Tearsheet

Nasdaq (NDAQ)

Market Price (9/16/2025): $92.93 | Market Cap: $53.3 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Nasdaq (NDAQ)

Market Price (9/16/2025): $92.93
Market Cap: $53.3 Bil
Sector: Financials
Industry: Financial Exchanges & Data

Investment Highlights

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%	Trading close to highs Dist 52W High is -3.9%, Dist 3Y High is -3.9%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x
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	Weak multi-year price returns 3Y Excs Rtn is -11%
2	Low stock price volatility Vol 12M is 23%

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 23%
3	Trading close to highs Dist 52W High is -3.9%, Dist 3Y High is -3.9%
4	Weak multi-year price returns 3Y Excs Rtn is -11%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 23x

Market Valuation

	9/16/25	2024	2023	2022	2021
Share Price CYE	$92.93	$76.60	$56.80	$58.96	$66.39
Market Cap CYE ($ Bil)	53.3	44.0	31.1	29.0	33.3
Total Debt ($ Bil)	9.6	9.9	10.9	5.9	6.2
Total Cash ($ Bil)	2.0	0.8	0.6	0.7	0.6
Enterprise Value ($ Bil)	61.0	53.9	42.0	34.9	39.5
Valuation Ratios
P/S TTM	6.6	6.0	4.8	4.8	5.9
P/EBIT TTM	24.1	24.1	17.6	18.9	21.1
P/E TTM	35.4	39.8	27.7	26.9	29.4
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	7.2	6.9	7.1	7.1	7.0
P/E TTM (Sector)	12.8	11.6	10.1	9.4	10.0

	9/16/25	2024	2023
Share Price CYE	$92.93	$76.60	$56.80
Market Cap CYE ($ Bil)	53.3	44.0	31.1
Total Debt ($ Bil)	9.6	9.9	10.9
Total Cash ($ Bil)	2.0	0.8	0.6
Enterprise Value ($ Bil)	61.0	53.9	42.0
Valuation Ratios
P/S TTM	6.6	6.0	4.8
P/EBIT TTM	24.1	24.1	17.6
P/E TTM	35.4	39.8	27.7
Sector Ratios
P/S TTM (Sector)	3.2	3.1	2.8
P/EBIT TTM (Sector)	7.2	6.9	7.1
P/E TTM (Sector)	12.8	11.6	10.1

Stock Price
Market Cap

Stock Price Chart

Return (1Y):

Market Cap Chart

Business Description

Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. Show more Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, 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. Show less

Price Returns Compared

Expand for Detailed View

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NDAQ Return	26%	60%	-11%	-4%	35%	21%	185%
Peers Return	13%	25%	-16%	19%	6%	11%	66%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: SCHW, ICE, CME, CBOE, MKTX. See NDAQ Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

Nasdaq Interactive Breakdown Analysis

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Nasdaq Earnings Notes
2	Nasdaq vs Newmont: Which Is A Better Investment?	Counter-Intuitive Comparisons
3	Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From VST, OKE
4	Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From HLNE, FOUR
5	Day 6 of Gains Streak for Nasdaq Stock with 9% Return (vs. 25% YTD) [7/31/2025]	Notification
6	NDAQ Dip Buy Analysis
7	NDAQ YTD Stock Return Of 7.8% Outperforms MKTX by 11% and Underperforms CME by -15%	Return
8	Nasdaq Total Shareholder Return (TSR): 35.8% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)
9	Nasdaq (NDAQ) Operating Cash Flow Comparison	Financials
10	Nasdaq (NDAQ) Net Income Comparison	Financials
11	ARTICLES
12	NDAQ Stock Up 9% after 6-Day Win Streak		August 1st, 2025
13	How Will Nasdaq Stock React To Its Upcoming Earnings?		July 21st, 2025
14	How Will Nasdaq Stock React To Its Upcoming Earnings?		April 15th, 2025
15	Time To Exchange Nasdaq Stock After Its 23% Gains This Year?		August 30th, 2024
16	Up 7% YTD, What To Expect From NASDAQ Stock?		May 17th, 2024

	Title
0	DASHBOARDS
1	NDAQ Stock Up 9% after 6-Day Win Streak
2	How Will Nasdaq Stock React To Its Upcoming Earnings?
3	How Will Nasdaq Stock React To Its Upcoming Earnings?
4	Time To Exchange Nasdaq Stock After Its 23% Gains This Year?
5	Up 7% YTD, What To Expect From NASDAQ Stock?
6	ARTICLES
7	Nasdaq Earnings Notes
8	Nasdaq vs Newmont: Which Is A Better Investment?
9	Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From VST, OKE
10	Better Bet Than NDAQ Stock: Pay Less Than Nasdaq To Get More From HLNE, FOUR
11	Day 6 of Gains Streak for Nasdaq Stock with 9% Return (vs. 25% YTD) [7/31/2025]
12	NDAQ Dip Buy Analysis
13	NDAQ YTD Stock Return Of 7.8% Outperforms MKTX by 11% and Underperforms CME by -15%
14	Nasdaq Total Shareholder Return (TSR): 35.8% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)
15	Nasdaq (NDAQ) Operating Cash Flow Comparison
16	Nasdaq (NDAQ) Net Income Comparison

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	11963.5%	11963.5%
2	GIBO	GIBO	7309.3%
3	CHSN	Chanson International	5551.3%	-99.3%
4	LNZA	LanzaTech Global	5145.9%	-85.7%
5	QMMM	QMMM	2490.3%	5505.5%
6	NXTT	Next Technology	2167.7%	1080.3%
7	VTAK	Catheter Precision	1543.9%	-70.5%
8	CURX	Curanex Pharmaceuticals	1282.0%	1282.0%
9	VCIG	VCI Global	1278.3%	-66.8%
10	OCTO	Eightco	800.6%	562.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	CJET	Chijet Motor	-93.3%	-95.1%
2	ELPW	Elong Power	-92.4%	-76.5%
3	STFS	Star Fashion Culture	-92.1%	-97.9%
4	ETS	Elite Express	-92.0%	-92.0%
5	NAKA	Kindly MD	-91.7%
6	BINI	Bollinger Innovations	-90.5%	-100.0%
7	FLYE	Fly-E	-89.8%	-81.2%
8	JEM	707 Cayman	-89.8%	-98.3%
9	NUTR	NusaTrip	-86.7%	-86.7%
10	CUPR	Cuprina	-84.9%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	NXTT	Next Technology	18947.6%	1080.3%
2	VCIG	VCI Global	2528.6%	-66.8%
3	BDSX	Biodesix	1926.1%	-75.2%
4	CLSD	Clearside Biomedical	1136.3%	-72.3%
5	SDOT	Sadot	1033.9%	-78.2%
6	CHEK	Check-Cap	184.2%	114.2%
7	ATCH	AtlasClear	153.8%	-89.7%
8	HSDT	Helius Medical Technologies	141.7%	-96.4%
9	MTVA	MetaVia	115.5%	-26.1%
10	IHT	InnSuites Hospitality Trust	66.0%	54.9%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	ATYR	aTyr Pharma	-83.2%	-72.0%
2	NAKA	Kindly MD	-55.4%
3	REX	REX American Resources	-49.8%	-26.7%
4	FAAS	DigiAsia	-39.2%	-83.2%
5	EVTV	Envirotech Vehicles	-32.8%	-77.4%
6	WLDS	Wearable Devices	-30.0%	-24.4%
7	ZONE	CleanCore Solutions	-29.5%	107.8%
8	CGTX	Cognition Therapeutics	-29.0%	119.6%
9	SIDU	Sidus Space	-28.7%	-80.8%
10	BNGO	Bionano Genomics	-28.6%	-84.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	NXTT	Next Technology	18985.5%	1080.3%
2	BDSX	Biodesix	1658.4%	-75.2%
3	VCIG	VCI Global	1460.0%	-66.8%
4	CLSD	Clearside Biomedical	1075.2%	-72.3%
5	SDOT	Sadot	806.7%	-78.2%
6	WLDS	Wearable Devices	539.8%	-24.4%
7	QMMM	QMMM	536.6%	5505.5%
8	ATCH	AtlasClear	382.9%	-89.7%
9	OPI	Office Properties Income Trust	274.5%	-8.3%
10	CWD	CaliberCos	246.5%	-46.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	DGNX	Diginex	-83.7%
2	ATYR	aTyr Pharma	-81.4%	-72.0%
3	LGCL	Lucas GC	-73.2%	-78.3%
4	NAKA	Kindly MD	-72.8%
5	OCTO	Eightco	-67.8%	562.1%
6	YYGH	YY	-67.0%	-78.2%
7	SNTG	Sentage	-58.1%	57.5%
8	REX	REX American Resources	-50.7%	-26.7%
9	BINI	Bollinger Innovations	-49.2%	-100.0%
10	SLXN	Silexion Therapeutics	-49.2%	-88.0%

Peer Comparisons for Nasdaq

Financials

	NDAQ	SCHW	ICE	CME	CBOE	MKTX	Median
Name	Nasdaq	Charles .	Intercon.	CME	Cboe Glo.	MarketAx.
Mkt Price	92.86	92.10	171.75	258.83	234.09	181.68	176.72
Mkt Cap	53.3	167.3	98.6	93.1	24.5	6.8	73.2
Rev LTM	8,112	21,626	12,189	6,444	4,532	837	7,278
Op Inc LTM	2,195	-	4,567	4,209	1,316	347	2,195
FCF LTM	2,134	17,180	3,770	4,107	-113	352	2,952
FCF 3Y Avg	1,741	12,247	3,369	3,569	1,090	301	2,555
CFO LTM	2,358	17,807	4,566	4,196	-42	405	3,277
CFO 3Y Avg	1,923	12,913	3,972	3,653	1,150	357	2,788

Growth & Margins

	NDAQ	SCHW	ICE	CME	CBOE	MKTX	Median
Name	Nasdaq	Charles .	Intercon.	CME	Cboe Glo.	MarketAx.
Rev Chg LTM	23.6%	16.9%	19.1%	11.2%	19.0%	7.7%	17.9%
Rev Chg 3Y Avg	11.5%	5.0%	10.0%	10.0%	7.9%	6.4%	9.0%
Rev Chg Q	16.6%	24.8%	15.3%	10.4%	20.5%	11.0%	16.0%
QoQ Delta Rev Chg LTM	3.8%	5.7%	3.6%	2.5%	4.6%	2.7%	3.7%
Op Mgn LTM	27.1%	-	37.5%	65.3%	29.0%	41.5%	37.5%
Op Mgn 3Y Avg	27.7%	-	38.6%	62.8%	28.1%	42.2%	38.6%
QoQ Delta Op Mgn LTM	0.4%	-	-0.1%	0.4%	0.2%	0.2%	0.2%
CFO/Rev LTM	29.1%	82.3%	37.5%	65.1%	-0.9%	48.3%	42.9%
CFO/Rev 3Y Avg	27.7%	62.9%	37.1%	62.6%	30.1%	45.6%	41.3%
FCF/Rev LTM	26.3%	79.4%	30.9%	63.7%	-2.5%	42.0%	36.5%
FCF/Rev 3Y Avg	25.0%	59.6%	31.5%	61.1%	28.7%	38.3%	34.9%

Valuation

	NDAQ	SCHW	ICE	CME	CBOE	MKTX	Median
Name	Nasdaq	Charles .	Intercon.	CME	Cboe Glo.	MarketAx.
Mkt Cap	53.3	167.3	98.6	93.1	24.5	6.8	73.2
P/S	6.6	7.7	8.1	14.4	5.4	8.1	7.9
P/EBIT	24.1	-	21.4	18.6	18.5	18.2	18.6
P/E	35.4	23.0	35.4	24.7	27.2	30.3	28.8
P/CFO	22.6	9.4	21.6	22.2	-579.4	16.7	19.1
Total Yield	3.9%	4.4%	3.9%	6.8%	4.8%	5.0%	4.6%
Dividend Yield	1.1%	0.0%	1.1%	2.8%	1.1%	1.7%	1.1%
FCF Yield 3Y Avg	5.0%	9.1%	4.2%	4.6%	6.4%	3.6%	4.8%
D/E	0.2	0.2	0.2	0.0	0.1	0.0	0.1
Net D/E	0.1	-0.4	0.2	0.0	0.0	-0.1	0.0

Returns

	NDAQ	SCHW	ICE	CME	CBOE	MKTX	Median
Name	Nasdaq	Charles .	Intercon.	CME	Cboe Glo.	MarketAx.
1M Rtn	-1.6%	-4.2%	-5.2%	-5.1%	-5.2%	-4.4%	-4.7%
3M Rtn	7.4%	3.8%	-4.5%	-2.8%	4.6%	-19.2%	0.5%
6M Rtn	25.3%	19.1%	-0.4%	-0.9%	9.1%	-16.1%	4.4%
12M Rtn	28.8%	50.2%	7.6%	24.6%	13.0%	-28.6%	18.8%
3Y Rtn	58.8%	34.2%	83.2%	55.3%	101.9%	-25.5%	57.1%
1M Excs Rtn	-4.7%	-8.1%	-8.3%	-7.6%	-5.9%	-5.4%	-6.8%
3M Excs Rtn	-1.9%	-5.0%	-14.4%	-14.2%	-6.7%	-30.0%	-10.4%
6M Excs Rtn	10.2%	2.8%	-16.4%	-16.3%	-7.3%	-31.5%	-11.8%
12M Excs Rtn	11.7%	28.0%	-10.5%	4.6%	-7.2%	-47.3%	-1.3%
3Y Excs Rtn	-11.0%	-33.3%	8.2%	-17.8%	31.0%	-92.0%	-14.4%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End		12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date		2/21/2025	2/21/2024	2/23/2023	2/23/2022	2/23/2021	2/25/2020
Key Financials
Total Revenue	8,112	7,400	6,064	6,226	5,886	5,625	4,258
Ebitda	2,830	2,460	1,996	1,853	1,927	1,507	1,324
Operating Income	2,195	1,949	1,806	1,661	1,559	1,315	1,086
Net Income	1,508	1,117	1,059	1,125	1,187	933	774
EPS	2.63	1.94	2.10	2.28	2.38	1.89	1.56
Growth Rates
Total Revenue Growth	23.6%	22.0%	-2.6%	5.8%	4.6%	32.1%	-0.4%
EBITDA Growth	27.2%	23.2%	7.7%	-3.8%	27.9%	13.8%	-6.4%
Operating Income Growth	17.9%	7.9%	8.7%	6.5%	18.6%	21.1%	3.5%
Net Income Growth	59.2%	5.5%	-5.9%	-5.2%	27.2%	20.5%	69.0%
Margins
EBITDA Margin	34.9%	33.2%	32.9%	29.8%	32.7%	26.8%	31.1%
Operating Income Margin	27.1%	26.3%	29.8%	26.7%	26.5%	23.4%	25.5%
Net Income Margin	18.6%	15.1%	17.5%	18.1%	20.2%	16.6%	18.2%
Cash & Debt
Total Cash	2,014	776	641	683	601	2,940	623
Total Debt	9,631	9,868	10,871	5,851	6,216	5,930	3,718
Net Debt / (Cash)	7,617	9,092	10,230	5,168	5,615	2,990	3,095
Cash Flows
Net Cash from Operations	2,358	1,939	1,696	1,706	1,083	1,252	963
Free Cash from Operations	2,134	1,732	1,538	1,554	920	1,064	836
Returns to Shareholders
Dividends	569	541	441	383	350	320	305
Share Repurchases	302	145	269	633	943	222	200

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	7/25/2025	4/28/2025	2/21/2025	10/29/2024	8/6/2024	5/2/2024	2/21/2024	11/3/2023	8/2/2023	5/4/2023	2/23/2023	11/2/2022
Key Financials Quarterly
Total Revenue	2,090	2,090	2,030	1,902	1,792	1,674	1,647	1,451	1,433	1,533	1,582	1,557
Ebitda	798	736	689	607	593	570	509	552	436	500	416	475
Operating Income	597	576	542	480	483	445	481	452	441	432	405	412
Net Income	452	395	355	306	222	234	197	294	267	302	241	294
EPS	0.79	0.69	0.62	0.53	0.39	0.41	0.36	0.60	0.54	0.62	0.49	0.60
Key Financials TTM
Total Revenue TTM	8,112	7,814	7,398	7,015	6,564	6,205	6,064	5,999	6,105	6,224	6,226	6,111
Ebitda TTM	2,830	2,625	2,459	2,279	2,224	2,067	1,997	1,904	1,827	1,883	1,853	1,860
Operating Income TTM	2,195	2,081	1,950	1,889	1,861	1,819	1,806	1,730	1,690	1,673	1,661	1,617
Net Income TTM	1,508	1,278	1,117	959	947	992	1,060	1,104	1,104	1,144	1,126	1,144
Growth Rates Quarterly
Total Revenue Growth	16.6%	24.9%	23.3%	31.1%	25.1%	9.2%	4.1%	-6.8%	-7.7%	-0.1%	7.8%	14.7%
EBITDA Growth	34.6%	29.1%	35.4%	10.0%	36.0%	14.0%	22.4%	16.2%	-11.4%	6.4%	-1.7%	1.5%
Operating Income Growth	23.6%	29.4%	12.7%	6.2%	9.5%	3.0%	18.8%	9.7%	4.0%	2.9%	12.2%	11.7%
Net Income Growth	103.6%	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 Margin	38.2%	35.2%	33.9%	31.9%	33.1%	34.1%	30.9%	38.0%	30.4%	32.6%	26.3%	30.5%
Operating Income Margin	28.6%	27.6%	26.7%	25.2%	27.0%	26.6%	29.2%	31.2%	30.8%	28.2%	25.6%	26.5%
Net Income Margin	21.6%	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 Cash	2,014	2,554	776	468	590	561	641	5,612	5,635	570	683	430
Total Debt	9,631	9,719	9,868	10,257	10,206	10,402	10,871	10,115	10,359	5,551	5,851	5,828
Net Debt / (Cash)	7,617	7,165	9,092	9,789	9,616	9,841	10,230	4,503	4,724	4,981	5,168	5,398
Cash Flows Quarterly
FCF from Operations	746	663	705	244	460	530	417	300	414	565	494	232
Cash Flows TTM
FCF from Operations TTM	2,358	2,072	1,939	1,651	1,707	1,661	1,696	1,773	1,705	1,666	1,706	1,596
Returns to Shareholders Quarterly
Dividends	155	138	138	138	138	127	127	108	108	98	98	99
Share Repurchases	100	115	-0	87	58	-0	110	-0	-0	159	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	20.2%	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 TTM	18.5%	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

$ Mil	2024	2023	2022	2021	2020
Market Services	3,156	3,632	3,471	3,818	2,639
Capital Access Platforms	1,770	1,682	1,566
Financial Technology	1,099	864	772
Corporate Items	39	48	77	31	10
Corporate Platforms				521	496
Investment Intelligence				898	779
Market Technology				357	338
Total	6,064	6,226	5,886	5,625	4,262

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Capital Access Platforms	971	914	842
Market Services	582	627	664	685	516
Financial Technology	494	299	259
Corporate Items	-469	-276	-324	-242	-221
Corporate Platforms				187	178
Investment Intelligence				572	490
Market Technology				32	54
Total	1,578	1,564	1,441	1,234	1,017

Price Behavior

Behavior Stats
Betas Matrix

Price Behavior

Market Price	$92.86
Market Cap ($ Bil)	53.3
First Trading Date	07/01/2002
Distance from 52W High	-3.9%
	50 Days	200 Days
DMA Price	$93.34	$82.59
DMA Trend	up	up
Distance from DMA	-0.5%	12.4%
	3M	1YR
Volatility	18.1%	22.9%
Downside Capture	0.44	0.68
Upside Capture	106.51	98.72
Correlation (SPY)	44.0%	76.4%

NDAQ Betas & Captures as of 8/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.63	0.71	0.83	0.92	0.88	0.85
Up Beta	0.78	-0.28	0.19	0.77	0.77	0.82
Down Beta	0.64	0.48	0.74	1.05	1.01	0.98
Up Capture	37%	137%	123%	106%	99%	57%
Bmk +ve Days	10	22	35	71	142	415
Stock +ve Days	8	21	36	74	144	417
Down Capture	85%	126%	101%	96%	88%	94%
Bmk -ve Days	11	19	27	54	106	334
Stock -ve Days	13	20	26	51	103	329

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

Short Interest

Short Interest: As Of Date	8292025
Short Interest: Shares Quantity	6,114,882
Short Interest: % Change Since 8152025	1.6%
Average Daily Volume	2,178,687
Days-to-Cover Short Interest	2.81
Basic Shares Quantity	574,073,104
Short % of Basic Shares	1.1%

Returns Analyses

	Title
0	NDAQ YTD Stock Return Of 7.8% Outperforms MKTX by 11% and Underperforms CME by -15%
1	Will You Be Comfortable Buying Nasdaq Stock?
2	Nasdaq Stock Return Comparison
3	[10/7/2021] Nasdaq (NDAQ) Stock Price Forecast: AI Forecasts NDAQ Stock Price To Be Around $201 In A Month (Up 1.6%)
4	Nasdaq Total Shareholder Return (TSR): -11.2% in 2022 and 21.3% 3-yr returns (above peer average)

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
7/24/2025	5.9%	8.7%	6.4%
4/24/2025	1.7%	3.7%	10.5%
1/29/2025	0.7%	0.7%	-0.5%
10/24/2024	1.8%	2.2%	9.4%
7/25/2024	7.2%	7.9%	12.6%
4/25/2024	-2.0%	-2.6%	0.0%
1/31/2024	-1.2%	-3.6%	-3.8%
10/18/2023	4.0%	-0.9%	6.8%
...
SUMMARY STATS
# Positive	14	14	14
# Negative	10	10	10
Median Positive	3.1%	3.3%	7.4%
Median Negative	-2.0%	-2.7%	-3.0%
Max Positive	7.2%	8.7%	21.6%
Max Negative	-5.8%	-10.7%	-21.5%

	Forward Returns
7/24/2025	5.9%	8.7%	6.4%
4/24/2025	1.7%	3.7%	10.5%
1/29/2025	0.7%	0.7%	-0.5%
10/24/2024	1.8%	2.2%	9.4%
7/25/2024	7.2%	7.9%	12.6%
4/25/2024	-2.0%	-2.6%	0.0%
1/31/2024	-1.2%	-3.6%	-3.8%
10/18/2023	4.0%	-0.9%	6.8%
7/19/2023	-1.8%	-0.6%	-1.0%
4/19/2023	3.1%	-0.6%	-1.2%
1/25/2023	-5.8%	-2.8%	-7.6%
10/19/2022	-2.1%	5.8%	14.2%
7/20/2022	6.1%	8.6%	21.6%
4/20/2022	-4.5%	-10.7%	-21.5%
1/26/2022	-3.1%	2.9%	-2.7%
10/20/2021	-4.6%	-3.5%	0.5%
7/21/2021	3.0%	2.6%	3.3%
4/21/2021	-0.2%	0.7%	0.8%
1/12/2021	0.4%	1.2%	0.3%
10/21/2020	2.6%	-3.0%	-4.9%
7/22/2020	2.4%	-2.2%	-0.9%
4/22/2020	-0.6%	5.6%	9.0%
1/29/2020	3.8%	6.8%	-3.3%
10/23/2019	3.5%	0.8%	8.0%
SUMMARY STATS
# Positive	14	14	14
# Negative	10	10	10
Median Positive	3.1%	3.3%	7.4%
Median Negative	-2.0%	-2.7%	-3.0%
Max Positive	7.2%	8.7%	21.6%
Max Negative	-5.8%	-10.7%	-21.5%

SEC Filings

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Report Date	Filing Date	Filing
6302025	7252025	10-Q 6/30/2025
3312025	4282025	10-Q 3/31/2025
12312024	2212025	10-K 12/31/2024
9302024	10292024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11022022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5042022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021
9302021	11042021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	BEGLEY CHARLENE T		8062025	Sell	96.60	3,000	289,800	4,443,697	Form
1	SKULE JEREMY	EVP, CSO	8052025	Sell	95.49	2,105	201,006	8,837,695	Form
2	Daly Michelle Lynn	SVP, Controller & PAO	7292025	Sell	93.45	8,691	812,174	829,743	Form
3	SKULE JEREMY	EVP, CSO	7032025	Sell	89.17	2,105	187,703	8,440,476	Form
4	Griggs PC Nelson	Pres. Capital Access Platforms	6092025	Sell	85.22	4,000	340,880	17,675,054	Form

Collapse to Preview

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	BEGLEY CHARLENE T		8062025	Sell	96.60	3,000	289,800	4,443,697	Form
1	SKULE JEREMY	EVP, CSO	8052025	Sell	95.49	2,105	201,006	8,837,695	Form
2	Daly Michelle Lynn	SVP, Controller & PAO	7292025	Sell	93.45	8,691	812,174	829,743	Form
3	SKULE JEREMY	EVP, CSO	7032025	Sell	89.17	2,105	187,703	8,440,476	Form
4	Griggs PC Nelson	Pres. Capital Access Platforms	6092025	Sell	85.22	4,000	340,880	17,675,054	Form
5	SKULE JEREMY	EVP, CSO	6092025	Sell	85.00	2,104	178,840	8,197,230	Form
6	SKULE JEREMY	EVP, CSO	6042025	Sell	83.28	1,053	87,694	8,206,578	Form
7	Griggs PC Nelson	Pres. Capital Access Platforms	5292025	Sell	82.63	3,000	247,890	17,881,545	Form
8	SKULE JEREMY	EVP, CSO	5142025	Sell	81.52	1,053	85,841	8,118,984	Form
9	Smith Bryan Everard	EVP, CPO	4032025	Sell	75.71	2,000	151,420	4,448,114	Form
10	Youngwood Sarah	Executive Vice President	3192025	Sell	73.68	14,959	1,102,179	4,398,254	Form
11	Smith Bryan Everard	Executive Vice President	3052025	Sell	82.78	3,500	289,730	5,029,051	Form
12	Peterson Bradley J	Executive Vice President	2272025	Sell	79.79	17,056	1,360,898	10,458,474	Form
13	Tal Cohen	President, Market Platforms	2102025	Sell	83.75	8,955	749,981	10,714,975	Form
14	Smith Bryan Everard	Executive Vice President	2042025	Sell	81.56	3,500	285,460	4,532,779	Form
15	SKULE JEREMY	Executive Vice President	11202024	Sell	78.75	12,075	950,906	8,072,269	Form
16	ZOLLAR ALFRED W		11142024	Buy	80.24	2,542	203,970	3,955,270	Form
17	Peterson Bradley J	Executive Vice President	11142024	Sell	79.58	11,820	940,636	10,425,776	Form
18	Griggs PC Nelson	President, Capital Access Plat	11122024	Sell	79.51	5,000	397,550	15,967,278	Form
19	Griggs PC Nelson	President, Capital Access Plat	11082024	Sell	77.34	5,742	444,086	15,918,196	Form
20	SKULE JEREMY	Executive Vice President	11082024	Sell	77.92	12,000	935,040	8,928,074	Form
21	Tal Cohen	President, Market Platforms	11042024	Sell	74.31	3,984	296,051	10,654,271	Form
22	Griggs PC Nelson	President, Capital Access Plat	10302024	Sell	75.71	6,000	454,260	16,320,275	Form
23	Peterson Bradley J	Executive Vice President	10302024	Sell	75.25	6,817	512,979	11,261,539	Form
24	Zecca John	Executive Vice President	9162024	Sell	71.97	11,000	791,670	8,151,538	Form

Industry Resources

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Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NDAQ Return	26%	60%	-11%	-4%	35%	21%	185%
Peers Return	13%	25%	-16%	19%	6%	11%	66%
S&P 500 Return	16%	27%	-19%	24%	23%	12%	104%
Monthly Win Rates [3]
NDAQ Win Rate	67%	83%	33%	50%	58%	75%
Peers Win Rate	55%	48%	47%	62%	52%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	62%
Max Drawdowns [4]
NDAQ Max Drawdown	-32%	-1%	-32%	-22%	-5%	-14%
Peers Max Drawdown	-32%	-11%	-30%	-16%	-12%	-7%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

Nasdaq (NDAQ)

Market Price (9/16/2025): $92.93 | Market Cap: $53.3 BilSector: Financials | Industry: Financial Exchanges & Data

Nasdaq (NDAQ)

Market Price (9/16/2025): $92.93Market Cap: $53.3 BilSector: FinancialsIndustry: Financial Exchanges & Data

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Market Price (9/16/2025): $92.93 | Market Cap: $53.3 Bil
Sector: Financials | Industry: Financial Exchanges & Data

Market Price (9/16/2025): $92.93
Market Cap: $53.3 Bil
Sector: Financials
Industry: Financial Exchanges & Data