Nasdaq (NDAQ)
Financials · $52.9B market cap · SEC CIK 0001120193
fundamentals score out of 100
Next reports on Oct 19, 2026, with analysts expecting $1.04 in earnings per share.
The case for NDAQ
- 22% of revenue drops through to net profit.
- Earnings per share up 31.8%.
- A PEG of 0.85: a P/E of 26.9× is low for EPS growing 32%.
- Return on equity of 16%.
- Gross margin of 64% absorbs cost shocks.
- Pays a modest 1.6% dividend.
The case against
- Priced at 6.0× sales with revenue growing only 7.9%.
- Weakest against its peers: P/E of 26.9× is higher than 81% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 35 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 56 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 69 |
| Momentumhow the price has behaved lately | 68 |
| Stabilityhow violently it moves, what it owes and what it pays you | 58 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 26.9× |
|---|---|
| Price / book | 3.72× |
| Price / sales | 6.0× |
| Revenue growth (YoY) | +7.9% |
| EPS growth (YoY) | +31.8% |
| Gross margin | 64% |
| Operating margin | 31% |
| Net margin | 22% |
| Return on equity | 16% |
| Debt / equity | 0.73× |
| Current ratio | 1.01 |
| Dividend yield | 1.59% |
| Beta | 1.00 |
| 52-week range | $76.55 – $101.79 |
| Position in that range | 71% of the way up |
| 3-month return | +15.1% |
| 1-year return | +5.7% |
Five years of financials, as filed
Pulled from Nasdaq's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.3B | $7.4B | $6.1B | $6.2B | $5.9B |
| Gross profit | $5.2B | $4.6B | $3.9B | $3.6B | $3.4B |
| Operating income | $2.3B | $1.8B | $1.6B | $1.6B | $1.4B |
| Net income | $1.8B | $1.1B | $1.1B | $1.1B | $1.2B |
| Operating cash flow | $2.3B | $1.9B | $1.7B | $1.7B | $1.1B |
| Capital expenditure | $266M | $207M | $158M | $152M | $163M |
| Total assets | $31.1B | $30.4B | $32.3B | $20.9B | $20.1B |
| Total liabilities | $18.8B | $19.2B | $21.5B | $14.7B | $13.7B |
| Shareholder equity | $12.2B | $11.2B | $10.8B | $6.2B | $6.4B |
| Cash | $604M | $592M | $453M | $502M | $393M |
| Long-term debt | $8.6B | $9.1B | $10.2B | $4.7B | $4.8B |
| Free cash flow | $2.0B | $1.7B | $1.5B | $1.6B | $920M |
| Gross margin | 63.5% | 62.8% | 64.2% | 57.5% | 58.1% |
| Operating margin | 28.2% | 24.3% | 26.0% | 25.1% | 24.5% |
| Net margin | 21.6% | 15.1% | 17.5% | 18.1% | 20.2% |
| Diluted shares | 579M | 579M | 508M | 498M | 505M |
Share count is up 14.6% over 4 years. Your slice has been diluted.
What Nasdaq says it does
" For a similar discussion comparing the fiscal years ended December 31, 2024 and 2023, refer to "Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was previously filed with the SEC on February 21, 2025. Certain percentages and per share amounts herein may not sum or recalculate due to rounding. EXECUTIVE OVERVIEW Nasdaq is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying the technology, data, and advanced analytics that enable our clients to capture opportunities, navigate risk, and strengthen resilience. We manage, operate and provide our products and services in three business segments:…
Risk factors NDAQ lists in its 10-K
- tracking Nasdaq indices (in billions)
- Financial Crime Management Technology Revenues
- Capital Markets Technology Revenues
- Nasdaq Nordic and Nasdaq Baltic securities
- Adenza purchase accounting adjustment
- Amortization expense of acquired intangible
- Merger and strategic initiatives expense
- Gain/loss on extinguishment of debt
- Net (income) loss from unconsolidated investees