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Not Investment Advice

NDAQ

NASDAQ · USD
Nasdaq, Inc.
Financial Services · Financial - Data & Stock Exchanges
CEO Adena T. Friedman Employees 9,525 R&D / revenue 0.0%
Last price
$93.97+0.50%last session
Market cap
$52.5B
P/E (TTM)
27.1x
From 52w high
−7.7%
From 52w low
+22.8%
1-year return
+7.2%
RSI 14 · vs SMA200
53.0 · +3.9%
IS score
63.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

NDAQ   SPY   XLF (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116XLF 107NDAQ 107

Score DNA

Each bar is a 0-100 score within the scored universe
74
Profitability
63
Growth
52
Value
86
Momentum
100
Risk (safety)
80
Quality
57
Balance sheet
81
Earnings quality

Flags

Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for NDAQ (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Beta 0.974 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$4.88M bought
Form 144 notices (12m): 22, $88.9M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-04-24
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−7
119 new holders, 113 closed
1,092 filers hold 84.3% · 417 added, 411 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+41
1,086 funds adding shares
1,045 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
23.1%
20-day avg 41.1%, 50-day avg 40.0%
Latest 18.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$8.2B
Revenue growth YoY+11.1%
Gross margin47.9%
Operating income$2.3B
Operating margin28.4%
Net income$1.8B
Net margin21.8%
EPS (diluted)$3.09
Cash flow
Operating cash flow$2.3B
Capital expenditure$266.0M
Free cash flow$2.0B
FCF conversion (FCF / OCF)88.2%
Stock-based compensation$165.0M
FCF less SBC$1.8B
Buybacks$616.0M
Dividends$601.0M
Balance sheet & returns
Cash & short-term investments$842.0M
Total debt$9.5B
Net debt$8.6B
Shareholders' equity$12.2B
Goodwill & intangibles$20.9B
Debt / equity0.77
ROE (TTM)16.3%
ROIC (TTM)9.2%
Operating margin by fiscal year
24.5%FY202125.1%FY202226.0%FY202324.3%FY202428.4%FY2025
Revenue $5.9B (FY2021) to $8.2B (FY2025), a 8.7% CAGR.

Valuation

P/E (TTM)27.1x
EV / EBITDA19.2x
Price / sales6.03x
Price / FCF26.9x
FCF yield3.71%
Buyback yield1.17%
SBC / revenue2.0%
Price / book4.42x
Forward P/E FY202622.8x
Forward P/E FY202720.1x
Forward P/E FY202817.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $111.40 across 5 analysts last quarter is theirs, not ours.

NDAQ vs industry median

33 companies in Financial - Data & Stock Exchanges
Gross margin 59.4% 71.8% Operating margin 31.6% 38.3% Net margin 22.6% 26.4% ROIC 9.2% 13.4%
NDAQ (TTM)Industry median Asset turnover 0.32 vs industry 0.26 · financial leverage 2.28

Earnings delivery

Next report 2026-10-22 · consensus EPS $1.02
92%
beat rate, 11 of 12 quarters
+3.7%
median EPS surprise
9
longest beat streak
+4+3-4+7+7+3+2+4+3+4+3+9
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-18 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
NDAQ Nasdaq, Inc. $52.5B27.1x16.3%22.6%+11.1% +7.2%
COIN Coinbase Global, Inc. $45.7Bn/m-7.8%-29.5%−21.0% −47.6%
MSCI MSCI Inc. $41.4B31.3x-76.0%39.4%+11.6% +7.0%
MCO Moody's Corporation $84.0B30.7x80.2%40.2%+11.7% +3.7%
ICE Intercontinental Exchange, I $90.7B22.7x13.9%35.9%−0.6% +5.7%
CME CME Group Inc. $105.7B24.8x15.7%61.1%+5.1% —
SPGI S&P Global Inc. $126.7B26.1x15.1%29.4%+9.7% —
TRU TransUnion $14.2B19.3x18.1%19.3%+12.4% —
12-month window: SPY +15.9%, sector ETF XLF +7.2%. Past returns describe history only.

Recent 8-K filings

2026-07-23Earnings Release; Regulation FD; Other Events; Exhibits
2026-07-01Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-06-16Shareholder Vote
2026-04-23Earnings Release; Regulation FD; Other Events; Exhibits
2026-01-29Results of Operations and Financial Condition; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
2026-01-16Amendments to Articles of Incorporation or Bylaws; Financial Statements and Exhibits

Context

Shares outstanding558,977,372
Free float78.4%
Institutional ownership84.3%
Beta0.97
Dividend yield1.23%
Last dividend$0.31 on 2026-09-11
50 / 200-day average$94.65 / $90.49
Large-cap Financial Services median P/E14.0x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where NDAQ sits among 11 scored companies in Financial - Data & Stock Exchanges (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureNDAQIndustry medianIndustry percentileSector median
P/E (TTM) 26.7x 23.6x
78th		 11.9x
PEG (P/E ÷ 3-yr EPS CAGR) 1.70 1.40
56th		 1.04
Price / sales 6.0x 7.9x
30th		 2.5x
Price / book 4.4x 4.0x
67th		 1.3x
Price / tangible book —
Price / free cash flow 26.9x 22.7x
100th		 11.8x
Price / operating cash flow 23.4x 22.1x
70th		 11.7x
Enterprise value $59.0B $47.6B
60th		 $3.4B
EV / sales 6.8x 8.6x
30th		 6.0x
EV / EBITDA 18.5x 17.6x
56th		 13.0x
EV / EBIT 23.2x 20.9x
67th		 15.5x
EV / free cash flow 30.2x 24.1x
100th		 15.9x
Earnings yield 3.7% 4.0%
30th		 7.9%
FCF yield 3.7% 4.4%
0th		 6.3%
Operating cash flow yield 4.3% 4.5%
30th		 7.8%
Graham number (per share) $40.58 $81.79
12th		 $50.71

Profitability (TTM)

MeasureNDAQIndustry medianIndustry percentileSector median
Gross margin 59.4% 70.9%
30th		 71.9%
EBITDA margin 36.7% 37.4%
30th		 37.9%
Operating margin 31.6% 31.6%
50th		 23.3%
EBIT margin 29.2% 29.2%
50th		 23.3%
Net margin 22.6% 30.5%
40th		 18.7%
NOPAT margin 25.5% 25.5%
50th		 18.7%
FCF margin 22.4% 38.8%
20th		 23.3%
Operating cash flow margin 25.8% 40.7%
20th		 26.7%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 11.7% 22.3%
10th		 20.1%
Stock comp / revenue 2.0% 2.2%
30th		 0.7%
Effective tax rate 19.3% 22.2%
30th		 21.0%

Returns on capital

MeasureNDAQIndustry medianIndustry percentileSector median
ROE (on average equity) 16.5% 17.3%
44th		 11.9%
ROA 6.8% 8.0%
30th		 1.4%
ROIC 12.0% 12.2%
40th		 7.8%
ROCE 10.7% 13.1%
30th		 5.8%
Return on tangible assets 8.8% 10.5%
40th		 2.0%
Cash ROIC (OCF / invested capital) 12.2% 24.9%
20th		 11.4%
Gross profitability (GP / assets) 18.9% 18.9%
50th		 10.3%
ROIC, 3-yr average 8.0% 15.3%
20th		 7.1%
ROIC, 5-yr average 10.2% 12.8%
33rd		 7.3%
ROE, 5-yr average 15.0% 13.8%
56th		 10.7%
Incremental ROIC -475.0% -41.1%
0th		 8.4%

Growth

MeasureNDAQIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.3% 7.3%
50th		 7.1%
Revenue growth (QoQ) 18.5% 1.9%
100th		 2.8%
Revenue CAGR, 3 yr 12.6% 10.0%
80th		 10.8%
Revenue CAGR, 5 yr 8.0% 9.2%
30th		 11.3%
Gross profit CAGR, 3 yr 29.8% 12.9%
90th		 18.0%
Operating income CAGR, 3 yr 21.3% 17.1%
67th		 8.8%
Net income growth (TTM YoY) 30.5% 18.9%
67th		 24.7%
Net income CAGR, 3 yr 21.3% 23.2%
44th		 9.4%
EPS growth (TTM YoY) 33.1% 24.6%
67th		 25.1%
EPS CAGR, 3 yr 15.7% 22.2%
33rd		 7.3%
EPS CAGR, 5 yr 8.9% 9.6%
44th		 4.2%
FCF growth (TTM YoY) -8.6% 10.8%
10th		 15.9%
FCF CAGR, 3 yr 7.9% 13.0%
30th		 8.5%
Operating cash flow CAGR, 3 yr 9.6% 10.9%
30th		 8.4%
Book value CAGR, 3 yr 18.7% 5.4%
89th		 8.9%
Dividend CAGR, 3 yr -1.0% 2.8%
0th		 1.9%
Sustainable growth rate 11.2% 11.6%
38th		 8.3%

Margin history & stability

MeasureNDAQIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 47.2% 63.7%
0th		 63.4%
Operating margin, 3-yr average 27.3% 30.8%
40th		 21.4%
Net margin, 3-yr average 18.5% 25.9%
30th		 16.5%
FCF margin, 3-yr average 24.0% 34.9%
20th		 28.2%
Revenue stability (0-1) 0.82 0.97
20th		 0.86
Earnings stability (0-1) 0.54 0.42
60th		 0.37
Margin stability (0-1) 0.78 0.95
0th		 0.81

Liquidity (latest quarter)

MeasureNDAQIndustry medianIndustry percentileSector median
Cash & short-term investments $2.8B $1.5B
80th		 $145.5M
Net cash (− = net debt) −$6.5B −$4.8B
20th		 −$676.0M
Working capital −$1.8B $68.3M
0th		 $86.3M
Current ratio 0.48 1.02
0th		 1.19
Quick ratio 0.48 1.02
10th		 1.19
Cash ratio (cash + ST investments / current liabilities) 0.78 0.45
80th		 0.55
Defensive interval (days) 599 days 569 days
60th		 417 days

Leverage & solvency (latest quarter)

MeasureNDAQIndustry medianIndustry percentileSector median
Total debt $9.2B $6.5B
80th		 $1.2B
Debt / equity 0.77 0.73
67th		 0.81
Net debt / equity 0.54 0.58
44th		 0.66
Debt / assets 33.8% 33.8%
50th		 33.5%
Debt / capital 43.5% 42.3%
67th		 44.6%
Debt / EBITDA 2.90 2.13
67th		 3.20
Net debt / EBITDA 2.02 1.60
67th		 2.19
Interest coverage (EBIT / interest) 9.7x 9.2x
56th		 2.9x
Cash interest coverage 8.6x 11.1x
33rd		 3.7x
Debt payback (years of OCF) 4.1 yrs 2.7 yrs
90th		 3.7 yrs
Liabilities / assets 56.1% 59.0%
40th		 86.2%
IS credit model rating A- — —
Implied credit spread (bps) 175 150
70th		 175

Efficiency

MeasureNDAQIndustry medianIndustry percentileSector median
Asset turnover 0.30 0.30
50th		 0.15
Fixed asset turnover 6.98 13.70
30th		 11.68
Inventory turnover —
Receivables turnover 8.4 7.1
60th		 8.2
Days sales outstanding 44 days 51 days
40th		 43 days
Days inventory outstanding —
Days payables outstanding 26 days 34 days
40th		 39 days
Cash conversion cycle (days) 18 days 14 days
67th		 0 days
Capex / revenue 3.4% 2.4%
56th		 0.2%
Capex / depreciation 0.45 0.39
67th		 0.13
Operating expense ratio 24.6% 26.5%
30th		 38.9%

Cash flow & earnings quality

MeasureNDAQIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.14 1.19
22nd		 1.28
FCF / net income 0.99 1.15
33rd		 1.15
FCF / operating cash flow 86.9% 92.6%
33rd		 98.5%
Capex / operating cash flow 13.1% 7.4%
67th		 0.6%
Accruals ratio -1.0% -2.2%
70th		 -2.0%
Sloan accruals ratio -7.6% -4.6%
30th		 -0.6%
Earnings quality score (0-1) 1.00 1.00
33rd		 0.75

Dividends & buybacks

MeasureNDAQIndustry medianIndustry percentileSector median
Dividend yield 1.2% 1.2%
50th		 2.3%
Dividend per share (TTM) $1.16 $2.04
20th		 $1.03
Payout ratio (dividends / net income) 32.3% 29.6%
67th		 30.0%
Dividends / FCF 32.5% 23.2%
70th		 49.0%
Dividend growth (YoY) 13.8% 8.3%
75th		 6.4%
Buyback yield 2.5% 2.7%
40th		 1.7%
Shareholder yield (dividends + buybacks) 3.7% 4.0%
30th		 5.2%
Share count change (YoY) -1.9% -2.5%
60th		 -0.3%
Buybacks, last 5 years $3.6B $3.6B
50th		 $85.3M

Scores & forensic checks

MeasureNDAQIndustry medianIndustry percentileSector median
IS score 64 66
40th		 53
IS profitability 74 75
30th		 59
IS growth 63 56
60th		 57
IS value 52 52
50th		 77
IS momentum 86 84
70th		 76
IS risk (safety) 100 100
10th		 65
IS quality 80 79
60th		 71
IS balance sheet 57 52
70th		 51
IS earnings quality 81 74
70th		 74
IS cash flow 60 77
0th		 71
Piotroski F-score (0-9) 7 7
50th		 6
Altman Z-score —
Beneish M-score —
Ohlson O-score −7.97 −7.92
20th		 −6.00
IS credit score 66 74
20th		 68

Per share

MeasureNDAQIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.47 $11.07
20th		 $3.36
Book value per share $21.11 $26.87
30th		 $28.13
Tangible book per share −$15.02 −$27.93
70th		 $21.49
Revenue per share $15.33 $25.28
10th		 $17.62
FCF per share $3.44 $11.63
10th		 $1.99
Operating cash flow per share $3.96 $11.90
10th		 $2.45
Cash per share $4.91 $7.46
30th		 $1.75

Size (TTM)

MeasureNDAQIndustry medianIndustry percentileSector median
Market cap $52.5B $45.7B
60th		 $2.5B
Revenue $8.7B $5.5B
80th		 $1.0B
EBITDA $3.2B $2.1B
60th		 $269.3M
Net income $2.0B $1.4B
60th		 $168.0M
Free cash flow $2.0B $2.0B
50th		 $160.0M
Total assets $27.3B $14.7B
70th		 $8.5B
Shareholders' equity $12.0B $4.8B
60th		 $1.5B
Employees 9,630 10,973
40th		 1,392

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-12Skule Jeremy
EVP, CSO
 Open-market sale 1,125$94.13$105,89697,686
2026-10-01Skule Jeremy
EVP, CSO
 Tax withholding 1,262$92.01$116,11798,811
2026-09-22Skule Jeremy
EVP, CSO
 Open-market sale 1,125$95.00$106,875100,073
2026-09-10Skule Jeremy
EVP, CSO
 Open-market sale 1,125$94.22$105,998101,198
2026-08-10Skule Jeremy
EVP, CSO
 Open-market sale 2,250$94.75$213,188102,323
2026-08-10Griggs Pc Nelson
Pres. Capital Access Platforms
 Open-market sale 3,226$96.16$310,212201,775
2026-08-07Peterson Bradley J
EVP, CIO
 Open-market sale 6,000$95.55$573,300122,293
2026-08-03Smith Bryan Everard
EVP, CPO
 Open-market sale 1,556$95.07$147,92967,647
2026-07-29Griggs Pc Nelson
Pres. Capital Access Platforms
 Open-market sale 11,010$96.35$1.1M205,001
2026-07-27Griggs Pc Nelson
Pres. Capital Access Platforms
 Open-market sale 11,010$93.96$1.0M216,011
2026-07-24Peterson Bradley J
EVP, CIO
 Open-market sale 13,000$92.61$1.2M128,293
2026-07-24Griggs Pc Nelson
Pres. Capital Access Platforms
 Open-market sale 6,777$92.53$627,076227,021

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1142,547—
Open-market buyAcquired156,782$4.9M
Open-market saleDisposed1893,848$8.7M
Tax withholdingDisposed32,184$196,072
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 22 notices · 921,301 shares · $88.9M
FiledFilerShares proposedEst. proceeds
2026-10-13Jeremy Skule1,125$105,896
2026-09-22Jeremy Skule1,125$106,875
2026-08-10Jeremy Skule2,250$213,188
2026-08-10P C Griggs3,226$310,224
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 36 trades (27 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-04-24April DelaneyHousePurchase$1,001 - $15,0002026-05-07
2026-04-24April McClain DelaneyHousePurchase$1,001 - $15,0002026-05-07
2024-04-04Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-15
2024-04-04Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
2024-04-04Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
2022-03-30Tommy TubervilleSenatePurchase$1,001 - $15,0002022-04-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
INVESTOR AB58,439,208$4.6B10.45%
BlackRock, Inc.37,194,072$2.9B6.65%
VANGUARD CAPITAL MANAGEMENT LLC31,225,614$2.5B5.59%
WELLINGTON MANAGEMENT GROUP LLP30,332,286$2.4B5.43%
VANGUARD PORTFOLIO MANAGEMENT LLC26,091,520$2.1B4.67%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/23,259,539$1.8B4.16%
STATE STREET CORP20,181,861$1.6B3.61%
GEODE CAPITAL MANAGEMENT, LLC13,121,054$1.0B2.35%
MORGAN STANLEY9,345,008$736.6M1.67%
FRANKLIN RESOURCES INC9,104,267$717.6M1.63%
BANK OF AMERICA CORP /DE/7,658,344$603.6M1.37%
UBS Group AG7,056,704$556.2M1.26%
NORGES BANK6,691,237$527.4M1.20%
AMERIPRISE FINANCIAL INC5,355,911$419.2M0.96%
GOLDMAN SACHS GROUP INC4,948,069$390.0M0.89%

Institutional ownership by quarter

2023-092026-0684.3%
% of shares held by 13F filers
2023-092026-061,092
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,09284.3%119417411113
2026-03-311,09983.0%140398409129
2025-12-311,10685.2%16943435188
2025-09-301,04884.2%12843031792
2025-06-301,02784.9%16741830768
2025-03-3193986.2%12738829482
2024-12-3190884.8%15133628367
2024-09-3084584.9%13534725342
2024-06-3076084.8%7632125576
2024-03-3176985.2%11429424264
2023-12-3172976.6%11624927076
2023-09-3070063.7%7222329861

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-13SCHEDULE 13G/AWellington Management Company LLP5.1%30,332,304
2026-08-12SCHEDULE 13G/AMassachusetts Financial Services Company4.1%23,259,540
2026-04-30SCHEDULE 13GVanguard Capital Management6.3%35,762,865
2025-10-06SCHEDULE 13G/AThe Vanguard Group10.4%59,648,406
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.06%$1.5B
VTSAX0.06%$1.5B
VSMPX0.06%$1.5B
VTI0.06%$1.5B
VFINX0.06%$1.1B
VFIAX0.06%$1.1B

Share structure

Shares outstanding558,977,372
Float438,251,942
Free float78.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$5.9B$6.2B$6.1B$7.4B$8.2B
Cost of revenue$3.7B$3.9B$3.5B$4.4B$4.3B
Gross profit$2.2B$2.3B$2.5B$3.0B$3.9B
R&D$0$0$0$0$0
SG&A$395.0M$420.0M$417.0M$427.0M$140.0M
Operating income$1.4B$1.6B$1.6B$1.8B$2.3B
EBITDA$1.9B$1.9B$2.0B$2.5B$3.1B
Pretax income$1.5B$1.5B$1.4B$1.4B$2.1B
Income tax$347.0M$352.0M$344.0M$334.0M$356.0M
Net income$1.2B$1.1B$1.1B$1.1B$1.8B
EPS, diluted$2.35$2.26$2.08$1.93$3.09
Diluted shares505.1M497.9M508.4M579.2M576.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$601.0M$683.0M$641.0M$776.0M$842.0M
Receivables$588.0M$677.0M$929.0M$1.0B$943.0M
Inventory$0$0$0$0$0
Total current assets$7.4B$8.6B$9.1B$7.8B$8.0B
PP&E, net$875.0M$976.0M$978.0M$968.0M$1.2B
Goodwill & intangibles$11.2B$10.7B$21.6B$20.9B$20.9B
Total assets$20.1B$20.9B$32.3B$30.4B$31.1B
Accounts payable$185.0M$185.0M$332.0M$269.0M$280.0M
Total current liabilities$7.9B$8.8B$9.0B$7.9B$8.0B
Long-term debt$4.8B$4.7B$10.2B$9.1B$9.0B
Total liabilities$13.7B$14.7B$21.5B$19.2B$18.8B
Shareholders' equity$6.4B$6.2B$10.8B$11.2B$12.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.2B$1.1B$1.1B$1.1B$1.8B
Depreciation & amortization$278.0M$258.0M$323.0M$613.0M$632.0M
Stock-based compensation$90.0M$106.0M$122.0M$141.0M$165.0M
Change in working capital−$469.0M$168.0M$39.0M$46.0M−$235.0M
Operating cash flow$1.1B$1.7B$1.7B$1.9B$2.3B
Capital expenditure−$163.0M−$152.0M−$158.0M−$207.0M−$266.0M
Free cash flow$920.0M$1.6B$1.5B$1.7B$2.0B
Investing cash flow−$2.7B$49.0M−$6.0B−$953.0M−$1.1B
Net debt issued / repaid$442.0M−$318.0M$5.0B−$812.0M−$826.0M
Buybacks−$943.0M−$633.0M−$269.0M−$145.0M−$616.0M
Dividends paid−$350.0M−$383.0M−$441.0M−$541.0M−$601.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin37.9%37.6%42.0%40.4%47.9%
Operating margin24.5%25.1%26.0%24.3%28.4%
Net margin20.1%18.1%17.5%15.1%21.8%
FCF margin15.6%25.0%25.4%23.4%24.2%
ROE18.5%17.9%12.5%10.2%15.3%
ROIC9.3%10.5%5.7%6.8%9.1%
ROA6.2%5.5%4.0%3.6%5.8%
Debt / equity0.970.951.010.880.81
Interest coverage————28.3x
Current ratio0.940.971.010.991.01
Revenue growth+4.6%+5.8%−2.6%+22.0%+11.1%
EPS growth+25.3%−2.7%−15.0%+0.2%+60.9%
P/E at year end28.4x25.9x29.4x39.6x31.3x
EV / EBITDA at year end20.4x18.6x20.7x21.7x20.8x
FCF yield at year end2.73%5.32%4.93%3.92%3.55%
Dividend payout29.5%34.0%41.6%48.4%33.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Market Services$3.5B$3.6B$3.2B$3.8B$4.2B
Capital Access Platforms$1.6B$1.7B$1.8B$2.0B$2.1B
Market Technology———$1.6B$1.9B
Financial Technology$772.0M$864.0M$1.1B——

Revenue by region · FY2025

UNITED STATES$5.9B · 72%
Non-US$2.3B · 28%

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $1.02 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.9B$5.8B – $6.0B$4.12$4.07 – $4.171022.8x
2027$6.4B$6.3B – $6.6B$4.68$4.49 – $4.941020.1x
2028$7.0B$6.6B – $7.2B$5.30$5.00 – $5.74517.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$0.98$1.07+8.7%$1.5B$1.5B+3.1%
2026-04-23$0.93$0.96+3.2%$1.4B$1.4B+2.6%
2026-01-29$0.92$0.96+4.1%$1.4B$1.4B+1.9%
2025-10-21$0.85$0.88+3.3%$1.3B$2.0B+50.2%
2025-07-24$0.81$0.85+4.4%$1.3B$2.1B+63.6%
2025-04-24$0.77$0.79+2.5%$1.2B$2.1B+69.8%
2025-01-29$0.74$0.76+2.7%$1.2B$2.0B+65.5%
2024-10-24$0.69$0.74+6.6%$1.2B$1.9B+62.5%
2024-07-25$0.64$0.69+7.5%$1.1B$1.8B+58.5%
2024-04-25$0.65$0.63−3.5%$1.1B$1.7B+50.3%
2024-01-31$0.70$0.72+2.9%$1.1B$1.6B+54.4%
2023-10-18$0.68$0.71+4.4%$958.6M$1.5B+51.4%
2023-07-19$0.65$0.71+9.2%$914.9M$1.4B+56.6%
2023-04-19$0.66$0.69+4.5%$908.7M$1.5B+68.7%
2023-01-25$0.65$0.64−1.5%$909.5M$1.6B+73.9%
2022-10-19$0.65$0.68+4.6%$885.9M$1.6B+75.8%
2022-07-20$0.64$0.69+7.8%$881.2M$1.6B+76.1%
2022-04-20$0.65$0.66+1.5%$892.5M$1.5B+72.0%
2022-01-26$0.59$0.64+8.5%$866.4M$1.5B+69.3%
2021-10-20$0.57$0.59+3.5%$830.4M$1.4B+63.4%
2021-07-21$0.58$0.63+8.6%$830.6M$1.4B+70.0%
2021-04-21$0.58$0.65+12.1%$770.2M$1.7B+114.5%
2021-01-27$0.48$0.53+10.4%$1.3B$1.5B+11.6%
2020-10-21$0.49$0.51+4.1%$1.3B$1.4B+4.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.606-220.406-290.407-060.507-130.507-200.507-270.308-030.208-100.308-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$326.8M3,361,71273,771
2026-08-24$269.4M2,719,87259,355
2026-08-17$259.2M2,653,79665,137
2026-08-10$228.8M2,383,70765,527
2026-08-03$334.5M3,544,92685,124
2026-07-27$525.1M5,535,691101,195

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1523.1%
DateShort shareShort volumeTotal volume
2026-10-1523.1%222,664965,711
2026-10-1446.4%640,6871,379,492
2026-10-1344.0%273,575622,052
2026-10-1241.4%250,037603,402
2026-10-0939.9%309,309775,757
2026-10-0849.2%482,209980,138
2026-10-0741.8%397,626951,321
2026-10-0664.3%920,8521,432,528
2026-10-0535.0%324,190926,930
2026-10-0247.0%520,3121,106,815
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.8Jan-0.2Feb-0.4Mar-0.6Apr+0.2May+0.0Jun+4.2Jul+2.2Aug-0.3Sep+4.1Oct+3.3Nov+2.3Dec
MonthAvg returnUp yearsYears
Jan+0.8%60%20
Feb−0.2%55%20
Mar−0.4%43%21
Apr−0.6%45%20
May+0.2%50%20
Jun+0.0%60%20
Jul+4.2%70%20
Aug+2.2%70%20
Sep−0.3%45%20
Oct+4.1%65%20
Nov+3.3%80%20
Dec+2.3%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.0
MFI54.1
ADX16.0
Stochastic %K / %D66.2 / 60.6
Williams %R-17.0
CCI48
TSI / signal-2.3 / -5.8
Chaikin money flow-0.07
ATR$1.97
Bollinger width5.5%
Volume vs 20-day avg0.86x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$93.04 (+1.0%)
SMA 50$94.58 (−0.6%)
SMA 200$90.43 (+3.9%)
EMA 21$93.11 (+0.9%)
EMA 50$93.17 (+0.9%)
EMA 200$90.70 (+3.6%)
Bollinger upper$95.59 (−1.7%)
Bollinger lower$90.50 (+3.8%)
Parabolic SAR$89.67 (+4.8%)
Open the live chart, 110+ indicators

About Nasdaq, Inc.

Nasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering products like Nasdaq Trade Surveillance, a SaaS solution that assists brokers and market participants in meeting compliance requirements and internal surveillance policies. This segment also provides Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool, and Verafin, a SaaS provider for anti-financial crime management. Furthermore, this division handles a wide array of assets, including cash equities, equity derivatives, global currencies, interest-bearing securities, commodities, energy resources, and digital currencies. The Investment Intelligence segment is responsible for distributing both historical and live market data, creating and licensing Nasdaq-branded financial indexes and products, and delivering valuable investment insights and workflow solutions. Through its Corporate Platforms, Nasdaq manages operational listing venues and furnishes specialized intelligence for investor relations, alongside comprehensive governance services. The Market Services segment covers a broad spectrum of operations, including the trading and clearing of equity derivatives, cash equities, fixed income, and commodities, in addition to providing trade management services. This division operates numerous exchanges and marketplace facilities that accommodate diverse asset classes such as derivatives, commodities, cash equity, debt, structured products, and exchange-traded products, while also offering crucial broker, clearing, settlement, and central depository functionalities. As of December 31, 2021, The Nasdaq Stock Market proudly listed 4,178 companies, specifically 1,632 on The Nasdaq Global Select Market, 1,169 on The Nasdaq Global Market, and 1,377 on The Nasdaq Capital Market. The company adopted its current name, Nasdaq, Inc., in September 2015, having previously been known as The NASDAQ OMX Group, Inc.

https://www.nasdaq.com

Key executives

NameTitlePayBorn
Adena T. FriedmanChief Executive Officer & Chairman$7.5M1970
C. Nelson GriggsPresident$3.1M1971
Tal CohenPresident$3.1M1973
Sarah YoungwoodExecutive Vice President & Chief Financial Officer$2.9M1974
Bradley J. PetersonExecutive Vice President, Chief Information Officer & Chief Technology Officer$2.4M1960
Brian BuckleySenior Vice President & Chief Marketing Officer——
Bryan Everard SmithExecutive Vice President & Chief People Officer—1973
Michelle Lynn DalySenior Vice President, Controller & Principal Accounting Officer—1977

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Adena T. Friedman Chair and CEO2025$1.4M$17.5M$6.1M$25.0M
Tal Cohen President2025$736,539$14.7M$1.9M$17.4M
Sarah Youngwood EVP and CFO2025$736,539$7.0M$2.2M$9.9M
P.C. Nelson Griggs President2025$736,539$5.2M$2.4M$8.4M
Bradley J. Peterson EVP and CIO/CTO2025$650,000$3.7M$1.7M$6.1M

Employees

4k20184k20195k20206k20216k20229k20239k202410k2025

Dividends

Ex-dateAmountPaid
2026-09-11$0.312026-09-25
2026-06-12$0.312026-06-26
2026-03-16$0.272026-03-30
2025-12-05$0.272025-12-19
2025-09-12$0.272025-09-26
2025-06-13$0.272025-06-27
2025-03-14$0.242025-03-28
2024-12-06$0.242024-12-20

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage46
Intangibles36
Switching costs35
Network effect60
Efficient scale73
Our component scores (0-100) and overall 46.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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