Company	Price	Valuation					Profitability					Cash & leverage					Quality				Rating
		P/E	P/B	P/S	EV / EBITDA	DCF upside	Gross margin	Operating margin	Net margin	ROE	ROIC	FCF yield	Debt / equity	Net debt / EBITDA	Interest coverage	Current ratio	Dividend yield	Piotroski (0-9)	Altman Z	Rating score (1-5)
TWthis companyTradeweb Markets Inc.	$126.43	28.23×	3.52×	11.17×	14.8×	7.0%	67.3%	41.2%	39.6%	12.5%	9.3%	4.9%	0.04×	-1.27×	435.41×	4.94×	0.4%	9	16.04	4	A-
BGCBGC Group, Inc	$10.91	27.06×	4.37×	1.41×	11.7×	-88.7%	89.5%	10.5%	5.2%	15.9%	4.9%	6.3%	1.85×	2.08×	2.52×	89.14×	0.9%	8	2.11	3	B+
CMECME Group Inc.	$304.27	24.43×	3.42×	15.06×	16.83×	34.0%	86.1%	64.9%	62.0%	14.1%	8.4%	4.3%	0.12×	-0.17×	32.61×	1.03×	4.0%	6	0.6	3	B+
ICEIntercontinental Exchange, Inc.	$173.91	27.92×	3.2×	7.32×	16.85×	-11.8%	61.9%	38.7%	26.1%	11.4%	7.0%	4.6%	0.7×	2.93×	6.27×	1.02×	1.2%	7	0.77	3	B
MKTXMarketAxess Holdings Inc.	$165.54	27.21×	5.82×	7.86×	14.22×	-7.8%	69.9%	41.2%	29.0%	21.5%	16.3%	5.6%	0.25×	-0.52×	235.35×	1.84×	1.7%	5	5.88	4	A-
NDAQNasdaq, Inc.	$108.83	31.03×	4.53×	6.75×	20.65×	-49.7%	47.9%	28.4%	21.8%	14.6%	8.3%	3.6%	0.81×	2.92×	26.49×	1.01×	1.1%	9	3.56	3	B
Peer median	—	27.21×	4.37×	7.32×	16.83×	-11.8%	69.9%	38.7%	26.1%	14.6%	8.3%	4.6%	0.7×	2.08×	26.49×	1.03×	1.2%	7	2.11	3	—