Fundamentals snapshot
NDAQ · NMS · Financial Services · Financial Data & Stock Exchanges
Current price
$105.60
52-week range
$76.55 - $107.93
Market cap
$59.03B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $8.78B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Nasdaq, Inc. is like the behind-the-scenes technology provider for financial markets, offering data, trading platforms, and tools that help companies and investors manage their money. Much of their income comes from selling these essential services, which is important because it means they have steady, predictable money coming in, similar to a subscription service.
Nasdaq, Inc. was founded in 1971 as the world's first electronic stock market, initially operating as a quotation system to make trading more transparent. It was created by the National Association of Securities Dealers (NASD), which is now known as the Financial Industry Regulatory Authority (FINRA). Unlike traditional exchanges that relied on physical trading floors, Nasdaq pioneered an automated, electronic approach. This innovation attracted many growing technology companies, including Apple and Microsoft, which helped fuel Nasdaq's expansion. The company went public in 2000 and has since grown through acquisitions and mergers, such as its 2007 merger with OMX, a Nordic exchange operator, which expanded its global reach. Today, Nasdaq is the second-largest stock exchange globally, after the New York Stock Exchange.
Nasdaq, Inc. is a global financial technology company that provides a wide range of services beyond just operating stock exchanges. It offers data, analytics, software, and advisory services to various financial players, including corporations, investment managers, banks, and brokers. Essentially, Nasdaq acts as a critical piece of infrastructure for the financial world, helping companies raise capital, facilitating the trading of securities, and providing tools for risk management and regulatory compliance. They also offer services related to investor relations and corporate governance.
This is Nasdaq's largest business segment, making up over half of its revenue. Market Services involves operating various exchanges, including those for cash equities (stocks), equity derivatives (contracts based on stock prices), currencies, and commodities. It also includes providing trade execution, clearing, and settlement services, which are the processes that finalize a trade after it's made. Essentially, this segment is where the actual buying and selling of financial instruments happen on Nasdaq's platforms, ensuring trades are completed smoothly and efficiently.
This segment focuses on helping companies connect with investors and access capital. It includes services like listing a company on the Nasdaq stock exchange, which is how companies first offer their shares to the public. It also provides tools and data for investor relations, helping public companies communicate with shareholders, and offers index licensing, such as for the well-known Nasdaq-100 index. This part of Nasdaq's business is crucial for companies looking to raise money and for investors seeking opportunities.
This segment provides technology solutions and software to financial institutions to help them manage risk, comply with regulations, and prevent financial crime. This includes platforms for detecting money laundering and fraud (like Verafin), solutions for managing financial data and regulatory reporting (like AxiomSL), and systems for monitoring trading activity to ensure compliance with market rules. It's essentially the technology backbone that helps keep the financial system secure and compliant.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $8.8B. Interest coverage 6.9x.
Nasdaq, Inc.'s profit covers its interest bill about 6.9 times over.
Total debt $9.29B Interest coverage 6.87x This is the baseline the peer rows are being compared against.
Total debt $20.53B Interest coverage 6.23x -9% vs NDAQ Has roughly the same debt cushion as NDAQ.
Total debt $3.85B Interest coverage 24.39x +255% vs NDAQ Carries about 3.5x more debt cushion than NDAQ.
Total debt $13.46B Interest coverage 21.52x +213% vs NDAQ Carries about 3.1x more debt cushion than NDAQ.
Total debt $1.58B Interest coverage 28.95x +321% vs NDAQ Carries about 4.2x more debt cushion than NDAQ.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know