Nasdaq, Inc. (NDAQ)

NASDAQ: NDAQ · USD

$106

+1.15 (+1.1%)· Recorded snapshot

İngilizce yedekTR

Çeviri yapılırken İngilizce kaynak gösteriliyor

Bu rapor henüz çevrilmedi. Çeviri kuyruğu yetiştiğinde birkaç dakika sonra sayfayı yenileyin.

StockMarketAgent Research · Analyzed 2026-05-20

Our latest published analysis: NDAQ rated Sell

Nasdaq, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$70.2 / share

Potential value

$87.7 / share

Upside to FV

-23.7%

from $106

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$52.0B
Revenue (ttm)	5.8B
Net income (ttm)	2.1B
EPS (ttm)	$3.66
Shares out	555M
P/E (trailing)	28.8x
P/E (forward)	20.8x
Dividend	$1.24 (1.18%)
Volume	2,073,873
Beta	1.00

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.8B
Net income (ttm): 2.1B
EPS (ttm): $3.66
P/E (trailing): 28.8x
P/E (forward): 20.8x
Market cap: $52.0B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	—	$6.23B	$6.06B	$7.40B	$8.26B	+9.9%
Gross profit	—	$2.34B	$2.55B	$2.99B	$3.49B	+14.3%
Operating income	—	$1.60B	$1.67B	$1.85B	$2.50B	+16.1%
Net income	—	$1.13B	$1.06B	$1.12B	$1.79B	+16.7%
EPS (diluted)	$2.35	$2.26	$2.08	$1.93	$3.09	+7.1%
EBITDA	—	$1.85B	$2.00B	$2.46B	$3.13B	+19.1%
R&D	—	—	—	—	—	—
SG&A	—	$420.0M	$417.0M	$427.0M	$424.0M	+0.3%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Sat
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Sat
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Güçlü Al
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	Güçlü Al
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	Güçlü Al
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	Tut

Base and Bull scenarios

Bull20%

Price target

$87.67

-4.7% from spot

Accelerating IPO activity and strong demand for Anti-Financial Crime (Verafin) and index products drive structural growth outperformance and margin expansion.

Seamless Verafin integration
Rebound in IPO activity
Margin expansion above 50%

Base60%

Price target

$70.15

-23.7% from spot

A near-term revenue contraction driven by portfolio reshaping transitions into steady high-single-digit growth, with margins reverting to 40%.

-30.3% Year 1 revenue growth
+8.4% Year 2 revenue growth
40% operating margin stabilization

Sensitivity: Ke × terminal growth

The highlighted base cell is anchored to valuation synthesis sensitivity reference ($73.18). It is the reference value for this grid, not a separate standalone fair-value claim.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
7.1%	$87.6	$97.3	$109	$125	$128
8.1%	$73.2	$79.8	$87.6	$97.3	$109
9.1%	$62.8	$67.6	$73.2	$79.8	$87.6
10.1%	$55.0	$58.7	$62.8	$67.6	$73.2
11.1%	$49.0	$51.8	$55.0	$58.7	$62.8

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E20.8

P25 n/aP50 n/aP75 n/a

Trailing P/E27.7

P25 n/aP50 n/aP75 n/a

ROE17.3

P25 n/aP50 n/aP75 n/a

ROIC10.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All NDAQ indicators

Market & fundamental data

Available fields

291

Groups with data

Currency

USD

Showing 291 of 291 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001120193
Company name	Nasdaq, Inc.
Country	United States
Country code	US
CUSIP number	631103108
Earnings date	2026-10-22
Earnings time	bmo
Employees	9,630
Employees change	138
Employees growth	1.45%
Enterprise value	$67.3B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1971
In index	SP500
Industry	Financial Data & Stock Exchanges
IPO date	2002-07-01
Is primary listing	Yes
Is SPAC	No
ISIN number	US6311031081
Last 10-K release date	2026-02-12
Last earnings date	2026-10-22
Last refreshed	2026-10-28
Last stock split date	2022-08-29
Last stock split type	Forward
Market cap	$58.6B
Market cap category	Large-Cap
Next earnings date	2027-01-28
Options	Yes
Price	$105.51
Price currency	USD
Sector	Financials
SIC code	6200
Stock price date	2026-10-28
Symbol	NDAQ
U.S. state	New York
Website	https://www.nasdaq.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	26.18x
Average P/E ratio (10Y)	31.52x
Average P/E ratio (3Y)	32.64x
Average P/E ratio (5Y)	29.33x
Earnings yield	3.47%
EV/Earnings	32.23x
EV/EBIT	23.74x
EV/EBITDA	19.26x
EV/FCF	29.75x
EV/Sales	11.62x
FCF / EV yield	3.36%
FCF yield	3.87%
Forward EV/Sales	10.63x
Forward P/E	23.1x
Forward P/S	9.24x
Graham number	42.06678
Graham upside	-60.02%
Industry forward P/E	23.83x
Industry P/E	28.12x
Lynch fair value	$46.00
Lynch upside	-56.28%
P/(FCF - SBC) ratio	28.06x
P/(OCF - SBC) ratio	24.65x
P/B ratio	4.86x
P/E ratio	28.82x
P/FCF ratio	25.86x
P/OCF ratio	22.94x
P/S ratio	10.1x
PEG ratio	1.26x
Price/EBITDA ratio	16.75x
Sector forward P/E	13.61x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	48.96%
EBITDA margin	60.33%
Effective tax rate	20.22%
FCF margin	39.07%
Gross margin	100%
Operating margin	48.96%
Pretax margin	45.17%
Profit margin	36.06%
Profit per employee	$216,407
Profitable quarters	31
Profitable years	21
Revenue per employee	$600,208
ROA	6.1%
ROA (5Y)	4.77%
ROCE	12.38%
ROE	17.33%
ROE (5Y)	14.84%
ROIC	10.87%
ROIC (5Y)	9.62%
SBC / revenue	3.06%
Tax / revenue	9.13%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	30.74%
EPS growth (Q)	31.51%
EPS growth (QoQ)	7.87%
EPS growth 10Y	14.46%
EPS growth 3Y	17.97%
EPS growth 5Y	9.86%
EPS growth quarters	8
EPS growth years	1
FCF growth	7.63%
FCF growth (Q)	201.97%
FCF growth (QoQ)	-27.6%
FCF growth 3Y	11.64%
FCF growth 5Y	18.63%
Gross profit growth	13.69%
Gross profit growth (Q)	12.62%
Gross profit growth 3Y	16.19%
Gross profit growth 5Y	11.71%
Net income growth	28.25%
Net income growth (Q)	27.66%
Net income growth (QoQ)	6.51%
Net income growth 3Y	23.63%
Net income growth 5Y	12.57%
Net income growth quarters	9
Net income growth years	2
OCF growth	9.04%
OCF growth (Q)	135.75%
OCF growth (QoQ)	-26.72%
OCF growth 10Y	13.75%
OCF growth 3Y	12.82%
OCF growth 5Y	17.56%
Operating income growth	18.76%
Operating income growth (Q)	21%
Operating income growth 3Y	16.91%
Operating income growth 5Y	12.38%
Revenue growth	13.69%
Revenue growth (Q)	12.62%
Revenue growth (QoQ)	-1.27%
Revenue growth 10Y	10.07%
Revenue growth 3Y	16.19%
Revenue growth 5Y	11.71%
Revenue growth quarters	12
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-288M
Depreciation and amortization	$657M
EBIT	$2.8B
EBITDA	$3.5B
EPS	$3.66
FCF per share	$4.07
Financing cash flow	$-5.5B
Free cash flow	$2.3B
Free cash flow minus SBC	$2.1B
Gross profit	$5.8B
Income taxes	$528M
Investing cash flow	$-272M
Net borrowing	$-262M
Net cash flow	$-3.3B
Net income	$2.1B
Operating cash flow minus SBC	$2.4B
Operating income	$2.8B
Revenue	$5.8B
Stock-based compensation	$177M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.09
Book value per share	$21.49
Debt / EBITDA	2.56
Debt / equity	0.77
Debt / FCF	4.12
Goodwill	$14.2B
Interest coverage	8.16
Long-term assets	$22.9B
Long-term liabilities	$10.9B
Net cash (debt)	$-8.8B
Net cash / market cap	-15.03%
Net debt / EBITDA	2.52
Net debt / equity	0.73
Net debt / FCF	3.89
Piotroski F-Score	7
Property, plant and equipment	$1.2B
Shareholders' equity	$12B
Tangible book value	$-8.4B
Tangible book value per share	$-14.96
Total assets	$27.4B
Total cash	$516M
Total debt	$9.3B
Total liabilities	$15.4B
WACC	8.81%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.2
Current assets	$4.5B
Current liabilities	$4.5B
Current ratio	1
Net working capital	$-153M
Quick ratio	0.37
Working capital	$15M
Working capital turnover	-124.3

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.67%
Dividend growth	14.29%
Dividend growth (10Y)	11.52%
Dividend growth (3Y)	11.74%
Dividend growth (5Y)	11.28%
Dividend growth years	13
Dividend payment date	2026-12-18
Dividend payment years	15
Dividend payout frequency	Quarterly
Dividend per share	$1.24
Dividend yield	1.18%
Ex-dividend date	2026-12-04
FCF payout ratio	30.48%
Last dividend	$0.31
Payout ratio	33.88%
Shareholder yield	2.84%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	394.21%
10Y return CAGR	19.19%
10Y total return	478.51%
150-day SMA	$91.12
15Y price change	1,126.86%
15Y return CAGR	20.06%
15Y total return	1,451.84%
1D price change	1.1%
1M price change	12.61%
1M total return	12.61%
1W price change	11.13%
1W total return	11.13%
1Y price change	18.66%
1Y return CAGR	20.25%
1Y total return	20.23%
20-day SMA	$95.80
200-day SMA	$90.54
20Y price change	760.7%
20Y return CAGR	12.68%
20Y total return	988.66%
3M price change	12.15%
3M total return	12.53%
3Y price change	121.37%
3Y return CAGR	32.09%
3Y total return	130.48%
50-day SMA	$95.35
50-day SMA vs 200-day SMA	50over200
52-week high	$105.70
52-week high date	2026-10-28
52-week low	$76.55
52-week low date	2026-06-30
5Y price change	56.16%
5Y return CAGR	10.84%
5Y total return	67.28%
6M price change	16.5%
6M total return	17.31%
All-time high	$105.70
All-time high date	2026-10-28
All-time low	$1.72
All-time low date	2003-04-15
Average true range (ATR)	$2.27
Average volume	3.1M
Beta (1Y)	0.77
Beta (2Y)	0.83
Beta (5Y)	1
Change from 52-week high	-0.18%
Change from 52-week low	37.83%
Change from all-time high	-0.33%
Change from all-time low	6,035.7%
Change from open	1.22%
Day's gap	-0.11%
Dollar volume	$218.8M
High price	$105.64
Low price	$104.24
Monthly RSI	62.31
Open price	$104.24
Position in 52-week range	90.71%
Premarket change	-0.16%
Premarket close	$104.36
Premarket price	$104.19
Premarket volume	1.5K
Previous close	$104.36
Price vs 150-day SMA	15.61%
Price vs 20-day SMA	9.97%
Price vs 200-day SMA	16.36%
Price vs 50-day SMA	10.49%
Relative volume	0.66
RSI	74.22
Sharpe ratio	0.65
Sharpe ratio (3Y)	1.05
Sharpe ratio (5Y)	0.39
Sortino ratio	1.11
Sortino ratio (3Y)	1.74
Sortino ratio (5Y)	0.77
Volume	2.1M
Weekly RSI	64.84
YTD price change	8.46%
YTD total return	9.57%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	492.5M
Float percentage	88.75%
Shares change (QoQ)	-0.78%
Shares change (YoY)	-1.67%
Shares held by insiders	0.64%
Shares held by institutions	87.73%
Shares outstanding	555M
Short % of float	1.56%
Short % of shares	1.38%
Short ratio	2.3 days

Deeper analysis on NDAQ

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this NDAQ report

What is the latest published NDAQ stock rating?

Nasdaq, Inc. is shown with Sell in the latest published report, analyzed 2026-05-20. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full NDAQ analysis?

The full latest published report, analyzed 2026-05-20, lives at /stocks/NDAQ/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for NDAQ?

The latest published report analyzed 2026-05-20 gives NDAQ a fair value of USD 70 and a potential value of USD 88. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the NDAQ page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-20). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellNDAQ · Fair value $70.2-23.7%

Read full analysis →

Nasdaq, Inc. (NDAQ)

Our latest published analysis: NDAQ rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · NDAQ

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All NDAQ indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on NDAQ

Frequently asked questions

Derecelendirme geçmişi

Category	Score	Reading
Valuation	1.5
Management	6.4
Balance Sheet	4.0
Profitability	7.5
Revenue Growth	6.0
Risk Assessment	5.0
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	5.5