--- title: Nasdaq (NDAQ) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ndaq ticker: NDAQ as_of: 2026-10-17 sector: Financial Services industry: Financial - Data & Stock Exchanges --- # Nasdaq (NDAQ) Nasdaq (NDAQ) closed at $93.97 on Oct 16, 2026, overvalued by 119% vs its model value of $42.98 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $93.97 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $42.98 | | Price vs model | overvalued by 119% vs model | | Range of that model | $24.40 – $105.88 | | Market value | $52.5B | | P/E (fiscal 2025) | 30.4 | | Net margin (fiscal 2025) | 21.8% | | Free cash flow (fiscal 2025) | $2.0B | | Dividend yield (trailing twelve months) | 1.23% | | Beta | 1.00 | | Cost of capital (WACC) | 8.50% | | Business classification | Mature & Stable (Moderate growth (~17% recent), High profitability (22% net margin), Pays dividends, Highly cyclical earnings) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 1.23% | | Dividends per share, last 12 months | $1.16 | | Dividends / free cash flow (fiscal 2025) | 30.2% | | Raised | 12 years in a row | | Growth over 5 years | 11.1% a year | | Latest payment | $0.31, ex-date Sep 11, 2026, paid Sep 25, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Sep 9, 2021 | $0.69 | | To Sep 15, 2022 | $0.76 | | To Sep 14, 2023 | $0.84 | | To Sep 13, 2024 | $0.92 | | To Sep 12, 2025 | $1.02 | | Trailing twelve months (to Sep 11, 2026) | $1.16 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $42.98 | $24.40 | $105.88 | | DCF · Perpetuity growth · 10y | cross check | $48.56 | $28.99 | $113.75 | | DCF · EBITDA exit · 5y | cross check | $48.74 | $31.34 | $69.23 | | DCF · EBITDA exit · 10y | cross check | $53.61 | $34.50 | $79.03 | | P/E · peers | cross check | $84.22 | $76.68 | $93.87 | | P/E · own history | cross check | $102.98 | $89.79 | $132.47 | | PEG | sanity check | $65.48 | $65.48 | $65.48 | | EV/EBITDA · peers | cross check | $59.15 | $49.52 | $79.97 | | EV/Revenue · peers | cross check | $107.92 | $91.79 | $176.22 | | Earnings power value | cross check | $14.16 | $9.86 | $20.31 | | Dividend discount | cross check | $23.72 | $16.40 | $38.41 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 11 open-market sales ($5.5M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 12, 2026 | SKULE JEREMY | EVP, CSO | Open-market sell (10b5-1 plan) | 1,125 | $105,896.3 | | Oct 1, 2026 | SKULE JEREMY | EVP, CSO | Tax withholding | 1,262 | $116,116.6 | | Sep 22, 2026 | SKULE JEREMY | EVP, CSO | Open-market sell (10b5-1 plan) | 1,125 | $106,875 | | Sep 10, 2026 | SKULE JEREMY | EVP, CSO | Open-market sell (10b5-1 plan) | 1,125 | $105,997.5 | | Aug 10, 2026 | SKULE JEREMY | EVP, CSO | Open-market sell (10b5-1 plan) | 2,250 | $213,187.5 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Jul 23, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1120193/000112019326000013/ndaq-20260630.htm | | Jul 23, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1120193/000112019326000011/ndaq-20260723.htm | | Jul 1, 2026 | 8-K | 1.01 Entry into a Material Agreement; 1.02 Termination of a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1120193/000119312526292723/d146997d8k.htm | | Jun 16, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1120193/000119312526272736/d154523d8k.htm | | May 27, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1120193/000119312526241879/d133211ddefa14a.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bill Nygren | 2026-06-30 | 8,092,686 | $637.9M | | Robert Olstein | 2026-03-31 | 96,000 | $8.1M | | Bridgewater | 2026-06-30 | 80,751 | $6.4M | 3 tracked managers in all. ## About Nasdaq, Inc., a technology powerhouse founded in 1971 and based in New York City, is dedicated to supporting capital markets and various other sectors worldwide. Its Market Technology division specializes in fighting financial crime, offering products like Nasdaq Trade Surveillance, a SaaS solution that assists brokers and market participants in meeting compliance requirements and internal surveillance policies. This segment also provides Nasdaq Automated Investigator, a cloud-deployed anti-money laundering tool, and Verafin, a SaaS provider for anti-financial crime management. Furthermore, this division handles a wide array of assets, including cash equities, equity derivatives, global currencies, interest-bearing securities, commodities, energy resources, and digital currencies. The Investment Intelligence segment is responsible for distributing both historical and live market data, cr… --- Source: https://sweetvaluelab.com/stocks/ndaq (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.