Nasdaq, Inc. (NDAQ)
POSITIVEファンダメンタル
70
株価
$98.78
時価総額
$55.22B
パート1 · 企業の価値
概要
Nasdaq runs the stock exchange that bears its name, matching buy and sell orders in real time and charging a fee for each trade, and it also licenses the Nasdaq indexes — including the Nasdaq-100 — that other firms track with their own funds. Around that original business it has built a second, larger one: software and data sold to banks, asset managers and other exchanges for tasks like detecting money laundering, managing market risk and running their own trading venues.
収益の仕組み
Trading generates a small fee on every matched order, so it rises and falls with market activity day to day, while index licensing earns a fee based on the assets invested in funds that track a Nasdaq index. The software and data businesses instead sell multi-year licences and subscriptions with revenue recognised over the contract term, which Nasdaq calls 'Solutions revenue' and which now makes up the larger, steadier part of the company's overall results.
セグメント別売上高
Trading, clearing and listing fees earned from running the Nasdaq exchange itself and related trading venues.
Index licensing, investment intelligence and IR/governance software sold to asset managers and listed companies.
Regulatory, anti-financial-crime and marketplace-infrastructure software sold to banks, exchanges and financial firms worldwide.
競争優位性（moat）
ネットワーク効果 · 狭いAn exchange is more valuable the more buyers and sellers trade on it, since more orders mean tighter prices and easier execution, which in turn attracts still more orders — a self-reinforcing loop that is hard for a new entrant to break into. The software businesses add switching costs on top, since a bank rarely rips out compliance or trading infrastructure once it is embedded in daily operations.
需要を左右する要因
中程度の景気循環性Trading revenue swings with market volatility and volume, rising in turbulent periods and falling in calm ones, which makes roughly half of Nasdaq's results genuinely cyclical. The software and data half is sold on multi-year contracts and renews more like a subscription business, which smooths out the swings from the exchange side.
主なリスク
- Trading revenue tied to market volume — A sustained period of low market volatility and thin trading volumes reduces the fees Nasdaq earns from matching orders, a portion of revenue outside the company's control.
- Debt taken on for the Adenza acquisition — Nasdaq financed its large 2023 purchase of the financial-technology firm Adenza partly with debt, raising leverage and interest expense that must be paid down out of future cash flow.
- Regulatory scrutiny of exchange operations — As a regulated exchange operator, Nasdaq is subject to SEC oversight and rule changes that can affect fee structures, market-structure rules and how it competes with rival trading venues.
- Competition from other trading venues — Alternative trading systems and other exchanges compete for the same order flow, and technology or fee changes elsewhere can shift volume away from Nasdaq's markets.
強気材料
Buyers argue that the shift toward multi-year software and data contracts makes Nasdaq's revenue steadier and more predictable than a pure exchange, that its regulatory and anti-financial-crime software is hard for banks to rip out once installed, and that owning the exchange itself still gives it a durable, well-regulated core business.
弱気材料
Sellers fear that the debt taken on for the Adenza acquisition limits financial flexibility, that trading revenue remains genuinely exposed to quiet markets, and that competition from other trading venues and technology firms could erode the pricing power of both the exchange and the software businesses over time.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$8.73B
直近12か月（2026/6/30まで）
純利益
$1.97B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.99B
自己資本合計
$12.23B
負債合計
$18.82B
流動比率
1.01
利払い倍率
7.41
負債/EBITDA
3.87
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$84.53
現在株価
$98.78
安全マージン
-16.9%
適正価値レンジ
$63.36 - $105.70
推定方法
バリュエーション指標
P/E レシオ
28.80
ROE
14.6%
P/B レシオ
4.61
P/FCF
28.30
粗利益率
64.3%
ROIC
8.9%
収益性レーダー
Value Creation (Economic Moat)
ROIC
8.9%
WACC
9.0%
ROIC − WACC
-0.1 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
ファンダメンタル分析基準
合格（21）
- EPS shows upward trend
- Price CAGR 15.95%
- ROIC 8.9%
- Gross Margin 64.3%
- P/FCF 28.30
- Debt/Equity ratio
- Operating Margin 29.6%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.3%
- Revenue Growth 5Y 8.0%
- Analyst Consensus 88% Buy
- Earnings Surprise avg 3.2%
- Earnings Quality (OCF/NI) 1.14
- Share Dilution -0.0%
- Net Margin Trend 22.5% vs 18.5%
- Piotroski F-Score 9/9
不合格（6）
- EPS CAGR 4.14%
- P/B Ratio 4.61
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 2.56
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Ms. Adena T. Friedman | CEO & Chairman | 55 |
| Mr. P. C. Nelson Griggs | President | 54 |
| Mr. Tal Cohen | President | 52 |
| Ms. Sarah M. Youngwood | Executive VP & CFO | 51 |
| Mr. Bradley J. Peterson | Executive VP, Chief Information Officer & CTO | 65 |
| Ms. Michelle Lynn Daly | Senior VP, Controller & Principal Accounting Officer | 48 |
| Mr. Ato Garrett | Senior VP & Investor Relations Officer | - |
| Mr. John A. Zecca J.D. | Executive VP and Global Chief Legal, Risk & Regulatory Officer | 57 |
| Mr. Brian Buckley | Senior VP & Chief Marketing Officer | - |
| Mr. Bryan Everard Smith | Executive VP & Chief People Officer | 52 |
監査リスク
1
取締役会リスク
4
報酬リスク
4
株主権利リスク
4
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for NDAQ, sourced from Markets Gazette.
- 14d agoPOSITIVENasdaq to acquire LeveL Markets in push toward ‘always-on’ markets
Nasdaq Inc. has announced its acquisition of LeveL Markets, a prominent US alternative trading system. This strategic move signals Nasdaq's aggressive expansion into the burgeoning field of tokenized securities and its commitment to developing 'always-on' market capabilities. The acquisition is expected to bolster Nasdaq's technological infrastructure and market reach, positioning it to capitalize on the evolving landscape of digital assets and extended trading hours. Investors may view this as a positive development, indicating Nasdaq's proactive strategy to innovate and secure future growth avenues in a rapidly transforming financial ecosystem.
- 7/22/2026NEUTRALNasdaq to Kick Off Tiny Companies Faster After SEC Approves Rule
Nasdaq Inc. is set to implement rule changes, approved by the SEC, aimed at expediting the delisting of struggling companies. This initiative targets the volatile 'microcap' stock segment, which has faced scrutiny over market swings and alleged manipulation. The move is designed to enhance market integrity and investor protection by removing companies that no longer meet listing standards. For investors, this could lead to a more stable trading environment for smaller-cap stocks, though it may also reduce liquidity for some highly speculative names.
- 7/10/2026POSITIVENasdaq Says SK Hynix Bonanza Opens Path to More Foreign Listings
Nasdaq Inc. President Nelson Griggs highlighted that SK Hynix Inc.'s successful listing on the exchange is creating a positive ripple effect, encouraging other international companies to explore US-based listings. This includes potential initial public offerings (IPOs) and the issuance of American Depositary Receipts (ADRs). The success of SK Hynix serves as a strong precedent, potentially boosting Nasdaq's pipeline of foreign listings and increasing trading volumes. For investors, this trend could lead to greater diversification within the Nasdaq exchange and enhanced liquidity for a broader range of global companies.
- 6/24/2026NEUTRALInside Nasdaq CFO Sarah Youngwood’s AI playbook
Nasdaq CFO Sarah Youngwood is implementing an 'AI playbook' within the company's finance department, focusing on embedding artificial intelligence tools and methodologies. The strategy includes a performance ranking system for her team, drawing parallels to martial arts disciplines. While the adoption of AI and efficiency measures could potentially boost future profitability and operational effectiveness for Nasdaq, the article focuses on the internal strategy and its implementation rather than immediate financial results or market-moving events. Investors will monitor the long-term impact of these AI initiatives on Nasdaq's competitive positioning and financial performance.
- 4/21/2026POSITIVEGroup of 39 firms urge EU to fast-track DLT rules, warn of lagging US
A coalition of 39 firms, including Nasdaq Inc., has called on the European Union to accelerate the implementation of Distributed Ledger Technology (DLT) pilot rules. The group warns that Europe risks falling behind the United States in the rapidly evolving field of tokenized finance. Nasdaq, a key player in financial market infrastructure, is advocating for faster regulatory clarity to foster innovation and competitiveness. This push for expedited DLT regulations could unlock new opportunities in digital asset markets and streamline financial processes within the EU, potentially benefiting technology providers and financial institutions.
- 4/9/2026NEUTRALTokens: Everything, Everywhere, All at Once?
Nasdaq's latest white paper projects that 52% of financial institutions will utilize tokenized collateral by the end of 2026, indicating a significant shift towards tokenization in financial markets. This trend suggests that a wide array of assets could potentially be represented as tokens, becoming ubiquitous across the financial landscape. While this points to innovation and potential efficiency gains, the immediate market impact remains speculative as widespread adoption is still in its early stages. Investors should monitor the development and regulatory landscape surrounding tokenized assets.
- 3/20/2026POSITIVENasdaq’s Big Bet On Tokenization Gets Regulatory Green Light From SEC
Nasdaq Inc. has received regulatory approval from the SEC to advance its tokenization initiatives. This follows a recent agreement with crypto exchange Kraken, enabling public companies to issue tokenized shares on blockchain networks. The move signifies Nasdaq's strategic pivot towards integrating traditional finance with blockchain technology, potentially creating new avenues for capital formation and trading. Investors may view this as a positive development, positioning Nasdaq at the forefront of financial innovation and digital asset adoption.
- 3/19/2026POSITIVENasdaq Secures SEC Approval To List Blockchain Version Of Stocks, Including S&P 500-Tracking ETFs
Nasdaq Inc. has received approval from the U.S. Securities and Exchange Commission (SEC) to list stocks in a tokenized, blockchain-based format. This groundbreaking initiative, effective March 18, 2026, will allow for the trading and settlement of certain equities, including ETFs that track the S&P 500, on a distributed ledger technology. This move signals Nasdaq's commitment to innovation and could pave the way for increased efficiency and transparency in securities trading, potentially attracting new investors and enhancing market liquidity. For shareholders, this positions Nasdaq as a leader in the digitalization of financial markets.
- 3/9/2026NEUTRALNasdaq links EU markets to Boerse Stuttgart's tokenized settlement venue
Nasdaq has partnered with Boerse Stuttgart's digital asset exchange, Boerse Stuttgart Digital Exchange (BSDEX), to integrate tokenized securities settlement. This collaboration aims to streamline capital markets within the European Union by leveraging blockchain technology for a more unified and efficient settlement process. The initiative seeks to address market fragmentation and enhance liquidity for digital assets. While the long-term implications for market efficiency are positive, the immediate impact on Nasdaq's stock is neutral as this is a strategic development rather than a direct revenue-generating event.
- 3/9/2026POSITIVETokenized, NVDA And TSLA On Nasdaq? Coming 2027 In Partnership With Kraken: Report
Nasdaq Inc. is reportedly planning to launch tokenized stocks and ETFs by 2027, in partnership with cryptocurrency exchange Kraken. This initiative aims to enable 24/7 trading and faster settlement, potentially revolutionizing traditional market infrastructure. The move signifies Nasdaq's embrace of blockchain technology and digital assets, aligning with a broader trend of financial institutions exploring tokenization. For investors, this could unlock new trading opportunities and enhance liquidity for a wider range of assets, including potentially popular stocks like NVIDIA and Tesla.
via Markets Gazette