NASDAQ · Financial Services

Nasdaq, Inc.

NDAQ · Financial Data & Stock Exchanges

$82.24

▼ -1.05 (-1.26%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 44.8%

Operating Margin 31.4%

Net Income Margin 24.3%

Fin. Health

F⤢

Years to Pay Off Debt 18.2 yrs

Working Capital vs Long-Term Debt -$8.5B

Working Capital -$17M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 3.87x

Cash Flow

A⤢

Free Cash Flow $629M

CapEx % of Net Income 11.6%

Owner Earnings $744M

Profitability

Gross Profit Margin 44.8%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 31.4%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 24.3%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 18.2 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$8.5B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$17M

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $629M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 11.6%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $744M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $46.5B

Enterprise Value $59.5B

P/E (TTM) 24.77

Dividend Yield 1.30%

Exchange NASDAQ

Key Margins

Gross Profit 44.8%

Operating Margin 31.4%

Net Margin 24.3%

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 $82.24.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $82.24, the stock trades at a 294% premium to its Graham Number of $20.87. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	44.8%▲	44.4%•	N/A
Operating Margin %	31.4%▲	30.6%•	N/A
Net Income %	24.3%▼	24.4%•	N/A
Diluted EPS	0.91▲	0.90•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$27.3B	$31.1B	N/A
Total Debt	$9.4B▼	$9.5B•	N/A
Working Capital	-$17M▼	$42M•	N/A
Years to Pay Debt	18.20	18.27	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$629M▲	$536M•	N/A
Owner Earnings	$744M	$768M	N/A
CapEx % of Net Income	11.6%	17.2%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	17,316	2,886
Tax Rate For Calcs	0	0
Normalized EBITDA	852,000	799,000
Total Unusual Items	74,000	27,000
Total Unusual Items Excluding Goodwill	74,000	27,000
Net Income From Continuing Operation Net Minority Interest	519,000	518,000
Reconciled Depreciation	165,000	161,000
Reconciled Cost Of Revenue	1,179,000	1,182,000
EBITDA	926,000	826,000
EBIT	761,000	665,000
Net Interest Income	-81,000	-81,000
Interest Expense	84,000	85,000
Interest Income	6,000	7,000
Normalized Income	462,316	493,886
Net Income From Continuing And Discontinued Operation	519,000	518,000
Total Expenses	1,465,000	1,473,000
Rent Expense Supplemental	33,000	34,000
Total Operating Income As Reported	657,000	629,000
Diluted Average Shares	571,700	576,500
Basic Average Shares	566,800	570,700
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	519,000	518,000
Net Income Common Stockholders	519,000	518,000
Net Income	519,000	518,000
Net Income Including Noncontrolling Interests	519,000	518,000
Net Income Continuous Operations	519,000	518,000
Tax Provision	158,000	62,000
Pretax Income	677,000	580,000
Other Income Expense	86,000	10,000
Other Non Operating Income Expenses	-14,000		6,000
Special Income Charges	74,000	27,000
Gain On Sale Of Business	89,000	49,000
Restructuring And Mergern Acquisition	15,000	22,000
Earnings From Equity Interest	26,000	10,000
Net Non Operating Interest Income Expense	-81,000	-81,000
Total Other Finance Cost	3,000	3,000
Interest Expense Non Operating	84,000	85,000
Interest Income Non Operating	6,000	7,000
Operating Income	672,000	651,000
Operating Expense	286,000	291,000
Depreciation Amortization Depletion Income Statement	165,000	161,000
Depreciation And Amortization In Income Statement	165,000	161,000
Selling General And Administration	121,000	130,000
Selling And Marketing Expense	20,000	24,000
General And Administrative Expense	101,000	106,000
Other Gand A	68,000	72,000
Rent And Landing Fees	33,000	34,000
Gross Profit	958,000	942,000
Cost Of Revenue	1,179,000	1,182,000
Total Revenue	2,137,000	2,124,000
Operating Revenue	2,129,000	2,090,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	25,096	24,726
Ordinary Shares Number	564,750	569,894
Share Issued	589,846	594,620
Net Debt	8,442,000	8,400,000
Total Debt	9,445,000	9,466,000
Tangible Book Value	-8,650,000	-8,655,000
Invested Capital	20,990,000	21,231,000
Working Capital	-17,000	42,000
Net Tangible Assets	-8,650,000	-8,655,000
Capital Lease Obligations	488,000	462,000
Common Stock Equity	12,033,000	12,227,000
Total Capitalization	20,559,000	20,800,000
Total Equity Gross Minority Interest	12,038,000	12,232,000
Minority Interest	5,000	5,000
Stockholders Equity	12,033,000	12,227,000
Gains Losses Not Affecting Retained Earnings	-1,807,000	-1,773,000
Other Equity Adjustments	-1,807,000	-1,773,000
Treasury Stock	747,000	716,000
Retained Earnings	9,954,000	9,588,000
Additional Paid In Capital	4,627,000	5,122,000
Capital Stock	6,000	6,000
Common Stock	6,000	6,000
Total Liabilities Net Minority Interest	15,263,000	18,821,000
Total Non Current Liabilities Net Minority Interest	10,872,000	10,860,000
Other Non Current Liabilities	247,000	241,000
Non Current Deferred Liabilities	1,611,000	1,584,000
Non Current Deferred Taxes Liabilities	1,611,000	1,584,000
Long Term Debt And Capital Lease Obligation	9,014,000	9,035,000
Long Term Capital Lease Obligation	488,000	462,000
Long Term Debt	8,526,000	8,573,000
Current Liabilities	4,391,000	7,961,000
Other Current Liabilities	2,413,000	6,101,000
Current Deferred Liabilities	1,093,000	785,000
Current Deferred Revenue	1,093,000	785,000
Current Debt And Capital Lease Obligation	431,000	431,000
Current Debt	431,000	431,000
Current Notes Payable	431,000	431,000
Payables And Accrued Expenses	454,000	644,000
Current Accrued Expenses	209,000	364,000
Payables	245,000	280,000
Other Payable			319,000
Accounts Payable	245,000	280,000
Total Assets	27,301,000	31,053,000
Total Non Current Assets	22,927,000	23,050,000
Other Non Current Assets	1,020,000	993,000
Goodwill And Other Intangible Assets	20,683,000	20,882,000
Other Intangible Assets	6,376,000	6,511,000
Goodwill	14,307,000	14,371,000
Net PPE	1,224,000	1,175,000
Accumulated Depreciation		-745,000	-606,000
Gross PPE	1,224,000	1,920,000
Other Properties	1,224,000	447,000
Machinery Furniture Equipment		1,473,000	1,199,000
Current Assets	4,374,000	8,003,000
Other Current Assets	388,000	376,000
Restricted Cash	621,000	3,330,000
Receivables	985,000	943,000
Accounts Receivable	985,000	943,000
Allowance For Doubtful Accounts Receivable	-14,000	-11,000
Gross Accounts Receivable	999,000	954,000
Cash Cash Equivalents And Short Term Investments	2,380,000	3,354,000
Other Short Term Investments	1,865,000	2,750,000
Cash And Cash Equivalents	515,000	604,000

Cash Flow

	2026	2025
Free Cash Flow	629,000	536,000
Repurchase Of Capital Stock	-548,000	-286,000
Repayment Of Debt	0	-100,000
Capital Expenditure	-60,000	-89,000
Interest Paid Supplemental Data	126,000	71,000
Income Tax Paid Supplemental Data	167,000	153,000
End Cash Position	1,136,000	3,934,000
Beginning Cash Position	3,934,000	4,441,000
Effect Of Exchange Rate Changes	-50,000	73,000
Changes In Cash	-2,748,000	-580,000
Financing Cash Flow	-4,184,000	-567,000
Cash Flow From Continuing Financing Activities	-4,184,000	-567,000
Net Other Financing Charges	-3,467,000	69,000
Proceeds From Stock Option Exercised	-16,000	-97,000
Cash Dividends Paid	-153,000	-153,000
Common Stock Dividend Paid	-153,000	-153,000
Net Common Stock Issuance	-548,000	-286,000
Common Stock Payments	-548,000	-286,000
Net Issuance Payments Of Debt	0	-100,000
Short Term Debt Payments		0
Net Long Term Debt Issuance	0	-100,000
Long Term Debt Payments	0	-100,000
Investing Cash Flow	747,000	-638,000
Cash Flow From Continuing Investing Activities	747,000	-638,000
Net Other Investing Changes	965,000	-663,000
Net Investment Purchase And Sale	-158,000	26,000
Sale Of Investment	8,000	35,000
Purchase Of Investment	-166,000	-9,000
Net Business Purchase And Sale		88,000
Sale Of Business		88,000
Net PPE Purchase And Sale	-60,000	-89,000
Purchase Of PPE	-60,000	-89,000
Operating Cash Flow	689,000	625,000
Cash Flow From Continuing Operating Activities	689,000	625,000
Change In Working Capital	49,000	-84,000
Change In Other Working Capital	311,000	79,000
Change In Other Current Liabilities	-121,000	15,000
Change In Other Current Assets	94,000	-163,000
Change In Payables And Accrued Expense	-186,000	66,000
Change In Accrued Expense	-153,000	50,000
Change In Payable	-33,000	16,000
Change In Account Payable	-33,000	16,000
Change In Receivables	-49,000	-81,000
Other Non Cash Items	21,000	23,000
Stock Based Compensation	38,000	43,000
Deferred Tax	12,000	18,000
Deferred Income Tax	12,000	18,000
Depreciation Amortization Depletion	165,000	161,000
Depreciation And Amortization	165,000	161,000
Operating Gains Losses	-115,000	-54,000
Earnings Losses From Equity Investments	-26,000	-10,000
Gain Loss On Sale Of Business	-89,000	-49,000
Net Income From Continuing Operations	519,000	518,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.1B ▲ $2.1B +2.0%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 38.9% ▲ 44.8% +5.9pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 32.1% ▲ 31.4% -0.6pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 18.8% ▲ 24.3% +5.4pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$2.1B/qtr (≈$8.5B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.00x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$629M

vs Positive

Operating Cash Flow

$689M

Latest quarter · Buffett's cash reality check

ROIC

2.3%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

3.9x

Net Assets: $12.0B

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

10.88%

High — management has strong skin in the game

Return on Equity (ROE)

4.3%

Weak — poor returns on equity

Return on Assets (ROA)

1.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$616M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Adena Friedman

CEO & Chairman

Age 55

Pay: $7,523,229

1.450% of net income

Nelson Griggs

President & Division President of Capital Access Platforms

Age 54

Pay: $3,113,010

0.600% of net income

Tal Cohen

President

Age 52

Pay: $2,691,939

0.519% of net income

Sarah Youngwood

Executive VP & CFO

Age 51

Pay: $2,948,590

0.568% of net income

Top Institutional Holders

Institution	% Owned	Shares
Investor AB	10.32%	58,382,426
Blackrock Inc.	6.75%	38,169,782
Wellington Management Group, LLP	6.41%	36,278,978
Vanguard Capital Management LLC	5.52%	31,237,808
Massachusetts Financial Services Co.	5.14%	29,060,439
Vanguard Portfolio Management LLC	4.62%	26,103,691
State Street Corporation	3.49%	19,714,705
Geode Capital Management, LLC	2.29%	12,977,158

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.97

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: $82.24 High: $101.79

Currently at 21% of 52-week range

Nasdaq, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis