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Nasdaq

NDAQ on Nasdaq. Nasdaq sells market technology, data, and analytics to exchanges, banks, and investors. Market value $51.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Financial services stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
15.3%five-year median

Yearly profit per dollar of owners' money: 15 cents. Above 10 is good.

Price to book
quarterly report to June 2026
4.3×

What you pay for each dollar of net assets: $4.30.

Earnings yield
past 12 months to June 2026
3.8%

Profit per $100 you pay: $3.81.

Quality score: 100 of 100. Price score: 23 of 100. Our list needs 70 on quality and 60 on price.

$92.27 a share, 21% above its 1-year low

Over the past year the price has ranged from $76.55 to $101.79.

Dividend: 1.2% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$5.9bn$6.2bn$6.1bn$7.4bn$8.3bn
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.49bn0.58bn0.57bn0.57bn0.56bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsSlow, 8.0% a year
  • Buying back its own sharesNo, 14% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $2.5 billion last quarter, up 21% on a year ago.
  • Profit: $507 million, up 12% on a year ago.
  • Spare cash over the past 12 months: $2 billion, down from $2.1 billion.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$1.9bn
December 2024$2.0bn
March 2025$2.1bn
June 2025$2.1bn
September 2025$2.0bn
December 2025$2.1bn
March 2026$2.1bn
June 2026$2.5bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$306m
December 2024$355m
March 2025$395m
June 2025$452m
September 2025$423m
December 2025$518m
March 2026$519m
June 2026$507m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
22 October 2026
Last annual report (10-K)
12 February 2026
Next quarterly (estimated, 10-Q)
22 October 2026

Who owns it

8 long-term investors we follow own it, unchanged from 8 last quarter. 1,080 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $958,320 of shares on the open market. 8 sold $87m, $79m of it under preset trading plans.

  • SKULE JEREMY
    EVP, CSO
    Sold
    under a preset trading plan
    Date
    22 September 2026
    Shares
    1,125
    Price
    $95.00
    Value
    $106,875
  • SKULE JEREMY
    EVP, CSO
    Sold
    under a preset trading plan
    Date
    10 September 2026
    Shares
    1,125
    Price
    $94.22
    Value
    $105,998
  • SKULE JEREMY
    EVP, CSO
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    2,250
    Price
    $94.75
    Value
    $213,188
  • Griggs PC Nelson
    Pres. Capital Access Platforms
    Sold
    Date
    10 August 2026
    Shares
    3,226
    Price
    $96.16
    Value
    $310,212
  • Peterson Bradley J
    EVP, CIO
    Sold
    Date
    7 August 2026
    Shares
    6,000
    Price
    $95.55
    Value
    $573,300
  • Smith Bryan Everard
    EVP, CPO
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    1,556
    Price
    $95.07
    Value
    $147,929
  • Griggs PC Nelson
    Pres. Capital Access Platforms
    Sold
    Date
    29 July 2026
    Shares
    11,010
    Price
    $96.35
    Value
    $1m
  • Griggs PC Nelson
    Pres. Capital Access Platforms
    Sold
    Date
    27 July 2026
    Shares
    11,010
    Price
    $93.96
    Value
    $1m
  • Peterson Bradley J
    EVP, CIO
    Sold
    Date
    24 July 2026
    Shares
    13,000
    Price
    $92.61
    Value
    $1m
  • Griggs PC Nelson
    Pres. Capital Access Platforms
    Sold
    Date
    24 July 2026
    Shares
    6,777
    Price
    $92.53
    Value
    $627,076

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

We couldn’t fully check Nasdaq’s latest annual report.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We couldn't fully read the 10-K filed 12 Feb 2026, so we can't say there are no warning signs.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.