Nasdaq, Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%).
It is a $52.4B financial services company. Revenue grew 7.9% over the last year, and it keeps 22¢ of every dollar of sales as profit. It trades at 26.6× earnings — around the middle of its own history.
- Website
- nasdaq.com
- Location
- New York, NY
- Employees
- 9 630
- Sector
- Financial Services
- Founded
- 1971
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability and quality; Valuation and Health lag behind.
Valuation48
- P/E vs own history50th pct · 12/25
- FCF yield3.7% · 12/25
- P/S6.0x · 12/25
- EV/EBITDA18.0x · 12/25
Growth64
- Revenue CAGR8.8% · 12/25
- Net income CAGR10.8% · 20/25
- EPS CAGR ~5Y7.1% · 12/25
- Fwd implied growth27.4% · 20/25
Profitability82
- ROIC8.7% · 12/25
- ROE16.3% · 20/25
- Net margin22.5% · 25/25
- Operating margin31.1% · 25/25
Health42
- Altman Zn/a · 0/25
- Current ratio1.01 · 12/25
- Interest coverage9.8x · 18/25
- Net cash / debtD/A 27% · 12/25
Quality92
- Piotroski F9/9 · 25/25
- Beneish M-2.49 · 20/25
- FCF conversion99% · 22/25
- Margin stabilityσ 2.1% · 25/25
Moat62
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin60.4% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 2.9% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.79B net income
- 2023AcquisitionNasdaq announced that it had agreed to acquire Adenza from Thoma Bravo in a $10.5 billion…
- Nov 19, 2020AcquisitionNasdaq announced that they would acquire Verafin for US$2.75 billion in cash
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$3.71B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2016AcquisitionNasdaq is not a major shareholder in the Oslo Stock Exchange holding company
- 2007AcquisitionOMX acquired the Armenian Stock Exchange and the Central Depository of Armenia
- Oct 2, 2006ProductThe group launched a virtual Nordic Stock Exchange after merging the individual lists of shares…
- Apr 11, 2006AcquisitionNASDAQ later pulled its bid, and less than two weeks later on April 11, 2006, struck a deal with LSE's largest…
- Sep 3, 2003AcquisitionThe Helsinki Stock Exchange (HEX) merged with OM
- 1998AcquisitionA merger happened with the American Stock Exchange (Amex), forming Nasdaq-Amex Market Group
- 1992MilestoneNasdaq entered a partnership with the London-based International Stock Exchange, establishing the first…
- 1971FoundedNasdaq was founded in 1971 as the world's first electronic stock market
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (64.2%)
- Strongly profitable — 22.5% net margin
- Strong cash conversion — FCF is 22.3% of revenue
- Interest covered 9.8× by operating earnings
- Piotroski F-Score 9/9 — fundamentally strong checklist
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+7.9% YoY
- Profitable — makes more than it spends$1.97B TTM
- Profit growing — earnings are higher than last year+11.0% YoY
- Generates cash — cash left after running and investing$1.95B TTM
- Debt under control — could handle its obligations~4.3y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$52.4B market cap
- Not printing shares — share count not ballooning — you keep your slice+14.6% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 30/100
- Pays a dividend — returns cash to shareholdersyield 1.21%
- Valuation not extreme — price not wildly above earningsP/E 26.6
Peer comparisonNasdaq, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| NDAQ this company | $52.4B | 26.6 | +7.9% | 22.5% | Strained |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: NDAQ vs BRK.A · NDAQ vs BRK.B · NDAQ vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/NDAQ
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of NDAQ on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $93.65 · market cap $52.4B.