Inside the research
Nasdaq, Inc.
NDAQ Research profile · latest available data
Price overview
$93.55
▼ -1.00 (-1.1%)
| 52w hi | $99.96 |
|---|---|
| 52w lo | $76.59 |
| Vol | 2.25M |
| As of | 25 Sep 2026 |
The Verdict
Our score +0.20
| Short | +0.22 |
|---|---|
| Medium | +0.21 |
| Long | +0.13 |
computed 2026-09-27
Key fundamentals
Nasdaq, Inc.
Financial Services · Financial Data & Stock Exchanges
| Market cap | $52.29B |
|---|---|
| Enterprise value | $61.06B |
| Trailing P/E | 27.27x |
| Forward P/E | 19.99x |
| EV / EBITDA | 18.21x |
| P / S (ttm) | 9.31x |
| Profit margin | 35.0% |
| Return on equity | 16.5% |
| Revenue growth | +14.9% |
| Earnings growth | +14.1% |
| Debt / equity | 77.69 |
Layer Breakdown
| Layer | Raw | Contribution |
|---|---|---|
| Fundamental | +0.24 | |
| Sector | +0.02 | |
| Technical | +0.15 | |
| Earnings | +0.00 | |
| Sentiment | +0.00 |
macro × 1.00 · 2026-09-27
Business overview
Nasdaq, Inc. operates as a technology company that serves capital markets and other industries in the United States and internationally. It operates through three segments: Capital Access Platforms, Financial Technology, and Market Services. The company distributes historical and real-time market data; develops and licenses Nasdaq-branded indices and financial products; provides investor relations intelligence, governance solutions, and sustainability solution products for public and private companies, and organizations, as well as insights and workflow solutions; and operates listing platforms. It also offers Verafin, a cloud-based platform to detect, investigate, and report money laundering and financial frauds; AxiomSL, a risk data management and regulatory reporting solution; cloud-enabled and on-premises surveillance solutions to assist in complying with market rules, regulations, and internal market surveillance policies; Calypso, a platform providing cross-asset, front-to-back trading, treasury, risk, and collateral management solutions; and trade management and colocation services, as well as handles assets comprising cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products, and digital currencies. In addition, the company provides equity derivative trading and clearing, cash equity trading and fixed income, currency and commodities trading, and fixed income trading and clearing services, as well as tape plan data services; operates various exchanges, including derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and offers 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.
Risk Metrics
| Beta vs SPX | 0.84 |
|---|---|
| Corr SPX | 0.53 |
| Annual vol | 25.5% |
| Annual ret | +14.8% |
| Sharpe | 0.58 |
| Max DD | -23.9% |
Window: 504 trading days (504 obs)
Analyst Coverage
| Mean PT | $107.00 |
|---|---|
| High / Low | $120.00 / $82.00 |
| Median | $109.00 |
| Analysts | 15 |
| Strong Buy | 6 | |
|---|---|---|
| Buy | 8 | |
| Hold | 3 | |
| Sell | 0 | |
| Strong Sell | 0 |
Recent rating actions
| 2026-04-24 | Keefe, Bruyette & Woods | → Market Perform |
| 2026-04-13 | Barclays | → Overweight |
| 2026-04-08 | Barclays | → Overweight |
| 2026-02-26 | TD Cowen | → Buy |
| 2026-01-30 | TD Cowen | → Hold |
| 2026-01-30 | RBC Capital | → Outperform |
Officers & Board
| CEO | Adena Friedman current |
|---|
Material Events
| Date | Event | 8-K |
|---|---|---|
| 2026-07-23 | Earnings Release, Reg FD Disclosure… | read |
| 2026-07-01 | Material Agreement, Termination of Agreement… | read |
| 2026-06-16 | Shareholder Vote | read |
| 2026-04-23 | Earnings Release, Reg FD Disclosure… | read |
| 2026-01-29 | Earnings Release, Reg FD Disclosure… | read |
| 2026-01-16 | Bylaws Amendment, Exhibits | read |
| 2025-12-15 | Other Material Event, Exhibits | read |
| 2025-12-01 | Other Material Event, Exhibits | read |
| 2025-10-21 | Earnings Release, Reg FD Disclosure… | read |
| 2025-07-24 | Earnings Release, Reg FD Disclosure… | read |
| 2025-06-16 | Shareholder Vote | read |
| 2025-04-24 | Earnings Release, Reg FD Disclosure… | read |
Flow & Concentration
| Insider 180d net | $0 |
|---|---|
| Insider buys / sells | 0 / 0 |
| Insider bias | Neutral |
| 13F holders | 8 |
| Top-5 share | 98.4% |
| HHI | 3,555 (concentrated) |
Top Holders
| Holder | Value | Shares |
|---|---|---|
| State Street Corp | $1.59B | 20.18M |
| Capital Research / Capital World | $621.40M | 7.88M |
| Fidelity / FMR LLC | $362.04M | 4.59M |
| AQR Capital Management | $172.48M | 2.21M |
| Citadel Advisors | $161.37M | 2.05M |
| Millennium Management | $40.62M | 515.39K |
| Bridgewater Associates | $6.36M | 80.75K |
| T. Rowe Price Group | $61.40K | 778.98K |
As of 2026-06-30
Dividends
| Yield (TTM) | 0.58% |
|---|---|
| $ / share (TTM) | $0.54 |
| 5y CAGR | +10.2% |
Annual dividend per share
| 2021 | $0.70 |
|---|---|
| 2022 | $0.78 |
| 2023 | $0.86 |
| 2024 | $0.94 |
| 2025 | $1.05 |
| 2026 | $0.27 |
SEC Filings
The Long Run
FY 2010–2025 · 16 years
| Line | Latest | CAGR | Trend |
|---|---|---|---|
| Revenue | $8.26B | +6.5% | |
| Gross profit | $5.25B | +8.9% | |
| Operating income | $2.33B | +9.1% | |
| Net income | $1.79B | +10.6% | |
| Cash from ops | $2.25B | +23.8% |
Indices
Recent Sessions
| Date | Open | High | Low | Close | Vol |
|---|---|---|---|---|---|
| Sep 25 | $94.61 | $95.17 | $92.02 | $93.55 | 2.25M |
| Sep 24 | $95.60 | $95.78 | $94.36 | $94.55 | 3.19M |
| Sep 23 | $94.50 | $96.76 | $94.09 | $95.44 | 3.33M |
| Sep 22 | $94.95 | $95.24 | $93.47 | $94.50 | 3.94M |
| Sep 21 | $94.45 | $94.89 | $93.48 | $94.69 | 2.95M |
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