Nasdaq

NDAQ

Financial - Data & Stock Exchanges · Financial Services

Price

$91.64

-2.61 (-2.77%)

Market Cap

$51.83B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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)

Nasdaq, 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 provi

Winston Score History

Politician Trades

33 trades / 12mo

14 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

+2.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+33.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

21.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$564M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Nasdaq is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

Gross Margin

65.8%

Premium pricing power — 65.8% gross margin

Operating Margin

30.7%

Excellent — 30.7% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.8%

Slow sales growth (5.8% YoY)

EPS YoY

+50.7%

Earnings growing fast (50.7% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

119%

Turns 119% of profit into real cash

FCF Margin

24.2%

Converts sales into free cash efficiently (24.2%)

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

Debt / Equity

0.74

Moderate — manageable debt (0.74)

Interest Cover

13.95x

Comfortably covers interest (13.9x)

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

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Valuation

P/E Ratio (TTM)

27.3x

Growth-priced — P/E 27.3

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

P/E vs Forward

+9.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.3 → 17.7)

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Dividends

Dividend Yield

1.22%

Small dividend — 1.22% yield

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

Dividend Growth

+13.1%

Dividend growing fast (13.1% YoY)

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