Nasdaq, Inc. (NDAQ) - Stock Analysis
Last updated: Jan 14, 2026
Research Idea
Research content for general circulation. Not individualized advice. Methodology & Disclosures
Nasdaq benefits from steady operational growth with strong Q3 results, credit rating upgrades, and improving leverage, plus active liquidity management. Although lacking immediate breakout catalysts, it shows modest positive momentum and a solid industry position, suggesting moderate near-term upside potential without significant risks.
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AI Analyst Overview
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Valuation Metrics
Fundamental Analysis
Key Financial Insights: ⢠High margins ⢠Strong FCF ⢠Elevated leverage Nasdaq combines strong margins and free cash flow with tight liquidity and elevated leverage, while market multiples remain rich.
Price Behavior
Key Price Behavior Insights: ⢠Upward trend ⢠Resistance break ⢠Solid support Support Level: $95 Resistance Level: $98 Over the last month NDAQ climbed from about $90.22 to $99.42, breaking resistance near $98 with solid support around $95 and showing moderate, non-volatile bullish momentum.
Sentiment & News
Key News Insights: ⢠Record listings ⢠Extended hours ⢠Capital restructuring Nasdaq strengthened its market leadership with record listings and a historic exchange transfer while advancing capital optimization, extended-hours trading plans, strong volumes, and mixed sector sentiment amid tech rotation.
AI Summary
Nasdaq's investment case has shifted from trading-volume cyclicality to a software-like, ARR-driven platformâso the key actionable lens is whether ARR accelerates sustainably above ~10â12% with continued margin expansion and tangible deleveraging toward ~3.0x; if not, the premium valuation and large intangibles make the stock highly vulnerable. The biggest opportunity is successful execution on tokenization, enterprise cross-sell and cloud partnerships; the biggest immediate risk is regulatory delays or execution slips that worsen leverage and cash metrics.
Description
Nasdaq, Inc. is a technology and market infrastructure company that operates exchanges, trading and clearing venues, and related post-trade services across multiple asset classes including equities, derivatives, fixed income, commodities and exchange-traded products. Its business also provides market data and index licensing, listing and corporate governance platforms, and a suite of compliance and antiâfinancial crime software products for market participants. The company was founded in 1971, is headquartered in New York, and as of December 31, 2021 had 4,178 listed companies on The Nasdaq Stock Market across its three tiers.
Idea History
| Date | Close | Ticker | Company | Summary | Status | P/L |
|---|---|---|---|---|---|---|
| Dec 10 | Dec 17 | NDAQ | Nasdaq, Inc. | Nasdaq benefits from steady operational growth with strong Q3 results, credit rating upgrades, and improving leverage, plus active liquidity management. Although lacking immediate breakout catalysts, it shows modest positive momentum and a solid industry position, suggesting moderate near-term upside potential without significant risks. | Closed | +1.9% |