(NDAQ) Nasdaq - Overview
Sector: Financial Services | Industry: Financial Data & Stock Exchanges | Exchange: NASDAQ (USA) | Market Cap: 51.470m USD | Total Return: 10.8% in 12m
Avg Turnover: 238M
EPS Trend: 94.3%
Qual. Beats: 4
Rev. Trend: 96.7%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Nasdaq, Inc. (NDAQ) is a global technology provider for the financial services industry, structured into three primary segments: Capital Access Platforms, Financial Technology, and Market Services. While widely recognized for its electronic stock exchanges, the company has transitioned toward a high-margin, recurring revenue model centered on SaaS-based financial technology and data analytics.
The company’s portfolio includes the Verafin anti-financial crime platform and AxiomSL regulatory reporting tools, reflecting a strategic pivot toward the Financial Exchanges & Data sectors broader demand for automated compliance and risk management. This diversification reduces Nasdaqs reliance on transaction-based trading volume, which is historically subject to market volatility.
Beyond exchange operations, Nasdaq manages a vast index business and provides corporate governance and ESG solutions to public and private entities. Investors looking for deeper fundamental insights may find ValueRay a useful resource for further due diligence. The firm continues to expand its footprint in digital assets and cloud-enabled surveillance to address evolving regulatory requirements across international capital markets.
- Financial technology segment expansion through Adenza acquisition drives recurring SaaS revenue growth
- Market volatility levels influence transaction volumes and clearing fee revenue streams
- Anti-financial crime software adoption accelerates demand for Verafin and surveillance solutions
- High interest rates impact capital markets activity and initial public offering volume
- Regulatory shifts in market structure and data fees affect exchange competitive positioning
| Net Income: 1.91b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA 3.01 > 1.0 |
| NWC/Revenue: -43.40% < 20% (prev -1.96%; Δ -41.44% < -1%) |
| CFO/TA 0.08 > 3% & CFO 2.28b > Net Income 1.91b |
| Net Debt (9.19b) to EBITDA (3.11b): 2.95 < 3 |
| Current Ratio: 0.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (571.7m) vs 12m ago -1.29% < -2% |
| Gross Margin: 54.81% > 18% (prev 0.40%; Δ 5.44k% > 0.5%) |
| Asset Turnover: 28.53% > 50% (prev 25.50%; Δ 3.03% > 0%) |
| Interest Coverage Ratio: 7.04 > 6 (EBITDA TTM 3.11b / Interest Expense TTM 351.0m) |
| A: -0.13 (Total Current Assets 4.37b - Total Current Liabilities 7.96b) / Total Assets 27.3b |
| B: 0.36 (Retained Earnings 9.95b / Total Assets 27.3b) |
| C: 0.09 (EBIT TTM 2.47b / Avg Total Assets 29.0b) |
| D: 0.53 (Book Value of Equity 8.15b / Total Liabilities 15.3b) |
| Altman-Z'' = 1.46 = BB |
| DSRI: 0.94 (Receivables 985.0m/986.0m, Revenue 8.27b/7.81b) |
| GMI: 0.72 (GM 54.81% / 39.74%) |
| AQI: 1.12 (AQ_t 0.79 / AQ_t-1 0.71) |
| SGI: 1.06 (Revenue 8.27b / 7.81b) |
| TATA: -0.01 (NI 1.91b - CFO 2.28b) / TA 27.3b) |
| Beneish M = -3.22 (Cap -4..+1) = AA |
As of May 27, 2026, the stock is trading at USD 90.88 with a total of 2,280,854 shares traded.
Over the past week, the price has changed by -1.86%,
over one month by +0.50%,
over three months by +2.91% and
over the past year by +10.75%.
Nasdaq has received a consensus analysts rating of 4.29. Therefore, it is recommended to buy NDAQ.
- StrongBuy: 8
- Buy: 6
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 106.5 | 17.2% |
P/E Trailing = 27.4127
P/E Forward = 25.2525
P/S = 9.498
P/B = 4.2774
P/EG = 2.2176
Revenue TTM = 8.27b USD
EBIT TTM = 2.47b USD
EBITDA TTM = 3.11b USD
Long Term Debt = 8.53b USD (from longTermDebt, last quarter)
Short Term Debt = 431.0m USD (from shortTermDebt, last quarter)
Debt = 9.93b USD (from shortLongTermDebtTotal, last quarter) + Leases 488.0m
Net Debt = 9.19b USD (calculated: Debt 9.93b - CCE 748.0m)
Enterprise Value = 60.7b USD (51.5b + Debt 9.93b - CCE 748.0m)
Interest Coverage Ratio = 7.04 (Ebit TTM 2.47b / Interest Expense TTM 351.0m)
EV/FCF = 24.83x (Enterprise Value 60.7b / FCF TTM 2.44b)
FCF Yield = 4.03% (FCF TTM 2.44b / Enterprise Value 60.7b)
FCF Margin = 29.56% (FCF TTM 2.44b / Revenue TTM 8.27b)
Net Margin = 23.15% (Net Income TTM 1.91b / Revenue TTM 8.27b)
Gross Margin = 54.81% ((Revenue TTM 8.27b - Cost of Revenue TTM 3.73b) / Revenue TTM)
Gross Margin QoQ = 65.84% (prev 66.92%)
Tobins Q-Ratio = 2.22 (Enterprise Value 60.7b / Total Assets 27.3b)
Interest Expense / Debt = 3.53% (Interest Expense 351.0m / Debt 9.93b)
Taxrate = 23.34% (158.0m / 677.0m)
NOPAT = 1.89b (EBIT 2.47b * (1 - 23.34%))
Current Ratio = 0.53 (Total Current Assets 4.37b / Total Current Liabilities 8.21b)
Debt / Equity = 0.83 (Debt 9.93b / totalStockholderEquity, last quarter 12.0b)
Debt / EBITDA = 2.95 (Net Debt 9.19b / EBITDA 3.11b)
Debt / FCF = 3.76 (Net Debt 9.19b / FCF TTM 2.44b)
Total Stockholder Equity = 12.0b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.60% (Net Income 1.91b / Total Assets 27.3b)
RoE = 15.91% (Net Income TTM 1.91b / Total Stockholder Equity 12.0b)
RoCE = 12.02% (EBIT 2.47b / Capital Employed (Equity 12.0b + L.T.Debt 8.53b))
RoIC = 7.13% (NOPAT 1.89b / Invested Capital 26.6b)
WACC = 7.51% (E(51.5b)/V(61.4b) * Re(8.44%) + D(9.93b)/V(61.4b) * Rd(3.53%) * (1-Tc(0.23)))
Discount Rate = 8.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 4.49 | Cagr: 1.69%
[DCF] Terminal Value 77.97% ; FCFF base≈2.19b ; Y1≈2.51b ; Y5≈3.70b
[DCF] Fair Price = 82.24 (EV 55.7b - Net Debt 9.19b = Equity 46.5b / Shares 565.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 94.34 | EPS CAGR: 12.58% | SUE: 1.26 | # QB: 4
Revenue Correlation: 96.69 | Revenue CAGR: 15.28% | SUE: 0.77 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.95 | Chg30d=-1.74% | Revisions=-54% | Analysts=14
EPS next Quarter (2026-09-30): EPS=0.98 | Chg30d=+0.47% | Revisions=+7% | Analysts=14
EPS current Year (2026-12-31): EPS=3.93 | Chg30d=+0.79% | Revisions=+5% | GrowthEPS=+13.1% | GrowthRev=+9.7%
EPS next Year (2027-12-31): EPS=4.43 | Chg30d=+0.79% | Revisions=+50% | GrowthEPS=+12.6% | GrowthRev=+8.4%
[Analyst] Revisions Ratio: -54%