 by open interest at the 27 October 2026 close; the straddle prices a 6.5% move to 20 November 2026 |
| 13F holders | 565 funds reported a position for the quarter to 30 June 2026; largest Price T Rowe Associates Inc. |
| Insider trading | 23 sales and 0 purchases on Form 4 in twelve months |
| Congress | 0 House trades disclosed in six months |
| Short interest | 3.2 million shares short, 2.69 days to cover at 15 October 2026 |
| Documents | the 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked |
Quarterly results, the last 20 quarters
| Q3 FY2021 | Q4 FY2021 * | Q1 FY2022 | Q2 FY2022 | Q3 FY2022 | Q4 FY2022 * | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 * | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q4 FY2024 * | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 * | Q1 FY2026 | Q2 FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 265 | 277 | 311 | 297 | 287 | 293 | 329 | 311 | 328 | 370 | 409 | 405 | 449 | 463 | 510 | 513 | 509 | 521 | 618 | 559 |
| Operating income | 85.5 | 91.2 | 112 | 107 | 103 | 91.6 | 123 | 116 | 125 | 142 | 168 | 162 | 159 | 189 | 204 | 200 | 210 | 221 | 287 | 245 |
| Operating margin | 32% | 33% | 36% | 36% | 36% | 31% | 37% | 37% | 38% | 38% | 41% | 40% | 35% | 41% | 40% | 39% | 41% | 42% | 46% | 44% |
| Interest expense | n/a | n/a | n/a | n/a | n/a | n/a | 0.4 | 0.5 | 0.5 | 0.7 | 1.7 | 0.5 | 1.4 | 0.6 | 0.6 | 0.4 | 0.5 | 0.4 | 0.6 | 0.5 |
| Pre-tax income | 85.2 | 104 | 111 | 107 | 106 | 113 | 135 | 131 | 140 | 141 | 187 | 183 | 174 | 210 | 222 | 227 | 270 | 457 | 303 | 270 |
| Tax rate | 23% | 42% | 12% | 24% | 23% | 12% | 25% | 22% | 20% | 27% | 23% | 26% | 25% | 24% | 24% | 23% | 22% | 20% | 23% | 24% |
| Net income | 54.8 | 48.9 | 83.0 | 68.3 | 69.1 | 88.9 | 87.9 | 89.1 | 98.6 | 89.3 | 126 | 119 | 114 | 142 | 148 | 154 | 186 | 325 | 205 | 181 |
| Net margin | 21% | 18% | 27% | 23% | 24% | 30% | 27% | 29% | 30% | 24% | 31% | 29% | 25% | 31% | 29% | 30% | 36% | 62% | 33% | 32% |
| Diluted EPS | $0.26 | $0.23 | $0.40 | $0.33 | $0.33 | $0.42 | $0.42 | $0.42 | $0.46 | $0.42 | $0.59 | $0.55 | $0.53 | $0.66 | $0.69 | $0.71 | $0.86 | $1.51 | $0.96 | $0.85 |
| Operating cash flow | 182 | 192 | 45.2 | 178 | 202 | 208 | 70.8 | 213 | 217 | 245 | 37.9 | 286 | 292 | 282 | 60.2 | 409 | 342 | 356 | 104 | 394 |
| Capital expenditure | 1.2 | 7.2 | 9.1 | 5.8 | 3.1 | 5.3 | 6.9 | 4.3 | 6.3 | 1.1 | 6.6 | 4.8 | 4.3 | 25.2 | 1.6 | 5.5 | 14.0 | 19.4 | 9.6 | 8.3 |
| Free cash flow | 181 | 184 | 36.2 | 172 | 198 | 203 | 64.0 | 209 | 211 | 244 | 31.3 | 281 | 288 | 257 | 58.6 | 404 | 328 | 337 | 94.2 | 386 |
| Buybacks | 12.6 | 12.0 | 47.3 | 9.0 | 9.0 | 34.0 | 20.8 | 9.2 | 2.8 | 2.3 | 0.0 | 0.0 | 24.4 | 34.7 | 0.8 | 0.0 | 0.0 | 103 | 53.3 | 187 |
| Dividends paid | 16.2 | 16.2 | 16.4 | 16.4 | 16.7 | 16.6 | 18.7 | 19.0 | 19.0 | 19.1 | 21.3 | 21.3 | 21.3 | 21.3 | 25.6 | 25.6 | 25.6 | 25.6 | 29.8 | 29.7 |
| Filing | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q | 10-Q | 10-K | 10-Q | 10-Q |
Each quarter as filed, linked to its filing.
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* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.Income statement (profit and loss), 8 fiscal years and the trailing twelve months
Play it forward: change any box and its column follows; every box opens at the company's own record, shown under the row's name, and says when you set it outside every year in the table.
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Each column runs from the last twelve months as filed to the year chosen in its heading, at a yearly rate. Sales growth starts at the company's own five-year rate and eases a third of the way each year toward the median of the 147 peers in Trading (8.9% a year), because a rate far from the rest rarely lasts. Before you open a year, the strip reads today's price backwards: the yearly sales growth that brings EPS, at the company's own margins, tax and share count, to today's price at the median P/E of the 122 peers in Trading (25.3). Low, middle, high opens three columns for one year: the low and high cases take the company's own weaker and stronger years in the table (the lower and upper quarter of its yearly sales growth and operating margin) and the lower and higher of today's P/E and its peers'; the middle is the boxes as they open. Net income keeps the share that went to minority holders; EPS is net income over the diluted shares, on the same basis as the EPS in the table. The price is that year's EPS at the P/E you set, and the yearly return runs from today's price to the year's end. These are your assumptions and your arithmetic, not an estimate of ours. The link carries your columns, so you can send the forecast to someone.| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 504 | 776 | 893 | 1,076 | 1,189 | 1,338 | 1,726 | 2,052 | 2,206 |
| Operating income | 89.1 | 190 | 263 | 359 | 413 | 505 | 678 | 835 | 964 |
| Operating margin | 17.7% | 24.5% | 29.5% | 33.3% | 34.7% | 37.8% | 39.3% | 40.7% | 43.7% |
| Interest expense | n/a | n/a | n/a | n/a | 1.8 | 2.0 | 4.3 | 1.9 | 2.1 |
| Pre-tax income | 89.8 | 225 | 274 | 370 | 437 | 548 | 754 | 1,175 | 1,299 |
| Income tax | 6.1 | 52.3 | 56.1 | 96.9 | 77.5 | 128 | 184 | 253 | 282 |
| Effective tax rate | 6.8% | 23.2% | 20.4% | 26.2% | 17.7% | 23.4% | 24.4% | 21.6% | 21.7% |
| Net income | 83.6 | 83.8 | 166 | 227 | 309 | 365 | 502 | 813 | 897 |
| Net margin | 16.6% | 10.8% | 18.6% | 21.1% | 26.0% | 27.3% | 29.1% | 39.6% | 40.7% |
| Diluted EPS | n/a | $0.54 | $0.88 | $1.09 | $1.48 | $1.71 | $2.33 | $3.78 | $4.18 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
From each year's 10-K, linked; TTM is the last four quarters.
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Revenue by product or service FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| Transaction fees and commissions | 1,078 | 1,424 | 1,700 | 82.8% |
| Subscription fees | 184 | 207 | 234 | 11.4% |
| LSEG market data fees | 64.3 | 82.1 | 93.2 | 4.5% |
| Other | 11.6 | 13.6 | 24.8 | 1.2% |
Transaction fees and commissionsSubscription feesLSEG market data feesOther
$ million; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Revenue by region FY2023 to FY2025
| FY2023 | FY2024 | FY2025 | Share of the parts, latest year | |
|---|---|---|---|---|
| United States | 850 | 1,061 | 1,194 | 58.2% |
| International | 488 | 665 | 858 | 41.8% |
United StatesInternational
$ million; hover a block for its figure and share
From the company's 10-Ks, in its own words (latest 10-K).
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Each year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.Cash flow and capital returned
Follow the cash: free cash flow, which is operating cash flow less capital expenditure and share-based pay, for five years and after, in today's money.
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The figure a share at the top is what a discounted cash flow calls intrinsic value, worked out on your assumptions. Everything after year five is one sum: the sixth year's cash, growing at the long-run rate every year after, added up and brought back to today's money. Each year runs from the last twelve months as filed. Sales growth opens where Play it forward does: the company's own five-year rate, easing a third of the way each year toward the median of the 147 peers in Trading (8.9% a year); change a year and the years after it follow. Operating cash flow, capital expenditure and share-based pay open at the company's own median share of sales over its last five years, shown under each row. Share-based pay is taken off because operating cash flow adds back the shares paid to staff as if they cost nothing; set it to 0 to leave it in. Capital spending counts every capital line the company files in its cash flow, such as equipment it leases to customers, software, wells or property it develops, named under the row, while the Capital expenditure row in the table below stays the one line as filed; buying a business, securities or a finished property is not counted. The discount rate opens at 10%, about what US stocks have returned a year over the long run, so it is the return you give up by holding this company instead of the market; the growth after year five opens at 3%, a little under the US economy's long-run growth in dollars, because no company outgrows it for ever. Net debt is the debt and short-term borrowings less the cash on the latest balance sheet that shows the debt; the figure per share divides what is left by the diluted share count. These are your assumptions and your arithmetic, not an estimate of ours. The link carries them, so you can send them to someone.| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 225 | 311 | 443 | 578 | 633 | 746 | 898 | 1,168 | 1,196 |
| Capital expenditure | 13.5 | 15.8 | 11.5 | 16.9 | 23.2 | 18.5 | 41.0 | 40.6 | 51.4 |
| Free cash flow | 211 | 295 | 432 | 561 | 610 | 728 | 857 | 1,127 | 1,145 |
| Free cash flow margin | 41.9% | 38.1% | 48.4% | 52.1% | 51.3% | 54.4% | 49.6% | 54.9% | 51.9% |
| Cash from investing | -45.6 | -44.5 | -62.5 | -259 | -60.1 | -133 | -969 | -127 | -181 |
| Cash from financing | -153 | -218 | -52.7 | -136 | -277 | -168 | -290 | -307 | -585 |
| Depreciation and amortisation | 68.6 | 139 | 154 | 171 | 179 | 185 | 220 | 250 | 247 |
| Share-based compensation | 26.1 | 49.8 | 39.3 | 51.9 | 66.6 | 65.1 | 89.6 | 104 | 109 |
| Buybacks | n/a | 0.0 | 0.0 | 75.7 | 99.3 | 35.2 | 59.1 | 104 | 344 |
| Dividends paid | n/a | 35.9 | 58.1 | 64.6 | 66.0 | 75.9 | 85.2 | 102 | 111 |
| Dividend per share | n/a | n/a | $0.32 | $0.32 | $0.32 | $0.36 | $0.40 | $0.48 | n/a |
| Diluted shares, weighted | 216m | 157m | 188m | 207m | 208m | 213m | 215m | 215m | 213m |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
Cash paid in the year, from the cash flow statement.
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The dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.Balance sheet at year end
| FY2017 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| Funded by | |||||||||
| Shareholders' equity | n/a | 3,379 | 4,303 | 4,646 | 4,954 | 5,374 | 5,800 | 6,508 | 6,635 |
| Non-controlling interest | n/a | 1,214 | 716 | 663 | 593 | 558 | 599 | 681 | 704 |
| Debt | n/a | n/a | 0.0 | 0.0 | 0.0 | 21.6 | 0.0 | 0.0 | 0.0 |
| Other liabilities | n/a | 503 | 661 | 681 | 714 | 1,107 | 869 | 1,000 | 913 |
| Total liabilities and equity | n/a | 5,095 | 5,680 | 5,990 | 6,260 | 7,060 | 7,268 | 8,190 | 8,251 |
| Owned | |||||||||
| Fixed assets | n/a | 40.4 | 33.8 | 31.1 | 37.4 | 33.6 | 46.0 | 78.2 | 80.7 |
| Goodwill | n/a | 2,695 | 2,695 | 2,780 | 2,780 | 2,816 | 3,150 | 3,150 | 3,150 |
| Intangible assets | n/a | 1,281 | 1,182 | 1,180 | 1,073 | 1,005 | 1,281 | 1,148 | n/a |
| Securities held for sale or to maturity | n/a | n/a | n/a | n/a | n/a | n/a | 10.4 | 24.9 | 38.6 |
| Cash and equivalents | 354 | 461 | 791 | 972 | 1,257 | 1,706 | 1,340 | 2,085 | 2,058 |
| Other assets | n/a | 618 | 978 | 1,027 | 1,112 | 1,499 | 1,440 | 1,704 | 2,923 |
| Total assets | n/a | 5,095 | 5,680 | 5,990 | 6,260 | 7,060 | 7,268 | 8,190 | 8,251 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | |
At the fiscal year end; the TTM column is the latest quarter end.
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Both totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.Compounded growth
| 10 years | 5 years | 3 years | TTM | |
|---|---|---|---|---|
| Sales growth, compounded | n/a | 18.1% | 20.0% | 14.0% |
| Profit growth, compounded | n/a | 37.3% | 38.0% | 60.7% |
| Return on equity, average | n/a | 7.8% | 9.3% | 12.5% |
Yearly growth, compounded; TTM is the last four quarters against the four before.
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Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.Questions
What was Tradeweb Markets' revenue in fiscal 2025?
Tradeweb Markets (TW) reported revenue of $2.1 billion for fiscal 2025, the year ended 31 December 2025, up 18.9% on the year before.
How much did Tradeweb Markets earn in fiscal 2025?
Net income was $813 million for fiscal 2025, and diluted earnings per share $3.78.
What is Tradeweb Markets' P/E ratio?
At the close of 27 October 2026, Tradeweb Markets traded at 28.6 times its earnings over the twelve months to 30 June 2026.
What is Tradeweb Markets' market cap?
The market cap of Tradeweb Markets was $25.5 billion at the close of 27 October 2026.
Does Tradeweb Markets pay a dividend?
Yes. Tradeweb Markets declared $0.52 a share in dividends over the four quarters to 30 June 2026.
Peers: Trading
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| CME Group Inc. CME | $105.3 billion | 24.08 | 16.8% | 65.7% | 9.0% | 0.13 | 3.9% |
| Intercontinental Exchange, Inc. ICE | $87.2 billion | 21.95 | 13.7% | 40.7% | 6.9% | 0.67 | 1.3% |
| Nasdaq, Inc. NDAQ | $58.3 billion | 28.52 | 17.4% | 29.7% | 11.9% | 0.73 | 1.1% |
| Cboe Global Markets, Inc. CBOE | $34.0 billion | 25.34 | 24.1% | 34.7% | 11.7% | 0.26 | 0.9% |
| Nomura Holdings Inc. NMR * | $26.4 billion | 12.01 | 9.8% | n/a | 14.0% | n/a | 4.5% |
| Vici Properties Inc. VICI | $26.1 billion | 9.19 | 9.5% | n/a | 4.4% | 0.58 | 7.6% |
| Tradeweb Markets Inc. TW | $25.5 billion | 28.64 | 13.5% | 43.7% | 14.0% | 0.00 | 0.4% |
| LPL Financial Holdings Inc. LPLA | $25.0 billion | 25.34 | 17.5% | 7.0% | 38.8% | 1.30 | 0.4% |
| Vivmark Residential VMRK | $23.4 billion | 27.19 | 8.3% | 28.2% | 2.8% | 0.79 | 4.5% |
| Texas Pacific Land Corp. TPL | $22.8 billion | 42.09 | 32.4% | 74.9% | 20.8% | 0.00 | 0.7% |
| StoneX Group Inc. SNEX | $6.7 billion | 9.71 | 18.5% | n/a | 48.7% | 6.97 | n/a |
| BGC Group, Inc. BGC | $5.4 billion | 27.72 | 18.0% | 4.7% | 27.6% | 1.60 | 0.7% |
All 156 in Trading
| Company | Market cap | P/E | ROE | Op. margin | Sales growth TTM | Debt to equity | Div. yield |
|---|---|---|---|---|---|---|---|
| Morgan Stanley MS | $293.9 billion | 15.12 | 17.3% | n/a | 18.0% | 3.37 | 2.1% |
| Goldman Sachs Group Inc. GS | $265.8 billion | 14.08 | 17.1% | n/a | 17.8% | 3.57 | 1.9% |
| BlackRock, Inc. BLK | $176.0 billion | 27.14 | 11.4% | 32.6% | 26.5% | 0.22 | 1.9% |
| Welltower Inc. WELL | $166.1 billion | 98.23 | 3.4% | -1.9% | 39.2% | 0.37 | 1.2% |
| Charles Schwab Corp. SCHW | $154.4 billion | 16.23 | 20.1% | n/a | 20.3% | 0.45 | 1.3% |
| Prologis, Inc. PLD | $118.0 billion | 28.17 | 7.8% | 54.7% | 7.3% | 0.68 | 3.3% |
| CME Group Inc. CME | $105.3 billion | 24.08 | 16.8% | 65.7% | 9.0% | 0.13 | 3.9% |
| Equinix Inc. EQIX | $98.7 billion | 64.38 | 10.7% | 21.8% | 9.6% | 1.38 | 2.0% |
| Blackstone Inc. BX | $87.8 billion | 26.11 | 39.0% | 47.2% | 17.2% | 1.48 | 4.0% |
| Intercontinental Exchange, Inc. ICE | $87.2 billion | 21.95 | 13.7% | 40.7% | 6.9% | 0.67 | 1.3% |
| Robinhood Markets, Inc. HOOD | $86.2 billion | 41.65 | 21.7% | 46.0% | 38.3% | 0.23 | n/a |
| American Tower Corp. AMT | $85.3 billion | 25.92 | 94.2% | 44.8% | 5.3% | 10.69 | 3.8% |
| KKR & Co. Inc. KKR | $82.6 billion | 29.29 | 10.2% | n/a | 31.1% | 1.72 | 0.8% |
| Brookfield Asset Management Ltd. BAM | $75.4 billion | n/a | n/a | 58.6% | 31.9% | 0.38 | 3.3% |
| Simon Property Group Inc. SPG | $68.8 billion | 14.97 | 104.1% | 47.4% | 15.0% | 6.47 | 4.1% |
| Digital Realty Trust, Inc. DLR | $66.2 billion | 86.90 | 2.9% | 14.6% | 17.4% | 0.68 | n/a |
| Apollo Global Management, Inc. APO | $65.8 billion | 41.56 | 8.9% | 20.2% | 41.2% | 0.65 | 1.8% |
| Public Storage PSA | $58.4 billion | 32.73 | 13.1% | 34.5% | 5.2% | 0.84 | 3.8% |
| Nasdaq, Inc. NDAQ | $58.3 billion | 28.52 | 17.4% | 29.7% | 11.9% | 0.73 | 1.1% |
| Realty Income Corp. O | $53.8 billion | 41.48 | 3.2% | 20.1% | 10.9% | 0.78 | 5.7% |
| Ameriprise Financial Inc. AMP | $43.5 billion | 11.89 | 62.0% | 25.9% | 10.6% | 1.03 | 0.7% |
| Ventas, Inc. VTR | $42.7 billion | 154.33 | 1.8% | 3.3% | 21.5% | 0.87 | 2.4% |
| Ares Management Corp. ARES | $38.3 billion | n/a | 16.0% | 18.1% | 24.0% | 1.79 | 4.0% |
| Crown Castle Inc. CCI | $37.4 billion | n/a | n/a | n/a | n/a | n/a | 4.8% |
| Interactive Brokers Group, Inc. IBKR | $37.0 billion | 32.91 | 19.1% | n/a | 21.3% | n/a | 0.0% |
| Iron Mountain Inc. IRM | $34.3 billion | 82.37 | n/a | 18.8% | 17.4% | n/a | 2.9% |
| Cboe Global Markets, Inc. CBOE | $34.0 billion | 25.34 | 24.1% | 34.7% | 11.7% | 0.26 | 0.9% |
| Extra Space Storage Inc. EXR | $30.6 billion | 31.93 | 7.2% | 40.9% | 4.2% | 1.03 | 4.5% |
| Raymond James Financial Inc. RJF | $30.4 billion | 13.79 | 18.2% | n/a | 10.5% | 0.07 | 1.3% |
| Nomura Holdings Inc. NMR * | $26.4 billion | 12.01 | 9.8% | n/a | 14.0% | n/a | 4.5% |
| Vici Properties Inc. VICI | $26.1 billion | 9.19 | 9.5% | n/a | 4.4% | 0.58 | 7.6% |
| Tradeweb Markets Inc. TW | $25.5 billion | 28.64 | 13.5% | 43.7% | 14.0% | 0.00 | 0.4% |
| LPL Financial Holdings Inc. LPLA | $25.0 billion | 25.34 | 17.5% | 7.0% | 38.8% | 1.30 | 0.4% |
| Vivmark Residential VMRK | $23.4 billion | 27.19 | 8.3% | 28.2% | 2.8% | 0.79 | 4.5% |
| Texas Pacific Land Corp. TPL | $22.8 billion | 42.09 | 32.4% | 74.9% | 20.8% | 0.00 | 0.7% |
| T. Rowe Price Group, Inc. TROW | $22.1 billion | 10.39 | 20.2% | 30.8% | 7.0% | 0.00 | 5.0% |
| Royal Gold Inc. RGLD | $20.3 billion | 26.16 | 9.7% | 61.4% | 93.5% | 0.05 | 0.8% |
| SBA Communications Corp. SBAC | $19.5 billion | 19.84 | n/a | 47.6% | 5.4% | n/a | 2.6% |
| Essex Property Trust, Inc. ESS | $17.6 billion | 42.68 | 7.8% | 32.5% | 4.7% | 1.26 | 3.8% |
| Host Hotels & Resorts, Inc. HST | $17.3 billion | 16.83 | 16.1% | 14.6% | 4.9% | 0.80 | 3.8% |
| TPG Inc. TPG | $17.2 billion | 77.41 | 6.3% | n/a | 30.1% | 0.63 | 5.0% |
| Kimco Realty Corp. KIM | $15.9 billion | 27.89 | 5.9% | 36.0% | 4.4% | 0.85 | 4.3% |
| Franklin Templeton Inc. BEN | $15.9 billion | 21.25 | 6.9% | 9.7% | 7.9% | 0.20 | 4.2% |
| Lamar Advertising Co. LAMR | $15.7 billion | 28.29 | 55.9% | 31.8% | 4.4% | 3.53 | 4.2% |
| W. P. Carey Inc. WPC | $14.5 billion | 21.67 | 7.5% | 41.8% | 9.0% | 1.02 | 5.8% |
| Weyerhaeuser Co. WY | $14.0 billion | 29.39 | 5.0% | 12.3% | -2.6% | 0.57 | 4.3% |
| Omega Healthcare Investors Inc. OHI | $13.8 billion | 16.42 | 15.9% | 60.6% | 15.0% | 0.75 | 5.8% |
| Sun Communities Inc. SUI | $13.8 billion | n/a | n/a | n/a | n/a | 0.73 | 3.8% |
| Mid-America Apartment Communities, Inc. MAA | $13.8 billion | 34.72 | 7.4% | n/a | 0.8% | 1.05 | 5.1% |
| Annaly Capital Management Inc. NLY | $13.8 billion | 4.60 | 17.4% | n/a | 27.5% | 2.03 | 15.3% |
| Carlyle Group Inc. CG | $13.6 billion | 40.12 | 5.0% | 17.0% | -41.9% | 0.42 | 3.6% |
| Regency Centers Corp. REG | $13.6 billion | 25.01 | 8.1% | 72.0% | 8.2% | 0.71 | 4.0% |
| Healthpeak Properties, Inc. DOC | $13.1 billion | 54.40 | 3.1% | 5.1% | 5.5% | 1.28 | 6.4% |
| Invesco Ltd. IVZ | $12.6 billion | n/a | -2.5% | -7.1% | 12.2% | 0.13 | 3.0% |
| SEI Investments Co. SEIC | $12.2 billion | 17.90 | 28.3% | 29.4% | 12.8% | 0.01 | 1.0% |
| Equity Lifestyle Properties Inc. ELS | $11.5 billion | 29.30 | 23.1% | 26.1% | 3.2% | 1.89 | 3.6% |
| American Homes 4 Rent AMH | $11.5 billion | 25.27 | 6.8% | 14.8% | 4.3% | 0.75 | 4.0% |
| Udr, Inc. UDR | $11.4 billion | 22.68 | 17.8% | 40.8% | 1.5% | 1.98 | 4.9% |
| Gaming & Leisure Properties, Inc. GLPI | $11.3 billion | 11.38 | 19.4% | 82.5% | 5.8% | 1.62 | 8.1% |
| Freedom Holding Corp. FRHC | $10.9 billion | n/a | n/a | n/a | n/a | n/a | n/a |
| Stifel Financial Corp. SF | $10.9 billion | 11.91 | 15.9% | n/a | 15.4% | 0.10 | 1.9% |
| Evercore Inc. EVR | $10.7 billion | 14.68 | 40.1% | 21.4% | 45.4% | 0.29 | 1.3% |
| Eastgroup Properties Inc. EGP | $10.6 billion | 33.48 | 8.9% | 40.8% | 10.4% | 0.51 | 3.2% |
| Jefferies Financial Group Inc. JEF | $10.6 billion | n/a | 8.3% | n/a | 17.7% | 1.72 | 3.5% |
| Camden Property Trust CPT | $10.2 billion | 33.61 | 8.6% | n/a | 0.5% | 1.28 | 4.2% |
| Affiliated Managers Group, Inc. AMG | $10.1 billion | 13.57 | 28.2% | 15.1% | 11.8% | 0.99 | 0.0% |
| American Healthcare REIT, Inc. AHR | $9.9 billion | 75.10 | 3.3% | 19.2% | 16.4% | 0.39 | 2.0% |
| Bxp, Inc. BXP | $9.7 billion | 32.75 | 5.8% | 28.3% | 1.9% | 3.03 | 5.0% |
| Federal Realty Investment Trust FRT | $9.5 billion | 22.16 | 13.0% | 47.9% | 8.0% | 1.42 | 4.1% |
| CubeSmart CUBE | $9.2 billion | 28.00 | 13.0% | 39.8% | 3.9% | 1.35 | 5.2% |
| Houlihan Lokey, Inc. HLI | $8.9 billion | 22.24 | 18.0% | 20.4% | 1.7% | 0.00 | 0.2% |
| Brixmor Property Group Inc. BRX | $8.8 billion | 20.96 | 14.1% | n/a | 5.7% | 1.76 | 4.3% |
| Agree Realty Corp. ADC | $8.7 billion | 34.53 | 3.5% | 48.9% | 17.7% | 0.54 | 4.0% |
| CareTrust REIT, Inc. CTRE | $8.5 billion | 22.72 | 7.9% | 55.7% | 53.0% | 0.27 | 4.0% |
| InterDigital, Inc. IDCC | $8.5 billion | 37.95 | 25.1% | 43.8% | -11.7% | 0.32 | 0.9% |
| Ryman Hospitality Properties, Inc. RHP | $8.4 billion | 32.36 | 36.3% | 19.8% | 12.2% | 5.30 | 3.6% |
| Rexford Industrial Realty, Inc. REXR | $8.2 billion | n/a | -6.4% | 39.8% | -2.0% | 0.39 | 4.5% |
| Morningstar, Inc. MORN | $8.1 billion | 20.44 | 41.2% | 23.5% | 9.3% | 1.67 | 0.9% |
| Lineage, Inc. LINE | $8.1 billion | n/a | -2.1% | 3.6% | 1.0% | 0.79 | 6.0% |
| NNN REIT, Inc. NNN | $8.0 billion | 20.46 | 8.6% | 62.3% | 6.5% | 1.12 | 5.7% |
| First Industrial Realty Trust Inc. FR | $7.3 billion | 20.51 | 12.9% | 41.6% | 8.5% | 0.96 | 3.5% |
| Alexandria Real Estate Equities, Inc. ARE | $7.1 billion | n/a | -9.7% | -85.8% | -9.9% | 0.87 | 7.1% |
| Stag Industrial, Inc. STAG | $7.0 billion | 25.67 | 7.4% | 37.7% | 9.3% | 0.94 | 4.3% |
| Macerich Co. MAC | $6.9 billion | n/a | -6.0% | -11.1% | 1.3% | 1.71 | 2.8% |
| Victory Capital Holdings, Inc. VCTR | $6.8 billion | 20.34 | 19.4% | 41.3% | 51.5% | 0.41 | 1.8% |
| StoneX Group Inc. SNEX | $6.7 billion | 9.71 | 18.5% | n/a | 48.7% | 6.97 | n/a |
| Vornado Realty Trust VNO | $6.4 billion | 1,717.00 | 1.2% | n/a | 1.4% | 1.29 | 2.2% |
| Blue OWL Capital Inc. OWL | $6.4 billion | 77.50 | 4.1% | -334.2% | 4.3% | 1.91 | 9.7% |
| Healthcare Realty Trust Inc. HR | $6.1 billion | n/a | -2.1% | n/a | -6.3% | 0.99 | 6.2% |
| SSR Mining Inc. SSRM | $6.0 billion | 26.59 | 7.0% | 40.2% | 48.4% | 0.00 | n/a |
| Dolby Laboratories, Inc. DLB | $5.9 billion | 26.69 | 8.8% | 17.7% | 0.6% | 0.00 | 2.3% |
| Essential Properties Realty Trust, Inc. EPRT | $5.9 billion | 21.81 | 5.8% | 60.6% | 20.4% | 0.66 | 4.7% |
| Marketaxess Holdings Inc. MKTX | $5.8 billion | 19.47 | 24.7% | 40.5% | 3.9% | 0.09 | 1.9% |
| Rayonier Inc. RYN | $5.7 billion | n/a | n/a | n/a | n/a | 0.36 | 5.5% |
| Outfront Media Inc. OUT | $5.5 billion | 22.52 | 35.3% | 20.5% | 7.6% | 3.65 | 3.8% |
| BGC Group, Inc. BGC | $5.4 billion | 27.72 | 18.0% | 4.7% | 27.6% | 1.60 | 0.7% |
| Rithm Capital Corp. RITM | $5.2 billion | n/a | n/a | n/a | n/a | 3.52 | 10.7% |
| Sabra Health Care REIT, Inc. SBRA | $5.0 billion | 74.77 | 2.4% | n/a | 17.3% | 0.95 | 6.2% |
| Kite Realty Group Trust KRG | $5.0 billion | 15.26 | 11.8% | 16.3% | -5.9% | 0.99 | 5.2% |
| Phillips Edison & Company, Inc. PECO | $4.9 billion | 26.52 | 7.5% | n/a | 7.0% | 1.05 | 6.0% |
| Virtu Financial, Inc. VIRT | $4.8 billion | 9.13 | 29.5% | 31.3% | 20.8% | 2.68 | 1.7% |
| HA Sustainable Infrastructure Capital, Inc. HASI | $4.8 billion | 70.17 | 3.3% | n/a | 26.5% | 2.23 | 4.5% |
| Cousins Properties Inc. CUZ | $4.8 billion | 721.50 | 0.1% | 68.0% | 11.9% | 0.83 | 4.4% |
| Starwood Property Trust, Inc. STWD | $4.6 billion | 21.44 | 3.5% | 1.5% | 11.8% | 2.91 | 15.4% |
| Piper Sandler Companies PIPR | $4.4 billion | 15.14 | 22.4% | n/a | 32.4% | n/a | 3.0% |
| Apple Hospitality REIT, Inc. APLE | $4.4 billion | 25.19 | 5.6% | 17.9% | 1.2% | 0.48 | 5.2% |
| Howard Hughes Holdings Inc. HHH | $4.4 billion | 14.83 | 7.4% | 21.3% | 34.0% | 1.38 | n/a |
| EPR Properties EPR | $4.3 billion | 18.01 | 11.4% | 55.1% | 4.5% | 1.43 | 6.4% |
| Tanger Inc. SKT | $4.2 billion | n/a | n/a | n/a | n/a | 2.76 | n/a |
| Lazard, Inc. LAZ | $4.2 billion | 23.15 | 19.5% | 8.1% | 9.2% | 1.78 | 5.2% |
| Kilroy Realty Corp. KRC | $4.2 billion | 149.92 | 0.6% | n/a | -3.6% | 0.84 | 6.0% |
| Americold Realty Trust COLD | $4.1 billion | n/a | -18.9% | -12.5% | -0.2% | 1.76 | 5.7% |
| Federated Hermes, Inc. FHI | $4.1 billion | 10.49 | 32.9% | 27.1% | 15.0% | 0.28 | 2.5% |
| Copt Defense Properties CDP | $3.8 billion | 23.57 | 10.7% | 30.3% | 4.5% | 1.70 | 3.7% |
| Cohen & Steers, Inc. CNS | $3.6 billion | 21.73 | 28.6% | 32.9% | 7.4% | 0.00 | 3.6% |
| LXP Industrial Trust LXP | $3.6 billion | 31.53 | 5.9% | n/a | -3.5% | 0.66 | 4.5% |
| PJT Partners Inc. PJT | $3.5 billion | 19.55 | 63.9% | 21.0% | 22.9% | 0.00 | 0.7% |
| SL Green Realty Corp. SLG | $3.5 billion | n/a | -5.1% | 66.6% | 8.5% | 1.26 | 5.6% |
| Independence Realty Trust, Inc. IRT | $3.5 billion | 82.56 | 1.3% | 16.9% | 3.5% | 0.73 | 4.6% |
| StepStone Group Inc. STEP | $3.4 billion | n/a | n/a | -58.2% | 48.5% | n/a | 3.5% |
| Acadian Asset Management Inc. AAMI | $3.3 billion | 33.19 | n/a | 23.7% | 24.2% | n/a | 0.2% |
| Broadstone Net Lease, Inc. BNL | $3.3 billion | 22.59 | 5.1% | 46.6% | 7.7% | 0.93 | 6.8% |
| Highwoods Properties, Inc. HIW | $3.3 billion | 17.76 | 7.8% | 67.2% | 5.4% | 1.48 | 5.7% |
| WisdomTree, Inc. WT | $3.2 billion | 40.83 | 19.3% | 38.8% | 37.1% | 2.57 | 0.6% |
| National Health Investors Inc. NHI | $3.2 billion | 19.21 | 10.6% | n/a | 23.9% | 0.81 | 5.5% |
| Miami International Holdings, Inc. MIAX | $3.2 billion | 42.23 | 12.4% | 7.9% | n/a | 0.00 | n/a |
| CoreCivic, Inc. CXW | $3.0 billion | 24.66 | 8.9% | 9.9% | 24.3% | 0.94 | 0.0% |
| DiamondRock Hospitality Co. DRH | $2.9 billion | 19.34 | 10.1% | 16.2% | 1.0% | 0.72 | 2.7% |
| Artisan Partners Asset Management Inc. APAM | $2.7 billion | 7.98 | 71.5% | 33.0% | 9.8% | 0.45 | 9.7% |
| Acadia Realty Trust AKR | $2.6 billion | n/a | n/a | n/a | n/a | 0.70 | 4.2% |
| Four Corners Property Trust, Inc. FCPT | $2.4 billion | 19.96 | 7.3% | n/a | 9.6% | 0.77 | 6.6% |
| Pebblebrook Hotel Trust PEB | $2.4 billion | n/a | -1.9% | 4.3% | 2.1% | 0.86 | 0.2% |
| InvenTrust Properties Corp. IVT | $2.4 billion | 82.03 | 1.6% | -7.7% | 12.6% | 0.58 | 3.3% |
| LTC Properties Inc. LTC | $2.3 billion | 15.84 | 10.7% | 53.0% | 59.8% | 0.61 | 5.3% |
| Netstreit Corp. NTST | $2.2 billion | 79.09 | 1.1% | 32.5% | 27.1% | 0.60 | 5.1% |
| SmartStop Self Storage REIT, Inc. SMA | $2.0 billion | 69.21 | 2.5% | 21.4% | 21.1% | 0.97 | 1.7% |
| RLJ Lodging Trust RLJ | $1.9 billion | 290.89 | 1.3% | 9.5% | 1.1% | 1.25 | 4.8% |
| Diversified Healthcare Trust DHC | $1.9 billion | n/a | -16.8% | -8.6% | -1.5% | 1.54 | 0.5% |
| Douglas Emmett Inc. DEI | $1.7 billion | n/a | -1.2% | 19.0% | 0.8% | 3.11 | 7.6% |
| Medical Properties Trust Inc. MPT | $1.6 billion | n/a | -0.7% | 4.3% | 10.6% | 2.16 | 12.9% |
| CBL & Associates Properties Inc. CBL | $1.5 billion | 7.14 | 50.8% | 27.2% | 9.0% | 4.76 | 0.0% |
| Global Net Lease, Inc. GNL | $1.5 billion | n/a | n/a | n/a | n/a | 1.59 | 10.8% |
| American Assets Trust, Inc. AAT | $1.3 billion | 73.16 | 1.6% | 22.8% | -2.9% | 1.50 | 6.4% |
| Easterly Government Properties, Inc. DEA | $1.1 billion | 78.21 | 1.1% | 23.9% | 11.4% | 1.28 | 7.9% |
| Centerspace CSR | $952 million | 45.34 | 3.2% | 26.0% | 0.7% | 1.45 | 5.4% |
| Safehold Inc. SAFE | $809 million | 7.07 | 4.8% | 25.1% | 12.1% | 1.91 | 6.2% |
| Virtus Investment Partners, Inc. VRTS | $801 million | 6.89 | 12.7% | 15.7% | -7.2% | 0.44 | 7.9% |
| Navient Corp. NAVI | $789 million | n/a | -2.1% | n/a | -35.5% | 18.49 | 7.6% |
| Saul Centers, Inc. BFS | $720 million | 29.95 | 11.8% | 67.0% | 8.7% | 5.42 | 8.1% |
| JBG Smith Properties JBGS | $684 million | n/a | -14.2% | -0.9% | -1.1% | 2.37 | 6.1% |
| PennyMac Mortgage Investment Trust PMT | $633 million | 5.11 | 9.0% | 36.5% | 14.6% | 1.71 | 22.0% |
| Arbor Realty Trust Inc. ABR | $545 million | 41.21 | 0.6% | n/a | -16.4% | 4.00 | 37.1% |
| Franklin BSP Realty Trust, Inc. FBRT | $483 million | n/a | n/a | n/a | n/a | 0.02 | 17.3% |
| NexPoint Residential Trust, Inc. NXRT | $469 million | n/a | -13.5% | 11.1% | -0.5% | 6.55 | 11.4% |
| Galaxy Digital Inc. GLXY | $859 | n/a | -18.5% | -2.3% | 66.0% | 1.55 | n/a |
| Hamilton Lane Inc. HLNE | n/a | n/a | 29.4% | 43.6% | 24.0% | 0.29 | 2.7% |
7 companies share its SEC industry code (Security & Commodity Brokers, Dealers, Exchanges & Services); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
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By market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.Filings
| Filing | Period | Filed | Where |
|---|---|---|---|
| 10-Q | 30 June 2026 | 30 July 2026 | EDGAR |
| 10-Q | 31 March 2026 | 29 April 2026 | EDGAR |
| 10-K | 31 December 2025 | 5 February 2026 | EDGAR |
| 10-Q | 30 September 2025 | 30 October 2025 | EDGAR |
| 10-Q | 30 June 2025 | 30 July 2025 | EDGAR |
| 10-Q | 31 March 2025 | 30 April 2025 | EDGAR |
| 10-K | 31 December 2024 | 7 February 2025 | EDGAR |
| 10-Q | 30 September 2024 | 30 October 2024 | EDGAR |
| 10-Q | 30 June 2024 | 25 July 2024 | EDGAR |
| 10-Q | 31 March 2024 | 25 April 2024 | EDGAR |