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Operator of the Nasdaq stock exchange, also selling market technology, data and anti-fraud/compliance software.
Operator of the Nasdaq stock exchange, also selling market technology, data and anti-fraud/compliance software.
A growing share of revenue is recurring: listed companies pay annual fees, data and index licences are subscriptions, and its software, including Verafin and Adenza, bought in 2023 for banks' risk and regulatory reporting, is sold on subscription. Trading fees are the market-sensitive part. It also licenses exchange technology to other exchanges.
Moat: narrow (network effects, switching costs, brand). Exchange listings network plus embedded market-surveillance/compliance software create sticky, recurring revenue.
Headquarters: New York, New York, US · Founded: 1971 · Employees: 9,525
Size Nasdaq (NDAQ) is a United States Financials company (Investment Banks/Brokers) with a market value of $59.4B, the 218th largest of 3,117 United States companies the cockpit tracks. Shares closed at $107.12 on 6 Nov 2026.
Performance Over six months the shares gained 20.9%, against +4.1% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +8.1%); the operating margin is 30.8% (peer median 39.6%).
Valuation It trades at 23.4× forward earnings against a peer median of 16.4× (8th most expensive of 21).
Backlog Backlog (remaining performance obligations) was $3.63B at 30 Sep 2026, up 13% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Credit Nasdaq has 12 bonds outstanding ($8.50B), rated BBB+ by the agencies and trading like A- at a weighted spread of 83 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.14B | $8.26B | $7.40B | $6.06B | $6.23B |
| Revenue growth | — | +12% | +22% | -3% | — |
| Gross profit | $5.12B | $4.62B | $4.04B | $3.57B | $3.32B |
| EBITDA | $3.47B | $3.06B | $2.56B | $2.15B | $1.94B |
| Net income | $2.08B | $1.79B | $1.12B | $1.06B | $1.12B |
| Free cash flow | $2.26B | $1.99B | $1.73B | $1.54B | $1.55B |
| Capital expenditure | $288M | $266M | $207M | $158M | $152M |
| Total debt | $9.29B | $9.53B | $9.92B | $10.9B | $5.91B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
| CME CME | $109B | +9% | +9% | 66% | 23.6× | n/a |
| NICE Ltd. Sponsored ADR NICE | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NDAQ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.0% | +1.1% | 3rd highest of 21 |
| 6-month return | +20.9% | +4.1% | 3rd highest of 21 |
| Distance from 52-week high | -3.9% | -13.7% | 4th highest of 21 |
| Revenue growth (TTM) | +11.9% | +8.1% | 10th highest of 21 |
| Operating margin | 30.8% | 39.6% | 7th lowest of 21 |
| Forward P/E | 23.4× | 16.4× | 8th most expensive of 21 |
| Bond spread | 83 bp | 63 bp | 6th widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nasdaq NDAQ | United States | $59.4B | +21% | +12% | 31% | 23.4× | n/a | n/a |
| HKEX 0388.HK | Hong Kong | $62.2B | -10% | +23% | 75% | 24.6× | n/a | n/a |
| CITIC Securities 600030.SS | China | $56.4B | -6% | -16% | 54% | 10.2× | n/a | n/a |
| Macquarie MQG.AX | Australia | $63.5B | +5% | +5% | 20% | 18.1× | n/a | n/a |
| Deutsche Boerse DB1.DE | Germany | $63.8B | +32% | +7% | 41% | 24.7× | n/a | n/a |
| Deutsche Bank Aktiengesellschaft DBK.DE | Germany | $65.0B | +15% | 0% | 30% | 9.5× | n/a | n/a |
| Robinhood Markets HOOD | United States | $72.9B | +5% | +22% | 44% | 29.7× | n/a | n/a |
| Barclays BARC.L | United Kingdom | $75.1B | +1% | +7% | 22% | 8.2× | n/a | n/a |
| State Street STT | United States | $45.0B | +11% | +2% | 33% | 11.1× | n/a | n/a |
| Cboe Global Markets CBOE | United States | $36.9B | +2% | +14% | 36% | 23.4× | n/a | n/a |
| Intercontinental Exchange ICE | United States | $96.3B | +11% | +14% | 47% | 20.1× | n/a | n/a |
| Coinbase COIN | United States | $35.7B | -33% | -48% | -33% | 99.3× | n/a | n/a |
| BNY Mellon BNY | United States | $99.4B | +13% | -1% | 37% | 14.7× | n/a | n/a |
| CME CME | United States | $109B | +9% | +9% | 66% | 23.6× | n/a | n/a |
| Tradeweb Markets TW | United States | $29.7B | +17% | +14% | 44% | 27.9× | n/a | n/a |
| Yuanta Financial Holding Co. Lt 2885.TW | Taiwan | $28.1B | +28% | +78% | 28% | 14.2× | n/a | n/a |
| Interactive Brokers IBKR | United States | $129B | -10% | +16% | 87% | 23.9× | n/a | n/a |
| LPL Financial LPLA | United States | $23.0B | -3% | +31% | 13% | 10.5× | n/a | n/a |
| Huatai Securities 601688.SS | China | $22.7B | -7% | -6% | 38% | 8.3× | n/a | n/a |
| Charles Schwab SCHW | United States | $158B | +3% | +12% | 52% | 12.2× | n/a | n/a |
| China International Capital 601995.SS | China | $21.6B | -18% | -20% | 55% | 10.0× | n/a | n/a |
Nasdaq has 12 bonds outstanding with $8.50B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 5.02%, a spread of 83 bp over government bonds.
Nasdaq reported $3.63B of remaining performance obligations at 30 Sep 2026, up 13% from a year earlier and up 0% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.