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Nasdaq, Inc. (NDAQ)

適正価値
Financial ServicesFinancial Data & Stock ExchangesUnited States

ファンダメンタル

69

株価

$91.46

時価総額

$52.85B

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

Market Services51.2%

Trading, clearing and listing fees earned from running the Nasdaq exchange itself and related trading venues.

Capital Access Platforms26.1%

Index licensing, investment intelligence and IR/governance software sold to asset managers and listed companies.

Financial Technology22.5%

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

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 21.5Score: 62Market cap: $85.84B

Owner of the New York Stock Exchange, which Nasdaq's 10-K names as its primary competitor for large-company listings, and a rival across US cash equities and options trading, market data and post-trade technology.

P/E: 21.5Score: 82Market cap: $27.94B

Runs competing US equity and options exchanges plus European venues, so it fights Nasdaq for the same order flow from brokers and market makers and for the proprietary market-data revenue that flow generates.

P/E: 22.2Score: 68Market cap: $17.92B

The largest derivatives exchange operator, competing with Nasdaq for trading and clearing volumes in equity-index and interest-rate futures and options, and for the data feeds sold to the same trading firms.

London Stock Exchange Group plcLSEG

Cited by Nasdaq as a European exchange that attracts listings away from home markets, and its Data & Analytics division competes for the same market-data, index and analytics budgets at banks and asset managers.

Deutsche Börse AGDB1

Named in Nasdaq's 10-K among the European exchanges competing for cross-border listings, and its Eurex arm competes with Nasdaq's Nordic derivatives markets as well as in index and regulatory-reporting software.

Euronext N.V.ENX

The other pan-European exchange group named by Nasdaq, competing for the same continental European listings, cash-equity trading volumes and index licensing, including in the Nordic markets where Nasdaq operates.

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

一般的なケース適正価値

適正価値

$84.06

現在株価

$91.46

安全マージン

-8.8%

適正価値レンジ

$62.72 - $105.41

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$109.67
ディスカウンテッド・キャッシュフロー(DCF):$75.81
利益倍率(P/E):$71.64
グレアムの成長公式:$89.95
収益力価値(EPV):$37.77
正当化されたP/B:$43.84
配当割引モデル(ゴードン):$18.14
P/FFO(運用から生まれる資金):$55.33
中間サイクル利益:$37.34
売上高倍率:$40.33
アナリスト・コンセンサス:強い買い (21B / 3H / 0S)
直近の決算サプライズ:+6.71%

バリュエーション指標

P/E レシオ

26.83

ROE

14.6%

P/B レシオ

4.29

P/FCF

26.36

粗利益率

64.3%

ROIC

8.9%

収益性レーダー

価値創造(経済的モート)

ROIC

8.9%

WACC

8.9%

ROIC − WACC

-0.0 pp

ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。

ファンダメンタル分析基準

合格(21)

  • EPS shows upward trend
  • Price CAGR 15.61%
  • ROIC 8.9%
  • Gross Margin 64.3%
  • P/FCF 26.36
  • 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 4.29
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG Ratio 2.53

データなし(1)

  • Dividend Payout NaN%

Piotroski F-スコア

9/9

財務健全性が高い

score
criteria

利益の質

1.14

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

0.0%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
Ms. Adena T. FriedmanCEO & Chairman55
Mr. P. C. Nelson GriggsPresident54
Mr. Tal CohenPresident52
Ms. Sarah M. YoungwoodExecutive VP & CFO51
Mr. Bradley J. PetersonExecutive VP, Chief Information Officer & CTO65
Ms. Michelle Lynn DalySenior VP, Controller & Principal Accounting Officer48
Mr. Ato GarrettSenior VP & Investor Relations Officer-
Mr. John A. Zecca J.D.Executive VP and Global Chief Legal, Risk & Regulatory Officer57
Mr. Brian BuckleySenior VP & Chief Marketing Officer-
Mr. Bryan Everard SmithExecutive VP & Chief People Officer52

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。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-12

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-07-23

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-07-23

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for NDAQ, sourced from Markets Gazette.

  • 2d agoPOSITIVE
    The Night Shift You Never See: How AI Agents Are Changing Capital Markets Operations

    Nasdaq Inc. is set to enhance capital markets operations with the integration of governed AI agents into its Calypso platform. This development aims to empower teams to investigate issues, prioritize tasks, and execute actions with greater efficiency while maintaining stringent control. The introduction of AI agents is expected to streamline workflows, reduce operational friction, and potentially unlock new levels of productivity and accuracy in financial operations. For investors, this signifies Nasdaq's commitment to technological innovation and its strategic positioning in the evolving landscape of financial technology.

  • 7d agoPOSITIVE
    Inside Nasdaq's Best-Ever Chartis RiskTech100 Result

    Nasdaq Inc. has achieved its highest-ever ranking in the Chartis RiskTech100, securing the #2 spot for 2027, a significant jump from #5 in the previous year. The company also garnered 14 category awards, a substantial increase from five awards last year. This strong performance highlights Nasdaq's growing influence and capabilities in the risk technology sector. For investors, this achievement signals robust innovation and market leadership, potentially translating into increased market share and competitive advantage.

  • 17d agoPOSITIVE
    How Nasdaq is Turning Tokenized Collateral into Operating Reality on the Canton Network with Vanguard and Wellington Management

    Nasdaq Inc. has successfully conducted test trades on the Canton Network, leveraging tokenized collateral with major asset managers Vanguard and Wellington Management. These trials demonstrated significant advancements in collateral mobility and operational feasibility, showcasing the practical application of tokenization in financial markets. The initiative highlights Nasdaq's commitment to innovation in digital assets and distributed ledger technology, aiming to enhance market infrastructure. For investors, this development signals Nasdaq's strategic positioning in the evolving landscape of financial technology and its potential to unlock new efficiencies and revenue streams.

  • 21d agoPOSITIVE
    Nasdaq bets big on tokenized stocks with $100 million investment in Kraken parent Payward

    Nasdaq Inc. has announced a significant strategic investment of $100 million into Payward Inc., the parent company of cryptocurrency exchange Kraken. This move underscores Nasdaq's growing interest in the digital asset space, particularly in tokenized stocks. The investment reportedly values Kraken at $21 billion, signaling strong confidence in the company's growth trajectory and the burgeoning market for tokenized securities. For investors, this represents a potential diversification into blockchain-based financial instruments and a bet on Nasdaq's ability to bridge traditional and digital finance.

  • 8/11/2026POSITIVE
    Nasdaq 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.

  • 7/22/2026NEUTRAL
    Nasdaq 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.

  • 7/10/2026POSITIVE
    Nasdaq 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.

  • 6/24/2026NEUTRAL
    Inside 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.

  • 4/21/2026POSITIVE
    Group 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.

via Markets Gazette