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Tradeweb Markets vs TOP Financial Group: TW and TOP compared
Tradeweb Markets is the larger company: $585M of revenue in its latest quarter (Q3 2026) against $2.2M for TOP Financial Group (Q2 FY27). TOP Financial Group is growing faster (+44% against +15% a year earlier). Tradeweb Markets is more profitable, with an operating margin of 43.4% against 12.4%.
Where the money goes: TW and TOP
Tradeweb Markets (TW) · Q3 2026
Tradeweb Markets, Q3 2026: revenue $585M (+15% year over year), operating margin 43.4%, net earnings $197M, operating cash flow $347M. The chart follows the revenue to costs, profit and cash.
TOP Financial Group (TOP) · Q2 FY27
TOP Financial Group, Q2 FY27: revenue $2.2M (+44% year over year), operating margin 12.4%, net earnings $274K, operating cash flow −$8.4M. The chart follows the revenue to costs, profit and cash.
| Tradeweb Markets (TW) | TOP Financial Group (TOP) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 FY27 |
| Revenue | $585M | $2.2M |
| Revenue growth, Y/Y | +15% | +44% |
| Operating margin | 43.4% | 12.4% |
| Net earnings | $197M | $274K |
| Net margin | 33.8% | 12.4% |
| Operating cash flow | $347M | −$8.4M |
| Free cash flow | $338M | — |
| Market value | $26.9B | — |
| P/E | 29.9× | — |
| Analysts’ mean target | $131.53 | — |
Where the revenue comes from
Tradeweb Markets
- Transaction fees and commissions: $492M (84%)
- Subscription fees: $61.4M (11%)
- LSEG market data fees: $26.5M (5%)
- Other: $4.8M (1%)
TOP Financial Group
- Interest income from loan business: $1.4M (63%)
- Other service revenues: $319K (14%)
- AI Services: $222K (10%)
- Commission on futures broking from overseas Exchanges: $112K (5%)
Questions
Which is bigger, Tradeweb Markets or TOP Financial Group?
Tradeweb Markets is the larger company: $585M of revenue in its latest quarter (Q3 2026) against $2.2M for TOP Financial Group (Q2 FY27).
Is Tradeweb Markets or TOP Financial Group growing faster?
TOP Financial Group is growing faster (+44% against +15% a year earlier).
Which is more profitable, Tradeweb Markets or TOP Financial Group?
Tradeweb Markets is more profitable, with an operating margin of 43.4% against 12.4%.
More: Tradeweb Markets earnings · how Tradeweb Markets makes money · TOP Financial Group earnings · how TOP Financial Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Oct 28, 2026). Fiscal quarters can end on different dates. Not investment advice.