Nasdaq, Inc.NDAQ
NasdaqGS•Financial Services•Financial Data & Stock Exchanges
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.
Nasdaq, Inc. (NDAQ) reported trailing twelve months revenue of $8.31B as of March 2026, a 6.3% increase year-over-year. Quarterly revenue reached $2.14B, reflecting continued top-line momentum.
Nasdaq, Inc. generated $1.91B in TTM net income, with quarterly EBITDA of $822.00M. The operating margin expanded from 26.2% to 30.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (30.7%) and net margin (24.3%) indicates moderate non-operating costs. Net margin has improved from 18.9% a year ago, signaling stronger bottom-line efficiency.
NDAQ trades at a P/E of 24.8x (in line with broad market averages) and a P/S of 5.7x. The price-to-book ratio of 3.9x reflects a moderate premium to book value.
The company generated $629.00M in free cash flow over the trailing twelve months, a 2.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $27.30B in total assets with $8.53B in long-term debt against $12.03B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~27.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~11.9% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~26.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~29.4% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation