Nasdaq, Inc.

Nasdaq, Inc.

NDAQยทNASDAQ

$86.81

-1.3%
Financial ServicesFinancial - Data & Stock Exchanges

Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.

At a Glance

Live Snapshot
Market Cap$49.09B
EPS3.1300
P/E Ratio30.98
Earnings Date07/23/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is elevated (P/E 31.0).

Valuation inputs: P/E 31.0, earnings yield +3.2%, momentum -1.3%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is acceptable (ROE +14.6%, ROIC +8.3%).

Profitability stack: net margin +21.8%, ROE +14.6%, ROIC +8.3%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Downside profile looks controlled across current risk inputs.

Risk factors: liabilities/assets +60.6%, momentum -1.3%, net margin +21.8%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

ndaq

Nasdaq, Inc. Market vs Earnings Trajectory

NDAQ ยท NASDAQ

Loading price and EPS data...

Nasdaq, Inc.

Nasdaq, Inc. Fair Value Envelope

NDAQ ยท NASDAQ

Our analysis suggests that NDAQ has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $86.81, this represents a potential HIDDEN relative to our calculated worth for Nasdaq, Inc..

Intrinsic Value
Current Price: $86.81
3Y+37.0%
5Y+66.0%
10Y+1323.0%
3Y+32.0%
5Y+46.0%
10Y+122.0%
3Y+59.0%
5Y+92.0%
10Y+1556.0%
3Y+32.0%
5Y+80.0%
10Y+212.0%
3Y+28.0%
5Y+87.0%
10Y+238.0%
3Y+49.0%
5Y+73.0%
10Y+119.0%
Nasdaq, Inc.

Nasdaq, Inc. Profit Bridge

NDAQ ยท NASDAQ
Revenue8.22B
Cost of Goods Sold (4.28B)
Gross Profit3.94B
Operating Expenses (1.61B)
Operating Income2.33B
Interest Expense (88.00M)
Other Income/Expense-186.00M
Pretax Income2.15B
Income Tax (356.00M)
Net Income1.79B
Net Income
1.79B

Profitability Analysis

Gross Margin

47.9%

Strong gross margins indicate healthy pricing and efficient production or service delivery.

Operating Margin

28.4%

Outstanding operational efficiency. The company generates substantial profit from core operations.

Net Profit Margin

21.8%

Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.

Effective Tax Rate

16.6%

Moderate tax rate typical for most corporations. Represents standard tax burden on profits.

Profitability Insight

Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.

47.93%
Gross Profit Margin
19%
3Y+28.0%
5Y+39.0%
10Y+21.0%
28.36%
Operating Profit Margin
17%
3Y+13.0%
5Y+29.0%
10Y+26.0%
21.77%
Net Profit Margin
44%
3Y+20.0%
5Y+31.0%
10Y+647.0%
14.63%
Return on Equity
47%
3Y-20.0%
5Y+1.0%
10Y+636.0%
5.76%
Return on Assets
57%
3Y+7.0%
5Y+11.0%
10Y+655.0%
8.26%
Return on Invested Capital
37%
3Y-12.0%
5Y+14.0%
10Y+25.0%
NDAQ

Nasdaq, Inc. Cash Conversion Engine

NDAQ ยท NASDAQ
Net Income1.79B
Depreciation & Amortization632.00M
Stock-Based Compensation165.00M
Change in Working Capital-235.00M
Others-142.00M
Capital Expenditures-266.00M
Free Cash Flow1.99B

Cash Flow Quality Analysis

FCF Conversion Rate

111.3%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

11.8%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+14.8%

Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.

Working Capital Impact

-$235.00M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

ndaq

Nasdaq, Inc. Funding & Solvency Profile

NDAQ ยท NASDAQ
Cash & Cash Equivalents564.00M
Net Receivables985.00M
Inventory0.00
Other Current Assets2.64B
Total Current Assets4 B
Property, Plant & Equipment1.22B
Goodwill & Intangible Assets20.68B
Long-Term Investments0.00
Other Non-Current Assets1.02B
Total Non-Current Assets2 B
Total Assets
27.30B

Financial Health Analysis

Current Ratio

10.15x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

1.27x

Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.

Working Capital

4 B

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

16% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

ndaq

Nasdaq, Inc. Street Expectations Map

NDAQ ยท NASDAQ

Wall Street analysts project that NDAQ stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 114.60, with estimates ranging from a low of 109.00 to a high of 120.00.

Lowest Target
109.00
25.56%
Consensus Target
114.60
32.01%
Highest Target
120.00
38.23%

The consensus 1-year price target stands at 114.60, with estimates ranging from a low of 109.00 to a high of 120.00.

Analyst Consensus Analysis

Upside Potential

+32.0%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

9.6% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

ndaq

Nasdaq, Inc. Insider Positioning

NDAQ ยท NASDAQ

During the last 12 months, insiders have purchased $16.79M and sold $84.28M worth of NDAQ shares, resulting in $67.48M of net selling activity.

3 Months

Bought

0

0.00

Sold

236.0K

20.76M

Net Activity

-20.8M

-$20.76M

3-6 Months

Bought

212.0K

16.79M

Sold

614.8K

59.32M

Net Activity

-42.5M

-$42.52M

6-9 Months

Bought

0

0.00

Sold

10.9K

975.73K

Net Activity

-976K

-$976K

9-12 Months

Bought

0

0.00

Sold

35.6K

3.23M

Net Activity

-3.2M

-$3.23M

Top Buyers

1
IA

Investor Ab

10 Percent Owner

200.0K sharesโ€ข1 transactions

$15.84M

2
TJ

Torgeby Johan

Director

12.0K sharesโ€ข1 transactions

$958K

Top Sellers

1
FAT

Friedman Adena T

Director, Officer: Chair And Ceo

806.5K sharesโ€ข4 transactions

$76.06M

2
PBJ

Peterson Bradley J

Officer: Evp, Cio

19.2K sharesโ€ข2 transactions

$1.72M

3
TC

Tal Cohen

Officer: Pres. Market Platforms

15.5K sharesโ€ข1 transactions

$1.41M

4
SJ

Skule Jeremy

Officer: Evp, Cso

14.7K sharesโ€ข7 transactions

$1.32M

5
DML

Daly Michelle Lynn

Officer: Svp, Controller & Pao

14.2K sharesโ€ข3 transactions

$1.27M

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $67.48M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.20:1

Weak buy/sell ratio. Selling significantly exceeds buyingโ€”monitor for potential fundamental concerns.

Recent Trend (3 Months)

$20.76M

Heavy recent selling activity. Recent insider sales notably exceed purchasesโ€”may warrant investigation into company developments.

Insider Participation

High Selling

5 insider sellers vs. 2 buyers. Widespread selling across multiple insiders may signal concerns.

Insider Activity Insight

Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.

0.32%
Dividend Yield
15%
3Y-13.0%
5Y-5.0%
10Y-36.0%
ย 

ndaq Dividend History

NDAQ
10Y CAGR +11%
Latest $0.31
Annual $1.39
5 year growth trend
Last Period: +15%