EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

Nasdaq, Inc (0K4T) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Nasdaq, Inc $155, price $90.54, upside +71.2%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Financial Services · GB · ISIN US6311031081

NI Broad data Oct 2, 2026

Nasdaq, Inc

0K4T · LSE

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value $154.99 · Strongly undervalued (+71.2%)
!Quality 59/100
✓Healthy Growth (revenue 5y +8.0 %/yr)
✓Highly profitable · 35.3% net margin (TTM)
✓Low debt · generates free cash flow
✓Wide moat 78/100

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$100.96 $44.60 Fair Value $154.99 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.

How to read this chart

60‑month range $44.60 – $100.96 · fair‑value band $98.23 – $226.33 · the $90.54 price screens below the $154.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 2, 2026.

Which stocks are undervalued right now? Check free Discover now →

Company profile

Nasdaq, Inc. operates as a technology company that serves capital markets and other industries in the United States and internationally. It operates through three segments: Capital Access Platforms, Financial Technology, and Market Services.

Show more

Nasdaq, Inc. operates as a technology company that serves capital markets and other industries in the United States and internationally. It operates through three segments: Capital Access Platforms, Financial Technology, and Market Services. The company distributes historical and real-time market data; develops and licenses Nasdaq-branded indices and financial products; provides investor relations intelligence, governance solutions, and sustainability solution products for public and private companies, and organizations, as well as insights and workflow solutions; and operates listing platforms. It also offers Verafin, a cloud-based platform to detect, investigate, and report money laundering and financial frauds; AxiomSL, a risk data management and regulatory reporting solution; cloud-enabled and on-premises surveillance solutions to assist in complying with market rules, regulations, and internal market surveillance policies; Calypso, a platform providing cross-asset, front-to-back trading, treasury, risk, and collateral management solutions; and trade management and colocation services, as well as handles assets comprising cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products, and digital currencies. In addition, the company provides equity derivative trading and clearing, cash equity trading and fixed income, currency and commodities trading, and fixed income trading and clearing services, as well as tape plan data services; operates various exchanges, including derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and offers clearing, settlement, and central depository services. The company was formerly known as The NASDAQ OMX Group, Inc. and changed its name to Nasdaq, Inc. in September 2015. Nasdaq, Inc. was founded in 1971 and is headquartered in New York, New York.

Stock analysis

Nasdaq, Inc (0K4T) currently trades at $90.54, while our model-based Fair Value estimate is $154.99, implying the stock looks roughly 41.6% undervalued today.

Show more

Valuation

Bull case: the DCF Models group reads highest at a median of $164.29 per share, and 10 of the 11 models we run sit above the $90.54 price.

Bear case: the Asset-Based group reads lowest at $49.96, and 1 of the 11 models stay below the price. Evidence for this calculation is high.

Scenario range: $98.23 (bear) to $226.33 (bull), the price of $90.54 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Nasdaq, Inc reported revenue of $8.3B in FY2025 versus $5.9B in FY2021, a compound +8.8%/yr. Reported net income was $1.8B in FY2025, compounding +10.8%/yr from FY2021.

Key figures

Market cap $52.4B · P/E ratio 0.1 · P/S ratio 0.03 · EPS (TTM) $6.97 · Net margin 21.7% · Return on equity 16.2% · Return on assets (EBIT) 7.0% · Operating margin 48.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at 71%, 0K4T screens cheaper than that median.

Fair Value models

Bear $98.23 Fair Value $154.99 Bull $226.33
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($5.27 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Growth DCF $129.84 $219.11 $353.74 77
Owner Earnings $140.37 $239.92 $392.71 75
Residual Income $72.85 $91.96 $137.27 75
All 11 models by family
DCF Models
Owner Earnings $140.37 $239.92 $392.71 75
5Y P/E Exit $91.54 $157.15 $227.13 70
10Y P/E Exit $103.75 $164.29 $240.52 63
Earnings-Based
Graham-Dodd $74.20 $270.14 $364.47 64
Lynch FV $64.24 $91.76 $119.29 61
Multiples
P/E Multiple $106.39 $141.85 $177.31 63
P/B Multiple $78.30 $104.40 $130.51 55
Asset-Based
NCAV (Graham) $37.29 $49.96 $74.57 54
Growth DCF
Growth DCF $129.84 $219.11 $353.74 77
Rev-Margin DCF $73.60 $123.60 $184.14 72
Economic Profit
Residual Income $72.85 $91.96 $137.27 75

Open the full fair value analysis →

Notify me when 0K4T reaches fair value

Put 0K4T on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 54

Profitability 45
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 47
Distance to the 52-week high (market factor)
Net Issuance 55
Share count: buybacks or dilution?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+11.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Start year 2020 (pandemic). Over 10 years: +9.3% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+9.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.5%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10.7% vs 14.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.24% → 29%
Start year 2020 (pandemic)

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.8% a year for the price and −3.9% for the forecasts.
Forecast 2026 (sales)−29.7%
Forecast 2027 (sales)+8.2%
Projected 2028 (sales)+7.4%
Projected 2029 (sales)+6.7%
Projected 2030 (sales)+5.9%

Watch 0K4T, get fair value alerts →

Compare Nasdaq, Inc with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
S&P Global Inc SPGI $394.47 $216.54 −45%
CME Group CME $265.10 $199.88 −25%
Intercontinental Exchange, Inc ICE $152.03 $138.87 −9%
Moody's Corporation MCO $460.08 $198.41 −57%
Deutsche Börse AG DB1 €287.30 €226.86 −21%
Coinbase Global, Inc COIN $189.29 $185.08 −2%
MSCI Inc MSCI $539.76 $262.25 −51%
Cboe Global Markets, Inc CBOE $253.26 $247.55 −2%
Hithink RoyalFlush Information Network Co 300033 ¥204.10 ¥135.82 −33%
Singapore Exchange Limited S68 22.40 SGD 10.44 SGD −53%

Explore undervalued stocks

More undervalued Financial Services stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Nasdaq, Inc · Fair Value
$154.99 +42%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Nasdaq, Inc Fair Value". https://www.fairvalue-calculator.com/stock/0K4T

Frequently asked questions

Is Nasdaq, Inc (0K4T) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $154.99 versus a price of $90.54, about +71% upside (undervalued).
What is the fair value of 0K4T?
Our model-based fair value for Nasdaq, Inc is $154.99 (as of Oct 2, 2026), built from audited fundamentals. The current price: $90.54.
What is the quality score of 0K4T?
Nasdaq, Inc has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nasdaq, Inc (0K4T)?
Our model-based price target is the fair value of $154.99 (as of Oct 2, 2026) from 11 valuation models. Cautious scenario $98.23, optimistic scenario $226.33. It is a calculation from audited fundamentals, not an analyst target.
What is the Nasdaq, Inc stock forecast for 2026?
Our models put fair value at $154.99, about +71% upside versus a price of $90.54 (undervalued). Cautious scenario $98.23, optimistic scenario $226.33. The calculation is refreshed regularly with new filings.
What is the revenue of Nasdaq, Inc (0K4T)?
Nasdaq, Inc reported trailing-twelve-month revenue of about $5.4B (latest available figure, as of Oct 2, 2026).
What growth is priced into Nasdaq, Inc (0K4T)?
For today's price to be fair in a discounted-cash-flow model, Nasdaq, Inc would have to grow free cash flow by +17.5 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.0 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of 0K4T use?
Our models discount Nasdaq, Inc at 10.3 %: a base by market capitalisation (unknown), damped by beta 1.00, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Nasdaq, Inc that is +17.5 % per year a year over ten years, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Nasdaq, Inc (0K4T) delivered so far?
Over the past 5 years revenue at Nasdaq, Inc grew +8.0 % a year. The price currently implies +17.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Nasdaq, Inc (0K4T) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Nasdaq, Inc (+17.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Nasdaq, Inc (0K4T)?
The free-cash-flow yield on the price is 3.80 %: that much free cash flow Nasdaq, Inc produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Nasdaq, Inc (0K4T)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nasdaq, Inc it is $154.99 per share (as of Oct 2, 2026), against a price of $90.54. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Nasdaq, Inc stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 0K4T trades below its calculated fair value: price $90.54, fair value $154.99, a gap of about +71% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K4T?
No. The price is what the market pays today ($90.54); the fair value is what the company's own numbers justify ($154.99). For Nasdaq, Inc the two are $64.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nasdaq, Inc worth?
The market values Nasdaq, Inc at about $52.4B (market capitalisation, as of Oct 2, 2026). Per share that is $90.54; our models calculate a fair value of $154.99 per share.
What do the bullish and bearish scenarios say about 0K4T?
Our models span a range for Nasdaq, Inc: cautious scenario $98.23, base $154.99, optimistic $226.33 per share (as of Oct 2, 2026, price $90.54). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0K4T from its 52-week high?
Nasdaq, Inc trades at $90.54, about 10% below its 52-week high of $100.96 and 17% above the low of $77.56 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $154.99 is for.
Which stocks are comparable to Nasdaq, Inc?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nasdaq, Inc stock attractive at the current price?
The data as of Oct 2, 2026: price $90.54, calculated fair value $154.99 (+71%), Quality Score 59/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K4T calculated?
We run Nasdaq, Inc through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $154.99, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Nasdaq, Inc currently trades 42 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nasdaq, Inc (0K4T)?
The closing price on Oct 2, 2026 was $90.54. Our model-based fair value is $154.99, about +71% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nasdaq, Inc right now?
The price is below even our cautious bear case ($98.23). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($98.23 to $226.33) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Nasdaq, Inc (0K4T) come from?
Earnings per share at Nasdaq, Inc grew +15.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.3 %, EBIT margin +4.5 %, tax rate +7.3 %, residual (interest, one-offs) −3.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Nasdaq, Inc

How large is the market capitalisation of Nasdaq, Inc (0K4T)?
The market capitalisation of Nasdaq, Inc is $52.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Nasdaq, Inc (0K4T)?
The price-to-earnings ratio of Nasdaq, Inc is 0.1 (as of Jul 25, 2026). Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Nasdaq, Inc (0K4T)?
The price-to-sales ratio of Nasdaq, Inc is 0.03 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nasdaq, Inc (0K4T)?
Earnings per share at Nasdaq, Inc are $6.97 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Nasdaq, Inc (0K4T)?
The net margin of Nasdaq, Inc is 21.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nasdaq, Inc (0K4T)?
The return on equity (ROE) of Nasdaq, Inc is 16.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nasdaq, Inc (0K4T)?
On an EBIT basis the return on assets of Nasdaq, Inc is 7.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nasdaq, Inc (0K4T)?
The operating margin of Nasdaq, Inc is 48.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nasdaq, Inc (0K4T)?
Revenue at Nasdaq, Inc is growing +13.7% versus a year earlier (3y avg +9.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nasdaq, Inc (0K4T)?
Earnings per share at Nasdaq, Inc are growing +33.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Nasdaq, Inc (0K4T) carry?
The net debt of Nasdaq, Inc is $9.1B (fiscal year 2025, ≈ 4.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Continue in the live analysis

Fair value and trend for 35,000+ stocks, watchlist, comparison and the diversification check. You can also try 14 days of Pro there, no card.

Open the live analysis →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.