Nasdaq Inc.

Business description

Global technology company serving capital markets. Operates through three segments: Capital Access Platforms (41% of revenue), Financial Technology (35%), and Market Services (23%).

Key financials

• Price: $91.04 (06/15/2026)
• 12-Mo Target: $120.00
• Market Cap: $50.32B
• Trailing P/E: 24.40
• Dividend Yield: 1.39%

Competitive moat

Strong brand franchise as a premier exchange and data provider. Significant transition from transaction-based revenue to high-margin, recurring subscription and data-based revenue models. Strong foothold in anti-financial crime technology (Verafin).

Recent developments

• FinTech Pivot: Strategic shift toward becoming a technology provider rather than just an exchange. The $10.5B acquisition of Adenza (Calypso + AxiomSL) significantly expanded its regulatory and risk data management capabilities.
• Anti-Financial Crime: Launching "agentic workers" via Verafin to automate fraud detection and AML workflows, targeting larger-sized banks.
• Recurring Revenue Growth: Non-GAAP operating margins increased to 56% in 2025 as the mix shifted toward subscription services.

Investment risks / red flags

• Volume Volatility: Continued exposure to equity trading volumes and market volatility.
• Competition: Intense price competition in the exchange and data space.
• Regulatory Risk: Vulnerability to changes in market rules and financial regulations.

H-Score signals

• TBI multi factor score: 71

Theme exposure

• [[Fintech]]

Related

• [[Financials]]
• [[Financial Exchanges & Data]]