# Nasdaq, Inc. Common Stock (NDAQ) — Stock CV

Nasdaq, Inc. is a $52.4B financial services company. Revenue grew 7.9% over the last year, and it keeps 22¢ of every dollar of sales as profit. It trades at 26.6× earnings — around the middle of its own history.

> Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%).

## Identity

- **Ticker**: NDAQ
- **Sector**: Financial Services
- **Industry**: Security & Commodity Brokers, Dealers, Exchanges & Services
- **Headquarters**: NEW YORK, NY
- **Employees**: 9 630
- **Website**: https://www.nasdaq.com
- **Market cap**: $52.4B
- **Last price**: $93.65
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $8.75B
- **Net income**: $1.97B
- **Free cash flow**: $1.95B
- **Net debt**: $8.40B
- **P/E**: 26.6
- **Revenue growth (YoY)**: 7.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 48 |
| Growth | 64 |
| Profitability | 82 |
| Health | 42 |
| Quality | 92 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +7.9% YoY
- [x] Profitable — $1.97B TTM
- [x] Profit growing — +11.0% YoY
- [x] Generates cash — $1.95B TTM
- [x] Debt under control — ~4.3y of cash flow to repay
- [x] Established company — $52.4B market cap
- [ ] Not printing shares — +14.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 1.21%
- [x] Valuation not extreme — P/E 26.6

## Experience (career milestones)

- **FY2025** — Best year on record: $1.79B net income
- **2023** — Nasdaq announced that it had agreed to acquire Adenza from Thoma Bravo in a $10.5 billion…
- **Nov 19, 2020** — Nasdaq announced that they would acquire Verafin for US$2.75 billion in cash
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.71B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company
- **2007** — OMX acquired the Armenian Stock Exchange and the Central Depository of Armenia
- **Oct 2, 2006** — The group launched a virtual Nordic Stock Exchange after merging the individual lists of shares…
- **Apr 11, 2006** — NASDAQ later pulled its bid, and less than two weeks later on April 11, 2006, struck a deal with LSE's largest…
- **Sep 3, 2003** — The Helsinki Stock Exchange (HEX) merged with OM
- **1998** — A merger happened with the American Stock Exchange (Amex), forming Nasdaq-Amex Market Group
- **1992** — Nasdaq entered a partnership with the London-based International Stock Exchange, establishing the first…
- **1971** — Nasdaq was founded in 1971 as the world's first electronic stock market

## Strengths

- High gross margin (64.2%)
- Strongly profitable — 22.5% net margin
- Strong cash conversion — FCF is 22.3% of revenue
- Interest covered 9.8× by operating earnings
- Piotroski F-Score 9/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $5.89B | $1.19B | $920M |
| FY2022 | $6.23B | $1.13B | $1.55B |
| FY2023 | $6.06B | $1.06B | $1.54B |
| FY2024 | $7.40B | $1.12B | $1.73B |
| FY2025 | $8.26B | $1.79B | $1.99B |

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Source: https://stockcv.com/NDAQ — derived from company filings; may be delayed or incomplete. Information, not investment advice.