Nasdaq

NDAQ

Financial - Data & Stock Exchanges · Financial Services

Also trades as: 0K4T.L

Price

$98.22

+0.67 (+0.69%)

Market Cap

$54.90B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+14.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 505.1M (2021) → 576.5M (2025)

Winston Score History

The full picture

Nasdaq, Inc. runs one of the world's largest stock exchanges, where buyers and sellers trade shares of thousands of companies. Beyond the exchange itself, Nasdaq sells financial technology software, market data, and compliance tools to banks, brokers, regulators, and other financial institutions around the world. It is best known for listing many of the biggest technology companies, including Apple, Microsoft, and Amazon.

Nasdaq makes money in two main ways: transaction fees when trades happen on its exchange, and recurring subscription fees for its data and software products. It operates globally, with significant revenue coming from Europe following its 2023 acquisition of Adenza, a financial crime management and regulatory software firm. That acquisition roughly doubled its technology business and shifted Nasdaq further away from pure exchange trading toward higher-margin, recurring software revenue — but it also added substantial debt, which remains a key financial risk the company is working to pay down.

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15 Congressional buys and 19 sells on NDAQ in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

21.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$546M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Nasdaq is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

59.2%

Premium pricing power — 59.2% gross margin

Profit after running costs

Operating Margin

34.6%

Excellent — 34.6% operating margin

Return on the money invested

ROCE

13.0%

Good — 13.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.3%

Steady sales growth (+7.3% YoY)

Profit growth

EPS YoY

+31.9%

Earnings growing fast (+31.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

22.4%

Converts sales into free cash efficiently (22.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Covers its interest

Interest Cover

10.54x

Comfortably covers interest (10.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

28.3x

Growth-priced — P/E 28.3

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+9.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.3 → 18.4)

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Dividends

Dividend

Dividend Yield

1.15%

Small dividend — 1.15% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+13.7%

Dividend growing fast (13.7% YoY)

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