Reading the tape
NASDAQ: NDAQ
Nasdaq, Inc.
Financial Services · Financial - Data & Stock Exchanges
Market Cap
$50.28B
52w High
$101.79
52w Low
$77.09
P/E
26.34
Volume
2.56M
Outstanding Shares
565.54M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inHigh confidence
1Y Price: 12.54%Revenue (TTM): 5.77%FCF (TTM): 8.03%P/FCF: 83rd pct
What changed
The stock rose 12.54% over the last year. Revenue grew 5.77% over the trailing twelve months. Operating margin moved from 24.76% to 29.53%. Free cash flow grew 8.03% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (83rd percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 29.53% — continued expansion would be needed to justify the premium. Revenue growth of 5.77% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Nasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide.
CEOAdena T. Friedman
SectorFinancial Services
IndustryFinancial - Data & Stock Exchanges
Employees9,377
IPO dateJul 1, 2002
Valuation
Forward P/E—
EV/EBITDA20.64
Enterprise value$64.55B
Price / Book4.11
Stock splits
Aug 29, 2022↑ Forward
Every 1 shares became 3
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth2.25%
Gross margin54.81%▲18.67%vs FY2024
Operating margin29.53%▲16.74%vs FY2024
ROE14.63%▲46.59%vs FY2024
Analyst consensus
RatingBuy
Target price$114.60▲28.89%
22
Buy
13
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 23, 2026
Q3 FY26 · EPS est $0.95 · Revenue est $1.42B
View
Dividends
$1.12/shareQuarterlyDividend Achiever · 13yrSafeNDAQ pays a dividend with a 1.26% declared yield, 13 consecutive years of growth, growing at 10.82% annually, covered 3.3× by free cash flow.
Declared Yield
1.26%
Annual Div / Share
$1.12
TTM $1.08
5yr CAGR
+10.82%
Doubles every ~6.7yr
Payout Ratio
32.2%
Safe
Dividend Growth Rate
3yr CAGR
+10.95%
5yr CAGR
+10.82%
10yr CAGR
+12.12%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$1.12+13.1%
2025$0.99+10.0%
2024$0.90+9.8%
2023$0.82+10.8%
2022$0.74+10.4%
2021$0.67+5.8%
2020$0.63+6.1%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$13/yr
$1/mo
In 5 yrs
$21/yr+67%
$2/mo
In 10 yrs
$35/yr+179%
$3/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$13/yr $1/mo | $21/yr+67% $2/mo | $35/yr+179% $3/mo |
Yield-on-cost grows from 1.26% → 3.52% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
NDAQ has raised its dividend for 13 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 3.3× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 10.82% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.
Congressional Activity
Congress Trades in NDAQ
STOCK Act disclosures from senators and representatives.
April Delaney
MDhouseDemocratPurchase2026-04-24$1,001 - $15,000+13d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-31$1,001 - $15,000+8d to disclose
Ro Khanna
CAhouseDemocratSale2026-03-24$1,001 - $15,000+16d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-18$1,001 - $15,000+21d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-10$1,001 - $15,000+29d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-09$1,001 - $15,000+30d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-04$1,001 - $15,000+35d to discloseApril Delaney
MDhouseDemocratPurchase2026-03-03$1,001 - $15,000+36d to disclose