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Investment Highlights Market Valuation Price Chart About NDAQ Interactive Breakdown Better Bets vs. NDAQ Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Nasdaq (NDAQ)

Market Price (10/20/2025): $88.71 | Market Cap: $50.9 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Nasdaq (NDAQ)

Market Price (10/20/2025): $88.71
Market Cap: $50.9 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%		 Weak multi-year price returns
3Y Excs Rtn is -26%		 
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 2.4 Bil, FCF LTM is 2.1 Bil		  
2 Low stock price volatility
Vol 12M is 24%		  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 2.4 Bil, FCF LTM is 2.1 Bil
2 Low stock price volatility
Vol 12M is 24%
3 Weak multi-year price returns
3Y Excs Rtn is -26%

Market Valuation & Key Metrics

NDAQS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)8.1
Rev Chg Q16.6%6.1%
Rev Chg LTM23.6%5.2%
Rev Chg 3Y Avg11.5%5.4%
PROFITABILITYGOOD
Op Inc LTM ($ Bil)2.2
Op Mgn LTM27.1%18.6%
CFO LTM ($ Bil)2.4
CFO/Rev LTM29.1%20.4%
Net Inc LTM ($ Bil)1.5
Net Inc Mgn18.6%12.7%
VALUATIONHIGH
P/S6.33.2
P/CFO21.615.9
P/FCF23.920.7
P/E33.824.0
STABILITYGOOD
Debt/Equity0.190.22
Cash/Assets0.070.07

NDAQ Stock

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
NDAQ Return26%60%-11%-4%35%16%169%
Peers Return13%25%-16%19%6%10%64%
S&P 500 Return16%27%-19%24%23%13%106%

Monthly Win Rates [3]
NDAQ Win Rate67%83%33%50%58%67% 
Peers Win Rate55%48%47%62%52%60% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
NDAQ Max Drawdown-32%-1%-32%-22%-5%-14% 
Peers Max Drawdown-32%-11%-30%-16%-12%-8% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SCHW, ICE, CME, CBOE, MKTX. See NDAQ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/17/2025 (YTD)

Downturns Compared

Unique KeyEventNDAQS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-33.2%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven49.8%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven832 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-38.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven62.9%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven70 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-20.7%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven26.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven178 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-68.5%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven217.3%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2282 days1480 days


How Low Can It Go?

Nasdaq's stock fell -33.2% during the 2022 Inflation Shock from a high on 11/5/2021. A -33.2% loss requires a 49.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Interactive Breakdown

Nasdaq Interactive Breakdown Analysis

Better Bets than Nasdaq (NDAQ)

 NDAQBetter Performance than NDAQ
MetricValueIndustry (Financial Exchanges & Data)
Rev Chg LTM23.6%COIN (75.2%), VIRT (35.0%)
Rev Chg 3Y Avg11.5%SPGI (15.7%), COIN (18.6%), VIRT (11.7%)
Op Mgn LTM27.1%SPGI (39.2%), CME (65.3%), ICE (37.5%), COIN (33.0%), MCO (42.5%)
CFO/Rev LTM29.1%SPGI (38.0%), CME (65.1%), ICE (37.5%), MCO (36.6%), MSCI (49.9%)
FCF/Rev LTM26.3%SPGI (36.8%), CME (63.7%), ICE (30.9%), COIN (28.2%), MCO (32.4%)
Total Yield4.1%CME (6.6%), ICE (4.4%), MSCI (4.1%), CBOE (4.6%), FDS (6.4%)
 NDAQBetter Performance than NDAQ
MetricValueAll Other Sectors
Rev Chg LTM23.6%NVDA (71.6%), AVGO (28.0%), LLY (36.8%), PLTR (38.8%), AMD (27.2%)
Rev Chg 3Y Avg11.5%NVDA (92.0%), MSFT (12.5%), META (13.0%), AVGO (24.0%), TSLA (12.9%)
Op Mgn LTM27.1%NVDA (58.1%), MSFT (45.6%), AAPL (31.9%), GOOGL (32.7%), META (42.9%)
CFO/Rev LTM29.1%NVDA (46.6%), MSFT (48.3%), GOOGL (36.0%), META (56.4%), AVGO (42.4%)
FCF/Rev LTM26.3%NVDA (43.6%), META (30.7%), AVGO (41.6%), PLTR (49.7%), ABBV (31.3%)
Total Yield4.1%GOOGL (4.1%), XOM (9.9%), JNJ (7.5%), HD (6.1%), BABA (37.7%)
 Best Bets In Financials Sector
 NDAQDBRG OTF MTG NMIH ENVA ACGL APAM CINF EEFT CNO
What You Pay           
P/E33.739.413.48.37.410.88.610.413.111.113.7
P/EBIT23.064.29.26.35.47.97.66.010.46.76.3
What You Get           
Rev Chg Q16.6%-102.4%1,228.5%-0.3%7.2%21.6%22.4%4.4%27.7%8.9%8.0%
Rev Chg LTM23.6%-84.8%89.0%3.3%10.0%23.4%23.5%10.0%9.6%8.7%1.0%
Rev Chg 3Y Avg11.5%125.8%221.9%1.2%10.1%25.7%29.8%0.2%18.2%9.1%5.5%
FCF/Rev 3Y Avg25.0%101.2%76.2%59.8%58.8%54.0%38.4%29.0%22.1%15.9%14.4%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Nasdaq Earnings Notes  
2Nasdaq Stock Fell 5.5% in a Month, What Now?Return 
3Nasdaq vs Newmont: Which Is A Better Investment?Counter-Intuitive Comparisons 
4Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From VST, OKE   
5Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From HLNE, FOUR   
6Day 6 of Gains Streak for Nasdaq Stock with 9% Return (vs. 25% YTD) [7/31/2025]Notification 
7NDAQ Dip Buy Analysis  
8NDAQ YTD Stock Return Of 7.8% Outperforms MKTX by 11% and Underperforms CME by -15%Return 
9Nasdaq Total Shareholder Return (TSR): 35.9% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)  
10Nasdaq (NDAQ) Operating Cash Flow ComparisonFinancials 
11ARTICLES  
12NDAQ Stock Up 9% after 6-Day Win Streak August 1st, 2025
13How Will Nasdaq Stock React To Its Upcoming Earnings? July 21st, 2025
14How Will Nasdaq Stock React To Its Upcoming Earnings? April 15th, 2025
15Time To Exchange Nasdaq Stock After Its 23% Gains This Year? August 30th, 2024
16Up 7% YTD, What To Expect From NASDAQ Stock? May 17th, 2024
Title
0DASHBOARDS
1NDAQ Stock Up 9% after 6-Day Win Streak
2How Will Nasdaq Stock React To Its Upcoming Earnings?
3How Will Nasdaq Stock React To Its Upcoming Earnings?
4Time To Exchange Nasdaq Stock After Its 23% Gains This Year?
5Up 7% YTD, What To Expect From NASDAQ Stock?
6ARTICLES
7Nasdaq Earnings Notes
8Nasdaq Stock Fell 5.5% in a Month, What Now?
9Nasdaq vs Newmont: Which Is A Better Investment?
10Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From VST, OKE 
11Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From HLNE, FOUR 
12Day 6 of Gains Streak for Nasdaq Stock with 9% Return (vs. 25% YTD) [7/31/2025]
13NDAQ Dip Buy Analysis
14NDAQ YTD Stock Return Of 7.8% Outperforms MKTX by 11% and Underperforms CME by -15%
15Nasdaq Total Shareholder Return (TSR): 35.9% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)
16Nasdaq (NDAQ) Operating Cash Flow Comparison

Trade Ideas

Select past ideas related to NDAQ. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-12.4%-12.4%-12.7%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.1%6.1%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		2.4%2.4%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.9%-0.9%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		10.1%10.1%0.0%
NDAQ_7312023_Monopoly_xInd_xCD_Getting_Cheaper07312023NDAQNasdaqMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		16.3%39.2%-6.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield09302025HLNEHamilton LaneDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-12.4%-12.4%-12.7%
CNS_9302025_Dip_Buyer_ValueBuy09302025CNSCohen & SteersDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		6.1%6.1%-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper09262025JKHYJack Henry & AssociatesMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		2.4%2.4%-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper09192025FDSFactSet Research SystemsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.9%-0.9%-4.9%
IBKR_9052025_Quality_Momentum_RoomToRun_10%09052025IBKRInteractive BrokersQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		10.1%10.1%0.0%
NDAQ_7312023_Monopoly_xInd_xCD_Getting_Cheaper07312023NDAQNasdaqMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		16.3%39.2%-6.0%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1WOLFWolfspeed1160.2%365.5%
2PRAXPraxis Precision Medicines320.1%146.9%
3QUREuniQure293.5%228.4%
4FLNCFluence Energy131.4%15.4%
5CLPTClearPoint Neuro123.6%65.0%
6NVTSNavitas Semiconductor117.8%310.6%
7LACLithium Americas110.9%128.6%
8ASTSAST SpaceMobile101.5%295.7%
9BETRBetter Home & Finance97.8%610.2%
10GRALGRAIL97.0%337.0%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1SOCSable Offshore-50.9%-48.4%
2FLYFirefly Aerospace-41.7% 
3PGYPagaya Technologies-39.5%185.3%
4UPWheels Up Experience-37.1%-6.7%
5ALABAstera Labs-36.6%20.6%
6VGVenture Global-35.8% 
7USNAUsana Health Sciences-32.3%-41.8%
8UPSTUpstart-31.7%-24.5%
9DOMODomo-30.8%73.6%
10TROXTronox-30.6%-63.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1PRAXPraxis Precision Medicines256.7%146.9%
2NVTSNavitas Semiconductor78.1%310.6%
3SSIISS Innovations International40.1%23.4%
4FLNCFluence Energy40.0%15.4%
5BTDRBitdeer Technologies35.1%10.8%
6MVSTMicrovast34.6%181.6%
7POWIPower Integrations31.3%-25.4%
8CCOClear Channel Outdoor30.8%24.1%
9IRONDisc Medicine28.7%41.9%
10BEBloom Energy28.4%402.0%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1SOCSable Offshore-35.8%-48.4%
2SRRKScholar Rock-29.2%-35.4%
3AIVApartment Investment & Management-28.3%-9.0%
4ALABAstera Labs-22.5%20.6%
5BYRNByrna Technologies-19.7%-26.6%
6BWINBaldwin Insurance-19.5%-40.3%
7ONDSOndas-17.5%197.3%
8URGUr-Energy-17.4%40.0%
9IIINInsteel Industries-16.4%14.6%
10LIFLife360-16.0%112.3%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Nasdaq

Financials

NDAQSCHWICECMECBOEMKTXMedian
NameNasdaq Charles .Intercon.CME Cboe Glo.MarketAx. 
Mkt Price88.5994.14153.60267.94239.62171.26162.43
Mkt Cap50.9171.188.296.425.16.469.5
Rev LTM8,11221,62612,1896,4444,5328377,278
Op Inc LTM2,195-4,5674,2091,3163472,195
FCF LTM2,13417,1803,7704,107-1133522,952
FCF 3Y Avg1,74112,2473,3693,5691,0903012,555
CFO LTM2,35817,8074,5664,196-424053,277
CFO 3Y Avg1,92312,9133,9723,6531,1503572,788

Growth & Margins

NDAQSCHWICECMECBOEMKTXMedian
NameNasdaq Charles .Intercon.CME Cboe Glo.MarketAx. 
Rev Chg LTM23.6%16.9%19.1%11.2%19.0%7.7%17.9%
Rev Chg 3Y Avg11.5%5.0%10.0%10.0%7.9%6.4%9.0%
Rev Chg Q16.6%24.8%15.3%10.4%20.5%11.0%16.0%
QoQ Delta Rev Chg LTM3.8%5.7%3.6%2.5%4.6%2.7%3.7%
Op Mgn LTM27.1%-37.5%65.3%29.0%41.5%37.5%
Op Mgn 3Y Avg27.7%-38.6%62.8%28.1%42.2%38.6%
QoQ Delta Op Mgn LTM0.4%--0.1%0.4%0.2%0.2%0.2%
CFO/Rev LTM29.1%82.3%37.5%65.1%-0.9%48.3%42.9%
CFO/Rev 3Y Avg27.7%62.9%37.1%62.6%30.1%45.6%41.3%
FCF/Rev LTM26.3%79.4%30.9%63.7%-2.5%42.0%36.5%
FCF/Rev 3Y Avg25.0%59.6%31.5%61.1%28.7%38.3%34.9%

Valuation

NDAQSCHWICECMECBOEMKTXMedian
NameNasdaq Charles .Intercon.CME Cboe Glo.MarketAx. 
Mkt Cap50.9171.188.296.425.16.469.5
P/S6.37.97.215.05.57.67.4
P/EBIT23.0-19.119.218.917.119.1
P/E33.723.531.725.627.928.628.2
P/CFO21.69.619.323.0-593.115.717.5
Total Yield4.1%4.3%4.4%6.6%4.6%5.3%4.5%
Dividend Yield1.1%0.0%1.2%2.7%1.1%1.8%1.2%
FCF Yield 3Y Avg5.0%9.1%4.2%4.6%6.4%3.6%4.8%
D/E0.20.20.20.00.10.00.1
Net D/E0.1-0.40.20.00.0-0.10.0

Returns

NDAQSCHWICECMECBOEMKTXMedian
NameNasdaq Charles .Intercon.CME Cboe Glo.MarketAx. 
1M Rtn-1.1%-0.2%-9.5%2.4%2.8%-4.0%-0.6%
3M Rtn-0.6%-1.5%-14.8%-2.0%0.7%-18.0%-1.7%
6M Rtn23.5%24.4%-2.6%3.0%11.0%-23.7%7.0%
12M Rtn19.7%33.6%-6.9%22.6%15.9%-40.1%17.8%
3Y Rtn62.6%45.0%76.9%80.7%109.4%-23.5%69.8%
1M Excs Rtn-0.8%0.4%-10.7%2.3%1.7%-5.2%-0.2%
3M Excs Rtn-6.1%-7.6%-20.5%-7.8%-4.0%-23.3%-7.7%
6M Excs Rtn-2.7%-1.8%-28.8%-23.1%-15.1%-49.8%-19.1%
12M Excs Rtn8.2%17.9%-20.6%9.9%0.6%-54.6%4.4%
3Y Excs Rtn-25.7%-49.1%-10.0%-6.9%24.6%-111.6%-17.8%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/25/20254/28/20252/21/202510/29/20248/6/20245/2/20242/21/202411/3/20238/2/20235/4/20232/23/202311/2/2022
Key Financials Quarterly            
Total Revenue2,0902,0902,0301,9021,7921,6741,6471,4511,4331,5331,5821,557
Ebitda798736689607593570509552436500416475
Operating Income597576542480483445481452441432405412
Net Income452395355306222234197294267302241294
EPS0.790.690.620.530.390.410.360.600.540.620.490.60
Key Financials TTM            
Total Revenue TTM8,1127,8147,3987,0156,5646,2056,0645,9996,1056,2246,2266,111
Ebitda TTM2,8302,6252,4592,2792,2242,0671,9971,9041,8271,8831,8531,860
Operating Income TTM2,1952,0811,9501,8891,8611,8191,8061,7301,6901,6731,6611,617
Net Income TTM1,5081,2781,1179599479921,0601,1041,1041,1441,1261,144
Growth Rates Quarterly            
Total Revenue Growth16.6%24.9%23.3%31.1%25.1%9.2%4.1%-6.8%-7.7%-0.1%7.8%14.7%
EBITDA Growth34.6%29.1%35.4%10.0%36.0%14.0%22.4%16.2%-11.4%6.4%-1.7%1.5%
Operating Income Growth23.6%29.4%12.7%6.2%9.5%3.0%18.8%9.7%4.0%2.9%12.2%11.7%
Net Income Growth103.6%68.8%80.2%4.1%-16.9%-22.5%-18.3%0.0%-13.0%6.3%-6.9%2.1%
Margins Quarterly            
EBITDA Margin38.2%35.2%33.9%31.9%33.1%34.1%30.9%38.0%30.4%32.6%26.3%30.5%
Operating Income Margin28.6%27.6%26.7%25.2%27.0%26.6%29.2%31.2%30.8%28.2%25.6%26.5%
Net Income Margin21.6%18.9%17.5%16.1%12.4%14.0%12.0%20.3%18.6%19.7%15.2%18.9%
Cash & Debt            
Total Cash2,0142,5547764685905616415,6125,635570683430
Total Debt9,6319,7199,86810,25710,20610,40210,87110,11510,3595,5515,8515,828
Net Debt / (Cash)7,6177,1659,0929,7899,6169,84110,2304,5034,7244,9815,1685,398
Cash Flows Quarterly            
FCF from Operations746663705244460530417300414565494232
Cash Flows TTM            
FCF from Operations TTM2,3582,0721,9391,6511,7071,6611,6961,7731,7051,6661,7061,596
Returns to Shareholders Quarterly            
Dividends155138138138138127127108108989899
Share Repurchases100115-08758-0110-0-0159-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC20.2%19.9%15.6%13.7%10.6%11.0%10.7%30.2%29.6%26.4%23.4%23.5%
Return on Invested Capital (ROIC) TTM            
ROIC TTM18.5%17.4%13.4%11.7%11.2%11.3%10.8%29.3%27.4%25.6%24.5%23.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Market Services3,1563,6323,4713,8182,639
Capital Access Platforms1,7701,6821,566  
Financial Technology1,099864772  
Corporate Items3948773110
Corporate Platforms   521496
Investment Intelligence   898779
Market Technology   357338
Total6,0646,2265,8865,6254,262


Operating Income by Segment
$ Mil20242023202220212020
Capital Access Platforms971914842  
Market Services582627664685516
Financial Technology494299259  
Corporate Items-469-276-324-242-221
Corporate Platforms   187178
Investment Intelligence   572490
Market Technology   3254
Total1,5781,5641,4411,2341,017


Price Behavior

NDAQ Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta1.020.720.720.900.890.85
Up Beta0.020.67-0.120.770.770.82
Down Beta0.820.540.331.020.970.98
Up Capture10%24%83%96%96%53%
Bmk +ve Days13233574144420
Stock +ve Days9173174145418
Down Capture265%147%151%100%94%95%
Bmk -ve Days8192952107330
Stock -ve Days12253352106329

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date9302025
Short Interest: Shares Quantity7,825,749
Short Interest: % Change Since 915202534.6%
Average Daily Volume5,246,614
Days-to-Cover Short Interest1.49
Basic Shares Quantity574,073,104
Short % of Basic Shares1.4%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/24/20255.9%8.7%6.4%
4/24/20251.7%3.7%10.5%
1/29/20250.7%0.7%-0.5%
10/24/20241.8%2.2%9.4%
7/25/20247.2%7.9%12.6%
4/25/2024-2.0%-2.6%0.0%
1/31/2024-1.2%-3.6%-3.8%
10/18/20234.0%-0.9%6.8%
...
SUMMARY STATS   
# Positive141414
# Negative101010
Median Positive3.1%3.3%7.4%
Median Negative-2.0%-2.7%-3.0%
Max Positive7.2%8.7%21.6%
Max Negative-5.8%-10.7%-21.5%

SEC Filings

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Report DateFiling DateFiling
6302025725202510-Q 6/30/2025
3312025428202510-Q 3/31/2025
12312024221202510-K 12/31/2024
93020241029202410-Q 9/30/2024
6302024806202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023221202410-K 12/31/2023
93020231103202310-Q 9/30/2023
6302023802202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022223202310-K 12/31/2022
93020221102202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022504202210-Q 3/31/2022
12312021223202210-K 12/31/2021
93020211104202110-Q 9/30/2021

Insider Activity

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Industry Resources

External Quote Links


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