NDAQ
Nasdaq, Inc.
Financial Services · Financial Data & Stock Exchanges · United States · Stock
Score Breakdown
Scored for Aggressive Growth profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- Strong growth scores are anchored by +11.6% revenue growth and +60.1% net income growth in FY2025, alongside solid profitability margins above 20% at the net level [growth.revenue.yoy][growth.net_income.yoy][profitability.net_margin_pct].
- Consistent sequential earnings momentum over four quarters and a multi-year dividend growth track record with a conservative payout ratio add further support to the 69.4/100 composite [momentum.operating_income_quarterly][dividend.dps_trend].
- The absence of any macro theme assignment and a moderate — rather than exceptional — return on equity of 14.6% prevent the score from reaching higher tiers [theme.none][profitability.roe_pct].
Why Not Higher
- The zero contribution from the theme factor, reflecting Nasdaq's current absence from all 24 tracked macro themes, is a structural drag on the composite score [theme.none].
- Financial health received a mid-range score, as the filing evidence on liquidity and coverage metrics is limited beyond the 0.7 debt-to-equity ratio and large total asset base, leaving uncertainty about the full balance-sheet picture [financial_health.debt_to_equity][financial_health.total_assets].
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from $7,400,000,000 in FY2024 to $8,262,000,000 in FY2025, a gain of +11.6%. Net income expanded from $1,117,000,000 in FY2024 to $1,788,000,000 in FY2025, a gain of +60.1%, with diluted EPS rising from $1.93 in FY2024 to $3.09 in FY2025, also +60.1%.
The model rewarded both the double-digit top-line expansion and the substantially faster bottom-line growth, which signals improving operating leverage. The combination of revenue and earnings acceleration in FY2025 supports a near-top growth score.
In FY2025, Nasdaq reported an operating margin of 28.2%, a net margin of 21.6%, and a return on equity of 14.6%.
The model recognized solid margin levels, with more than one-fifth of revenue converting to net income and over a quarter retained at the operating line. The return on equity of 14.6% in FY2025, while healthy, likely tempered the score relative to peers with higher capital efficiency.
In FY2025, Nasdaq carried a debt-to-equity ratio of 0.7 against total assets of $31,053,000,000.
A debt-to-equity ratio of 0.7 in FY2025 suggests a moderate leverage position, and the large total asset base reflects the scale of the business. The model's mid-range score likely reflects that while leverage is not excessive, the available filing evidence on liquidity and coverage metrics is limited.
Over the last four quarters, operating income rose consecutively from $568,000,000 in 2025Q2 to $586,000,000 in 2025Q3, $630,000,000 in 2025Q4, and $657,000,000 in 2026Q1. Net income followed a similar upward path from $452,000,000 in 2025Q2 to $519,000,000 in 2026Q1, while revenue held in a range of $1,958,000,000 to $2,137,000,000 across the same period.
The model rewarded the consistent sequential acceleration in operating and net income even as revenue growth was more modest, indicating expanding margins on a relatively stable top line. This pattern of earnings momentum outpacing revenue momentum is a positive signal the model captured.
Nasdaq has grown its dividends per share each year from $0.78 in FY2022 to $0.86 in FY2023, $0.94 in FY2024, and $1.05 in FY2025, while maintaining a dividend payout ratio of 33.6% in FY2025.
The model recognized a consistent multi-year dividend growth trend alongside a moderate payout ratio in FY2025 that leaves room for further increases. The score reflects a reliable but not exceptionally high-yield dividend profile.
Nasdaq is not currently assigned to any of the 24 tracked macro themes in the model.
The absence of a theme assignment is a neutral characteristic of the current model configuration and does not reflect on the company's business quality. Under the model's current methodology, unassigned securities receive no theme-based score contribution.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
Nasdaq, Inc. earned a composite score of 69.4/100 with a Medium risk rating and a Research Candidate label, reflecting strong growth and earnings momentum offset by the absence of a macro theme assignment. Revenue rose from $7,400,000,000 in FY2024 to $8,262,000,000 in FY2025, a gain of +11.6%, while net income expanded by +60.1% to $1,788,000,000, signaling meaningful operating leverage [growth.revenue.yoy][growth.net_income.yoy]. Profitability metrics are solid, with a 28.2% operating margin and 21.6% net margin in FY2025, and quarterly operating income has risen consecutively through 2026Q1, underscoring durable earnings momentum [profitability.operating_margin_pct][momentum.operating_income_quarterly]. The dividend has grown every year from $0.78 in FY2022 to $1.05 in FY2025 at a sustainable 33.6% payout ratio, rounding out a fundamentally sound but theme-unassigned profile [dividend.dps_trend][dividend.payout_ratio].
Plain English
Nasdaq is growing its revenues and profits steadily — earnings jumped sharply in FY2025 and keep climbing quarter by quarter — while paying a rising dividend and carrying a manageable debt load, though the model doesn't currently slot it into any of its special macro themes, which holds the overall score back [growth.net_income.yoy][momentum.operating_income_quarterly][dividend.dps_trend][theme.none].
Bull Case vs. Bear Case
Bull Case
- Net income surged +60.1% in FY2025 to $1,788,000,000, far outpacing the already solid +11.6% revenue growth, demonstrating that operating leverage is translating top-line gains into substantially faster bottom-line expansion [growth.net_income.yoy][growth.revenue.yoy].
- Operating income has risen consecutively for four straight quarters — from $568,000,000 in 2025Q2 to $657,000,000 in 2026Q1 — indicating that margin expansion is an ongoing, not one-time, dynamic [momentum.operating_income_quarterly].
- The dividend has grown each year from $0.78 in FY2022 to $1.05 in FY2025, with a payout ratio of only 33.6%, leaving ample room for continued increases and signaling management confidence in sustained cash generation [dividend.dps_trend][dividend.payout_ratio].
Bear Case
- Nasdaq is not currently assigned to any of the model's 24 tracked macro themes, meaning it receives no theme-based score contribution, which structurally weighs on the composite rating regardless of underlying business quality [theme.none].
- Return on equity of 14.6% in FY2025, while healthy, may lag higher-capital-efficiency peers and tempers the profitability score relative to its potential ceiling [profitability.roe_pct].
- Quarterly revenue has been range-bound between $1,958,000,000 and $2,137,000,000 over the last four quarters, suggesting top-line momentum is more modest even as earnings continue to accelerate [momentum.revenue_quarterly].
What Could Change the Picture
Bullish Triggers
- Assignment to one or more of the model's 24 macro themes would add a score dimension currently contributing nothing, potentially lifting the composite meaningfully [theme.none].
- A sustained acceleration in quarterly revenue growth — breaking out of the recent $1,958,000,000–$2,137,000,000 range — would complement the already strong earnings momentum and strengthen the overall growth narrative [momentum.revenue_quarterly][growth.revenue.yoy].
Bearish Triggers
- A reversal in the consecutive quarterly operating income trend — which has risen from $568,000,000 to $657,000,000 over four quarters — would undermine the core momentum thesis supporting the current score [momentum.operating_income_quarterly].
- A material increase in the debt-to-equity ratio beyond the current 0.7 level could raise financial health concerns given the already large $31,053,000,000 asset base [financial_health.debt_to_equity][financial_health.total_assets].
Risk Profile
Medium RiskNasdaq carries a Medium risk rating, consistent with a moderate debt-to-equity ratio of 0.7 and a large total asset base of $31,053,000,000 in FY2025, while the consecutive quarterly rise in operating income from $568,000,000 to $657,000,000 over the last four quarters suggests the business is operationally stable [financial_health.debt_to_equity][financial_health.total_assets][momentum.operating_income_quarterly].
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.