Nasdaq, Inc.

Finance
Investment Bankers/Brokers/Service
www.nasdaq.com

Earnings Score
Moat Score
Safety Score

Market Cap $46.63B
PE 49
Debt $9.86B
Cash $5.80B
EV $50.70B
FCF $1.46B

Earnings

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Sales & Net Margins

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Earnings	$956.00M
EBIT	$1.63B
ROE	9%
ROA	5%
FCF	$1.46B
Equity	$11.08B
Growth Stability	98%
PE	48.78
PEG	8.54
PB	4.21
P/FCF	31.9
P/S	6.65
Price/Cash	0.12
Debt/Equity	0.89
Debt/FCF	6.74
Net Margins	14%
Gross Margins	65%
Op. Margins	23%
Earnings CAGR	13%
Sales Growth YoY	31%
Sales Growth QoQ	6%
Sales CAGR	7%
FCF CAGR	9%
Equity CAGR	4%
Earnings Stability	0.43
Earnings Growth YoY	4%
Earnings Growth QoQ	37%
Earnings CAGR 5Y	6%

Sales CAGR 5Y	9%
FCF CAGR 5Y	18%
Equity CAGR 5Y	13%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	13%
Equity CAGR 3Y	30%
Market Cap	$46.63B
Revenue	$7.02B
Dividend Yield	1%
Payout Ratio	55%
Assets	$30.56B
Total Debt	$9.86B
Cash	$5.80B
Shares Outstanding	574.74M
EV	50.7B
Earnings Score	46%
Moat Score	82%
Safety Score	80%
Final Score	69%
Working Capital	-375M
Current Ratio	0.95
Gross Profit	$4.54B
Shares Growth 3y	6%
Equity Growth QoQ	2%
Equity Growth YoY	71%

Assets & ROA

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Stockholders Equity & ROE

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Nasdaq, our purpose is to champion inclusive growth and prosperity. We power stronger economies, create more equitable opportunities, and contribute to a more sustainable world to help our communities, clients, employees, and people of all backgrounds reach their full potential.

SEC Filings

Direct access to Nasdaq, Inc. (NDAQ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Nasdaq, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Nasdaq, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 13%

Stability 43%

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Nasdaq, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Nasdaq, Inc..

Years

Calculation mode

= $28B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.5B	$1.6B	$1.7B	$1.9B	$2.1B	$2.3B	$2.5B	$2.7B	$2.9B	$3.2B	$3.5B	$35B
DCF		$1.5B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$1.4B	$14B
Value	$28B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	07/2018	12/2018	07/2019	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	12%	13%	3%	19%	-	11%	-	18%	17%	20%	18%	17%	14%
ROA	-	6%	6%	6%	-	7%	-	7%	7%	8%	7%	5%	5%
ROE	-	8%	2%	12%	-	8%	-	14%	14%	19%	18%	10%	9%

Good Net Margins (14.15%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	07/2018	12/2018	07/2019	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	3.98	5.61	5.5	-	4.18	-	4.05	5.77	6.34	3.47	7.12	6.74
Debt over Equity	0.4	0.42	0.66	0.71	-	0.7	-	0.6	0.95	0.91	0.88	1.01	0.89
Growth Stability	-	-	-	100%	-	100%	-	100%	100%	100%	100%	98%	98%

Bad Debt/FCF ratio (6.74)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.89)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (98%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	07/2018	12/2018	07/2019	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-3%	9%	7%	-	-	-	-	32%	5%	6%	-3%	9%
Earnings YoY growth	-	3%	-75%	580%	-	-	-	-	21%	27%	-5%	-6%	6%
Equity YoY growth	-	-3%	-3%	8%	-	-	-	-	14%	-0%	-4%	76%	13%
FCF YoY growth	-	9%	8%	19%	-	-	-	-	27%	-14%	69%	-1%	18%