Charles Schwab Corp (SCHW) is overvalued and Tradeweb Markets Inc (TW) is fairly valued.
Against our estimates of intrinsic value, TW trades at the wider discount: a margin of safety of +1%, against -37% for SCHW.
Values as of the 16 Oct 2026 close.
Book value at 2.50x, the multiple a 21.1% return on equity justifies, blended with earnings, values the shares at $66.94; the price of $91.96 is 37% above that value.
Leak Score 69/100 on 10 of 12 signals
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $114.15; the price of $113.49 is 1% below that value, and 79% of that value comes from beyond year five.
Leak Score 66/100 on 10 of 12 signals
| Metric | SCHW | TW |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $91.96 | $113.49 |
| Intrinsic value | $66.94 | $114.15 |
| Margin of safety | -37% | +1% |
| Leak Score | 69/100 (10/12) | 66/100 (10/12) |
| Market cap | $159.0B | $26.6B |
| Revenue growth, 5 years | 18.0% | 18.1% |
| Operating margin | 51.8% | 43.6% |
| Net margin | 33.6% | 40.6% |
| Return on equity | 21.1% | 14.1% |
| Debt to equity | 0.78 | 0.02 |
| P/E | 15.7x | 27.1x |
| Forward P/E | 11.6x | 24.4x |
| P/B | 3.6x | 3.6x |
| Dividend yield | 1.4% | 0.5% |