NASDAQ, INC.
NDAQ · Security & Commodity Brokers, Dealers, Exchanges & Services · 565.5M shares · +32%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: $147M (gross $269M, SBC $122M)
Reference price $85.98 · est. market cap ~$48.6B — last insider purchase, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Nasdaq Inc — diversified exchange and market-technology/analytics company.
Strengths
- Operating margin 28% (92nd pct), ROE 14.6% (67th), strong FCF (81st)
- Recurring index, data and fintech-software revenue
Risks
- Leverage (D/E 0.74) from Adenza acquisition
- Listings/trading-volume cyclicality
Notable findings
- Chronic dilutionShare count +32%/yr over 4y (dilution, book value/share -37%)
- Strong balance sheetStrong balance sheet — $604M cash & investments
- Insider buyingInsider buying — 3 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$22M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 13 open-market sale(s) by 7 insider(s) (cluster of 7 insiders, ~$80M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
63.5%
Operating margin
28.2%
Net margin
21.6%
Return on equity
14.6%
Return on assets
5.8%
ROIC
8.7%
Revenue growth (QoQ)
0.6%
Net-income growth
60.1%
Debt / equity
0.7×
Net debt / EBITDA
3.4×
Current ratio
1.0×
Free cash flow
$2.0B
EBITDA
$2.5B
Tangible book value
-$8.7B
Cash & investments
$604M
Stock comp / revenue
2.0%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Smith Bryan Everard | Sell | 3.0K | $86.91 |
| 2026-06-11 | INVESTOR AB | Buy | 57K | $85.98 |
| 2026-06-11 | Torgeby Johan | Tax withheld | 300 | $86.72 |
| 2026-06-11 | Kazim Essa | Tax withheld | 622 | $86.72 |
| 2026-06-10 | Koch Kathryn A. | Grant | 3.2K | — |
| 2026-06-10 | ZOLLAR ALFRED W | Grant | 4.5K | — |
| 2026-06-10 | KLOET THOMAS A | Grant | 4.6K | — |
| 2026-06-10 | Townes-Whitley Toni | Grant | 3.0K | — |
| 2026-06-10 | ARNOLDI MELISSA | Grant | 4.3K | — |
| 2026-06-10 | SPLINTER MICHAEL R | Grant | 5.2K | — |
| 2026-06-10 | Torgeby Johan | Grant | 3.0K | — |
| 2026-06-10 | Kazim Essa | Grant | 4.2K | — |
| 2026-06-10 | SPAHT PAUL HOLDEN JR. | Grant | 3.0K | — |
| 2026-06-10 | YABUKI JEFFERY W | Grant | 4.6K | — |
| 2026-06-10 | BEGLEY CHARLENE T | Grant | 3.0K | — |
| 2026-05-18 | Griggs PC Nelson | Sell | 5.1K | $92.62 |
| 2026-04-28 | Peterson Bradley J | Sell | 7.7K | $90.82 |
| 2026-04-27 | Tal Cohen | Sell | 16K | $90.75 |
| 2026-04-24 | Daly Michelle Lynn | Sell | 1.2K | $88.82 |
| 2026-04-24 | Daly Michelle Lynn | Sell | 129 | $88.85 |
| 2026-04-03 | SKULE JEREMY | Tax withheld | 1.0K | $86.65 |
| 2026-04-03 | Griggs PC Nelson | Tax withheld | 1.6K | $86.65 |
| 2026-04-03 | Smith Bryan Everard | Tax withheld | 813 | $86.65 |
| 2026-04-03 | Zecca John | Tax withheld | 780 | $86.65 |
| 2026-04-03 | Tal Cohen | Tax withheld | 1.6K | $86.65 |
| 2026-04-03 | Daly Michelle Lynn | Tax withheld | 424 | $86.65 |
| 2026-04-03 | FRIEDMAN ADENA T | Tax withheld | 8.1K | $86.65 |
| 2026-04-03 | Peterson Bradley J | Tax withheld | 1.5K | $86.65 |
| 2026-04-01 | Smith Bryan Everard | Grant | 7.0K | — |
| 2026-04-01 | FRIEDMAN ADENA T | Option exercise | 114K | $22.22 |
| 2026-04-01 | FRIEDMAN ADENA T | Sell | 114K | $85.44 |
| 2026-04-01 | FRIEDMAN ADENA T | Grant | 40K | — |
| 2026-04-01 | FRIEDMAN ADENA T | Tax withheld | 14K | $84.89 |
| 2026-04-01 | Youngwood Sarah | Grant | 15K | — |
| 2026-04-01 | Smith Bryan Everard | Tax withheld | 2.1K | $84.89 |
| 2026-04-01 | Daly Michelle Lynn | Grant | 2.0K | — |
| 2026-04-01 | Daly Michelle Lynn | Tax withheld | 832 | $84.89 |
| 2026-04-01 | Tal Cohen | Grant | 15K | — |
| 2026-04-01 | Tal Cohen | Tax withheld | 11K | $84.89 |
| 2026-04-01 | Peterson Bradley J | Grant | 8.1K | — |
| 2026-04-01 | Peterson Bradley J | Tax withheld | 2.8K | $84.89 |
| 2026-04-01 | SKULE JEREMY | Grant | 7.6K | — |
| 2026-04-01 | SKULE JEREMY | Tax withheld | 2.3K | $84.89 |
| 2026-04-01 | Griggs PC Nelson | Grant | 12K | — |
| 2026-04-01 | Griggs PC Nelson | Tax withheld | 3.3K | $84.89 |
| 2026-04-01 | Zecca John | Grant | 7.3K | — |
| 2026-04-01 | Zecca John | Tax withheld | 2.1K | $84.89 |
| 2026-03-11 | FRIEDMAN ADENA T | Gift | 57K | — |
| 2026-03-11 | FRIEDMAN ADENA T | Gift | 57K | — |
| 2026-03-06 | FRIEDMAN ADENA T | Option exercise | 93K | $22.22 |
| 2026-03-06 | FRIEDMAN ADENA T | Sell | 93K | $90.08 |
| 2026-03-02 | Smith Bryan Everard | Sell | 6.0K | $87.24 |
| 2026-02-19 | Daly Michelle Lynn | Sell | 4.3K | $81.34 |
| 2026-02-17 | Torgeby Johan | Buy | 12K | $79.86 |
| 2026-02-13 | INVESTOR AB | Buy | 200K | $79.18 |
| 2026-02-12 | FRIEDMAN ADENA T | Grant | 42K | — |
| 2026-02-12 | FRIEDMAN ADENA T | Tax withheld | 116K | $80.42 |
| 2026-02-12 | FRIEDMAN ADENA T | Grant | 228K | — |
| 2026-02-11 | Griggs PC Nelson | Grant | 13K | — |
| 2026-02-11 | Daly Michelle Lynn | Grant | 6.9K | — |
| 2026-02-11 | Daly Michelle Lynn | Tax withheld | 2.6K | $82.51 |
| 2026-02-11 | Daly Michelle Lynn | Grant | 1.8K | — |
| 2026-02-11 | Tal Cohen | Grant | 44K | — |
| 2026-02-11 | Tal Cohen | Tax withheld | 21K | $82.51 |
| 2026-02-11 | Tal Cohen | Grant | 13K | — |
| 2026-02-11 | Zecca John | Grant | 25K | — |
| 2026-02-11 | Zecca John | Tax withheld | 9.4K | $82.51 |
| 2026-02-11 | Zecca John | Grant | 8.0K | — |
| 2026-02-11 | Griggs PC Nelson | Grant | 44K | — |
| 2026-02-11 | Smith Bryan Everard | Grant | 21K | — |
| 2026-02-11 | Smith Bryan Everard | Tax withheld | 9.9K | $82.51 |
| 2026-02-11 | Smith Bryan Everard | Grant | 8.0K | — |
| 2026-02-11 | SKULE JEREMY | Grant | 26K | — |
| 2026-02-11 | SKULE JEREMY | Tax withheld | 13K | $82.51 |
| 2026-02-11 | SKULE JEREMY | Grant | 8.0K | — |
| 2026-02-11 | Peterson Bradley J | Grant | 44K | — |
| 2026-02-11 | Peterson Bradley J | Tax withheld | 20K | $82.51 |
| 2026-02-11 | Peterson Bradley J | Grant | 9.6K | — |
| 2026-02-11 | Griggs PC Nelson | Tax withheld | 21K | $82.51 |
| 2026-02-02 | FRIEDMAN ADENA T | Sell | 300K | $96.91 |
| 2026-02-02 | FRIEDMAN ADENA T | Option exercise | 300K | $22.22 |
| 2026-01-30 | SPLINTER MICHAEL R | Gift | 4.7K | — |
| 2026-01-30 | SPLINTER MICHAEL R | Gift | 4.7K | — |
| 2026-01-06 | Zecca John | Sell | 4.5K | $100.01 |
| 2026-01-02 | FRIEDMAN ADENA T | Sell | 300K | $96.39 |
| 2026-01-02 | FRIEDMAN ADENA T | Option exercise | 300K | $22.22 |
| 2025-12-06 | SKULE JEREMY | Tax withheld | 4.1K | $90.22 |
| 2025-12-06 | Youngwood Sarah | Tax withheld | 17K | $90.22 |
| 2025-12-01 | Smith Bryan Everard | Sell | 4.6K | $90.57 |
| 2025-12-01 | SKULE JEREMY | Sell | 2.1K | $90.57 |
| 2025-11-03 | SKULE JEREMY | Sell | 2.1K | $85.40 |
| 2025-10-01 | SKULE JEREMY | Tax withheld | 1.3K | $88.45 |
| 2025-10-01 | SKULE JEREMY | Sell | 2.1K | $88.22 |
| 2025-09-02 | SKULE JEREMY | Sell | 2.1K | $93.22 |
| 2025-08-04 | BEGLEY CHARLENE T | Sell | 3.0K | $96.60 |
| 2025-08-01 | SKULE JEREMY | Sell | 2.1K | $95.49 |
| 2025-07-25 | Daly Michelle Lynn | Sell | 8.7K | $93.45 |
| 2025-07-02 | Peterson Bradley J | Sell | 12K | $88.87 |
| 2025-07-01 | SKULE JEREMY | Sell | 2.1K | $89.17 |
| 2025-07-01 | Griggs PC Nelson | Tax withheld | 11K | $89.42 |
| 2025-07-01 | Peterson Bradley J | Tax withheld | 11K | $89.42 |
| 2025-06-11 | Kazim Essa | Grant | 4.1K | — |
| 2025-06-11 | SPLINTER MICHAEL R | Grant | 5.2K | — |
| 2025-06-11 | BEGLEY CHARLENE T | Grant | 3.0K | — |
| 2025-06-11 | KLOET THOMAS A | Grant | 4.5K | — |
| 2025-06-11 | ARNOLDI MELISSA | Grant | 4.3K | — |
| 2025-06-11 | Kazim Essa | Tax withheld | 821 | $86.07 |
| 2025-06-11 | Koch Kathryn A. | Grant | 3.2K | — |
| 2025-06-11 | Torgeby Johan | Grant | 3.0K | — |
| 2025-06-11 | Torgeby Johan | Tax withheld | 407 | $86.07 |
| 2025-06-11 | SPAHT PAUL HOLDEN JR. | Grant | 3.0K | — |
| 2025-06-11 | Townes-Whitley Toni | Grant | 3.0K | — |
| 2025-06-11 | YABUKI JEFFERY W | Grant | 4.6K | — |
| 2025-06-11 | ZOLLAR ALFRED W | Grant | 4.5K | — |
| 2025-06-06 | SKULE JEREMY | Sell | 2.1K | $85.00 |
| 2025-06-06 | Griggs PC Nelson | Sell | 4.0K | $85.22 |
| 2025-06-04 | SPAHT PAUL HOLDEN JR. | Gift | 447K | — |
| 2025-06-02 | SKULE JEREMY | Sell | 1.1K | $83.28 |
| 2025-05-27 | Griggs PC Nelson | Sell | 5.0K | $83.27 |
| 2025-05-27 | Griggs PC Nelson | Sell | 3.0K | $82.63 |
| 2025-05-12 | SKULE JEREMY | Sell | 1.1K | $81.52 |
| 2025-04-04 | Smith Bryan Everard | Sell | 657 | $71.81 |
| 2025-04-03 | Griggs PC Nelson | Tax withheld | 1.6K | $78.30 |
| 2025-04-03 | FRIEDMAN ADENA T | Tax withheld | 8.1K | $78.30 |
| 2025-04-03 | Tal Cohen | Tax withheld | 1.6K | $78.30 |
| 2025-04-03 | Peterson Bradley J | Tax withheld | 1.5K | $78.30 |
| 2025-04-03 | Zecca John | Tax withheld | 779 | $78.30 |
| 2025-04-03 | Daly Michelle Lynn | Tax withheld | 424 | $78.30 |
| 2025-04-03 | SKULE JEREMY | Tax withheld | 1.0K | $78.30 |
| 2025-04-03 | Smith Bryan Everard | Tax withheld | 813 | $78.30 |
| 2025-04-02 | Peterson Bradley J | Sell | 2.3K | $75.67 |
| 2025-04-02 | Smith Bryan Everard | Sell | 1.1K | $75.67 |
| 2025-04-01 | Zecca John | Grant | 7.2K | — |
| 2025-04-01 | Smith Bryan Everard | Sell | 2.0K | $75.71 |
| 2025-04-01 | Smith Bryan Everard | Grant | 7.2K | — |
| 2025-04-01 | Smith Bryan Everard | Tax withheld | 1.4K | $75.86 |
| 2025-04-01 | FRIEDMAN ADENA T | Grant | 39K | — |
| 2025-04-01 | FRIEDMAN ADENA T | Tax withheld | 13K | $75.86 |
| 2025-04-01 | Daly Michelle Lynn | Grant | 2.2K | — |
| 2025-04-01 | Daly Michelle Lynn | Tax withheld | 380 | $75.86 |
| 2025-04-01 | SKULE JEREMY | Grant | 6.6K | — |
| 2025-04-01 | SKULE JEREMY | Tax withheld | 1.8K | $75.86 |
| 2025-04-01 | Zecca John | Tax withheld | 1.3K | $75.86 |
| 2025-04-01 | Peterson Bradley J | Grant | 8.4K | — |
| 2025-04-01 | Peterson Bradley J | Tax withheld | 2.4K | $75.86 |
| 2025-04-01 | Griggs PC Nelson | Grant | 12K | — |
| 2025-04-01 | Griggs PC Nelson | Tax withheld | 2.2K | $75.86 |
| 2025-04-01 | Youngwood Sarah | Grant | 16K | — |
| 2025-04-01 | Tal Cohen | Grant | 16K | — |
| 2025-04-01 | Tal Cohen | Grant | 46K | — |
| 2025-04-01 | Tal Cohen | Tax withheld | 12K | $75.86 |
| 2025-03-17 | Youngwood Sarah | Sell | 15K | $73.68 |
| 2025-03-12 | FRIEDMAN ADENA T | Grant | 168K | — |
| 2025-03-12 | FRIEDMAN ADENA T | Tax withheld | 85K | $72.29 |
| 2025-03-03 | Smith Bryan Everard | Sell | 3.5K | $82.78 |
| 2025-02-26 | Peterson Bradley J | Sell | 17K | $79.79 |
| 2025-02-19 | SKULE JEREMY | Grant | 20K | — |
| 2025-02-19 | SKULE JEREMY | Tax withheld | 9.1K | $81.24 |
| 2025-02-19 | Peterson Bradley J | Grant | 28K | — |
| 2025-02-19 | Peterson Bradley J | Tax withheld | 11K | $81.24 |
| 2025-02-19 | Daly Michelle Lynn | Grant | 5.5K | — |
| 2025-02-19 | Daly Michelle Lynn | Tax withheld | 2.1K | $81.24 |
| 2025-02-19 | Griggs PC Nelson | Grant | 28K | — |
| 2025-02-19 | Griggs PC Nelson | Tax withheld | 13K | $81.24 |
| 2025-02-19 | Zecca John | Grant | 18K | — |
| 2025-02-19 | Zecca John | Tax withheld | 6.5K | $81.24 |
| 2025-02-19 | Smith Bryan Everard | Grant | 15K | — |
| 2025-02-19 | Smith Bryan Everard | Tax withheld | 6.7K | $81.24 |
| 2025-02-19 | Tal Cohen | Grant | 28K | — |
| 2025-02-19 | Tal Cohen | Tax withheld | 13K | $81.24 |
| 2025-02-06 | Tal Cohen | Sell | 9.0K | $83.75 |
| 2025-02-03 | Smith Bryan Everard | Sell | 3.5K | $81.56 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-04-23 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-01-29 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-01-16 | 5.03Exhibits | filing ↗ |
| 2025-12-15 | OtherExhibits | filing ↗ |
| 2025-12-01 | OtherExhibits | filing ↗ |
| 2025-10-21 | ResultsReg FDOtherExhibits | filing ↗ |
| 2025-07-24 | ResultsReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-10 | 0001193125-26-272736 ↗ |
| 10-Q | 2026-04-24 | 2026-03-31 | 0001628280-26-027105 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0001193125-26-171829 ↗ |
| 10-K | 2026-02-12 | 2025-12-31 | 0001628280-26-007703 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001193125-26-028185 ↗ |
| 8-K | 2026-01-16 | 2026-01-14 | 0001193125-26-015293 ↗ |
| 8-K | 2025-12-15 | 2025-12-15 | 0001193125-25-319238 ↗ |
| 8-K | 2025-12-01 | 2025-12-01 | 0001193125-25-303909 ↗ |
| 10-Q | 2025-10-23 | 2025-09-30 | 0001628280-25-046006 ↗ |
| 8-K | 2025-10-21 | 2025-10-21 | 0001193125-25-244271 ↗ |
| 10-Q | 2025-07-25 | 2025-06-30 | 0001120193-25-000018 ↗ |
| 8-K | 2025-07-24 | 2025-07-24 | 0001193125-25-163817 ↗ |