NDAQ Nasdaq, Inc.

capital_markets · 2026-10-15

N/A

fair · 66

Owner-earnings value$32.93

Price$91.96

Margin of safety -64.2%

Quality gate · 66/100

Returns on capital 16.6/30

Consistency 18.8/22

Margins / pricing power 13.2/16

Balance sheet 12.5/16

Cash conversion 5.0/10

Capital allocation 0/6

Median ROE12.3%

Gross margin43.3%

FCF conversion134%

Share count / yr+5.1%

Profitable years4/4

Moat & management

Owner-earnings inputs

Owner earnings (TTM)	1.97B
Owner-earnings yield	3.8%
Free-cash-flow yield	3.8%
Growth used (normalized)	8.0%
Terminal growth	3.0%
Discount rate (hurdle)	9.7%

⚠ financial — owner earnings ≈ net income · financial — valued by residual income (ROE vs cost of equity on book equity)

Date	Quality	Price	Value	MoS	Rating
2026-10-15	66	$91.96	$32.93	-64.2%	N/A
2026-09-08	66	$96.88	$34.16	-64.7%	N/A
2026-07-31	66	$95.16	$34.20	-64.1%	N/A
2026-07-02	66	$82.73	$34.56	-58.2%	N/A
2026-06-25	70	$81.61	$34.76	-57.4%	STRONG SELL
2026-06-23	70	$82.49	$34.51	-58.2%	STRONG SELL

Date

Quality

Price

Value

MoS

Rating

2026-10-15

$91.96

$32.93

-64.2%

N/A

2026-09-08

$96.88

$34.16

-64.7%

N/A

2026-07-31

$95.16

$34.20

-64.1%

N/A

2026-07-02

$82.73

$34.56

-58.2%

N/A

2026-06-25

$81.61

$34.76

-57.4%

STRONG SELL

2026-06-23

$82.49

$34.51

-58.2%

STRONG SELL

Quality gate · 66/100

Moat & management

Owner-earnings inputs

History