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1. Company Snapshot

1.a. Company 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.


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.

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1.b. Last Insights on NDAQ

Breaking News: Nasdaq Inc has recently been in the news with two companies making announcements. Polaryx Therapeutics began trading on the Nasdaq Capital Market under the ticker symbol PLYX on February 2, 2026. Additionally, Zevra Therapeutics was invited to ring the Nasdaq opening bell on February 9, 2026. There is no recent earnings release available for Nasdaq Inc. Analysts at various firms have not made any recent recommendations on Nasdaq Inc stock.

1.c. Company Highlights

2. Nasdaq's Strong 2025 Performance Sets Stage for Continued Growth

Nasdaq delivered a robust financial performance in 2025, with net revenue reaching $5.2 billion, up 12% year-over-year, and solutions revenue of $4 billion, up 11%. The company's operating income grew 16% to $2.9 billion, and diluted EPS increased 24%. Actual EPS came out at $0.96, beating estimates of $0.922. The company's financial technology segment drove 11% revenue growth, with financial crime management technology up 22% and regulatory technology up 10%. Nasdaq's strong performance was driven by its diversified business offerings, innovative products, and commitment to client satisfaction.

Publication Date: Feb -02

📋 Highlights
  • Net Revenue Growth:: Nasdaq achieved $5.2 billion net revenue in 2025, a 12% increase, with solutions revenue reaching $4 billion (up 11%).
  • Record ETP AUM:: Exited 2025 with $882 billion in ETP AUM, driven by $99 billion in net inflows over 12 months.
  • Financial Tech Expansion:: Financial technology revenue grew 11%, with Financial Crime Management up 22% and 255 new SMB clients added.
  • Strong Operating Performance:: Operating income rose 16% to $2.9 billion, while diluted EPS growth hit 24%.
  • Free Cash Flow & Leverage:: Generated $2.2 billion in free cash flow and reduced gross leverage to 2.9x, with $616 million spent on share repurchases.

Segment Performance

Nasdaq's Market Services revenue grew 14% in the quarter, driven by record industry volumes in US equities and options. The company's data business delivered robust growth, driven by new enterprise license agreements, international expansion, and higher use of data products. Index revenue grew 23% in the quarter, with net inflows of $99 billion over the last 12 months. Financial Technology revenue grew 12% in the quarter, with ARR growth of 12%, and signed 129 new clients, 143 upsells, and 12 cross-sells.

Valuation and Outlook

With a P/E Ratio of 30.91 and P/S Ratio of 6.77, Nasdaq's valuation multiples indicate a premium for its growth prospects. Analysts estimate next year's revenue growth at 8.2%. Nasdaq's strong performance in 2025 positions the company for continued growth and success in 2026, driven by its diversified business offerings and innovative products. As Adena Friedman noted, "We're focused on capital efficiency, particularly with collateral movement... Leveraging tokenization and digital assets can allow for more efficient collateral movement, which we see as a real opportunity." Nasdaq's commitment to innovation and client satisfaction is expected to drive long-term growth.

Capital Allocation and M&A

Nasdaq has achieved its leverage target and is focused on organic growth, supporting clients, and maintaining a progressive dividend. The company is also interested in continuing share repurchases and evaluating bolt-on acquisitions. With a gross leverage ratio of 2.9 times, Nasdaq is well-positioned to pursue strategic opportunities. Friedman stated that organic growth is the primary focus, but the company will continue to evaluate bolt-on acquisitions.

Growth Initiatives

Nasdaq is exploring new growth initiatives, including tokenized equities, which could potentially increase capital efficiency and open up new markets. The company has filed a regulatory proposal to introduce tokenized equities, which would allow for fungibility and interoperability. As Friedman noted, "In five years, if money is moving consistently in a tokenized form, it could increase capital efficiency and open up the market." Nasdaq's commitment to innovation and growth is expected to drive long-term value creation for shareholders.

3. NewsRoom

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Polaryx Therapeutics Announces Direct Listing on Nasdaq; Shares to Begin Trading Under the Symbol “PLYX”

Feb -02

Source: globenewswire.com

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Zevra Therapeutics to Ring Nasdaq Stock Market Opening Bell on Monday, February 9, 2026

Feb -02

Source: globenewswire.com

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K2 Capital Acquisition Corporation Announces Closing of its Upsized $138,000,000 Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional Units

Jan -30

Source: globenewswire.com

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Polaryx Therapeutics Announces Approval to List Common Stock on Nasdaq

Jan -30

Source: globenewswire.com

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Cold Feet Over AI Spending Brings Nasdaq Down

Jan -30

Source: zacks.com

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Nasdaq, Inc. (NDAQ) Q4 2025 Earnings Call Transcript

Jan -29

Source: seekingalpha.com

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Nasdaq Beats Q4 Earnings & Revenue Estimates, Tweaks Expense View

Jan -29

Source: zacks.com

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Compared to Estimates, Nasdaq (NDAQ) Q4 Earnings: A Look at Key Metrics

Jan -29

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.49%)

6. Segments

Market Services

Expected Growth: 6.5%

Market Services from Nasdaq, Inc. grew 6.5% due to increased trading volumes, driven by market volatility and investor activity. Strong performance in index licensing and analytics also contributed, as Nasdaq's indexes, such as the Nasdaq-100, remained popular among investors. Additionally, growth in cloud-based services and digital transformation initiatives further fueled the segment's expansion.

Corporate Services

Expected Growth: 5.8%

Nasdaq's Corporate Services growth (5.8%) is driven by increasing demand for governance, risk, and compliance solutions. The segment benefits from recurring revenue streams, expanded client base, and cross-selling opportunities. Additionally, Nasdaq's strategic acquisitions and investments in technology enhance its offerings, contributing to the growth.

Capital Access Platforms

Expected Growth: 9.0%

Capital Access Platforms' 9.0% growth is driven by increasing demand for streamlined equity capital markets, driven by Nasdaq's expanding client base, modular platform offerings, and strategic acquisitions enhancing its market position, alongside growing need for efficient and compliant fundraising solutions.

Financial Technology

Expected Growth: 8.0%

The Financial Technology segment's 8.0% growth is driven by increasing demand for digital payments, online lending, and blockchain solutions. Rising adoption of mobile banking, regulatory support for fintech innovation, and investments in AI and cybersecurity also fuel growth. Additionally, partnerships between fintech firms and traditional financial institutions enhance market reach and offerings.

7. Detailed Products

Nasdaq Market Technology

Provides technology solutions for exchanges, clearinghouses, and other market infrastructure providers to support trading, clearing, and settlement operations.

Nasdaq Trading and Execution

Offers trading and execution services for buy-side and sell-side firms, including agency brokerage services, and trading platforms.

Nasdaq Market Data

Provides real-time and historical market data to support trading, research, and analytics for a wide range of customers.

Nasdaq Listing Services

Supports companies in listing their shares on the Nasdaq stock exchange, providing guidance on listing requirements and compliance.

Nasdaq Index and Analytics

Offers index and analytics solutions, including Nasdaq indexes, data analytics, and insights to support investment decisions.

Nasdaq Cloud Services

Provides cloud-based solutions for financial institutions, exchanges, and other market participants to support their technology infrastructure.

Nasdaq Risk and Surveillance

Offers risk management and market surveillance solutions to help firms monitor and manage risk, detect market abuse, and ensure compliance.

8. Nasdaq, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Nasdaq, Inc. operates a unique stock exchange and provides a range of services including trading, listing, and market data. The threat of substitutes is low because there are no close substitutes for a stock exchange, and the company's services are highly specialized.

Bargaining Power Of Customers

Nasdaq, Inc.'s customers include broker-dealers, institutional investors, and listed companies. While these customers have some bargaining power, Nasdaq's dominant position in the market and the high cost of switching to a different exchange limit their ability to negotiate prices and terms.

Bargaining Power Of Suppliers

Nasdaq, Inc.'s suppliers include technology providers, data centers, and other service providers. The company has a large number of suppliers and is not dependent on any one supplier, which limits the bargaining power of suppliers.

Threat Of New Entrants

The threat of new entrants is low because establishing a new stock exchange requires significant investment in technology, infrastructure, and regulatory compliance. Additionally, Nasdaq's brand recognition and established relationships with customers and listed companies create barriers to entry.

Intensity Of Rivalry

The intensity of rivalry in the stock exchange industry is medium. While there are a limited number of stock exchanges, Nasdaq competes with other exchanges such as the New York Stock Exchange (NYSE) and the London Stock Exchange (LSE). However, each exchange has its own unique characteristics and strengths, which limits the intensity of competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.86%
Debt Cost 5.24%
Equity Weight 53.14%
Equity Cost 9.24%
WACC 7.36%
Leverage 88.18%

11. Quality Control: Nasdaq, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
CME Group

A-Score: 7.2/10

Value: 2.3

Growth: 5.9

Quality: 8.6

Yield: 8.0

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

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BNY Mellon

A-Score: 6.7/10

Value: 4.6

Growth: 6.4

Quality: 5.7

Yield: 5.0

Momentum: 9.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Nasdaq

A-Score: 5.6/10

Value: 1.8

Growth: 5.7

Quality: 7.0

Yield: 3.0

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
ICE

A-Score: 5.6/10

Value: 2.5

Growth: 6.1

Quality: 6.9

Yield: 2.0

Momentum: 6.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
MSCI

A-Score: 5.5/10

Value: 2.8

Growth: 7.9

Quality: 7.5

Yield: 2.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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S&P Global

A-Score: 5.3/10

Value: 1.6

Growth: 6.7

Quality: 8.1

Yield: 1.0

Momentum: 5.0

Volatility: 9.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

88.21$

Current Price

88.21$

Potential

-0.00%

Expected Cash-Flows