NASDAQ · Financial Services

Nasdaq, Inc.

NDAQ · Financial Data & Stock Exchanges

$91.34

▲ 0.02 (0.02%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Nasdaq, Inc. at $91.34.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 42.2%

Operating Margin 29.4%

Net Income Margin 21.6%

Fin. Health C

Years to Pay Off Debt 5.3 yrs

Working Capital vs Long-Term Debt -$8.5B

Working Capital $42M

Valuation F

Margin of Safety 0.0%

Price-to-Book 4.22x

Cash Flow A

Free Cash Flow $2.0B

CapEx % of Net Income 14.9%

Owner Earnings $2.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $51.7B

Enterprise Value $60.6B

P/E (TTM) 27.51

Dividend Yield 1.18%

Exchange NASDAQ

Key Margins

Gross Profit 42.2%

Operating Margin 29.4%

Net Margin 21.6%

Company Info

Sector Financial Services

Industry Financial Data & Stock Exchanges

Employees 9613

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Nasdaq, Inc. at $91.34.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $91.34, the stock trades at a 136% premium to its Graham Number of $38.77. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Nasdaq, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	42.2% ▲	40.4%	42.0%	37.6%	N/A
Operating Margin %	29.4% ▲	26.3%	29.8%	26.7%	N/A
Net Income %	21.6% ▲	15.1%	17.5%	18.1%	N/A
Diluted EPS	3.09 ▲	1.93	2.08	2.26	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$31.1B	$30.4B	$32.3B	$20.9B	N/A
Total Debt	$9.5B ↓	$9.9B	$10.9B	$5.9B	N/A
Working Capital	$42M ▲	-$116M	$71M	-$231M	N/A
Years to Pay Debt	5.29	8.83	10.27	5.20	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022
Free Cash Flow	$2.0B ▲	$1.7B	$1.5B	$1.6B
Owner Earnings	$2.7B	$1.9B	$1.5B	$1.5B
CapEx % of Net Income	14.9%	18.5%	14.9%	13.5%

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-2,672	-34,881	-56,088	-23,183
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	3,147,000	2,611,000	2,224,000	1,950,000
Total Unusual Items	-16,000	-151,000	-228,000	-97,000
Total Unusual Items Excluding Goodwill	-16,000	-151,000	-228,000	-97,000
Net Income From Continuing Operation Net Minority Interest	1,788,000	1,117,000	1,059,000	1,125,000
Reconciled Depreciation	632,000	613,000	323,000	258,000
Reconciled Cost Of Revenue	4,773,000	4,411,000	3,518,000	3,887,000
EBITDA	3,131,000	2,460,000	1,996,000	1,853,000
EBIT	2,499,000	1,847,000	1,673,000	1,595,000
Net Interest Income	-328,000	-386,000	-169,000	-122,000
Interest Expense	354,000	398,000	272,000	120,000
Interest Income	39,000	28,000	115,000	7,000
Normalized Income	1,801,328	1,233,119	1,230,912	1,198,817
Net Income From Continuing And Discontinued Operation	1,788,000	1,117,000	1,059,000	1,125,000
Total Expenses	5,829,000	5,451,000	4,258,000	4,565,000
Rent Expense Supplemental	124,000	112,000	129,000	104,000
Total Operating Income As Reported	2,331,000	1,798,000	1,578,000	1,564,000
Diluted Average Shares	578,600	579,200	508,400	497,900
Basic Average Shares	573,300	575,400	504,900	492,400
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,788,000	1,117,000	1,059,000	1,125,000
Net Income Common Stockholders	1,788,000	1,117,000	1,059,000	1,125,000
Net Income	1,788,000	1,117,000	1,059,000	1,125,000
Minority Interests	1,000	2,000	2,000	2,000
Net Income Including Noncontrolling Interests	1,787,000	1,115,000	1,057,000	1,123,000
Net Income Continuous Operations	1,787,000	1,115,000	1,057,000	1,123,000
Tax Provision	358,000	334,000	344,000	352,000
Pretax Income	2,145,000	1,449,000	1,401,000	1,475,000
Other Income Expense	40,000	-114,000	-236,000	-64,000
Other Non Operating Income Expenses	-27,000	21,000	-1,000	2,000
Special Income Charges	-16,000	-151,000	-228,000	-97,000
Gain On Sale Of Business	86,000	0	0	0
Restructuring And Mergern Acquisition	102,000	151,000	228,000	97,000
Earnings From Equity Interest	83,000	16,000	-7,000	31,000
Net Non Operating Interest Income Expense	-328,000	-386,000	-169,000	-122,000
Total Other Finance Cost	13,000	16,000	12,000	9,000
Interest Expense Non Operating	354,000	398,000	272,000	120,000
Interest Income Non Operating	39,000	28,000	115,000	7,000
Operating Income	2,433,000	1,949,000	1,806,000	1,661,000
Operating Expense	1,056,000	1,040,000	740,000	678,000
Other Operating Expenses				33,000	64,000
Depreciation Amortization Depletion Income Statement	632,000	613,000	323,000	258,000
Depreciation And Amortization In Income Statement	632,000	613,000	323,000	258,000
Selling General And Administration	424,000	427,000	417,000	420,000
Selling And Marketing Expense	65,000	54,000	47,000	51,000
General And Administrative Expense	359,000	373,000	370,000	369,000
Other Gand A	235,000	261,000	241,000	265,000
Rent And Landing Fees	124,000	112,000	129,000	104,000
Gross Profit	3,489,000	2,989,000	2,546,000	2,339,000
Cost Of Revenue	4,773,000	4,411,000	3,518,000	3,887,000
Total Revenue	8,262,000	7,400,000	6,064,000	6,226,000
Operating Revenue	8,201,000	7,337,000	5,999,000	6,178,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	24,726	23,858	22,855	21,565
Ordinary Shares Number	569,894	575,062	575,159	491,592
Share Issued	594,620	598,920	598,015	513,158
Net Debt	8,400,000	8,888,000	10,001,000	4,897,000
Total Debt	9,466,000	9,868,000	10,871,000	5,851,000
Tangible Book Value	-8,655,000	-9,671,000	-10,739,000	-4,529,000
Invested Capital	21,231,000	20,671,000	21,270,000	11,550,000
Working Capital	42,000	-116,000	71,000	-231,000
Net Tangible Assets	-8,655,000	-9,671,000	-10,739,000	-4,529,000
Capital Lease Obligations	462,000	388,000	417,000	452,000
Common Stock Equity	12,227,000	11,191,000	10,816,000	6,151,000
Total Capitalization	20,800,000	20,272,000	20,979,000	10,886,000
Total Equity Gross Minority Interest	12,232,000	11,200,000	10,827,000	6,164,000
Minority Interest	5,000	9,000	11,000	13,000
Stockholders Equity	12,227,000	11,191,000	10,816,000	6,151,000
Gains Losses Not Affecting Retained Earnings	-1,773,000	-2,099,000	-1,924,000	-1,991,000
Other Equity Adjustments	-1,773,000	-2,099,000	-1,924,000	-1,991,000
Treasury Stock	716,000	647,000	587,000	515,000
Retained Earnings	9,588,000	8,401,000	7,825,000	7,207,000
Additional Paid In Capital	5,122,000	5,530,000	5,496,000	1,445,000
Capital Stock	6,000	6,000	6,000	5,000
Common Stock	6,000	6,000	6,000	5,000
Total Liabilities Net Minority Interest	18,821,000	19,195,000	21,467,000	14,704,000
Total Non Current Liabilities Net Minority Interest	10,860,000	11,293,000	12,442,000	5,869,000
Other Non Current Liabilities	241,000	230,000	220,000	226,000
Non Current Deferred Liabilities	1,584,000	1,594,000	1,642,000	456,000
Non Current Deferred Taxes Liabilities	1,584,000	1,594,000	1,642,000	456,000
Long Term Debt And Capital Lease Obligation	9,035,000	9,469,000	10,580,000	5,187,000
Long Term Capital Lease Obligation	462,000	388,000	417,000	452,000
Long Term Debt	8,573,000	9,081,000	10,163,000	4,735,000
Current Liabilities	7,961,000	7,902,000	9,025,000	8,835,000
Other Current Liabilities	6,101,000	5,879,000	7,421,000	7,143,000
Current Deferred Liabilities	785,000	711,000	594,000	357,000
Current Deferred Revenue	785,000	711,000	594,000	357,000
Current Debt And Capital Lease Obligation	431,000	399,000	291,000	664,000
Current Debt	431,000	399,000	291,000	664,000
Commercial Paper		0	291,000	664,000	420,000
Current Notes Payable	431,000	399,000		0	598,000
Payables And Accrued Expenses	644,000	913,000	719,000	671,000
Current Accrued Expenses	364,000	325,000	303,000	243,000
Payables	280,000	588,000	416,000	428,000
Other Payable		319,000	84,000	243,000	62,000
Accounts Payable	280,000	269,000	332,000	185,000
Total Assets	31,053,000	30,395,000	32,294,000	20,868,000
Total Non Current Assets	23,050,000	22,609,000	23,198,000	12,264,000
Other Non Current Assets	993,000	779,000	665,000	608,000
Goodwill And Other Intangible Assets	20,882,000	20,862,000	21,555,000	10,680,000
Other Intangible Assets	6,511,000	6,905,000	7,443,000	2,581,000
Goodwill	14,371,000	13,957,000	14,112,000	8,099,000
Net PPE	1,175,000	968,000	978,000	976,000
Accumulated Depreciation	-745,000	-606,000	-662,000	-559,000
Gross PPE	1,920,000	1,574,000	1,640,000	1,535,000
Other Properties	447,000	375,000	402,000	444,000
Machinery Furniture Equipment	1,473,000	1,199,000	1,238,000	1,091,000
Current Assets	8,003,000	7,786,000	9,096,000	8,604,000
Other Current Assets	376,000	293,000	231,000	201,000
Restricted Cash	3,330,000	4,414,000	7,295,000	7,043,000
Receivables	943,000	1,022,000	929,000	677,000
Accounts Receivable	943,000	1,022,000	929,000	677,000
Allowance For Doubtful Accounts Receivable	-11,000	-10,000	-18,000	-15,000
Gross Accounts Receivable	954,000	1,032,000	947,000	692,000
Cash Cash Equivalents And Short Term Investments	3,354,000	2,057,000	641,000	683,000
Other Short Term Investments	2,750,000	1,465,000	188,000	181,000
Cash And Cash Equivalents	604,000	592,000	453,000	502,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	1,989,000	1,732,000	1,538,000	1,554,000
Repurchase Of Capital Stock	-616,000	-145,000	-269,000	-633,000
Repayment Of Debt	-826,000	-812,000	-631,000	-1,097,000
Issuance Of Debt	0	0	5,608,000	541,000
Capital Expenditure	-266,000	-207,000	-158,000	-152,000
Interest Paid Supplemental Data	354,000	405,000	177,000	116,000
Income Tax Paid Supplemental Data	373,000	358,000	254,000	274,000
End Cash Position	3,934,000	5,006,000	7,118,000	6,994,000
Beginning Cash Position	5,006,000	7,118,000	6,994,000	5,496,000
Effect Of Exchange Rate Changes	726,000	-537,000	202,000	-1,293,000
Changes In Cash	-1,798,000	-1,575,000	-78,000	2,791,000
Financing Cash Flow	-2,953,000	-2,561,000	4,220,000	1,036,000
Cash Flow From Continuing Financing Activities	-2,953,000	-2,561,000	4,220,000	1,036,000
Net Other Financing Charges	-841,000	-1,003,000	25,000	2,448,000
Proceeds From Stock Option Exercised	-69,000	-60,000	-72,000	-78,000
Cash Dividends Paid	-601,000	-541,000	-441,000	-383,000
Common Stock Dividend Paid	-601,000	-541,000	-441,000	-383,000
Net Common Stock Issuance	-616,000	-145,000	-269,000	-633,000
Common Stock Payments	-616,000	-145,000	-269,000	-633,000
Net Issuance Payments Of Debt	-826,000	-812,000	4,977,000	-318,000
Net Short Term Debt Issuance	0	-291,000	-371,000	238,000
Short Term Debt Payments	0	-291,000	-371,000
Net Long Term Debt Issuance	-826,000	-521,000	5,348,000	-556,000
Long Term Debt Payments	-826,000	-521,000	-260,000	-1,097,000
Long Term Debt Issuance	0	0	5,608,000	541,000
Investing Cash Flow	-1,100,000	-953,000	-5,994,000	49,000
Cash Flow From Continuing Investing Activities	-1,100,000	-953,000	-5,994,000	49,000
Net Other Investing Changes	-1,158,000	-739,000	-77,000	244,000
Net Investment Purchase And Sale	184,000	-7,000	7,000	-2,000
Sale Of Investment	427,000	199,000	719,000	320,000
Purchase Of Investment	-243,000	-206,000	-712,000	-322,000
Net Business Purchase And Sale	140,000	0	-5,766,000	-41,000
Sale Of Business	140,000	0	0	0
Purchase Of Business	0	0	-5,766,000	-41,000
Net PPE Purchase And Sale	-266,000	-207,000	-158,000	-152,000
Purchase Of PPE	-266,000	-207,000	-158,000	-152,000
Operating Cash Flow	2,255,000	1,939,000	1,696,000	1,706,000
Cash Flow From Continuing Operating Activities	2,255,000	1,939,000	1,696,000	1,706,000
Change In Working Capital	-235,000	46,000	39,000	168,000
Change In Other Working Capital	69,000	67,000	88,000	16,000
Change In Other Current Liabilities	1,000	13,000	-63,000	-45,000
Change In Other Current Assets	-96,000	-50,000	9,000	98,000
Change In Payables And Accrued Expense	-300,000	209,000	2,000	200,000
Change In Accrued Expense	25,000	34,000	13,000	0
Change In Payable	-325,000	175,000	-11,000	200,000
Change In Account Payable	-6,000	-60,000	149,000	19,000
Change In Receivables	91,000	-193,000	3,000	-101,000
Other Non Cash Items	22,000	104,000	42,000	28,000
Stock Based Compensation	165,000	141,000	122,000	106,000
Asset Impairment Charge	0	0	13,000	0
Deferred Tax	48,000	-67,000	68,000	38,000
Deferred Income Tax	48,000	-67,000	68,000	38,000
Depreciation Amortization Depletion	632,000	613,000	323,000	258,000
Depreciation And Amortization	632,000	613,000	323,000	258,000
Operating Gains Losses	-164,000	-13,000	32,000	-15,000
Earnings Losses From Equity Investments	-83,000	-16,000	7,000	-31,000
Gain Loss On Sale Of Business	-86,000	0	0	0
Net Income From Continuing Operations	1,787,000	1,115,000	1,057,000	1,123,000

These metrics estimate what Nasdaq, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$38.77

Margin of Safety

Market Cap ÷ Company Value

1.70

P/B Ratio

4.22

Warren's Owner Earnings

$2.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$8.3B

vs > $1.5B revenue

❌ Strong Financial Condition

1.01x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.18%

vs Uninterrupted dividends

✅ Earnings Growth

+36.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.5x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

4.22x P/B (P/E×P/B: 116.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-19.13

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$47.80

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022
Capital Expenditure % of Net Income	14.9%	18.5%	14.9%	13.5%
Repurchase of Capital Stock	-$616M	-$145M	-$269M	-$633M
Free Cash Flow	$2.0B ▲	$1.7B ▲	$1.5B ▼	$1.6B •
Warren's Owner Earnings	$2.7B	$1.9B	$1.5B	$1.5B

Peers & Industry

No auto-detected peers for Financial Data & Stock Exchanges. You can manually compare NDAQ against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

10.90%

High — management has strong skin in the game

Return on Equity (ROE)

14.6%

Adequate — returns are moderate

Return on Assets (ROA)

5.8%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$616M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-4.1% YoY

Debt is declining — management is deleveraging

Leadership Team

Adena Friedman

CEO & Chairman

Age 55

Pay: $7,523,229

0.421% of net income

Nelson Griggs

President & Division President of Capital Access Platforms

Age 54

Pay: $3,113,010

0.174% of net income

Tal Cohen

President

Age 52

Pay: $2,691,939

0.151% of net income

Sarah Youngwood

Executive VP & CFO

Age 51

Pay: $2,948,590

0.165% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.59%	59,916,887
Investor AB	10.29%	58,182,426
Blackrock Inc.	6.99%	39,503,815
Wellington Management Group, LLP	6.66%	37,659,824
Massachusetts Financial Services Co.	4.89%	27,627,767
State Street Corporation	3.51%	19,878,600
Geode Capital Management, LLC	2.27%	12,851,894
Franklin Resources, Inc.	1.87%	10,589,679

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.99

Low volatility — more stable than the market

Short Interest

1.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.79x

Conservative balance sheet — low financial risk

Current Ratio

1.00x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $77.09 Current: $91.34 High: $101.79

Currently at 58% of 52-week range

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