Nasdaq OMX (NDAQ)
NASDAQ:NDAQ
Want to see NDAQ full AI Analyst Report?
Top Page
Nasdaq
(NASDAQ:NDAQ)
Select Model
Select Model
Rating:72Outperform
Price Target:
$101.00
â–²(13.98% Upside)
Action:Reiterated
Date:06/17/26
The score is driven primarily by strong financial performance (high profitability and improving free-cash-flow generation) and a positive earnings outlook highlighting accelerating ARR/fintech momentum and shareholder returns. Offsetting factors are a somewhat rich valuation (P/E ~27), moderate leverage, and mixed near-term technical momentum (slightly negative MACD despite price holding above key moving averages).
Positive Factors
Recurring revenue / ARR growth
A $3.2B ARR base growing 12% YoY signals durable, subscription-like revenue that smooths cyclicality from transaction fees. Strong ARR supports predictable cash flows, higher customer retention and multi-year visibility for investment in products and margin expansion.
Negative Factors
Moderate leverage
Meaningful absolute debt and ~2.8x gross leverage limit financial flexibility versus a low-debt profile. Debt service and leverage targets constrain large strategic moves, increase sensitivity to rate moves, and reduce optionality for aggressive buybacks or acquisitions.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue / ARR growth
A $3.2B ARR base growing 12% YoY signals durable, subscription-like revenue that smooths cyclicality from transaction fees. Strong ARR supports predictable cash flows, higher customer retention and multi-year visibility for investment in products and margin expansion.
Read all positive factors
Nasdaq Key Performance Indicators (KPIs)
Nasdaq (NDAQ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$46.51B
Dividend Yield1.07%
Average Volume (3M)3.40M
Price to Earnings (P/E)24.4
Beta (1Y)0.76
Revenue Growth5.79%
EPS Growth50.79%
CountryUS
Employees9,377
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)3.36
Shares Outstanding565,540,800
10 Day Avg. Volume4,147,413
30 Day Avg. Volume3,400,870
Financial Highlights & Ratios
PEG Ratio0.51
Price to Book (P/B)4.53
Price to Sales (P/S)6.75
P/FCF Ratio27.87
Enterprise Value/Market Cap1.20
Enterprise Value/Revenue6.77
Enterprise Value/Gross Profit12.36
Enterprise Value/Ebitda17.99
Forecast
1Y Price Target
$108.09Price Target Upside21.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)3.95
Revenue Forecast (FY)$5.76B
Nasdaq Business Overview & Revenue Model
Company Description
Nasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering prod...
How the Company Makes Money
Nasdaq generates revenue through a mix of market services, recurring data/technology subscriptions, and issuer services. A major revenue stream comes from Market Services, which includes transaction-based fees tied to trading activity across its e...
Nasdaq Earnings Call Summary
Earnings Call Date:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call presented a broad set of strong operational and financial wins: double-digit top-line growth, record fintech performance, improved margins, robust ACV bookings, accelerating AI and data adoption, solid cash generation and elevated shareholder returns. Headwinds were largely mix-related (derivatives and capture), a muted corporate solutions environment tied to lower IPO activity, modest short-term index flow volatility, and managed expense growth with near-term timing effects. Overall, the positive growth drivers, scalable ARR momentum, and margin expansion materially outweigh the contained challenges.Positive Updates
Strong Top-Line Growth
Net revenue of $1.4B, up 13% year-over-year; solutions revenue $1.1B, up 14% YoY; annualized recurring revenue (ARR) $3.2B, up 12% YoY.
Negative Updates
Muted Corporate Solutions & IPO Environment
Corporate Solutions revenue was essentially flat in Q1; overall corporate buying environment remains muted and IPO activity lower than historic levels, although management noted improving pipeline and early Q2 pickup.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Net revenue of $1.4B, up 13% year-over-year; solutions revenue $1.1B, up 14% YoY; annualized recurring revenue (ARR) $3.2B, up 12% YoY.
Read all positive updates
Company Guidance
Nasdaq updated its 2026 financial guidance and capital-allocation posture: it raised non‑GAAP operating expense guidance to $2.485–$2.545 billion (from $2.455–$2.535B) while assuming FX impacts consistent with prior expectations, reiterated a 2026 non‑GAAP tax rate of 22.5%–24.5%, and warned of higher expense growth in Q2 driven by the timing of the annual compensation cycle; the company also reiterated a program targeting ~$100 million of AI-driven expense efficiencies by end‑2027 (with the majority in 2027). On capital allocation it generated $629 million of free cash flow in Q1 and $2.1 billion LTM (FCF conversion 12%, or 108% excluding tax‑timing), exited the quarter with gross leverage of 2.8x (in its mid‑to‑high target range), repurchased $548 million of stock in Q1 (versus $616 million in all of 2025), returned over $700 million to shareholders in the quarter (including a $153 million dividend at $0.27/share), and the Board approved raising the dividend to $0.31/share starting with the June payment.Nasdaq Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.27B | 8.22B | 7.40B | 6.06B | 6.23B | 5.89B |
| Gross Profit | 4.53B | 3.94B | 2.99B | 2.55B | 2.34B | 2.23B |
| EBITDA | 3.11B | 3.13B | 2.46B | 2.00B | 1.85B | 1.93B |
| Net Income | 1.91B | 1.79B | 1.12B | 1.06B | 1.13B | 1.19B |
Balance Sheet | ||||||
| Total Assets | 27.30B | 31.05B | 30.39B | 32.29B | 20.87B | 20.11B |
| Cash, Cash Equivalents and Short-Term Investments | 748.00M | 842.00M | 776.00M | 641.00M | 683.00M | 601.00M |
| Total Debt | 9.45B | 9.93B | 9.87B | 10.87B | 5.85B | 6.22B |
| Total Liabilities | 15.26B | 18.82B | 19.20B | 21.47B | 14.70B | 13.71B |
| Stockholders Equity | 12.03B | 12.23B | 11.19B | 10.82B | 6.15B | 6.39B |
Cash Flow | ||||||
| Free Cash Flow | 2.00B | 1.99B | 1.73B | 1.54B | 1.55B | 920.00M |
| Operating Cash Flow | 2.28B | 2.25B | 1.94B | 1.70B | 1.71B | 1.08B |
| Investing Cash Flow | -95.00M | -1.10B | -953.00M | -5.99B | 49.00M | -2.65B |
| Financing Cash Flow | -6.05B | -2.95B | -2.56B | 4.22B | 1.04B | 1.42B |
Nasdaq Technical Analysis
Negative
88.61
Price Trends
88.62
Negative
87.22
Negative
89.06
Negative
Market Momentum
-1.00
Positive
35.15
Neutral
23.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NDAQ, the sentiment is Negative. The current price of 88.61 is above the 20-day moving average (MA) of 88.37, below the 50-day MA of 88.62, and below the 200-day MA of 89.06, indicating a bearish trend. The MACD of -1.00 indicates Positive momentum. The RSI at 35.15 is Neutral, neither overbought nor oversold. The STOCH value of 23.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NDAQ.
Nasdaq Risk Analysis
Nasdaq disclosed 2 risk factors in its most recent earnings report. Nasdaq reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
Nasdaq Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $89.28B | 20.87 | 15.25% | 3.92% | 7.54% | 18.50% | |
77 Outperform | $75.71B | 19.36 | 13.57% | 1.19% | 14.25% | 42.14% | |
77 Outperform | $42.31B | 32.28 | -64.13% | 1.24% | 10.86% | 20.25% | |
73 Outperform | $121.63B | 25.57 | 14.80% | 0.73% | 8.54% | 24.07% | |
72 Outperform | $46.51B | 24.37 | 15.91% | 1.07% | 5.79% | 50.79% | |
71 Outperform | $26.07B | 21.12 | 24.63% | 1.06% | 10.61% | 53.46% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
NDAQ
Nasdaq
82.24
-3.41
-3.98%
CBOE
Cboe Global Markets
249.10
21.37
9.38%
CME
CME Group
246.38
-16.07
-6.12%
ICE
Intercontinental Exchange
133.88
-43.58
-24.56%
SPGI
S&P Global
410.92
-99.38
-19.47%
MSCI
MSCI
581.19
33.72
6.16%
Nasdaq Corporate Events
Executive/Board ChangesShareholder Meetings
Nasdaq Shareholders Endorse Board, Pay and Auditor Slate
Positive
Jun 16, 2026
At its annual meeting of shareholders held on June 10, 2026, Nasdaq, Inc. saw all 12 director nominees elected to serve until the 2027 meeting, with voting results adjusted to exclude excess shares limited under the company’s 5% voting cap i...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Nasdaq Reports Strong First-Quarter 2026 Financial Results
Positive
Apr 23, 2026
Nasdaq, Inc. reported strong first quarter 2026 results on April 23, 2026, posting net revenue of $1.4 billion, up 14% year over year, with solutions revenue rising 14% and market services net revenue climbing 13%. Annualized recurring revenue rea...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.