Tradeweb Markets (TW) stock is on an 11-day winning streak, up 11.7% since the run began. That added about $2.9 billion to the company's market value, which now stands at about $27.9 billion. The stock closed at $132.74 on Friday, November 13, its highest close of the past year.

TW Versus The S&P 500

Returns for TW and the S&P 500 over the streak and the periods around it, all ending Friday, November 13 and including dividends:

Is This Move About Tradeweb Markets Or The Market?

The market explains little of this: the S&P 500 lost 2.0% over the same 11 sessions, including dividends, against Tradeweb Markets' +11.7%. Over the past three months the stock is up 26.4%, a window that includes the streak; over the other 52 sessions of that window it was up 13.2%.

What The Numbers Say About The Rally

On the fundamentals, revenue grew 14.4% over the last twelve months, against a median of 9.7% for S&P 500 Financials stocks; its operating margin is 44.5%, versus a median of 26.8%; and the stock trades at 30.7 times trailing earnings against a median of 14.2. The numbers make the run harder to justify: a multiple well above the median. At this price, the stock is asking a lot of the business.

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Momentum Is A Tailwind, Not A Plan

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