Nasdaq, Inc. (NDAQ)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$93.97
▲ +0.47 (0.50%)
Fair valueFair
$82 −12.5% to fair value
$41fair band $58–$107$123
Day's range
$92.86 – $94.65
52-week range
$76.29 – $100.77
About Nasdaq, Inc.
Nasdaq operates stock exchanges and provides technology that supports financial markets. It runs the Nasdaq stock market in the United States and a group of exchanges in the Nordic and Baltic region, lists companies, and offers trading and clearing services. Its other activities include market data and index licensing, software for banks and brokers, including financial crime detection, and tools for corporate boards and investor relations teams. Customers include listed companies, investors, banks, exchanges and asset managers.
Nasdaq earns money from subscription and licensing fees for its data and software, from fees paid by companies that list, and from trading and clearing charges. Revenue was $8.8 billion over the last twelve months, with growth of 9.9% a year across the last three years. The operating margin is 29.5%, and net debt is 3.3 times EBITDA. A dividend is paid, with a yield of 1.2%. On the site's X-Ray Score it receives 47 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $76.29 – $100.77Volume 2,643,900Daily, split-adjusted
Vitals
Market cap$53.4B
52-week range$76.29 – $100.77
Volume (last day)2,643,900
P/E (TTM)27.4
EBIT / EV yield4.1%
Free-cash-flow yield3.7%
Dividend yield1.2%
Revenue (TTM)$8.8B
Net income (TTM)$2.0B
Operating margin29.5%
Return on capital9.9%
Debt incl. leases$9.6B
Cash & securities$520M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$82model spread $74 – $92
Fair
−12.5% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $94
Undervalued < $58Fair $58 – $107Overvalued > $107
10-year DCF (market-scaled)
$114
Peer multiples
$47
Earnings power floor (not blended)
$34
Fundamentals-adjusted multiple
$86
Growth the price implies
9.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Valuation
Weak
28/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.1%
Free-cash-flow yield3.7%
Fair value vs price0.9×
Growth
Fair
60/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)9.9%
EPS growth (3y)11.0%
Growth consistency100%
Profitability
Fair
51/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital9.9%
Operating margin29.5%
Gross profitability20.5%
Financial health
Weak
49/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA3.3×
Interest cover7.4×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.2%
Dividends vs free cash flow34%
Dividend growth16.2%
Quarterly results: last 6 quarters
+25.2%
Mar '25
+17.2%
Jun '25
+2.9%
Sep '25
+4.6%
Dec '25
+2.0%
Mar '26
+20.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.5B, diluted EPS $0.89.
Compare with peers
CBOE Cboe Global Markets, I...64 MCO Moodys Corp62 FDS Factset Research Syste...59 MSCI MSCI Inc.56Other Financial Exchanges & Data companies by X-Ray Score.
Fundamentals checklist
● 2 Good · ● 9 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B |
| Operating income | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
| Net income | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B |
| Operating cash flow | $1.1B | $1.7B | $1.7B | $1.9B | $2.3B |
| Operating margin | 24.5% | 25.1% | 26.0% | 24.3% | 28.2% |
| Free cash flow | $920M | $1.6B | $1.5B | $1.7B | $2.0B |
| Diluted EPS | $2.35 | $2.26 | $2.08 | $1.93 | $3.09 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
10 bullish · 2 neutral · 4 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 92.96 | Bullish |
| EMA 10 | 93.10 | Bullish |
| SMA 20 | 93.04 | Bullish |
| EMA 20 | 93.08 | Bullish |
| SMA 50 | 94.48 | Bearish |
| EMA 50 | 93.09 | Bullish |
| SMA 100 | 91.24 | Bullish |
| EMA 100 | 92.02 | Bullish |
| SMA 200 | 89.96 | Bullish |
| EMA 200 | 90.31 | Bullish |
Oscillators (daily)
| RSI (14) | 53.17 | Neutral |
| MACD (12, 26) | -0.12 | Bearish |
| Momentum (12) | 2.13 | Bullish |
| Stochastic %K (14) | 83.01 | Bearish |
| Williams %R (14) | -16.99 | Bearish |
| CCI (20) | 47.98 | Neutral |
Pivot points (classic, last session)
S3 91.21 | S2 92.04 | S1 93.00 | Pivot 93.83 | R1 94.79 | R2 95.62 | R3 96.58 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.16 USD
Yield on today's price
1.23%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 11 Sep 2026 | 0.3100 |
| 12 Jun 2026 | 0.3100 |
| 16 Mar 2026 | 0.2700 |
| 5 Dec 2025 | 0.2700 |
| 12 Sep 2025 | 0.2700 |
| 13 Jun 2025 | 0.2700 |
| 14 Mar 2025 | 0.2400 |
| 6 Dec 2024 | 0.2400 |
| 13 Sep 2024 | 0.2400 |
| 14 Jun 2024 | 0.2400 |
| 13 Mar 2024 | 0.2200 |
| 7 Dec 2023 | 0.2200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
NDAQ SEC filings
23 Jul 2026
10-QSEC EDGAR
Quarterly report
23 Jul 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
1 Jul 2026
8-KSEC EDGAR
Entered a material agreement
16 Jun 2026
8-KSEC EDGAR
Shareholder vote results
24 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
24 Apr 2026
10-QSEC EDGAR
Quarterly report
23 Apr 2026
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
12 Feb 2026
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.