NDAQNASDAQ, INC.
Security & Commodity Brokers, Dealers, Exchanges & Services
- Revenue
- $8.3B
- 12% YoY
- Operating margin
- 28.2%
- 16% YoY
- EBITDA
- $2.5B
- 29% YoY
- Market cap
- $59.3B
- Employees
- 9,525
- $867K revenue each
- Net debt / EBITDA
- 3.4×
- $8.4B net debt
- AI in 10-K
- 8.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$22M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo126% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo54% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes52% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$867K · 26th pctBottom quartile of its SIC industry
- Quiet on AINo8.2 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo3.4× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$59.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$67M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B | 12% |
| Operating income | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B | 30% |
| Net income | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B | 60% |
| Operating cash flow | $1.1B | $1.7B | $1.7B | $1.9B | $2.3B | 16% |
| Capex | $163M | $152M | $158M | $207M | $266M | 29% |
| Stock-based comp | $90M | $106M | $122M | $141M | $165M | 17% |
| Buybacks | $468M | $308M | $269M | $145M | $616M | 325% |
| Dividends | $350M | $383M | $441M | $541M | $601M | 11% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 9, 2025 | Argus Seller, LP | SCHEDULE 13D/A | 8.9% | Passive |
| Jul 30, 2024 | Argus Seller, LP | SC 13D/A | 14.8% | Passive |
| Mar 22, 2024 | Borse Dubai LTD | SC 13D/A | 10.1% | Passive |
| Mar 20, 2024 | Borse Dubai LTD | SC 13D/A | 15.5% | Passive |
| Mar 11, 2024 | Borse Dubai LTD | SC 13D/A | 15.5% | Passive |
| Nov 6, 2023 | INVESTOR AB | SC 13D/A | 10.1% | Active |
| Nov 3, 2023 | Adenza Parent, LP | SC 13D | 14.8% | Passive |
| Dec 16, 2022 | INVESTOR AB | SC 13D/A | 11.8% | Active |
| Aug 26, 2022 | INVESTOR AB | SC 13D/A | 11.8% | Passive |
| Apr 24, 2020 | INVESTOR AB | SC 13D/A | 11.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $22M · 3
- Open-market sells, 12 mo
- $89M · 32
- Net
- −$67M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $25M | $59M | 235 | 197 |
| FY2024 | $22M | $51M | 185 | 179 |
| FY2023 | $18M | $10M | 137 | 139 |
| FY2022 | $28M | $26M | 142 | 121 |
| FY2021 | $20M | $69M | 160 | 136 |