Nasdaq, Inc. (NDAQ) Stock

Nasdaq, Inc. (NDAQ) is a Financials stock trading at $97.56 (as of 2026-08-20), with a market capitalization of $54.53B and a trailing P/E of 27.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Nasdaq, Inc. provides technology and data services for capital markets through segments including Market Technology, Investment Intelligence, and Corporate Platforms. Its Market Technology offerings include trade surveillance and anti-financial-crime tools for brokers and other market participants, along with investment data, indexes, and listing and investor-relations and governance solutions.

Understand Nasdaq, Inc.: how it makes money

Nasdaq operates capital-markets technology, selling SaaS tools for market compliance and anti-financial crime (including Trade Surveillance, Automated Investigator, and Verafin) to brokers and other market participants, and it also provides capital access and financial technology platforms.

The profit engine is recurring SaaS embedded in compliance workflows, reflected by Nasdaq reporting ARR (Annualized Recurring Revenue) and Nasdaq Annualized SaaS Revenue linked to its solutions businesses.

Revenue by segment (latest quarter)
Market Tech	$1.1B
Cap Access	$0.6B
FinTech	$0.5B

Business quality (Solid): Strong recurring revenue signals are provided (ARR and annualized SaaS metrics), but the segment revenue mapping is limited to revenue-style labels in the provided facts rather than a full official segment table.

Valuation: At 24× earnings, NDAQ trades 29% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Recurring SaaS focus: Nasdaq reports ARR (Annualized Recurring Revenue) and Nasdaq Annualized SaaS Revenue, aligning with its Market Technology solutions such as Trade Surveillance, Automated Investigator, and Verafin.
Multiple compliance and platform offerings: Its Market Technology includes several cloud-deployed anti-financial crime tools, and the company also reports separate revenue-style lines for Capital Access Platforms and Financial Technology.

Bear case

SaaS concentration in compliance spend: Because these solutions support market rules, regulations, and internal surveillance policies, customer spending could be sensitive to regulatory and budget changes.
Competition and product replacement risk: Firms that provide surveillance, anti-money laundering, and anti-financial crime management tools face ongoing competition, which can pressure pricing or renewals (even if the company tracks ARR and annualized SaaS metrics).
Exposure to broader market activity: As a technology provider to capital markets and other industries worldwide, business performance may be affected by capital markets activity levels.

Valuation — source: SEC EDGAR (first-party)
Price	$97.56
Market Cap	$54.53B
P/E Ratio	27.7
EV / EBITDA	22.8
Price / Book	4.55
Price / Sales	6.23
FCF Yield	3.6%
DCF Value (model)	$51.22
DCF Upside vs Price	-47.5%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$8.26B
Net Margin	21.6%
Revenue Growth (YoY)	21.1%
EPS Growth (YoY)	13.9%
FCF Growth (YoY)	-7.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.72 (grey)
Piotroski F-Score	9/9 (strong)

Valuation vs Sector & Industry
Stock P/E	27.7
Sector P/E (Financials)	15.1
Industry P/E (Trading)	34.6
vs Sector	83.2%
vs Industry	-19.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($5.82B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Financials
Industry	Trading
CEO	Adena T. Friedman
Employees	9,377
Country	US
IPO Date	2002-07-01

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.