Nasdaq, Inc. (NDAQ)

From the record

Nasdaq, Inc.'s filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

From the record

Nasdaq, Inc.'s 10 filed years say what it did: revenue went from $3.7 billion in fiscal 2016 to $8.3 billion in fiscal 2025, up 9.3% a year; it rose in 7 of 9 years; the deepest fall was 3% from fiscal 2022 to fiscal 2023; net income was positive in 10 of 10 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Nasdaq, Inc.'s diluted share count grew about 5.1% a year, and dividends and buybacks returned about 44% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 35 sales (17 under scheduled 10b5-1 plans) and 1 purchase of their own stock on the open market in the year to 2026-11-12, buying about $958 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Nasdaq, Inc. earned about 15 cents of profit for every dollar of shareholders' money, and gross profitability: its products earned about 17 cents per dollar of everything the company owns. Leverage: it owed about 61 cents per dollar of assets, and net share issuance: its share count shrank 0.1% over the year (the filed statements).

From the record

Nasdaq, Inc.'s standing among 13 graded names in its industry family: revenue of $8.3 billion in fiscal 2025 ranks in the top 27% by size; a net margin of 21.6% ranks in the top 27%; revenue growth of 9.9% a year over the last 3 filed years ranks in the bottom 42% (its annual reports).

From the record

Nasdaq, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Friedman, Adena T (Chair and CEO, as filed), filing under that title since 2017-02-01, 9.8 years (top 36% of its family); the 21 officers and directors filing in the last fifteen months have been on the record a median of 7.6 years (top 36%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 21 people in charge now (top 19%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Nasdaq, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $604 million against debt of $8.6 billion leaves -25.7% of its assets as net cash, bottom 12% of its family; cash from operations less capital spending is 24.1% of revenue (top 42%); a gross margin of 63.5% (top 12%) (its annual report).

From the record

Nasdaq, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 9.9% a year over the last three filed years against 9.3% over all 10, speeding up (top 50% of its family); the newest year grew 11.7% (bottom 35%); capital spending grew 20.5% a year (top 50%) (its annual reports). Nasdaq, Inc. reported 3 lines of business in fiscal 2025: Market Services at $4.2 billion, Capital Access Platforms at $2.1 billion, Financial Technology at $1.9 billion. 3 of 3 grew in the latest filed year, and the largest line is 51% of revenue (its annual report).

From the record

Nasdaq, Inc.'s newest year against its own record: revenue of $8.3 billion in fiscal 2025 came in 2.4% above the $8.1 billion its prior three years' pace pointed to (bottom 42% of its family); net income of $1.8 billion against a prior three-year average of $1.1 billion (top 27%); a net margin of 21.6% against 16.9% before (top 42%) (its annual reports).