Nasdaq, Inc (NDAQ) Fair Value & Analysis
Financial Services · US · Market cap $49.8B
Nasdaq, Inc
NDAQ · US
Fair value as of: Jul 12, 2026
From 26 valuation models · updated 26 days ago
Share price +9.6% over the past month.
A solid business, but screening 57% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($64.31). The favourable scenario is already priced in.
- The model range is unusually wide ($21.99 to $64.31). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range $44.63 – $100.30 · fair‑value band $21.99 – $64.31 · the $94.70 price screens above the $41.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
Nasdaq, Inc (NDAQ) currently trades at $94.70, while our model-based Fair Value estimate is $41.12, implying the stock looks roughly 56.6% overvalued today. We read business quality at 60/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Nasdaq, Inc generated revenue of $5.4B at a net margin of 35.3%. Revenue grew 13.7% year over year. It earns a return on equity of 16.2%. Net debt stands at $9.1B. Fundamentals as of Jul 12, 2026
Our scenario range runs from $21.99 (bear case) to $64.31 (bull case); at $94.70, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -56% fair-value upside, at -57%, NDAQ screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models ($56.84) versus Asset-Based ($14.49). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 50
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Nasdaq, Inc reported revenue of $8.2B in FY2025 versus $5.9B in FY2021, a compound +8.7%/yr. Reported net income was $1.8B in FY2025, compounding +10.8%/yr from FY2021.
NDAQ screens 57% overvalued. Compare with S&P Global Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Nasdaq (NDAQ) Could Be 14% Undervalued On Earnings And Dividend News
- Nasdaq (NDAQ) Ends Its Patent Fight With Miami And Clears A Long Legal Overhang
- 5 Insightful Analyst Questions From Nasdaq’s Q2 Earnings Call
Peer Group
Financial Data & Stock Exchanges · 55 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $450.84 | $196.36 | -56% |
| CME Group CME | $245.05 | $145.51 | -41% |
| Moody's Corporation MCO | $504.46 | $194.82 | -61% |
| Intercontinental Exchange, Inc ICE | $139.65 | $75.95 | -46% |
| Deutsche Börse AG DB1 | €260.90 | €142.42 | -45% |
| MSCI Inc MSCI | $604.71 | $214.91 | -64% |
| Coinbase Global, Inc COIN | $160.49 | $57.05 | -64% |
| Cboe Global Markets, Inc CBOE | $273.41 | $136.64 | -50% |
| Hithink RoyalFlush Information Network Co 300033 | ¥215.56 | ¥55.36 | -74% |
| Singapore Exchange Limited S68 | 23.88 SGD | 7.88 SGD | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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