Nasdaq, Inc. (NDAQ) 10-Year Financial Performance & Capital Metrics

NDAQ • • Banking & Credit

Financial ServicesFinancial Data & ExchangesExchange OperatorsMulti-Asset Exchange Operators

AboutNasdaq, Inc. operates as a technology company that serves capital markets and other industries worldwide. The Market Technology segment includes anti financial crime technology business, which offers Nasdaq Trade Surveillance, a SaaS solution for brokers and other market participants to assist them in complying with market rules, regulations, and internal market surveillance policies; Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool; and Verafin, a SaaS technology provider of anti-financial crime management solutions. This segment also handles assets, such as cash equities, equity derivatives, currencies, interest-bearing securities, commodities, energy products, and digital currencies. The Investment Intelligence segment sells and distributes historical and real-time market data; develops and licenses Nasdaq-branded indexes and financial products; and provides investment insights and workflow solutions. The Corporate Platforms segment operates listing platforms; and offers investor relations intelligence and governance solutions. As of December 31, 2021, it had 4,178 companies listed securities on The Nasdaq Stock Market, including 1,632 listings on The Nasdaq Global Select Market; 1,169 on The Nasdaq Global Market; and 1,377 on The Nasdaq Capital Market. The Market Services segment includes equity derivative trading and clearing, cash equity trading, fixed income and commodities trading and clearing, and trade management service businesses. This segment operates various exchanges and other marketplace facilities across various asset classes, which include derivatives, commodities, cash equity, debt, structured products, and exchange traded products; and provides broker, 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.Show more

Net Interest Income $28M -75.7%
Total Revenue $7.4B +22.0%
Net Income $1.12B +5.5%
Return on Equity 10.14% -18.6%
Net Interest Margin 0.09% -74.1%
Efficiency Ratio 16.09% +0.8%
ROA 3.56% -10.6%
Equity / Assets 36.85% +9.9%
Book Value per Share 19.34 -9.2%
Tangible BV/Share -16.68 +20.9%
Debt/Equity 0.88 -12.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 16.1% efficiency ratio
✓12 consecutive years of dividend growth
✓Well capitalized: 36.8% equity/assets
✓Diversified revenue: 99.6% from non-interest income
✓Trading near 52-week high

✗Weaknesses

✗Weak NIM of 0.1%
✗Shares diluted 13.9% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.77%

5Y11.69%

3Y7.93%

TTM-

Profit (Net Income) CAGR

10Y10.43%

5Y7.61%

3Y-2.01%

TTM69.45%

EPS CAGR

10Y9.21%

5Y4.48%

3Y-6.35%

TTM67.66%

ROCE

10Y Avg9.96%

5Y Avg10.38%

3Y Avg9.89%

Latest7.86%

Peer Comparison

Multi-Asset Exchange Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NDAQNasdaq, Inc.	57.29B	100.33	51.98	22.03%	15.09%	13.51%	3.02%	0.88
CBOECboe Global Markets, Inc.	28.34B	270.83	37.56	8.51%	18.68%	20.09%	3.4%	0.37
ICEIntercontinental Exchange, Inc.	98.8B	173.28	36.25	18.76%	23.42%	11.27%	4.25%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	4M	8M	9M	17M	15M	4M	1M	7M	115M	28M
NII Growth %	-0.33%	1%	0.13%	0.89%	-0.12%	-0.73%	-0.75%	6%	15.43%	-0.76%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	4M	8M	9M	17M	15M	4M	1M	7M	115M	28M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Loan Loss Provision	2.04B	2.24B	2.37B	2.62B	2.59B	3.68B	3.65B	3.89B	3.52B	4.41B
Non-Interest Income+	3.4B	3.7B	3.94B	4.26B	4.24B	5.62B	5.88B	6.22B	5.95B	7.37B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	3.4B	3.7B	3.95B	4.28B	4.26B	5.63B	5.89B	6.23B	6.06B	7.4B
Revenue Growth %	-0.03%	0.09%	0.07%	0.08%	-0%	0.32%	0.05%	0.06%	-0.03%	0.22%
Non-Interest Expense	646M	629M	592M	627M	647M	708M	791M	775M	968M	1.19B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	720M	836M	991M	1.03B	1.02B	1.23B	1.44B	1.56B	1.58B	1.8B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.05%	0.16%	0.19%	0.04%	-0.01%	0.21%	0.17%	0.09%	0.01%	0.14%
Pretax Income+	630M	133M	872M	1.06B	1.02B	1.21B	1.53B	1.48B	1.4B	1.45B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	203M	27M	143M	606M	245M	279M	347M	352M	344M	334M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	428M	108M	734M	458M	774M	933M	1.19B	1.13B	1.06B	1.12B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.03%	-0.75%	5.8%	-0.38%	0.69%	0.21%	0.27%	-0.05%	-0.06%	0.05%
Net Income (Continuing)	427M	106M	729M	458M	774M	933M	1.19B	1.12B	1.06B	1.11B
EPS (Diluted)+	0.83	0.21	1.44	0.91	1.55	1.86	2.35	2.26	2.08	1.93
EPS Growth %	0.04%	-0.75%	5.86%	-0.37%	0.7%	0.2%	0.26%	-0.04%	-0.08%	-0.07%
EPS (Basic)	0.85	0.22	1.47	0.92	1.56	1.89	2.38	2.28	2.10	1.94
Diluted Shares Outstanding	513.9M	506.4M	508.8M	503.1M	500.91M	500.71M	505.09M	497.86M	508.39M	579.2M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	301M	403M	377M	545M	332M	2.75B	393M	502M	453M	592M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	201M	245M	235M	268M	291M	195M	208M	181M	188M	184M
Investments Growth %	0.16%	0.22%	-0.04%	0.14%	0.09%	-0.33%	0.07%	-0.13%	0.04%	-0.02%
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	5.39B	6.03B	6.59B	6.36B	6.37B	6.85B	8.43B	8.1B	14.11B	13.96B
Intangible Assets	1.96B	2.09B	2.47B	2.3B	2.25B	2.25B	2.81B	2.58B	7.44B	6.91B
PP&E (Net)	323M	362M	400M	376M	730M	856M	875M	976M	978M	968M
Other Assets	281M	390M	-1M	291M	289M	358M	571M	608M	665M	779M
Total Current Assets	3.26B	4.56B	5.53B	6.37B	4.29B	7.66B	7.42B	8.6B	9.1B	7.79B
Total Non-Current Assets	8.58B	9.59B	10.26B	9.33B	9.63B	10.32B	12.69B	12.26B	23.2B	22.61B
Total Assets+	11.86B	14.15B	15.79B	15.7B	13.92B	17.98B	20.11B	20.87B	32.29B	30.39B
Asset Growth %	-0.02%	0.19%	0.12%	-0.01%	-0.11%	0.29%	0.12%	0.04%	0.55%	-0.06%
Return on Assets (ROA)	0.04%	0.01%	0.05%	0.03%	0.05%	0.06%	0.06%	0.05%	0.04%	0.04%
Accounts Payable	158M	175M	177M	198M	148M	175M	185M	185M	332M	269M
Total Debt+	2.36B	3.6B	4.21B	3.83B	3.72B	5.93B	6.22B	5.85B	10.87B	9.87B
Net Debt	2.06B	3.2B	3.83B	3.29B	3.39B	3.19B	5.82B	5.35B	10.42B	9.28B
Long-Term Debt	2.36B	3.6B	3.73B	2.96B	3B	5.54B	4.81B	4.74B	10.16B	9.08B
Short-Term Debt	0	0	480M	875M	391M	0	1.02B	664M	291M	399M
Other Liabilities	142M	144M	162M	137M	179M	187M	234M	226M	220M	230M
Total Current Liabilities	2.94B	4.08B	5.26B	6.57B	4.23B	4.92B	7.87B	8.84B	9.03B	7.9B
Total Non-Current Liabilities	3.31B	4.64B	4.64B	3.68B	4.06B	6.62B	5.84B	5.87B	12.44B	11.29B
Total Liabilities	6.25B	8.72B	9.9B	10.25B	8.29B	11.54B	13.71B	14.7B	21.47B	19.2B
Total Equity+	5.61B	5.43B	5.88B	5.45B	5.64B	6.44B	6.41B	6.16B	10.83B	11.2B
Equity Growth %	-0.03%	-0.03%	0.08%	-0.07%	0.03%	0.14%	-0%	-0.04%	0.76%	0.03%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.08%	0.02%	0.13%	0.08%	0.14%	0.15%	0.18%	0.18%	0.12%	0.1%
Book Value per Share	10.91	10.72	11.56	10.83	11.26	12.85	12.68	12.38	21.30	19.34
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	2M	2M	2M	2M	2M	2M	2M	5M	6M	6M
Additional Paid-in Capital	3.01B	3.1B	3.02B	2.72B	2.63B	2.55B	1.95B	1.45B	5.5B	5.53B
Retained Earnings	3.57B	3.48B	3.97B	4.56B	5.03B	5.63B	6.46B	7.21B	7.83B	8.4B
Accumulated OCI	-864M	-979M	-862M	-1.53B	-1.69B	-1.37B	-1.59B	-1.99B	-1.92B	-2.1B
Treasury Stock	-111M	-176M	-247M	-297M	-336M	-376M	-437M	-515M	-587M	-647M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	685M	722M	909M	1.03B	963M	1.25B	1.08B	1.71B	1.7B	1.94B
Operating CF Growth %	-0%	0.05%	0.26%	0.13%	-0.06%	0.3%	-0.13%	0.58%	-0.01%	0.14%
Net Income	427M	108M	734M	458M	774M	933M	1.19B	1.12B	1.06B	1.11B
Depreciation & Amortization	138M	170M	188M	210M	190M	202M	278M	258M	323M	613M
Deferred Taxes	-14M	-136M	10M	342M	35M	41M	94M	38M	68M	-67M
Other Non-Cash Items	81M	466M	2M	-154M	-67M	-2M	-97M	13M	87M	91M
Working Capital Changes	-15M	-45M	-103M	103M	-48M	-9M	-469M	168M	39M	46M
Cash from Investing+	-441M	-1.66B	-890M	196M	-240M	-231M	-2.65B	49M	-5.99B	-953M
Purchase of Investments	-384M	-468M	-392M	-421M	-579M	-283M	-316M	-322M	-712M	-206M
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-256M	-1.46B	-776M	185M	-74M	-157M	-2.24B	-41M	-5.77B	0
Other Investing	-16M	-6M	-2M	0	-14M	-27M	-219M	244M	-77M	-739M
Cash from Financing+	-362M	1B	-53M	-1.03B	-937M	1.38B	1.42B	1.04B	4.22B	-2.56B
Dividends Paid	-149M	-200M	-243M	-280M	-305M	-320M	-350M	-383M	-441M	-541M
Share Repurchases	-377M	-100M	-203M	-394M	-200M	-222M	-943M	-633M	-269M	-145M
Stock Issued	0	0	0	0	37M	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	-1000K
Other Financing	27M	13M	-27M	-50M	-50M	17M	2.33B	2.45B	25M	-1.06B
Net Change in Cash+	-126M	61M	-19M	187M	-224M	2.42B	-483M	1.5B	124M	-2.11B
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	427M	357M	418M	399M	586M	362M	5.98B	5.5B	6.99B	7.12B
Cash at End	301M	418M	399M	586M	362M	2.78B	5.5B	6.99B	7.12B	5.01B
Interest Paid	103M	119M	129M	148M	120M	97M	118M	116M	177M	405M
Income Taxes Paid	202M	191M	154M	221M	205M	290M	501M	274M	254M	358M
Free Cash Flow+	552M	588M	765M	917M	836M	1.06B	920M	1.55B	1.54B	1.73B
FCF Growth %	0.01%	0.07%	0.3%	0.2%	-0.09%	0.27%	-0.14%	0.69%	-0.01%	0.13%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.51%	1.96%	12.98%	8.09%	13.96%	15.45%	18.49%	17.9%	12.47%	10.14%
Return on Assets (ROA)	3.57%	0.83%	4.9%	2.91%	5.23%	5.85%	6.23%	5.49%	3.98%	3.56%
Net Interest Margin	0.03%	0.06%	0.06%	0.11%	0.11%	0.02%	0%	0.03%	0.36%	0.09%
Efficiency Ratio	18.98%	16.98%	14.99%	14.66%	15.19%	12.59%	13.44%	12.45%	15.96%	16.09%
Equity / Assets	47.29%	38.37%	37.25%	34.71%	40.5%	35.8%	31.84%	29.54%	33.53%	36.85%
Book Value / Share	10.91	10.72	11.56	10.83	11.26	12.85	12.68	12.38	21.3	19.34
NII Growth	-33.33%	100%	12.5%	88.89%	-11.76%	-73.33%	-75%	600%	1542.86%	-75.65%
Dividend Payout	34.81%	185.19%	33.11%	61.14%	39.41%	34.3%	29.49%	34.04%	41.64%	48.43%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Market Services	2.08B	2.25B	2.42B	2.71B	2.64B	3.83B	3.47B	3.63B	3.16B	3.77B
Market Services Growth	-	8.21%	7.23%	12.03%	-2.58%	45.21%	-9.42%	4.64%	-13.11%	19.49%
Capital Access Platforms	-	-	-	1.23B	1.27B	1.43B	1.56B	1.68B	1.77B	1.97B
Capital Access Platforms Growth	-	-	-	-	3.66%	12.16%	8.81%	8.10%	5.23%	11.41%
Market Technology	543M	275M	303M	-	-	-	-	-	-	1.62B
Market Technology Growth	-	-49.36%	10.18%	-	-	-	-	-	-	-
Financial Technology	-	-	-	270M	338M	357M	772M	864M	1.1B	-
Financial Technology Growth	-	-	-	-	25.19%	5.62%	116.25%	11.92%	27.20%	-
Corporate Solutions Revenue	-	635M	656M	-	-	-	-	-	-	-
Corporate Solutions Revenue Growth	-	-	3.31%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	2.41B	2.66B	3.06B	3.38B	3.41B	4.66B	4.82B	5.1B	4.87B	5.82B
UNITED STATES Growth	-	10.42%	15.16%	10.35%	0.89%	36.81%	3.39%	5.77%	-4.51%	19.45%
Non-US	-	-	-	-	853M	963M	1.06B	1.13B	1.19B	1.58B
Non-US Growth	-	-	-	-	-	12.90%	10.49%	5.83%	6.04%	32.58%

Frequently Asked Questions

Valuation & Price

Nasdaq, Inc. (NDAQ) has a price-to-earnings (P/E) ratio of 52.0x. This suggests investors expect higher future growth.

Growth & Financials

Nasdaq, Inc. (NDAQ) grew revenue by 22.0% over the past year. This is strong growth.

Yes, Nasdaq, Inc. (NDAQ) is profitable, generating $1.63B in net income for fiscal year 2024 (15.1% net margin).

Dividend & Returns

Yes, Nasdaq, Inc. (NDAQ) pays a dividend with a yield of 0.93%. This makes it attractive for income-focused investors.

Nasdaq, Inc. (NDAQ) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

Industry Metrics

Nasdaq, Inc. (NDAQ) has a net interest margin (NIM) of 0.1%. NIM has been under pressure due to interest rate environment.

Nasdaq, Inc. (NDAQ) has an efficiency ratio of 16.1%. This is excellent, indicating strong cost control.

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