Nasdaq, Inc.
NDAQ · NASDAQ
Company research
Nasdaq, Inc. (NDAQ) is a leading American multinational financial services and technology corporation headquartered in New York City, founded in 1971 as the world's first electronic stock market. Under the leadership of Chair and CEO Adena T. Friedman, the company operates through three core business segments — Capital Access Platforms, Financial Technology, and Market Services — serving corporate clients, investment managers, banks, brokers, and exchange operators across global capital markets. Beyond operating the iconic Nasdaq Stock Market and several U.S. and European exchanges, Nasdaq has strategically evolved into a diversified SaaS and data-driven technology firm, offering solutions in financial crime management, regulatory technology, market data analytics, and index licensing, with over 75% of net revenues targeting recurring, high-margin solutions businesses. With approximately 9,525 full-time employees and a market capitalization exceeding $50 billion, Nasdaq continues to advance the liquidity, transparency, and integrity of the global financial system.
Research reports
MCH Advisory Research · July 8, 2026Nasdaq Inc (NDAQ) — Valuation and Scenario Analysis
Detailed institutional-style report assigning a HOLD rating, with a five-anchor valuation framework (DCF, Monte Carlo, peer re-rating, scenario PWEV) that triangulates fair value at about 17% below spot and a probability‑weighted target roughly in line with current price, emphasizing that P/E multiple regime explains most outcome variance. The thesis highlights strong recurring data and index economics but flags post‑Adenza leverage, regulatory market-structure reforms, and potential deceleration in Financial Technology ARR as key downside risks that cap upside and justify a balanced, non-directional stance.
Macroaxis · March 9, 2026Nasdaq Inc Stock Analysis – Intrinsic Value and Risk MetricsComprehensive HTML report framing NDAQ as overvalued versus a computed “Real Value” of 74.94 but supported by a consensus target price of 108.53 and a Buy recommendation from 19 analysts, with extensive discussion of leverage, profitability, margins, and cash‑flow metrics. The analysis combines fundamental and technical indicators to argue that, despite rising net debt and relatively thin profit margins, the company’s scale, return on equity, and large‑cap positioning support a positive long‑term outlook, while warning that higher debt and weak working capital increase financial risk.
Zacks Investment Research Via Yahoo Finance · February 6, 2026Are Wall Street Analysts Predicting Nasdaq Stock Will Climb or Sink?Article-style research note describing NDAQ’s Q4 2025 performance—13% net revenue growth to $1.4 billion, 10% ARR growth to $3.1 billion, and a 27% jump in non‑GAAP EPS to $0.96—while highlighting robust shareholder returns through dividends, buybacks, and debt reduction. It characterizes the stock as a “Moderate Buy” with an average price target of $111.62 (about 30.5% upside) and a high Street target of $123, but notes the recent share price pullback and premium valuation as reasons for cautious optimism rather than unqualified bullishness.
Finviz Summarizing Stay Invested Substack Thesis · February 4, 2026Nasdaq, Inc. (NDAQ): A Bull Case TheoryNarrative bull thesis that synthesizes prior and current Substack analyses, arguing that NDAQ’s strong recurring revenue growth, technology integration, and global footprint—particularly the AWS partnership and cloud‑based Eqlipse platform—position it for high‑margin fintech expansion. The report notes that the stock appreciated roughly 21% since an earlier bullish thesis in 2025 and portrays continued adoption of data‑driven solutions and cloud infrastructure as core drivers of upside, while implicitly acknowledging valuation risk and execution on partnerships as key factors investors must monitor.