Financial Services · NYSE/NASDAQ: NDAQ
NASDAQ, INC.
Financial Data & Stock Exchanges
Market Cap $51.49B
Verdict: High
Quality Scores
Multi-Bagger
82/100
Compounder Quality
88/100
Management Credibility
92/100
Governance
94/100
Cash Flow Quality
92/100
AI Summary
Nasdaq, Inc. (NDAQ) has over the last decade successfully transitioned from a transaction-heavy equity exchange into a high-margin technology and data provider. The financials reveal a significant revenue expansion from $3.7B to $8.2B, underpinned by strategic acquisitions like Adenza and Verafin. While net income has shown some volatility due to acquisition costs and tax adjustments, the underlying operating income demonstrates a consistent upward trajectory. The balance sheet remains managed despite a recent surge in debt to $10B+ to fund transformative M&A in the Fintech space. Overall,…
Top Opportunities
- Consistent double-digit revenue growth
- Strong transition to a SaaS-based recurring revenue model
- Excellent OCF/PAT ratio indicating high earnings quality
Top Risks
- Substantial increase in long-term debt in 2023
- Equity dilution following major stock-funded acquisitions
- High regulatory scrutiny on exchange fee structures
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