Nasdaq $NDAQ Read from its own SEC filings · nothing written, nothing inferred
🫧 Edgar looked up Nasdaq, Inc. ($NDAQ). Last filing: 10-Q, 2026-07-23. 9 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $8.3B (FY2025), total debt $8.6B. Experience: revenue up 11.6% on the year, up 8.8% a year over 4 years; operating margin 28.2%, up from 24.3%. Soundness: equity 39.4% of assets, return on equity 14.6%, payout 33.6% of profit, dividend per share up 5 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $7.8B and $10.2B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $7.1B to $11.2B. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, security & commodity brokers, dealers, exchanges & services): growth 11.6% against 15.3%.
Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $2.3B · −$1.1B · −$3.0B · $2.0B |
| Investment book (cash · short · long) | $604M · — · — · current ratio 1.01 |
| Revenue swing · equity of assets | 9.5% · 39.4% |
Nasdaq is growing faster than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $8.3B |
| Revenue, on the year | 11.6% |
| Revenue, a year over the record | 8.8% |
| Operating margin | 28.2% |
| Operating margin, prior year | 24.3% |
| Net margin | 21.6% |
| Research and development | not filed separately |
| Total debt | $8.6B |
| Equity of assets | 39.4% |
| Return on equity | 14.6% |
| Payout of profit | 33.6% |
| Dividend per share | $1.05 · up 5 years running |
| Earnings per share | $3.12 |
| Book value per share | $21.13 |
| Revenue per share | $14.28 |
| Shares outstanding | 578,597,687 |
| Audited years read | 5 |
Peers: the median of 8 filers with $50M+ revenue in security & commodity brokers, dealers, exchanges & services.
Health HarborNasdaq sails as: New ship
Health watch · 12 monthsquiet · none of the watched events filed
Sailing speed follows growth: 9.9% a year crosses the harbor in 50 seconds.
🌊 Visit the Bay →No warning signs on the measures below.
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
- 10-Q · 2026-07-23
- 8-K · 2026-07-23 · 2.02 Results of Operations and Financial Condition; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-01 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits
- 8-K · 2026-06-16 · 5.07 Submission of Matters to a Vote of Security Holders
- DEF 14A · 2026-04-24
- 10-Q · 2026-04-24
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company