CME vs Nasdaq
Nasdaq is the larger business, with $8.26bn of revenue in fiscal 2025 against $6.52bn for CME (1.3 times as much). Nasdaq grew faster (11.6% against 6.4%). CME kept more of each dollar of sales as profit: a net margin of 62.5% against 21.6%.
| Latest fiscal year | CMECME, 2025 | NasdaqNDAQ, 2025 |
|---|---|---|
| Revenue | $6.52bn | $8.26bn |
| Revenue growth | 6.4% | 11.6% |
| Net income | $4.07bn | $1.79bn |
| Operating margin | 64.9% | — |
| Net margin | 62.5% | 21.6% |
| Return on equity | 14.8% | 15.3% |
| Free cash flow | $4.19bn | $1.99bn |
| Cash | $4.42bn | $604m |
| Total debt | $4.17bn | $9.00bn |
| Debt to equity | 14.5% | — |
| Dividend per share | — | $1.05 |
| Dividend yield | 3.7% | 1.1% |
| Share buybacks | — | $616m |
| Employees | 3,875 | — |
| Market value | $109.07bn | $59.69bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 66 (Moderate) | 70 (Moderate) |
| Insider trades, 12 months | 7 buys, 21 sales | 3 buys, 32 sales |