InsiderStreet Equity Research

Produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation for any investor. Do not rely on it for any investment decision.

Last Close

$93.97

2026-10-16

Market Cap

$52.5B

Volume

2.6M

52-Wk High

$101.79

52-Wk Low

$76.55

Trailing PE

27.1

P/S

6.03

Gross Margin

59.4%

Net Margin

22.6%

ROE

16%

ROIC

9%

Piotroski

8/9

Altman Z

3.1

1-Yr Return

+7.2%

5-Yr Return

+213.0%

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.

SectorFinancial ServicesIndustryFinancial - Data & Stock ExchangesExchangeNASDAQMarket Cap$52.5BEmployees9,525 (SEC-filed)CEOAdena T. FriedmanIPO2002-07-01CountryUS

151 West 42nd Street, New York City, NY 10036 · Tel 212 401 8700 · nasdaq.com

INSIDERSTREET SCORE64 / 100Street mean $111.40 (5 analysts, last qtr) — their number, not ours

INSIDER CONSENSUS SIGNALTWO-WAY FLOW$4.9M buys against $27.3M sells / 6 mo

1 Year vs S&P 500 · NDAQ +7.2% · S&P 500 +15.9% · spread -8.7pp

7 Years vs S&P 500 · NDAQ +213.0% · S&P 500 +189.9% · spread +23.2pp

Both charts indexed to 100 at the start of their window and drawn on a single shared scale, so the gap to the benchmark is the gap you see. Adjusted closes throughout.

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NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

INSIDERSTREET
SCORE64of 100

Score Breakdown

Profitability	74/100
Growth	63/100
Momentum	86/100
Quality	80/100
Earnings Quality	81/100
Balance Sheet	57/100
Value	52/100
Risk (safety)	100/100
Overall	63.9/100

Each component is a diagnostic reading on its own 0-100 scale. The overall score is computed separately from the underlying financials and is not the average of the rows above — components are not equally weighted and three of them (Momentum, Value, Risk) are derived partly from price rather than from the business.

Peer Comparison — IS Score

Symbol	IS Score
COIN	34
MSCI	74
MCO	79
ICE	59
CME	56
SPGI	74
NDAQ	64

IS Score Trend — quarterly

14 quarters, 23 Q1 to 26 Q2. Peak 72 in 26 Q1, latest 64 — -8 since. Fell in 3 of the last 4 quarters. Dashed line marks 40 on the 0-100 scale.

BUSINESS QUALITY64 / 100IS Score 63.9 / 100 · -8.5 from peak of 72

Fundamental factor model, quarterly. Measures how the business is doing - not where the price is going.

PRICE STRUCTUREBULLISHTechnical Score 72 / 100 · Power +44 · 19 of 22 indicator votes bullish

Vote share across trend, momentum, volume, volatility and pattern families. Describes where the price is, not where it is going.

Both readings sit above the midpoint — business quality at 64 and price structure at 72 out of 100 — so they are not in conflict. The fundamentals and the tape are saying the same thing, which is the case in which either one alone would have been enough.

Trigger	Where it stands now	What it would mean
IS Score reaches 75 and holds two consecutive quarters	now 63.9	would move us up one band
IS Score stops falling - one quarter higher than the prior	last four: 71 → 69 → 72 → 64	the direction matters more than the level
Technical vote share back above 50%	now 91%	price structure no longer broken
Institutional holder count rises two quarters running	peak 1,106 → now 1,092	fewer institutions willing to hold is our clearest warning

We publish these so the view can be shown to be wrong. If none of them move and our reading does, we owe you an explanation.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

This page is InsiderStreet's own reading, produced from the data in the rest of this document. It is not a price target and not investment advice. Analyst consensus and street price targets appear later under their own heading and are the street's numbers, not ours.

Site Convergence Score4 of 4top 0% of 29,420 symbols

Sources Aligned— of 3independent disclosures

Congress (180d)3 buys2026-04-24

Insider Buys (180d)1$4.88M

ETF Funds (30d)1102 up / 1053 downnet +49 funds

Institutions Added (13F)-7managers opening or increasing

Congressional and insider figures are disclosed purchases in the trailing 180 days; ETF figures are COUNTS OF FUNDS whose holding changed in 30 days, not dollars. Coincidence of separate disclosures, not coordination. An absent source means nothing qualifying was disclosed in its window.

Institutions holding — 12 quarters

Peak 1,106 · latest 1,092 (-14 from peak).

Quarter	Holders	13F shares	Value	Reported own%
2026 Q2	1,092	475.6M	$36.9B	84.3%
2026 Q1	1,099	468.1M	$39.1B	83.0%
2025 Q4	1,106	480.5M	$46.0B	85.2%
2025 Q3	1,048	475.0M	$41.4B	84.2%
2025 Q2	1,027	479.1M	$42.2B	84.9%
2025 Q1	939	486.5M	$36.4B	86.2%
2024 Q4	908	478.6M	$36.5B	84.8%
2024 Q3	845	478.9M	$34.5B	84.9%
2024 Q2	760	478.3M	$28.5B	84.8%
2024 Q1	769	480.9M	$30.1B	85.2%
2023 Q4	729	432.2M	$25.0B	76.6%
2023 Q3	700	359.2M	$17.4B	63.7%

How to read ownership above 100%. A 13F reports the positions a manager has investment discretion over, and where two or more managers share discretion over the same block, each one reports it. Summed across filers, the total can therefore exceed the shares actually outstanding without anything being wrong. We publish the figure as filed rather than netting it down, and flag separately any quarter where the arithmetic is not merely high but impossible.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Insider	Role	Date	Type	Shares	Value	Post-Txn Owned
Skule Jeremy	EVP, CSO	2026-10-12	SELL	1,125	$0.11M	97,686
Skule Jeremy	EVP, CSO	2026-10-01	TAX W/H	1,262	$0.12M	98,811
Skule Jeremy	EVP, CSO	2026-09-22	SELL	1,125	$0.11M	100,073
Skule Jeremy	EVP, CSO	2026-09-10	SELL	1,125	$0.11M	101,198
Skule Jeremy	EVP, CSO	2026-08-10	SELL	2,250	$0.21M	102,323
Griggs Pc Nelson	Pres. Capital Access Platforms	2026-08-10	SELL	3,226	$0.31M	201,775
Peterson Bradley J	EVP, CIO	2026-08-07	SELL	6,000	$0.57M	122,293
Smith Bryan Everard	EVP, CPO	2026-08-03	SELL	1,556	$0.15M	67,647

6-mo decomposition (Form 4)	Txns	Shares	Value	Signal weight
S — Open-market sales	21	306,299	$27.3M	Counted
P — Open-market purchases	1	56,782	$4.9M	Counted
M — Exercises (paired A/D)	2	206,451	$4.6M	None — mechanics
F — Tax withholding	19	56,281	$4.8M	None — compensation
G — Gifts	2	113,572	—	None

Monthly Net Insider Flow (000 shares)

Net of acquisitions minus dispositions, all Form 4 types.

Signal Summary

SignalTwo-Way Flow

Open-Market Sells$27.3M21 txns / 6 mo

Open-Market Buys$4.9M1 txns / 6 mo

ClusterNone active3+ insiders / 21 days

Filed	Filer	Shares registered	Est. proceeds
2026-10-13	Jeremy Skule	1,125	$0.1M
2026-09-22	Jeremy Skule	1,125	$0.1M
2026-08-10	Jeremy Skule	2,250	$0.2M
2026-08-10	P C Griggs	3,226	$0.3M
Trailing 12 mo	24 filings	925,511	$89M

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Filed	Form	Reporting person	% of class	Shares
2026-08-13	SCHEDULE 13G/A	Wellington Management Company LLP	5.10%	30.3M sh
2026-08-12	SCHEDULE 13G/A	Massachusetts Financial Services Company	4.10%	23.3M sh
2026-04-30	SCHEDULE 13G	Vanguard Capital Management	6.29%	35.8M sh
2025-10-06	SCHEDULE 13G/A	The Vanguard Group	10.39%	59.6M sh

Member	Chamber	Trade	Size band	Traded	Disclosed
April Delaney	House	SELL	$100,001 - $250,000	2026-08-25	2026-09-10
April McClain Delaney	House	SELL	$100,001 - $250,000	2026-08-25	2026-09-10
April Delaney	House	BUY	$1,001 - $15,000	2026-04-24	2026-05-07
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-04	2024-05-15
Tommy Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-04	2024-05-14
Thomas Hawley Tuberville	Senate	SELL	$1,001 - $15,000	2024-04-04	2024-05-14

House 12-Mo41 trades31 purchases

Senate 12-Mo0 tradesNone purchases

CoverageSTOCK Act filings30-45 day disclosure lag

13F Filers (last complete Q)1,099

13F Shares468M83.0% of shares out

New / Closed140 / 129positions, QoQ

Increased / Reduced398 / 409positions, QoQ

Put/Call (13F)1.21option positions

Free Float78.4%438M sh

2.8 · Largest Reporting 13F Managers

Manager	Shares	Value
Assenagon Asset Management S.A.	2.0M	$183M
Northcrest Asset Manangement, Llc	328,165	$30M
Fenimore Asset Management Inc	223,406	$21M
Mcrae Capital Management Inc	217,646	$20M
Ghp Investment Advisors, Inc.	197,111	$18M

EDGAR 13F holdings as of 2026-09-30; filer values normalized to dollars.

2.9 · Top ETF & Fund Ownership

Fund	Weight	Position
VITSX	0.1%	$1.5B
VTSAX	0.1%	$1.5B
VSMPX	0.1%	$1.5B
VTI	0.1%	$1.5B
VFINX	0.1%	$1.1B
VFIAX	0.1%	$1.1B

13F Filers Holding NDAQ — quarterly

Institutional Put/Call — quarterly

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Daily short-sale volume as % of volume reported in FINRA's short-sale file — a flow measure, not short interest; dashed = 50-day average.

Latest Session23.1%2026-10-15

20-Day Avg41.1%50-day 40.0%

TrendRising20d vs 50d

By Market CenterQ: 23% · N: 24% · B: 18%latest session

Weekly Notional ($B)

Where NDAQ Trades in the Dark

ATS Venue (4-wk)	Shares	Avg trade
Ubsa Ubs Ats	5.6M	63 sh
Incr Intelligent Cross Llc	5.1M	59 sh
Sgmt Sigma X2	3.1M	61 sh
Mstx Ms Trajectory Cross (Ats-1)	2.9M	61 sh
Ebxl Level Ats	2.3M	34 sh
Mspl Ms Pool (Ats-4)	2.2M	186 sh

Where a dollar of Nasdaq, Inc. revenue goes. All values FY2025 filings, live.

Region	Revenue	Share
UNITED STATES	$5.9B	72%
Non-US	$2.3B	28%

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NDAQ (live moat model)Peer median: COIN · MSCI · MCO · ICE · CME

Component scores from the live moat model. Peer median illustrative.

Moat score 47/100 — Weak; primary source Efficient Scale.

3.8 · Employees (SEC filings)

Officer	Title
Adena T. Friedman	Chief Executive Officer & Chairman
C. Nelson Griggs	President
Tal Cohen	President
Sarah Youngwood	Executive Vice President & Chief Financial Officer

Revenue ($B)

EPS ($) — GAAP diluted actual, street-basis estimate

Actual bars are GAAP diluted EPS from the filed income statement; the lighter forward bars are street-basis consensus. The two are different measures and are not comparable quarter to quarter.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Quarterly EPS — Actual vs. Consensus

Beats (>2%)6 of 6recent quarters

Avg Surprise+4.4%

Next Report2026-10-22

Income Quality1.14OCF ÷ net income

Beat Rate—%0 of 0 quarters

Current Streak0longest 0

Avg EPS Surprise—%median —%

Surprise Trend—last 4 vs prior 4

Period	EPS est.	EPS actual	EPS surprise	Rev est. ($M)	Rev actual ($M)	Rev surprise

Announcement dates to . Consensus as it stood at each report. Revenue surprise shown where both estimate and actual are filed. A beat record is history, not a forecast.

Profit Margins (%)

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Revenue by Segment — Stacked

Live segmentation data.

YoY Growth Heatmap — Income Lines

YoY growth	FY21	FY22	FY23	FY24	FY25
Revenue	+4.6%	+5.8%	-2.6%	+22.0%	+11.1%
Gross profit	+14.9%	+4.8%	+8.8%	+17.4%	+31.8%
Operating income	+16.8%	+8.5%	+0.9%	+13.9%	+29.6%
Net income	+27.2%	-5.2%	-5.9%	+5.5%	+60.2%

$B · FY ends	FY21	FY22	FY23	FY24	FY25
Revenue	5.9	6.2	6.1	7.4	8.2
Cost of revenue	3.7	3.9	3.5	4.4	4.3
Gross profit	2.2	2.3	2.5	3.0	3.9
R&D expense	0.0	0.0	0.0	0.0	0.0
SG&A expense	0.4	0.4	0.4	0.4	0.1
Operating income	1.4	1.6	1.6	1.8	2.3
EBITDA	1.9	1.9	2.0	2.5	3.1
D&A	0.3	0.3	0.3	0.6	0.6
Pretax income	1.5	1.5	1.4	1.4	2.1
Income tax	0.3	0.4	0.3	0.3	0.4
Net income	1.2	1.1	1.1	1.1	1.8
Diluted EPS ($)	2.35	2.26	2.08	1.93	3.09
Diluted shares (M)	505	498	508	579	576

Operating CF$2B

CapEx$0B

Free cash flow$2B

SBC$0B

Buybacks$1B

Net cash change$-1B

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Balance Sheet — Full

$B	FY22	FY23	FY24	FY25
Cash & equivalents	0.5	0.5	0.6	0.8
ST investments	0.2	0.2	0.2	0.0
Receivables (net)	0.7	0.9	1.0	0.9
Total current assets	8.6	9.1	7.8	8.0
PP&E (net)	1.0	1.0	1.0	1.2
Goodwill + intangibles	10.7	21.6	20.9	20.9
Total assets	20.9	32.3	30.4	31.1
Accounts payable	0.2	0.3	0.3	0.3
Short-term debt	0.7	0.3	0.4	0.4
Deferred revenue	0.4	0.6	0.7	0.0
Total current liabilities	8.8	9.0	7.9	8.0
Long-term debt	4.7	10.2	9.1	9.0
Total liabilities	14.7	21.5	19.2	18.8
Shareholders' equity	6.2	10.8	11.2	12.2

Cash Flow Statement — Full

$B	FY22	FY23	FY24	FY25
Net income	1.1	1.1	1.1	1.8
D&A	0.3	0.3	0.6	0.6
Stock-based compensation	0.1	0.1	0.1	0.2
Working capital change	0.2	0.0	0.0	(0.2)
Operating cash flow	1.7	1.7	1.9	2.3
Capital expenditures	(0.2)	(0.2)	(0.2)	(0.3)
Investing cash flow	0.0	(6.0)	(1.0)	(1.1)
Buybacks	(0.6)	(0.3)	(0.1)	(0.6)
Dividends paid	(0.4)	(0.4)	(0.5)	(0.6)
Debt issuance / (repay)	(0.3)	5.0	(0.8)	(0.8)
Financing cash flow	1.0	4.2	(2.6)	(3.0)
Free cash flow	1.6	1.5	1.7	2.0

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Balance Sheet Structure ($B)

Cash Generation vs Capex ($B)

Left: what the balance sheet is made of — the gap between the assets bar and the liabilities bar is book equity. Right: whether the capex bar is covered by the operating-cash bar; where it is not, the difference was funded externally and free cash flow goes negative.

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
PROFITABILITY
ROE	18.5%	17.9%	12.5%	10.2%	15.3%	16%
ROA	6.2%	5.5%	4.0%	3.6%	5.8%	7.2%
ROIC	9.3%	10.5%	5.7%	6.8%	9.1%	9.2%
Gross margin	37.9%	37.6%	42.0%	40.4%	47.9%	59.4%
Operating margin	24.5%	25.1%	26.0%	24.3%	28.4%	31.6%
Net margin	20.2%	18.1%	17.5%	15.1%	21.8%	22.6%
EBITDA margin	32.7%	29.8%	32.9%	33.2%	38.1%	36.7%
FCF margin	15.6%	25.0%	25.4%	23.4%	24.2%	—
VALUATION
P/E	28.42	25.95	29.41	39.58	31.30	27.1
P/B	5.27	4.75	2.88	3.95	4.58	4.4
P/S	5.72	4.69	5.14	5.98	6.81	6.03
P/FCF	36.63	18.80	20.27	25.53	28.15	26.9
EV/EBITDA	20.40	18.56	20.73	21.68	20.81	19.2
EV/Revenue	6.68	5.52	6.83	7.21	7.92	7.0
Earnings yield	3.5%	3.9%	3.4%	2.5%	3.2%	3.71%
FCF yield	2.7%	5.3%	4.9%	3.9%	3.6%	3.71%

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
LEVERAGE & SOLVENCY
Current ratio	0.94	0.97	1.01	0.99	1.01	0.48
Quick ratio	0.94	0.97	1.01	0.99	1.01	0.48
Debt / equity	0.97	0.95	1.01	0.88	0.81	0.77
Debt / assets	30.9%	28.0%	33.7%	32.5%	32.0%	33.8%
Net debt / EBITDA	2.91	2.79	5.12	3.70	2.91	2.73
Interest coverage	—	—	—	—	28.34	—

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Ratio	FY21	FY22	FY23	FY24	FY25	TTM
EFFICIENCY
Asset turnover	0.31	0.30	0.23	0.24	0.27	0.32
Receivables turnover	10.20	9.84	7.55	7.58	8.36	7.4
DSO (days)	36	37	48	48	44	50
DPO (days)	18	17	27	25	23	26
Cash conversion cycle	18	20	22	23	20	24
GROWTH (YoY)
Revenue growth	4.6%	5.8%	-2.6%	22.0%	11.1%	—
Net income growth	27.1%	-5.1%	-5.9%	5.4%	60.2%	—
EPS growth	25.3%	-2.7%	-15.0%	0.2%	60.9%	—
FCF growth	-13.5%	68.9%	-1.0%	12.6%	14.8%	—
PER SHARE ($)
EPS (diluted, TTM)	2.33	2.27	1.93	1.93	3.10	3.49
Book value / share	12.56	12.38	19.64	19.33	21.21	21.26
Revenue / share	11.56	12.53	11.01	12.78	14.25	15.43
FCF / share	1.81	3.13	2.79	2.99	3.45	3.46
Cash / share	1.18	1.37	1.16	1.34	1.46	4.94
SHAREHOLDER RETURN & SCORES
Buyback yield	2.8%	2.2%	1.0%	0.4%	1.1%	2.91%
Altman Z-Score	2.46	2.21	1.57	2.21	2.75	3.1
Piotroski F-Score	5	7	5	6	9	8/9
Beneish M-Score	-2.34	-2.48	-2.12	-2.39	-2.43	-2.87

Model	Score	Zone	Note
Piotroski F-Score	8 / 9	Strong
Altman Z-Score	3.1	Safe (>2.99)	Safe
Income quality	1.14	Cash-backed	OCF ÷ net income
Beneish M-Score	-2.87	Non-manipulator	vs −2.22 threshold

DuPont Decomposition (TTM)	Value
Tax burden	0.81
Interest burden	0.96
Operating margin	29.2%
Asset turnover	0.30×
Financial leverage	2.43×
= ROE	17%

Growth Quality (live)	Value
Revenue stability	0.82
Earnings stability	0.54
Earnings persistence	0.88
Revenue CAGR 3y	12.6%
EPS CAGR 3y	15.7%
FCF CAGR 3y	7.9%

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NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Buyback Yield2.91%

Dividend Yield1.23%

Total Shareholder Return4.22%cash yield

SBC / Revenue2.0%dilution pressure

Company	Mkt cap	P/E	ROE	Net margin	Rev growth	Piotroski	1-yr ret
COIN	$45.7B	-46.9	-8%	-29.5%	-21.0%	4/9	-47.6%
MSCI	$41.4B	31.3	-76%	39.4%	+11.6%	8/9	+7.0%
MCO	$84.0B	30.7	80%	40.2%	+11.7%	7/9	+3.7%
ICE	$90.7B	22.7	14%	35.9%	-0.6%	8/9	+5.7%
CME	$105.7B	24.8	16%	61.1%	+5.1%	6/9	—
SPGI	$126.7B	26.1	15%	29.4%	+9.7%	7/9	—
TRU	$14.2B	19.3	18%	19.3%	+12.4%	8/9	—
FDS	$10.7B	20.6	25%	19.1%	+6.7%	5/9	—

1-yr returns computed from adjusted price history; peers without a tracked series show —.

Buy

36 Analysts

Str Sell (0)Sell (1)Hold (13)Buy (22)Str Buy (0)

Mean Target (qtr)$111.405 targets

Target vs. Price+18.5%last-quarter mean

Next Report2026-10-22street $1.02

Consensus estimates	Revenue mean	High / Low	EPS mean	High / Low	# EPS est.
FY2026	$5.90B	$5.96B / $5.84B	$4.12	$4.17 / $4.07	10
FY2027	$6.43B	$6.60B / $6.27B	$4.68	$4.94 / $4.49	10
FY2028	$6.98B	$7.21B / $6.63B	$5.30	$5.74 / $5.00	5

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Street Price Target — Trajectory

Window	Avg Target	vs. Price	# Targets
Last Month	$108.67	+15.6%	3
Last Quarter	$111.40	+18.5%	5
Last Year	$112.33	+19.5%	18
All Time	$87.78	-6.6%	54

Rolling mean of published targets vs. last close $93.97. Aggregated from StreetInsider, Benzinga, Pulse 2.0.

Third-Party Composite Rating

B+

DCF

3/5

ROE

5/5

ROA

5/5

Debt/Eq

3/5

P/E

2/5

P/B

1/5

Independent quant composite as of 2026-10-16; components scored 1–5 (5 best). Shown for contrast with the InsiderStreet Score — methodologies differ.

NDAQ +7.2% vs S&P 500 +15.9% — spread -8.7pp

Sector — XLF +7.2%

Peer Set — indexed to 100

All series indexed to 100 at the start of the window, adjusted closes.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Candlesticks with SMA 20/50 overlay, Bollinger (20,2σ) band, volume, and Wilder RSI(14) — computed from live daily OHLCV.

Moving Average	Value	Distance	% Distance	Signal
SMA 20	$93.04	+0.93	+1.00%	Above
SMA 50	$94.58	-0.61	-0.64%	Below
SMA 200	$90.43	+3.54	+3.91%	Above
EMA 9	$93.13	+0.84	+0.90%	Above
EMA 21	$93.11	+0.86	+0.92%	Above
EMA 50	$93.17	+0.80	+0.86%	Above
EMA 200	$90.70	+3.27	+3.61%	Above

Series and readings from the nightly technical-indicator history — identical data to the site's ribbon chart. Supertrend segments colored by direction.

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

TECHNICAL VERDICTBULLISHPower Score +4419 of 22 indicator votes bullish

Family Scores (site weights)

Trend 30%78

Momentum 25%90

Volume 20%69

Volatility 10%50

Patterns 15%50

This Week91% bullishof 11 price-based votes

4 Weeks Ago36%+55 pts since

12 Weeks Ago91%+0 pts since

ReadImprovingweek-over-week trajectory

Price vs SMA 20$93.04

Price vs SMA 50$94.58

Price vs SMA 200$90.43

EMA 9/21 Cross93.1/93.1

SMA 50/200Golden

ADX DirectionADX 16

Supertrend$89

Parabolic SAR$90

SMA Slope0.020

RSI53.0

Stochastic K/D66/61

StochRSI K/D71/71

Williams %R-17

CCI48

TSI vs Signal-2.3

CMO6.1

ROC4.03%

OBV SignalAccum

Chaikin MF-0.070

MFI54

Force Index0M

Elder Ray Bull1.53

RSI (14)30 oversold · 70 overbought

Stochastic %Kvs %D 61

Money Flowvolume-weighted RSI

ADXtrend strength · <20 weak

Williams %Rinverted scale

Level	Value	Level	Value
Pivot / R1 / R2	$93.12 / $94.13 / $94.75	S1 / S2	$92.50 / $91.49
Bollinger (20,2)	$90.50 – $95.59	Squeeze	ON
52-wk range	$76.55 – $101.79	Off 52-wk high	-7.7%
ATR (14)	$1.97 (2.1%)	Historical vol	17.1%

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

+0.8%Jan60%

-0.2%Feb55%

-0.4%Mar43%

-0.6%Apr45%

+0.2%May50%

+0.0%Jun60%

+4.2%Jul70%

+2.2%Aug70%

-0.3%Sep45%

+4.1%Oct65%

+3.3%Nov80%

+2.3%Dec65%

Sample: 20 years — treat short histories as suggestive, not statistical.

Computed from live weekly prices	NDAQ	S&P 500
Weekly volatility (σ, 1y)	4.16%	1.83%
Best / worst week (1y)	+8.8% / -10.4%	—
Max drawdown (5y, monthly)	-31.5%	—
1-week VaR (95%)	-9.2%	—
Beta (5y)	0.97	1.00

NDAQ EQUITY WEATHER (LIVE)CLOUDY · -5

Trend+19

Momentum+24

Volume-48

Volatility-30

Breadth-23

MARKET REGIME (2026-10-16)NEUTRAL

VIX19.99Normal

Dow TheoryConfirmed Bearish

SPY / QQQ TSI7.2 / 4.7trend strength

Sector Strength46/100breadth average

Average sentiment of 307 stories, weekly buckets, −1 to +1.

This space intentionally left blank — the next section begins on the following page

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Overall-4.7-2.3 vs industry

Trend+18.8-2.1 vs industry

Momentum+24.2+15.2 vs industry

Volume-48.4-63.2 vs industry

Reading	NDAQ	Financial - Data & Stock Exchanges n=92	Financial Services n=24,134	All US symbols n=70,435
Overall	-4.7	-2.4	-16.3	-20.5
Trend	+18.8	+20.9	-12.5	-21.3
Momentum	+24.2	+9.0	-4.4	-15.8
Volume	-48.4	+14.8	+0.0	-3.8

Trend, momentum and volume are computed per company. Volatility and breadth are market-regime values shared by every symbol in the universe, so they are reported once under Market Regime rather than compared here - a company cannot differ from its sector on a constant.

Executive	Total comp	Structure
Adena T. Friedman Chair and CEO	$25.0M	94% equity+incentive
Tal Cohen President	$17.4M	96% equity+incentive
Sarah Youngwood EVP and CFO	$9.9M	92% equity+incentive
P.C. Nelson Griggs President	$8.4M	91% equity+incentive
Bradley J. Peterson EVP and CIO/CTO	$6.1M	89% equity+incentive

Pillar (live disclosure scores)	Score
Environmental	61
Social	62
Governance	56
Composite ESG	60

Composite ESG Trend

Filed	8-K contents	Items
2026-07-23	Earnings Release; Regulation FD; Other Events; Exhibits	2.02,7.01,8.01,9.01
2026-07-01	Material Agreement; Termination of Agreement; Financial Obligation; Ex	1.01,1.02,2.03,9.01
2026-06-16	Shareholder Vote	5.07
2026-04-23	Earnings Release; Regulation FD; Other Events; Exhibits	2.02,7.01,8.01,9.01
2026-01-29	Results of Operations and Financial Condition; Regulation FD Disclosur	2.02,7.01,8.01,9.01
2026-01-16	Amendments to Articles of Incorporation or Bylaws; Financial Statement	5.03,9.01
2025-12-15	Other Events; Financial Statements and Exhibits	8.01,9.01
2025-12-01	Other Events; Financial Statements and Exhibits	8.01,9.01

NOT INVESTMENT ADVICE — FOR INFORMATIONAL PURPOSES ONLY

Methodology. Every figure originates in InsiderStreet's production data layer and is computed deterministically by the same engines that power insiderstreet.ai. This factsheet contains no model-written text. Sections without underlying data are omitted rather than estimated.

DISCLOSURES. This document is produced by InsiderStreet.ai from live production data. It is not investment advice, not an offer or solicitation to buy or sell any security, and not a recommendation tailored to any person. Data is sourced as of the dates shown and may no longer be current. InsiderStreet.ai is not a registered investment adviser or broker-dealer. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Do not make any investment decision based on this document. © 2026 InsiderStreet.ai — all rights reserved. Redistribution prohibited.

Data domain	Source	Coverage for this report
Price & volume	market_db.historical_prices	52 rows
Fundamentals	income_statements_annual	6 rows · 2020 to 2025
Reported vs consensus	fact/earnings_calendar	24 rows · 2020-10-21 to 2026-07-23
Analyst estimates	dim/forward_estimates	3 rows · 2026-12-31 to 2028-12-31
Institutional ownership (13F)	holdings_db.institutional_ownership_summary	104 rows · 2000 to 2026
Insider transactions (Form 4)	edgar/form4	12 rows · 2026-07-24 to 2026-10-12
Proposed sales (Form 144)	edgar/form144	1 record
Beneficial ownership (13D/G)	edgar/13dg	4 rows · 2025-10-06 to 2026-08-13
Short-sale volume (FINRA)	edgar/short_volume_daily	60 rows · 2026-07-23 to 2026-10-15
Dark pool (ATS, tier 1)	edgar/darkpool_weekly	12 rows · 2026-06-15 to 2026-08-31
ETF & fund holding	etf_holdings_changelog (30d)	1 record
Peer set	stock_peers_dynamic	8 rows
Industry medians	industry_medians	1 record
Congressional trades	congress_db (House + Senate)	1 record
ESG	fact/esg_disclosures	1 record

Method. Every figure in this factsheet is looked up from a named field computed in code. It contains no model-written text.

Not covered. Short interest as a percent of float and days-to-cover are not in this data set — the short-sale figures above are FINRA volume, a flow, and cannot support squeeze or covering analysis. Options positioning and intraday data are also absent. 13F ownership is filed 45 days after quarter end and congressional trades are disclosed on a lag, so both describe a past position, not a current one.

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Score Breakdown

Peer Comparison — IS Score

IS Score Trend — quarterly

Nasdaq, Inc. (NDAQ)

Institutions holding — 12 quarters

Nasdaq, Inc. (NDAQ)

Monthly Net Insider Flow (000 shares)

Signal Summary

Nasdaq, Inc. (NDAQ)

2.8 · Largest Reporting 13F Managers

2.9 · Top ETF & Fund Ownership

13F Filers Holding NDAQ — quarterly

Institutional Put/Call — quarterly

Nasdaq, Inc. (NDAQ)

Where NDAQ Trades in the Dark

Nasdaq, Inc. (NDAQ)

3.8 · Employees (SEC filings)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Balance Sheet — Full

Cash Flow Statement — Full

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Street Price Target — Trajectory

Third-Party Composite Rating

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Family Scores (site weights)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)

Nasdaq, Inc. (NDAQ)