Nasdaq, Inc. (NDAQ)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$103.30
▲ +7.18 (7.47%)
Fair valueFair
$99 −4.2% to fair value
$49fair band $84–$120$148
Day's range
$97.39 – $103.39
52-week range
$76.55 – $103.39
About Nasdaq, Inc.
Nasdaq operates stock exchanges and provides technology that supports financial markets. It runs the Nasdaq stock market in the United States and a group of exchanges in the Nordic and Baltic region, lists companies, and offers trading and clearing services. Its other activities include market data and index licensing, software for banks and brokers, including financial crime detection, and tools for corporate boards and investor relations teams. Customers include listed companies, investors, banks, exchanges and asset managers.
Nasdaq earns money from subscription and licensing fees for its data and software, from fees paid by companies that list, and from trading and clearing charges. Revenue was $8.8 billion over the last twelve months, with growth of 9.9% a year across the last three years. The operating margin is 29.5%, and net debt is 3.3 times EBITDA. A dividend is paid, with a yield of 1.1%. On the site's X-Ray Score it receives 44 out of 100.
NDAQ news
Nasdaq Shares Rise as Attention Turns to Upcoming Quarterly ReportNasdaq Stock Edges Higher as Results Date Is Set for October 22
All NDAQ news →Price chart
52-wk range $76.55 – $103.39Volume 7,146,953Daily, split-adjusted
Vitals
Market cap$58.6B
52-week range$76.55 – $103.39
Volume (last day)7,146,953
P/E (TTM)30.2
EBIT / EV yield3.8%
Free-cash-flow yield3.3%
Dividend yield1.1%
Revenue (TTM)$8.8B
Net income (TTM)$2.0B
Operating margin29.5%
Return on capital9.9%
Debt incl. leases$9.6B
Cash & securities$520M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$99middle half of models $86 – $112
Fair
−4.2% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $103
Undervalued < $84Fair $84 – $120Overvalued > $120
P/E multiple
$105
P/B multiple
$95
P/S multiple
$99
EV/EBITDA multiple
$102
EV/EBIT multiple
$106
EV/revenue multiple
$103
10-year DCF, EBITDA exit
$112
5-year DCF, EBITDA exit
$115
10-year DCF, revenue exit
$112
5-year DCF, revenue exit
$114
10-year DCF, growth exit
$68
5-year DCF, growth exit
$64
Dividend discount, stable
$77
Dividend discount, multi-stage
$144
Earnings power value
$68
Growth the price implies
11.5%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
16/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.8%
Free-cash-flow yield3.3%
Fair value vs price1.0×
Growth
Fair
60/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)9.9%
EPS growth (3y)11.0%
Growth consistency100%
Profitability
Fair
51/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital9.9%
Operating margin29.5%
Gross profitability20.5%
Financial health
Weak
49/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA3.3×
Interest cover7.4×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.1%
Dividends vs free cash flow34%
Dividend growth16.2%
Quarterly results: last 6 quarters
+25.2%
Mar '25
+17.2%
Jun '25
+2.9%
Sep '25
+4.6%
Dec '25
+2.0%
Mar '26
+20.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.5B, diluted EPS $0.89.
Compare with peers
MCO Moodys Corp61 MSCI MSCI Inc.58 CBOE Cboe Global Markets, I...58 FDS Factset Research Syste...58Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: Nasdaq, Inc.
Strengthsinside the company
- Passes 9 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 34% of free cash flow, which leaves room to raise them.
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare NDAQ with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): SPGI 48, CME 42, ICE 52, MCO 61, MSCI 58, COIN 38.
| Metric | NDAQ | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 44 | 55 | 50 |
| Valuation | 16 | 29 | 52 |
| Growth | 60 | 64 | 54 |
| Profitability | 51 | 64 | 48 |
| Financial health | 49 | 48 | 51 |
| Dividends | 54 | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
NDAQ ranks #53 of 71 in Financials and #7 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for NDAQ
Each factor is rated by where NDAQ stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 11 Average · 8 Bad of 22
Growth: 1 · 2 · 0
Profitability: 1 · 4 · 0
Financial strength: 1 · 0 · 3
Valuation: 0 · 0 · 5
Cash flow: 0 · 4 · 0
Efficiency: 0 · 1 · 0
| Factor | NDAQ | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +9.9% | Average beats 65% | +8.3% | – | – |
| Revenue growth, last year | +11.6% | Good beats 78% | +6.9% | +5.8% | ▲ Better |
| EPS growth, 3 years a year | +11.0% | Average beats 41% | +12.7% | – | – |
| Profitability | |||||
| Gross margin | 64.2% | Good beats 72% | 47.1% | 62.8% | ≈ In line |
| Operating margin | 29.5% | Average beats 52% | 29.1% | 25.1% | ▲ Better |
| Net margin | 22.5% | Average beats 53% | 21.8% | 18.1% | ▲ Better |
| Return on invested capital | 9.9% | Average beats 34% | 13.5% | – | – |
| Return on equity | 16.4% | Average beats 54% | 15.7% | 14.6% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 3.3x | Bad beats 21% | 1.1x | 4.5x | ▲ Better |
| Interest cover | 7.4x | Bad beats 20% | 50.0x | 6.4x | ▲ Better |
| Current ratio | 1.01 | Bad beats 28% | 1.05 | 0.99 | ≈ In line |
| Piotroski F-score | 9 / 9 | Good beats 92% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 29.8x | Bad beats 13% | 13.8x | 29.8x | ≈ In line |
| Price / book | 4.9x | Bad beats 19% | 2.2x | 4.6x | ≈ In line |
| Price / sales | 6.7x | Bad beats 24% | 3.1x | 6.0x | ▼ Worse |
| EV / EBITDA | 24.7x | Bad beats 8% | 10.8x | 26.3x | ≈ In line |
| Free cash flow yield | 3.3% | Bad beats 15% | 5.8% | 3.9% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 22.3% | Average beats 49% | 23.2% | 24.1% | ≈ In line |
| Cash from operations / net income | 1.14 | Average beats 40% | 1.25 | 1.52 | ▼ Worse |
| Free cash flow growth, 3 years a year | +8.6% | Average beats 40% | +12.7% | – | – |
| Accruals (lower is better) | −1.0% | Average beats 51% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 49 days | Average beats 66% | 53 days | 42 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 8 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 37/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B |
| Operating income | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
| Net income | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B |
| Operating cash flow | $1.1B | $1.7B | $1.7B | $1.9B | $2.3B |
| Operating margin | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% |
| Free cash flow | $920M | $1.6B | $1.5B | $1.7B | $2.0B |
| Diluted EPS | $2.35 | $2.26 | $2.08 | $1.93 | $3.09 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 94.83 | Bullish |
| EMA 10 | 95.62 | Bullish |
| SMA 20 | 93.45 | Bullish |
| EMA 20 | 94.46 | Bullish |
| SMA 50 | 94.64 | Bullish |
| EMA 50 | 93.67 | Bullish |
| SMA 100 | 91.47 | Bullish |
| EMA 100 | 92.40 | Bullish |
| SMA 200 | 89.95 | Bullish |
| EMA 200 | 90.57 | Bullish |
Oscillators (daily)
| RSI (14) | 74.05 | Bearish |
| MACD (12, 26) | 1.01 | Bullish |
| Momentum (12) | 11.95 | Bullish |
| Stochastic %K (14) | 99.34 | Bearish |
| Williams %R (14) | -0.66 | Bearish |
| CCI (20) | 388.7 | Bearish |
Pivot points (classic, last session)
S3 93.33 | S2 95.36 | S1 99.33 | Pivot 101.4 | R1 105.3 | R2 107.4 | R3 111.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.16 USD
Yield on today's price
1.12%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.3100 | |
| 0.3100 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 | |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2200 | |
| 0.2200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold NDAQ
| ETF | Share of the fund |
|---|---|
| MFSV MFS Active Value | 1.80% |
| VOE Vanguard Mid-Cap Value | 0.69% |
| IYF iShares U.S. Financials | 0.64% |
| VFH Vanguard Financials | 0.51% |
| FMDE Fidelity Enhanced Mid Cap | 0.48% |
| XLF Financial Select Sector SPDR | 0.46% |
| VO Vanguard Mid-Cap | 0.39% |
| FVD First Trust Value Line Dividend Index | 0.37% |
The eight funds with the largest weight in NDAQ among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
NDAQ stock splits
NDAQ has split its stock once since 2022. The latest was a 3-for-1 split on 29 Aug 2022.
Full NDAQ stock split history →NDAQ SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Shareholder vote results
DEF 14ASEC EDGAR
Proxy statement
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.