A Business at a Glance
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NASDAQ, INC.
NDAQ
$53.3B
Mkt Cap
$92.09
+1.85%
NASDAQ, INC. (NDAQ) has a current P/E ratio of 29.8, compared to its historical median P/E of 26.9. The stock is currently considered Fair based on its historical valuation range.
NASDAQ, INC. (NDAQ) has a 5-year average return on invested capital (ROIC) of 8.2%. This is below average and may indicate limited pricing power.
NASDAQ, INC. (NDAQ) has a market capitalization of $52.0B. It is classified as a large-cap stock.
Yes, NASDAQ, INC. (NDAQ) pays a dividend with a trailing twelve-month yield of 1.18%. The company also returns capital through share buybacks, with a buyback yield of 2.02%.
Based on historical P/E analysis, NASDAQ, INC. (NDAQ) appears fair. The current P/E of 29.8 is 11% above its historical median of 26.9. The estimated fair value CAGR (P/E method) is 8.6%.
NASDAQ, INC. (NDAQ) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
NASDAQ, INC. (NDAQ) reported annual revenue of $8.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Nasdaq is a leading global technology platform that powers the world's financial markets and economies through three business segments: Capital Access Platforms, Financial Technology, and Market Services. The Capital Access Platforms segment delivers liquidity, transparency, and integrity to corporate issuers and investors through data and listing services, index products, and workflow and analytics solutions; it operates multiple listing exchanges globally including The Nasdaq Stock Market, Nasdaq Nordic, and Nasdaq Baltic, and distributes proprietary market data and indices to professional and retail investors, with the Nasdaq-100 Index tracking $640 billion in assets as of December 31, 2025. The Financial Technology segment provides world-leading platforms to more than 135 marketplaces across more than 55 countries, serving approximately 3,800 global clients including all Global Systemically Important Banks, with solutions spanning financial crime management technology (including the Nasdaq Verafin anti-money laundering platform), regulatory technology, and capital markets technology that handle cash equities, derivatives, currencies, commodities, and digital currencies. The Market Services segment operates Nasdaq's owned and operated exchanges and provides trading and clearing services. Nasdaq's business model combines recurring subscription and licensing revenues from data, indices, and software solutions with transaction-based revenues from listings and trading, supported by a broad global client base spanning financial institutions, asset managers, corporate issuers, and market operators, with significant competitive advantages derived from proprietary data assets, advanced analytics capabilities, technology infrastructure, and deep capital markets expertise.
【Strong momentum across divisions】 Management highlighted robust demand across all three Financial Technology business areas and strong capital access platform performance, with particular strength in index inflows, new listings, and data and analytics bookings. The company expects continued investment in AI-enabled solutions and technology modernization across the financial system, with early benefits from tokenized equities initiatives anticipated in the first half of 2027. Looking ahead to 2026, management noted that while near-term revenue headwinds are expected in the first half from implementation timing of deals signed in the second half of 2025, the broader forces shaping the global financial system—including rising complexity, investment in AI, and the need for resilient, trusted infrastructure—continue to reinforce Nasdaq's central role in the financial ecosystem. The company is maintaining disciplined capital allocation with a gross leverage target in the mid to high 2x range and continues to invest in growth and innovation, including AI capabilities across products and business operations.
| Metric | Target | Period |
|---|---|---|
| Non-GAAP Operating Expenses | $2.455 billion–$2.535 billion | FY2026 |
| Non-GAAP Tax Rate | 22.5%–24.5% | FY2026 |
| Nasdaq Token Design Benefits | Early benefits expected | First half of 2027 |
Non-GAAP Operating Expenses (FY2026): “We are introducing our 2026 non-GAAP operating expense guidance of $2.455 billion-$2.535 billion.”
Non-GAAP Tax Rate (FY2026): “For 2026, we expect a non-GAAP tax rate going back to a range of 22.5%-24.5% due to the absence of one-time items and the expiration of certain benefits.”
Nasdaq Token Design Benefits (First half of 2027): “As stated in our initial announcement, we expect to provide early benefits of the Nasdaq token design in the first half of 2027.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.3B | 8.3B | 7.4B | 6.1B | 6.2B | 5.9B |
| Net Income | 1.9B | 1.8B | 1.1B | 1.1B | 1.1B | 1.2B |
| EPS | $3.35 | $3.09 | $1.93 | $2.08 | $2.26 | $0.78 |
| Free Cash Flow | 2.0B | 2.0B | 1.7B | 1.5B | 1.6B | 920M |
| ROIC | 9.6% | 8.7% | 5.4% | 6.6% | 10.2% | 10.2% |
| Gross Margin | 65.2% | 63.5% | 62.8% | 64.2% | 57.5% | 58.1% |
| Debt/Equity | 0.78 | 0.77 | 0.93 | 1.04 | 0.99 | 1.15 |
| Dividends/Share | $1.09 | $1.05 | $0.94 | $0.86 | $0.78 | $0.23 |
| Operating Income | 2.4B | 2.3B | 1.8B | 1.6B | 1.6B | 1.4B |
| Operating Margin | 29.4% | 28.2% | 24.3% | 26.0% | 25.1% | 24.5% |
| ROE | 15.9% | 15.3% | 10.2% | 12.5% | 17.9% | 18.5% |
| Shares Outstanding | 565M | 579M | 579M | 509M | 498M | 1,515M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.5B | 3.4B | 3.7B | 3.9B | 4.3B | 4.3B | 5.6B | 5.9B | 6.2B | 6.1B | 7.4B | 8.3B | 8.3B |
| Gross Margin | 59.1% | 61.4% | 61.4% | 61.1% | 59.1% | 59.5% | 51.6% | 58.1% | 57.5% | 64.2% | 62.8% | 63.5% | 65.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 89M | 65M | 73M | 82M | 120M | 125M | 142M | 85M | 125M | 113M | 109M | 75M | 98M |
| EBIT | 754M | 720M | 836M | 991M | 1.0B | 1.0B | 1.2B | 1.4B | 1.6B | 1.6B | 1.8B | 2.3B | 2.4B |
| Op. Margin | 21.5% | 21.2% | 22.6% | 25.1% | 24.0% | 23.9% | 21.9% | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% | 29.4% |
| Net Income | 414M | 428M | 106M | 729M | 458M | 774M | 933M | 1.2B | 1.1B | 1.1B | 1.1B | 1.8B | 1.9B |
| Net Margin | 11.8% | 12.6% | 2.9% | 18.5% | 10.7% | 18.2% | 16.6% | 20.2% | 18.1% | 17.5% | 15.1% | 21.6% | 23.0% |
| Non-Recurring | 0 | 172M | 41M | 0 | 33M | 66M | 48M | 115M | 15M | 80M | 116M | 128M | 48M |
| Returns on Capital | |||||||||||||
| ROIC | 4.9% | 5.3% | 1.2% | 7.8% | 5.1% | 9.1% | 9.1% | 10.2% | 10.2% | 6.6% | 5.4% | 8.7% | 9.6% |
| ROE | 6.9% | 7.5% | 1.9% | 12.9% | 8.1% | 14.0% | 15.5% | 18.5% | 17.9% | 12.5% | 10.2% | 15.3% | 15.9% |
| ROA | 3.4% | 3.6% | 0.8% | 5.1% | 2.9% | 5.2% | 5.8% | 6.2% | 5.5% | 4.0% | 3.6% | 5.8% | 7.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 632M | 727M | 776M | 909M | 1.0B | 963M | 1.3B | 1.1B | 1.7B | 1.7B | 1.9B | 2.3B | 2.3B |
| Free Cash Flow | 492M | 594M | 642M | 765M | 917M | 836M | 1.1B | 920M | 1.6B | 1.5B | 1.7B | 2.0B | 2.0B |
| Owner Earnings | 502M | 583M | 602M | 743M | 858M | 795M | 1.1B | 885M | 1.5B | 1.5B | 1.7B | 1.9B | 2.0B |
| CapEx | 140M | 133M | 134M | 144M | 111M | 127M | 188M | 163M | 152M | 158M | 207M | 266M | 277M |
| Maint. CapEx | 68M | 76M | 88M | 96M | 101M | 89M | 99M | 108M | 105M | 117M | 125M | 145M | 154M |
| Growth CapEx | 72M | 57M | 46M | 48M | 10.0M | 38M | 89M | 55M | 47M | 41M | 82M | 121M | 123M |
| D&A | 68M | 76M | 88M | 96M | 101M | 89M | 99M | 108M | 105M | 117M | 125M | 145M | 154M |
| CapEx/OCF | 20.4% | 19.5% | 17.3% | 15.8% | 10.8% | 13.2% | 15.0% | 15.1% | 8.9% | 9.3% | 10.7% | 11.8% | 12.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 98M | 149M | 200M | 243M | 280M | 305M | 320M | 350M | 383M | 441M | 541M | 601M | 616M |
| Dividend Yield | 1.7% | 2.0% | 2.1% | 2.3% | 2.1% | 2.1% | 1.8% | 0.4% | 1.4% | 1.7% | 1.4% | 1.2% | 1.2% |
| Share Buybacks | 178M | 377M | 100M | 203M | 394M | 200M | 222M | 468M | 308M | 269M | 145M | 616M | 1.0B |
| Buyback Yield | 2.5% | 4.4% | 1.0% | 1.8% | 3.2% | 1.2% | 1.1% | 1.4% | 1.1% | 0.9% | 0.3% | 1.1% | 2.0% |
| Stock-Based Comp | 62M | 68M | 86M | 70M | 69M | 79M | 87M | 90M | 106M | 122M | 141M | 165M | 168M |
| Debt Repayment | 970M | 369M | 1.2B | 708M | 115M | 1.2B | 1.5B | 804M | 1.1B | 260M | 521M | 826M | 826M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.7B | 1.9B | 3.0B | 4.7B | 4.5B | 3.2B | 3.1B | 6.6B | 5.2B | 10.1B | 9.6B | 8.6B | 8.7B |
| Cash & Equiv. | 427M | 301M | 403M | 377M | 545M | 332M | 2.7B | 393M | 502M | 453M | 592M | 604M | 681M |
| Long-Term Debt | 2.3B | 2.4B | 3.6B | 3.7B | 3.0B | 3.0B | 5.5B | 4.8B | 4.7B | 10.2B | 9.1B | 8.6B | 8.5B |
| Debt/Equity | 0.40 | 0.42 | 0.66 | 0.90 | 0.97 | 0.67 | 0.95 | 1.15 | 0.99 | 1.04 | 0.93 | 0.77 | 0.78 |
| Interest Coverage | 6.4 | 6.5 | 6.2 | 6.9 | 6.9 | 8.2 | 12.2 | 11.5 | 12.1 | 5.6 | 4.3 | 6.4 | 6.4 |
| Equity | 5.8B | 5.6B | 5.4B | 5.9B | 5.4B | 5.6B | 6.4B | 6.4B | 6.2B | 10.8B | 11.2B | 12.2B | 12.0B |
| Total Assets | 12.1B | 11.9B | 13.4B | 15.4B | 15.7B | 13.9B | 18.0B | 20.1B | 20.9B | 32.3B | 30.4B | 31.1B | 27.3B |
| Total Liabilities | 6.3B | 6.3B | 8.7B | 9.5B | 10.3B | 8.3B | 11.5B | 13.7B | 14.7B | 21.5B | 19.2B | 18.8B | 15.3B |
| Intangibles | 2.1B | 2.0B | 2.1B | 2.5B | 2.3B | 2.2B | 2.3B | 2.8B | 2.6B | 7.4B | 6.9B | 6.5B | 6.4B |
| Retained Earnings | 3.3B | 3.6B | 3.5B | 4.0B | 4.6B | 5.0B | 5.6B | 6.5B | 7.2B | 7.8B | 8.4B | 9.6B | 10.0B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.80 | 0.83 | 0.21 | 1.43 | 0.91 | 1.54 | 1.89 | 0.78 | 2.26 | 2.08 | 1.93 | 3.09 | 3.35 |
| Owner EPS | 0.97 | 1.14 | 1.19 | 1.46 | 1.70 | 1.59 | 2.15 | 0.58 | 3.00 | 2.86 | 2.89 | 3.36 | 3.47 |
| Book Value | 11.15 | 10.92 | 10.76 | 11.56 | 10.83 | 11.24 | 13.00 | 4.22 | 12.36 | 21.24 | 19.34 | 21.13 | 21.31 |
| Cash Flow/Share | 1.22 | 1.42 | 1.54 | 1.79 | 2.04 | 1.92 | 2.53 | 0.71 | 3.43 | 3.33 | 3.35 | 3.90 | 3.66 |
| Dividends/Share | 0.19 | 0.30 | 0.40 | 0.49 | 0.57 | 0.62 | 0.65 | 0.23 | 0.78 | 0.86 | 0.94 | 1.05 | 1.09 |
| Shares Out. | 519.7M | 513.6M | 504.8M | 508.6M | 503.3M | 501.5M | 494.8M | 1.5B | 497.8M | 509.1M | 578.8M | 578.6M | 564.8M |
| Valuation | |||||||||||||
| P/E Ratio | 17.1 | 20.1 | 91.2 | 15.8 | 26.6 | 21.4 | 21.5 | 28.1 | 25.7 | 27.3 | 40.1 | 32.2 | 27.5 |
| P/FCF | 14.3 | 14.5 | 15.3 | 15.0 | 13.3 | 19.8 | 18.7 | 108.9 | 18.6 | 18.8 | 25.9 | 28.9 | 26.0 |
| EV/EBIT | 11.7 | 14.6 | 15.3 | 15.7 | 15.6 | 19.4 | 16.3 | 27.4 | 21.7 | 24.5 | 29.8 | 28.2 | 24.9 |
| Price/Book | 1.2 | 1.5 | 1.8 | 2.0 | 2.2 | 2.9 | 3.1 | 5.2 | 4.7 | 2.7 | 4.0 | 4.7 | 4.3 |
| Price/Sales | 1.7 | 2.2 | 2.6 | 2.7 | 3.1 | 3.4 | 3.2 | 4.7 | 4.4 | 4.4 | 5.1 | 5.9 | 6.3 |
| FCF Yield | 7.0% | 6.9% | 6.5% | 6.7% | 7.5% | 5.0% | 5.3% | 2.8% | 5.4% | 5.3% | 3.9% | 3.5% | 3.9% |
| Market Cap | 7.1B | 8.6B | 9.9B | 11.5B | 12.2B | 16.6B | 20.1B | 33.4B | 29.0B | 28.9B | 44.8B | 57.5B | 52.0B |
| Avg. Price | 11.17 | 14.57 | 18.67 | 21.03 | 25.93 | 28.72 | 36.46 | 54.67 | 55.62 | 51.98 | 64.73 | 84.63 | 92.09 |
| Year-End Price | 13.59 | 16.78 | 19.46 | 22.60 | 24.19 | 33.08 | 40.13 | 66.10 | 58.16 | 56.73 | 77.46 | 99.35 | 92.09 |
NASDAQ, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
NASDAQ, INC. trades at 29.8x trailing earnings, compared to its 15-year median P/E of 26.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 26.3x vs a median of 18.7x. The company's 5-year average ROIC is 8.2% with a gross margin of 61.2%. Total shareholder yield (dividends + buybacks) is 3.2%. At current prices, the estimated annualized return to fair value is +10.5%.
NASDAQ, INC. (NDAQ) has a net profit margin of 21.6%. This is a strong margin indicating high profitability.
NASDAQ, INC. (NDAQ) generated $2.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NASDAQ, INC. (NDAQ) has a debt-to-equity ratio of 0.77. This indicates moderate leverage.
NASDAQ, INC. (NDAQ) reported earnings per share (EPS) of $3.09 in its most recent fiscal year.
NASDAQ, INC. (NDAQ) has a return on equity (ROE) of 15.3%. This indicates the company generates strong returns for shareholders.
NASDAQ, INC. (NDAQ) has a 5-year average gross margin of 61.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for NASDAQ, INC. (NDAQ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NASDAQ, INC. (NDAQ) has a book value per share of $21.13, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management highlighted robust demand across all three Financial Technology business areas and strong capital access platform performance, with particular strength in index inflows, new listings, and data and analytics bookings. The company expects continued investment in AI-enabled solutions and technology modernization across the financial system, with early benefits from tokenized equities initiatives anticipated in the first half of 2027. Looking ahead to 2026, management noted that while near-term revenue headwinds are expected in the first half from implementation timing of deals signed in the second half of 2025, the broader forces shaping the global financial system—including rising complexity, investment in AI, and the need for resilient, trusted infrastructure—continue to reinforce Nasdaq's central role in the financial ecosystem. The company is maintaining disciplined capital allocation with a gross leverage target in the mid to high 2x range and continues to invest in growth and innovation, including AI capabilities across products and business operations.
Based on recent SEC filings and earnings calls, NASDAQ, INC. (NDAQ) has provided the following forward guidance: Non-GAAP Operating Expenses: $2.455 billion–$2.535 billion (FY2026); Non-GAAP Tax Rate: 22.5%–24.5% (FY2026); Nasdaq Token Design Benefits: Early benefits expected (First half of 2027).