Nasdaq Inc NDAQ

FinancialsInvestment Banking & Investment ServicesUnited States of America

Last close 106.23 USD on Nov 1, 2026, +10.5% year to date

Quant rating

Quant rating A Rank 9 of 799 in Financials

Growth A 84 of 799
Valuation C 424 of 799
Quality A 21 of 799
Revisions A 82 of 799
Momentum A 71 of 799

Wall Street consensus Buy (1.95)Average target 117.19 USD +10.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 59.0B
Enterprise value: 67.2B
52-week range: 76.57 – 107.93
3-year range: 48.71 – 107.93
Dividend yield: 1.17%
Beta (5 years): 0.96
Shares outstanding: 555M
Next earnings: Jan 27, 2027

About the company

Nasdaq, Inc. is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. The Company manages, operates and provides its products and services in three business segments: Capital Access Platforms, Financial Technology and Market Services. Its Capital Access Platforms segment comprises Data & Listing Services, Index and Workflow & Insights. The Financial Technology segment comprises Financial Crime Management Technology, Regulatory Technology and Capital Markets Technology businesses. Its Market Services segment includes its equity derivative trading and clearing, cash equity trading, fixed income, currency and commodities trading. It operates over 19 exchanges across several asset classes, including derivatives, commodities, cash equity, debt, structured products and exchange-traded products (ETPs).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,262	7,400	6,064	6,226	5,886	–
Revenue growth	11.6%	22.0%	−2.6%	5.8%	4.6%	8.0%
EPS (basic, normalized)	3.48	2.82	2.82	2.66	2.52	–
EPS growth	23.4%	0.0%	6.0%	5.6%	–	–
Gross margin	63.5%	62.8%	64.2%	57.5%	58.1%	61.2%
Net margin	21.6%	15.1%	17.5%	18.1%	20.2%	18.5%
ROE	17.2%	14.8%	16.9%	21.1%	19.9%	18.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	516
Current ratio	1.00x
Long-term debt (mil)	8,471
Net debt (mil)	8,228
Total equity (mil)	11,999
Net debt / equity	0.69x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	8,262	+11.6%	8.1x	21.45	+9.5%	5.0x	3.48	+23.4%	30.5x
2026	5,923	−28.3%	11.3x	21.57	+0.6%	4.9x	4.14	+18.8%	25.7x
2027	6,466	+9.2%	10.4x	23.17	+7.4%	4.6x	4.72	+14.2%	22.5x
2028	7,041	+8.9%	9.5x	25.69	+10.9%	4.1x	5.40	+14.4%	19.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,923	+0.2%	+0.1%	+3.0%	4.14	+0.1%	+0.2%	+5.4%
2027	6,466	+0.9%	+0.9%	+3.8%	4.72	+1.0%	+1.2%	+6.7%
2028	7,041	+1.2%	+1.3%	+4.9%	5.40	+1.7%	+2.0%	+7.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,117	1,159	1,146	1,227	1,237	1,306	1,315	1,392	1,407	1,500
Sales mean (mil)	1,114	1,131	1,169	1,226	1,231	1,276	1,296	1,365	1,372	1,449
Surprise	+0.3%	+2.5%	−2.0%	+0.1%	+0.5%	+2.3%	+1.5%	+2.0%	+2.5%	+3.5%
EPS reported	0.63	0.69	0.74	0.76	0.79	0.85	0.88	0.96	0.96	1.07
EPS mean	0.65	0.64	0.69	0.75	0.77	0.81	0.85	0.91	0.93	0.98
Surprise	−3.6%	+7.4%	+6.6%	+1.4%	+2.4%	+4.4%	+3.8%	+5.1%	+3.1%	+8.9%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NDAQ Nasdaq Inc	59.0B	2.69x	21.6%	4.94x	25.7x	22.5x	19.0x	17.1x
BLK BlackRock, Inc.	186.1B	–	22.9%	3.09x	19.8x	17.6x	14.4x	12.7x
SCHW The Charles Schwab Corporation	152.3B	–	30.4%	3.03x	13.7x	11.3x	24.3x	20.6x
IBKR Interactive Brokers Group Inc	131.0B	9.69x	9.4%	5.61x	28.5x	23.1x	30.0x	24.6x
BX Blackstone Inc.	142.7B	2.66x	20.9%	10.19x	20.1x	16.2x	18.2x	14.6x
CME CME Group Inc.	108.5B	0.25x	33.6%	4.08x	24.4x	22.9x	21.7x	20.6x
Mean		3.82x	23.2%	5.16x	22.0x	18.9x	21.3x	18.4x
Median		2.67x	22.3%	4.51x	22.3x	20.1x	20.3x	18.8x

Technical analysis

1M+14.7%
3M+11.1%
1Y+22.4%
3Y+132.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Nasdaq Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,262	7,400	6,064	6,226	5,886	5,627
Cost of revenue	3,013	2,751	2,169	2,644	2,466	2,724
Gross profit	5,249	4,649	3,895	3,582	3,420	2,903
Selling, general & administrative expenses	2,184	2,087	1,766	1,647	1,550	1,350
Research & development	–	–	–	–	–	–
Depreciation/amortization	632	613	323	258	278	202
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	16.0	151	228	113	67.0	117
Other operating expenses	0	0	0	0	0	0
Operating income	2,417	1,798	1,578	1,564	1,525	1,234
Net interest income (expense)	−245	−370	−176	−89.0	9.0	−22.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−27.0	21.0	−1.0	0	0	0
Net income before taxes	2,145	1,449	1,401	1,475	1,534	1,212
Provision for taxes	358	334	344	352	347	279
Minority interest	1.0	2.0	2.0	2.0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,788	1,117	1,059	1,125	1,187	933
Extraordinary items	–	–	–	–	–	–
Net income	1,788	1,117	1,059	1,125	1,187	933
EBIT, normalized	2,431	2,015	1,861	1,705	1,554	1,351
EBITDA, normalized	3,063	2,628	2,184	1,963	1,832	1,553
Basic EPS, normalized	3.48	2.82	2.82	2.66	2.52	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Nasdaq Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	632	776	641	683	601	2,940
Receivables	943	1,022	929	677	588	566
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	6,428	5,988	7,526	7,244	6,234	4,154
Total current assets	8,003	7,786	9,096	8,604	7,423	7,660
Property, plant & equipment	1,175	968	978	976	875	856
Goodwill	14,371	13,957	14,112	8,099	8,433	6,850
Intangibles	6,511	6,905	7,443	2,581	2,813	2,255
Long-term investments	687	538	467	476	430	276
Note receivable	–	–	–	–	–	–
Other long-term assets	306	241	198	132	141	82.0
Total assets	31,053	30,395	32,294	20,868	20,115	17,979
Liabilities
Accounts payable	0	319	84.0	243	62.0	224
Payable/accrued	280	269	332	185	185	175
Accrued expenses	424	380	365	297	289	273
Short-term debt	0	399	291	664	420	0
Current portion of long-term debt	431	–	–	0	598	–
Other current liabilities	6,826	6,535	7,953	7,446	6,318	4,252
Total current liabilities	7,961	7,902	9,025	8,835	7,872	4,924
Long-term debt	8,573	9,081	10,163	4,735	4,812	5,541
Minority interest	5.0	9.0	11.0	13.0	10.0	3.0
Other liabilities	2,287	2,212	2,279	1,134	1,026	1,078
Total liabilities	18,826	19,204	21,478	14,717	13,720	11,546
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6.0	6.0	6.0	5.0	2.0	2.0
Additional paid-in capital	5,122	5,530	5,496	1,445	1,952	2,547
Retained earnings (accumulated deficit)	9,588	8,401	7,825	7,207	6,465	5,628
Treasury stock	−716	−647	−587	−515	−437	−376
Other equity	−1,773	−2,099	−1,924	−1,991	−1,587	−1,368
Total equity	12,227	11,191	10,816	6,151	6,395	6,433
Total liabilities & shareholders' equity	31,053	30,395	32,294	20,868	20,115	17,979

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Nasdaq Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,787	1,115	1,057	1,123	1,187	933
Depreciation, depletion & amortization	632	613	323	258	278	202
Deferred taxes	48.0	−67.0	68.0	38.0	94.0	41.0
Non-cash items	23.0	232	209	119	−7.0	85.0
Changes in working capital	−235	46.0	39.0	168	−469	−9.0
Cash from operations	2,255	1,939	1,696	1,706	1,083	1,252
Investing activities
Capital expenditures	−266	−207	−158	−152	−163	−188
Other investing cash flows	−834	−746	−5,836	201	−2,490	66.0
Cash from investing	−1,100	−953	−5,994	49.0	−2,653	−122
Financing activities
Financing cash flow items	−910	−1,063	−47.0	2,370	2,269	504
Cash dividends paid	−601	−541	−441	−383	−350	−320
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,442	−957	4,708	−951	−501	1,726
Cash from financing	−2,953	−2,561	4,220	1,036	1,418	1,910
Foreign exchange effects	726	−537	202	−1,293	−331	353
Net change in cash	−1,072	−2,112	124	1,498	−483	3,393
Free cash flow	1,989	1,732	1,538	1,554	920	1,064

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.