Nasdaq, Inc.
NDAQ stock analysis · Financials · Financial Exchanges & Data
As of · fund-implied per-share value
Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.
View SEC fund filing ↗Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.
View share-count filing ↗Reviewed cash-flow model
Reviewed operating-business exception limited to this annual period. Nasdaq supplies market infrastructure, data and financial technology. Client default-fund/margin movements are in investing/financing activities and are distinct from corporate cash. Fee-based operating-business proxies are shown for this period, with clearing guarantees, regulatory capital and Section 31 timing disclosed as limitations. Debt uses the note's consistently reclassified current/noncurrent schedule, without adding the same maturities twice. Consolidated FCF includes small subsidiary minority interests; DCF and reverse DCF await a dated claim bridge. Business description ↗
DCF value
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Reverse DCF
Consolidated cash flow includes noncontrolling interests. A dated valuation bridge for those claims has not been reviewed, so per-share DCF and reverse DCF remain unavailable.
How this is calculated ↗Relative valuation
7 industry peers · median 27.0×
How this is calculated ↗Historical multiples
7 annual observations · snapshot P/E 24.8× · -16.7% versus history
How this is calculated ↗Free cash flow yield
Annual basis · read assumptions below
How this is calculated ↗ROIC / quality
Normalized tax · financing-capital proxy
How this is calculated ↗Value composite
Annual basis · read assumptions below
How this is calculated ↗12–1 price momentum
Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.
How this is calculated ↗Asset growth
Annual basis · read assumptions below
How this is calculated ↗Net payout yield
Requires reported dividends, repurchases and issuance; missing values are not zero.
How this is calculated ↗Accrual quality
Annual basis · read assumptions below
How this is calculated ↗Fundamental momentum
Annual basis · read assumptions below
How this is calculated ↗Follow the cash
ANNUAL · USDOperating cash flow and reinvestment over time
Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.
Make the assumptions yours
How sensitive is the valuation?
| Return / Growth | 3.0% | 5.0% | 7.0% |
|---|---|---|---|
| 8.0% | — | — | — |
| 10.0% | — | — | — |
| 12.0% | — | — | — |
Annual financial history
Open SEC filings ↗| Fiscal year-end | Revenue | Net income | Operating cash flow | Capital expenditure | Assets |
|---|---|---|---|---|---|
| 2025-12-31 | 8.3B | 1.8B | 2.3B | 266M | 31.1B |
| 2024-12-31 | 7.4B | 1.1B | 1.9B | 207M | 30.4B |
| 2023-12-31 | 6.1B | 1.1B | 1.7B | 158M | 32.3B |
| 2022-12-31 | 6.2B | 1.1B | 1.7B | 152M | 20.9B |
| 2021-12-31 | 5.9B | 1.2B | 1.1B | 163M | 20.1B |
| 2020-12-31 | 5.6B | 933M | 1.3B | 188M | 18B |
| 2019-12-31 | 4.3B | 774M | 963M | 127M | 13.9B |
| 2018-12-31 | 4.3B | 458M | 1B | 111M | 15.7B |
USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.
Trace the inputs
MODEL ANNUAL PERIOD| Input | Value | SEC tag / source | Filed |
|---|---|---|---|
| revenue | 8.3B | RevenueFromContractWithCustomerExcludingAssessedTax | 2026-02-12 |
| netIncome | 1.8B | ProfitLoss Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-12 |
| Parent/common earnings proxy | 1.8B | NetIncomeLoss | 2026-02-12 |
| cfo | 2.3B | NetCashProvidedByUsedInOperatingActivities | 2026-02-12 |
| capex | 266M | PaymentsToAcquirePropertyPlantAndEquipment | 2026-02-12 |
| operatingIncome | 2.3B | OperatingIncomeLoss | 2026-02-12 |
| assets | 31.1B | Assets | 2026-02-12 |
| equity | 12.2B | StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Explicit consolidated amount, including the portion attributable to noncontrolling interests. | 2026-02-12 |
| Parent book equity proxy | 12.2B | StockholdersEquity | 2026-02-12 |
| debt | 8.6B | LongTermDebt | 2026-02-12 |
| shortDebt | 431M | ShortTermBorrowings | 2026-02-12 |
| cash | 604M | CashAndCashEquivalentsAtCarryingValue | 2026-02-12 |
| shares | 578.6M | WeightedAverageNumberOfDilutedSharesOutstanding | 2026-02-12 |
| dividends | 601M | PaymentsOfDividends | 2026-02-12 |
| buybacks | 616M | PaymentsForRepurchaseOfCommonStock | 2026-02-12 |
| issuance | — | Not reported under a supported tag | — |