How Does This Market Platform Operate?
Nasdaq Inc operates market infrastructure and related services around securities trading. The business also provides data products and technology that support market participants and financial institutions. It sits at the center of transaction, connectivity, and information workflows tied to public markets. At roughly USD 51.6 billion in market value, it is a scaled financial-
Are Margins and Cash Flow Holding Up?
FundamentalsFor 2025, reported in USD, revenue was about USD 8.26 billion, up 11.6% year over year, with EBIT of roughly USD 2.33 billion. Depreciation and amortization totaled about USD 632 million, and the cash-flow proxy was around USD 2.60 billion.
Net income for the same period was USD 83 million. The balance sheet showed USD 604 million of cash alongside USD 9.00 billion of total debt. On a trailing basis, margins were high, with a 63.54% gross margin, a 29.24% operating margin, and a 21.64% net profit margin.
Is the Stock Price Ahead of Value?
DCF / MultiplesAt USD 91.32, the stock sits above the central DCF estimate of USD 77.00, within a range that runs from USD 48.49 in a weaker scenario to USD 108.70 in a stronger outcome. Headline pricing is also not low on trailing multiples, with a P/E of 28.88 and EV/EBITDA of 19.87.
Expectations Leave Little Cushion
TakeawayThe price leans on the business staying structurally important. Durability has to show up as consistently high margins and cash generation. Any slip in earnings quality would matter with this multiple. Debt adds less room for operational surprises. Overall, the setup looks more demanding than forgiving.