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NDAQ

Low riskNext report: Around Jan 28, 2027 (est.)

View price ↗

The short version

A profitable company with growing sales.

Going well

Sales up 21% in the latest quarter vs a year ago
Profitable every year for 10 years
Sales up 12% last year

Watch out for

Share count growing 5.1% a year

Money moves

Insiders sold $1.7M in the last 30 days
Institutions added 1% to their holdings in the quarter ending June 2026 (508 bought, 516 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$104.72+2.1% that day

Company value: $58.1B; Share price times all shares
Price vs profit (P/E): 28.6x; You pay about $29 for each $1 of yearly profit
Price vs sales: 6.4x; Company value is 6.4 times a year of sales
Dividend yield: 1.0%; Yearly dividend as a share of today's price
Cash vs value: 1%; Cash as a share of company value
Debt vs value: 15%; Debt as a share of company value

From NDAQ's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Sep '26

$2.4B+21% vs a year earlier

Dec '23Tap a barSep '26

Last 12 months: $9.1B, up 11% from the 12 months before. Over 5 years, sales grew about 8.0% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of NDAQ. Starting points are the company's recent numbers.

Sales growth+11% a yearRecently: +11% a yearProfit margin23%Last 12 months: 22.8%P/E at the end29xToday: 28.6x. Many steady companies trade at 12x to 25xShare count change+5% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$15.4B

Profit in 5 years$3.5B

Price these guesses point to$145.18+39% vs $104.72 todayAbout +6.8% a year, before dividends

What today's price needs: with a 23% margin and a 29x P/E, sales would have to grow about 4.0% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/6Mixed

PassReturn on equity 15%+Earns a lot on the money owners have in the business.15.3%
MissDebt under half of equityNot relying on borrowed money.0.70x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.21.6%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$2.0B
MissShare count not growingNot diluting owners. Falling means buybacks.+16.2% in 3 years

Revenue: $8.3B; +11.6% vs prior year
5-year growth: +8.0%/yr; revenue, per year
Total debt: $8.6B; 0.70x equity
Free cash flow: $2.0B; 24.1% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Sep 30, 2026

Reported Oct 22Before open7:26 am ET

Revenue: $2.4B; +20.9% YoY
EPS: $0.96; vs $0.73
Op. margin: 30.6%; +1.0 pts
Gross margin: 61.9%; -4.5 pts
Free cash flow: $459.0M
Share count: -2.7%; vs a year ago

Insider rating

Last 90 days

27Selling

2 insiders sold $1.5M (not pre-planned)
Pre-planned sales of $213K (weaker signal)

50 is neutral. Buying by more insiders, top executives and bigger stakes raises it. Selling lowers it; pre-planned sales count less.

Weekly insider trend

13 weeks agoBoughtSoldThis week

Filing buzz

Last 7 days vs normal

74/ 100

This week: 6
Normal week: 2.1
vs normal: 2.9x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Steady+1.0%

Institutions added 1.0% to their holdings. 508 bought, 516 sold.

Shares held by institutions473.4M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-1.3%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

0.7x · $8.5B debt

Shares outstandingLatest reported

555M

Earnings reports

Last 12

Next reportAround Jan 28, 2027 (est.)Estimated from the same quarter last year

Results filedOct 22
Results filedJul 23
Results filedApr 23
Results filedJan 29
Results filedOct 21, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

5%+ holder update (passive)Oct 27 · View filing ↗Big holder 5%+ holder update (passive)Aug 13 · View filing ↗Big holder 5%+ holder update (passive)Aug 12 · View filing ↗Big holder

Insider trades

Open-market buys and sells, last 90 days

Bought$00 insiders

Sold$1.7M3 insiders, 2 pre-planned

Insider	Trade	Shares	Avg price	Value	Owns after	Date
Bradley J PetersonEVP, CIO	Sell	4K	$103.38	$414K	118K	Oct 23Filing ↗
-3.3% of their holdings Not a pre-planned sale Filed 4 days after
Cohen TalPres. Market Platforms	Sell	10K	$103.34	$1.1M	205K	Oct 23Filing ↗
-4.8% of their holdings Not a pre-planned sale Filed 4 days after
Jeremy SkuleEVP, CSO	Sell	1K	$95.00	$107K	97K	Oct 20Filing ↗
-1.2% of their holdings Pre-planned sale (10b5-1) Filed 2 days after
Jeremy SkuleEVP, CSO	Sell	1K	$94.13	$106K	98K	Oct 12Filing ↗
-1.1% of their holdings Pre-planned sale (10b5-1) Filed 2 days after