StocksNDAQ

NDAQ

Nasdaq, Inc.Financial Services / Financial Data & Stock ExchangesINTACT

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.

Share Price
$91.19
52W: $76.55 - $101.79
DCF Fair Value
$81.00
-12.6% Premium
P/E (TTM)
26.6x
ROIC
37%
Operating Margin
49.3%
FCF Yield
3.3%
Debt / Equity
0.78x
Piotroski Score
6/9
Altman Z-Score
3.13
Market Cap
$51B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($81.00)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)
()
Period Range
$ - $
DCF Fair Value
$81.00
MOS Buy Target (-25%)
$60.75
Valuation Overlays:

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price
$91.19
DCF Fair Value
$81.10
-12.4% Premium
$1,692M
$100M$1,692M (Reported)$50,000M
18.0%
-5%10% (Target)35%
4.5%
0%5%20%
9.0%
6%9% (Standard)15% (High Risk)
2.5%
1% (GDP Floor)2.5% (Inflation)4.0%
$8,700M
-$100B CashBalance Sheet+$150B Debt
10-Yr PV of Cash Flows
$21.9B
PV of Terminal Value
$32.1B
Implied Enterprise Value
$54.0B
Implied Equity Value
$45.3B
YearYr 1Yr 2Yr 3Yr 4Yr 5Yr 6Yr 7Yr 8Yr 9Yr 10
Projected FCF ($M)$1,997$2,356$2,780$3,280$3,871$4,045$4,227$4,417$4,616$4,824
Present Value (PV)$1,832$1,983$2,147$2,324$2,516$2,412$2,312$2,217$2,125$2,038

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-124.8% Premium
$40.57

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $3.43BVPS: $21.33
Revised Graham Formula+24.7% MoS
$121.05

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Buffett Owner Earnings3.2% Yield
$2.88 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $1.6BYield: 3.2%

Reverse DCF: Market Growth Expectation

FAIR BARRIER
11.1% CAGR (Next 10 Yrs)

At the current price of $91.19, the market is assuming the business will compound Free Cash Flow at 11.1% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict
ℹ Fair expectations: Requires steady execution.
Autonomous Thesis Underwriting

Surveil NDAQ with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Nasdaq, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 49.3% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

Frequently Asked Questions: Nasdaq, Inc. (NDAQ) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Nasdaq, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Nasdaq, Inc. has an estimated DCF intrinsic fair value of $81.00 per share compared to its current market price of $91.19. This represents an estimated 12.6% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $40.57.

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