| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 33 | 26.5x | 17.8x | Bottom tier | |
Growth | 46 | 7.7% | 7.1% | Around median | |
Quality | 87 | — | — | Top tier | |
Safety | 57 | — | — | Around median | |
Capital Return | 36 | 1.23% | 2.12% | Bottom tier | |
Momentum | 62 | 0.7% | 2.9% | Around median | |
Sentiment | 85 | 12 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Nasdaq, Inc. operates an ecosystem that combines trading markets, technology infrastructure, data, indexes, and financial crime management solutions. It generates revenue through three main segments: Capital Access Platforms, which includes listings, data, indexes, and analytics; Financial Technology, which includes Nasdaq Verafin, AxiomSL, Calypso, surveillance, and market technology; and Market Services, which benefits from trading in equities, options, and fixed-income instruments. This mix increases the company’s reliance on recurring revenue from platforms embedded in clients’ operations, with annualized recurring revenue reaching 3.3 billion dollars in fiscal 2026 Q2, up 12% year over year.
According to EDGAR filings, Nasdaq recorded revenue of 2.5 billion dollars, gross profit of 1.5 billion dollars, net income of 507 million dollars, and earnings per share of 0.89 dollars in fiscal 2026 Q2, equivalent to a gross margin of approximately 60%. On the non-GAAP basis used in the earnings call, net revenue was 1.5 billion dollars, up 15%, net income was 605 million dollars, and diluted earnings per share were 1.07 dollars, up 25%. The operating margin was 57%, and the earnings before interest, taxes, depreciation, and amortization margin was 60%, with both rising two percentage points year over year.
Net revenue in fiscal 2026 Q2 was distributed across 621 million dollars for Capital Access Platforms, up 18%, 539 million dollars for Financial Technology, up 15%, and 340 million dollars for Market Services, up 11%. Within Financial Technology, Financial Crime Management grew 22%, Regulatory Technology grew 13%, and Capital Markets Technology grew 14%. The Index business recorded revenue growth of 35% after average assets under management in index-linked products surpassed one trillion dollars.
The average analyst price target is 113.4 dollars, within a relatively narrow range of 110 to 120 dollars, versus a consensus rating of “Buy.” The average target stands approximately 11% above the top of the 52-week range of 101.79 dollars, while the annual range extends from 76.55 to 101.79 dollars; the consensus therefore assumes the stock will exceed its previous annual high, an assumption that depends on continued double-digit growth and margin improvement despite higher expense guidance and difficult comparisons in Capital Markets Technology.
Figures in the text are as of 2026-08-27; the live price is shown at the top of the page.
Nasdaq operates through Capital Access Platforms, Financial Technology, and Market Services. In fiscal 2026 Q2, these segments generated net revenue of 621 million dollars, 539 million dollars, and 340 million dollars, respectively. Revenue sources include listing fees, data, index licensing, Nasdaq Verafin, AxiomSL, Calypso, and surveillance technology, in addition to equity and options trading activity. The company’s annualized recurring revenue reached 3.3 billion dollars, up 12%, reflecting the growing weight of subscriptions and platforms embedded with clients.
EDGAR filings showed revenue of 2.5 billion dollars, gross profit of 1.5 billion dollars, net income of 507 million dollars, and earnings per share of 0.89 dollars. On the non-GAAP basis presented in the call, net revenue was 1.5 billion dollars, net income was 605 million dollars, and diluted earnings per share were 1.07 dollars. Net revenue increased 15%, and diluted earnings per share rose 25% year over year. The operating margin was 57%, and the earnings before interest, taxes, depreciation, and amortization margin was 60%, with each increasing by two percentage points.
Automated analysis for informational purposes only — not investment advice.
Nasdaq Verafin revenue grew 22% in fiscal 2026 Q2, while its annualized recurring revenue grew 17% with net revenue retention of 110%. The platform serves more than 2,800 financial institutions representing combined assets exceeding 13 trillion dollars, and the network processes between 1 billion and 1.5 billion transactions weekly. Its AI-powered workforce is used by 750 clients, while the tools may save up to 80% of the time required for some investigation procedures. The unit also added 47 new small and medium-sized financial institution clients during the quarter.
The company integrates artificial intelligence into Nasdaq Verafin, Boardvantage, IR Insight, Calibration Copilot, and GenAI news copilot, and sells some capabilities as additional subscription modules after a free usage allowance. AI tool usage reached 65% among Boardvantage users and 79% among IR Insight clients, and more than one-quarter of new bookings in eVestment were linked to AI use cases through the July 23, 2026 call. Data Link also launched a protocol that facilitates the integration of Nasdaq data into AI-powered workflows for an additional fee on top of the data license. Management emphasized that direct revenue generation from these capabilities remains in its early stages, despite clients transitioning from free usage to paid subscriptions.
Average assets under management in products linked to Nasdaq indexes surpassed one trillion dollars in fiscal 2026 Q2, while net inflows reached 51 billion dollars in the quarter and 109 billion dollars over the previous twelve months. The company launched 34 new products, and 38% of annual inflows came from products introduced within the past five years. In listings, Nasdaq welcomed 26 new operating companies that raised 106 billion dollars during the quarter, including SpaceX, which raised 86 billion dollars on June 12, 2026. This contributed to fiscal 2026 first-half proceeds reaching 111 billion dollars, the strongest first half in the history of U.S. exchanges according to the call.
Nasdaq raised its fiscal 2026 expense guidance to a range of 2.530 billion dollars to 2.570 billion dollars, which could limit margin expansion if revenue growth slows. The Capital Markets Technology business faces difficult comparisons in fiscal 2026 Q3 and Q4 because of upfront Calypso revenue in fiscal 2025, while Corporate Solutions remained nearly flat. In Market Services, the entry of new consolidators reduced realized revenue in U.S. options, and the shift of index volumes to lower-priced Micro E-mini contracts pressured the revenue mix. The transition to extended or continuous operations also requires regulatory approvals and substantial architectural investments by the company and its clients.
