Nasdaq (NDAQ) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Nasdaq

NasdaqGS•Financial Services•Financial Data & Stock Exchanges

$106.23+0.63(0.01%)Market closed

Market Cap

$59.79B

P/E

28.7x

P/S

6.5x

P/B

5.0x

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.

How this company scores

ExcellentMetricSide Score: 85/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability25/25

Growth23/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROERising earningsCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 28.7x5y range 21.6x – 43.8x

Currently near its 20-quarter median.

P/S · 6.5x5y range 4.0x – 6.8x

Currently near its 20-quarter median.

P/B · 5.0x5y range 2.9x – 5.5x

Price & Volume

Market Cap $59.79B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $9.19B
Q. Revenue: $2.39B
TTM EBITDA: $2.90B
TTM Op. Income: $2.73B
Q. Op. Income: $732.00M
TTM Net Income: $2.08B
Q. Net Income: $540.00M
EPS: $0.97
Shares Out.: $558.93M

$9.19B in TTM revenue grew 12.4% YoY, reaching $2.39B last quarter. TTM EBITDA of $2.90B and TTM operating income of $2.73B show growth is flowing through to the bottom line. TTM net income of $2.08B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 61.9%
EBITDA Margin: 37.5%
Op. Margin: 30.6%
Net Margin: 22.6%

Op. margin of 30.6% is up 0.7% YoY — cost efficiency is improving. Net margin at 22.6% and gross margin of 61.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 2% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 28.7x
P/S Ratio: 6.5x
P/B Ratio: 5.0x

At 28.7x P/E, the stock trades within typical market levels. P/S of 6.5x and P/B of 5.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 8% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $27.38B
Cash: $365.00M
Long-Term Debt: $8.47B
Book Value: $12.00B
D/E Ratio: 0.7
Debt/EBITDA: 9.4

With $27.38B in assets and $8.47B in long-term debt, D/E is 0.7and book value is $12.00B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $521.00M
TTM Free Cash Flow: $2.26B
FCF Margin: 24.6%
FCF / Net Income: 1.1

TTM FCF of $2.26B on $521.00M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 8% — an improving trend.