Nasdaq, Inc. is a wide-moat exchange and financial technology business with a perfect 4-quarter earnings beat streak, 35% operating margins, a Rule of 40 score of 42, and a Piotroski F-Score of 8 out of 9 — a true compounder-quality franchise — though concentrated exposure to its Nasdaq-100 core indices at 73% of revenue and a current price offering only 5.3% upside to analyst targets limit the near-term asymmetry.
Thesis pillars
- Wide Moat Compounder Quality↑Improving
- Perfect Earnings Beat Streak↓Deteriorating
- Nasdaq 100 Revenue Concentration↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 12, 2026
Nasdaq, Inc. (NDAQ) Stock Analysis
Financial Services · Financial Data & Stock Exchanges
Wait for pullback to $103.32. Price sits above the model's entry target of $103.32; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Product: Nasdaq-100 core indices (73.0%); Analyst target reached - limited upside remaining.
Nasdaq operates three segments — Capital Access Platforms, Financial Technology, and Market Services — serving 5,599 listed companies and approximately 3,800 Financial Technology clients globally. Revenue comes from exchange fees, data subscriptions, listing fees, software... Read more
Wait for pullback to $103.32. Price sits above the model's entry target of $103.32; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Product: Nasdaq-100 core indices (73.0%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Score 5.6/10, moderate confidence.
Passes 7/9 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 91d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About Nasdaq, Inc.
About Nasdaq, Inc.
Nasdaq's three-segment business — Capital Access Platforms, Financial Technology, and Market Services — supported 5,599 listed companies across U.S. and Nordic and Baltic exchanges at year-end 2025, with Nasdaq-100 core index ETPs holding $640 billion of the $882 billion in total assets tracking Nasdaq indices, representing 73% of indexed AUM. The Financial Technology segment, scaled via the 2021 Verafin acquisition and the 2023 Adenza deal bringing in AxiomSL and Calypso, serves approximately 3,800 global clients including all Global Systemically Important Banks across more than 55 countries.
Nasdaq generates revenue through four primary mechanisms: transaction and clearing fees in Market Services, where the company held the largest combined U.S. multi-listed equity options market share in 2025 and The Nasdaq Stock Market is the largest single venue for U.S.-listed cash equities trading; annual listing fees from companies on The Nasdaq Stock Market and Nordic and Baltic exchanges; data subscription fees including flagship products such as Nasdaq TotalView; and index licensing fees based on a percentage of AUM, product issuance, or contracts traded. The Financial Technology segment earns SaaS and professional services fees through three divisions — Nasdaq Verafin (fraud and AML compliance for more than 2,750 North American financial institutions), AxiomSL (regulatory reporting covering 170-plus regulators in 60-plus countries), and Calypso (front-to-back capital markets technology serving 20-plus central banks). During 2025, 20 companies switched listings from NYSE or NYSE American to The Nasdaq Stock Market, contributing to net growth in the listed-company base.
Show full overview
The Nasdaq-100 index franchise carries meaningful concentration within the index licensing segment: with $640 billion of the $882 billion in total indexed AUM tracking Nasdaq-100 core indices, fee revenue from this product line is exposed to AUM fluctuation and any competitive shift by major ETP sponsors. Adverse conditions that reduce Capital Access Platforms professional subscriptions — such as staff reductions at financial services firms following sector consolidation — could also weigh on data revenues, a dynamic the 10-K explicitly flags. These two product-level exposures together subject a material portion of Capital Access Platforms revenue to market-environment sensitivity.
See also: Financial Services · Financial Data & Stock Exchanges
From Nasdaq, Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-10-29Recent Developments — Nasdaq, Inc.
Latest news
- NEWS Fund Update: 545,222 NASDAQ (NDAQ) shares added to Guinness Asset Management LTD portfolio - Quiver Quantitative — Quiver Quantitative positive
- NEWS Nasdaq (NASDAQ:NDAQ) Insider Sells $1,408,258.50 in Stock - MarketBeat — MarketBeat negative
- NEWS NDAQ Stock Quote Price and Forecast - CNN — CNN neutral
- NEWS Will Nasdaq (NDAQ) Beat Estimates Again in Its Next Earnings Report? - Zacks Investment Research — Zacks Investment Research positive
- NEWS Will Nasdaq (NDAQ) Beat Estimates Again in Its Next Earnings Report? - Yahoo Finance — Yahoo Finance positive
Generated 2026-10-29T11:08:51Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductNasdaq-100 core indices73%10-K Item 1: 'More than 100 ETPs worldwide track Nasdaq-100 core indices, which had $640 billion in assets tracking the indices as of December 31, 2025, or 73% of total AUM.'
- MEDIUMCustomerMarket Services customers10-K Item 1A: 'our Market Services businesses receive revenues from a relatively small number of customers concentrated in the financial industry'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $103.32. Price sits above the model's entry target of $103.32; the risk/reward becomes favorable on a pullback. Key risks: Concentration risk — Product: Nasdaq-100 core indices (73.0%); Analyst target reached - limited upside remaining. Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Analyst target $103.73 reached (−1.7%), stop $98.78 (−6.9%), A.R:R -0.1:1. Score 5.6/10, moderate confidence.
Analyst target $103.73 reached (−1.7% from $105.55); no take-profit level is published. Analyst target $103.73 reached (−1.7%), stop $98.78 (−6.9%), A.R:R -0.1:1. Stop-loss: $98.78.
Concentration risk — Product: Nasdaq-100 core indices (73.0%); Analyst target reached - limited upside remaining; Near 52-week high (0.1% away).
Nasdaq, Inc. trades at a P/E of 28.8 (forward 22.2). TrendMatrix value score: 4.0/10. Verdict: Buy (Wait for Entry).
24 analysts cover NDAQ with a consensus score of 4.1/5. Average price target: $115.
What does Nasdaq, Inc. do?Nasdaq operates three segments — Capital Access Platforms, Financial Technology, and Market Services — serving 5,599...
Nasdaq operates three segments — Capital Access Platforms, Financial Technology, and Market Services — serving 5,599 listed companies and approximately 3,800 Financial Technology clients globally. Revenue comes from exchange fees, data subscriptions, listing fees, software licenses, and index royalties, with 73% of the company's $882 billion in indexed AUM tracking Nasdaq-100 core indices.