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Nasdaq, Inc. key statistics and ratios

In fiscal 2025, Nasdaq, Inc. had return on equity of 15.3% and a net margin of 21.6%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin7.8%12.4%11.3%11.3%12.0%11.8%12.6%2.9%18.5%10.7%18.2%16.6%20.2%18.1%17.5%15.1%21.6%22.8%
Return on equity5.4%8.2%8.0%6.9%6.8%6.9%7.5%1.9%12.9%8.1%14.0%15.5%18.5%17.9%12.5%10.2%15.3%17.2%
Return on assets2.5%2.9%2.6%3.0%3.5%3.4%3.6%0.8%5.1%2.9%5.2%5.8%6.2%5.5%4.0%3.6%5.8%7.1%
Effective tax rate32.7%26.0%33.2%36.3%36.0%30.5%32.2%20.3%16.4%57.0%24.0%23.0%22.6%23.9%24.6%23.1%16.7%20.2%
Dividends ÷ net income———18.5%22.6%23.7%34.8%188.7%33.3%61.1%39.4%34.3%29.5%34.0%41.6%48.4%33.6%31.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $27.4bn
Short-term assets $4.5bnLonger-term assets $22.9bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $4.5bnLonger-term liabilities $10.9bnShareholders' equity $12.0bn
  • Short-term assets cover short-term liabilities $4.5bn of assets due within a year against $4.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $4.5bn short-term assets against $10.9bn of longer-dated liabilities.
  • More cash than debt $365m of cash against $8.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 80% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.5bn of operating cash flow against $8.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.7bn against $347m of interest.

From Nasdaq, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

70 /100

Moderate moat

How hard Nasdaq's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 5.0% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 60.7%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 24.7%; its worst year was 22.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.7% of revenue.

  • Discipline 12 / 20

    The diluted share count rose 13.7% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MCO vs NDAQCME vs NDAQICE vs NDAQ

More: Financial Exchanges & Data stocks compared, Financials sector, rankings of US companies

Figures from Nasdaq, Inc.'s SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Nasdaq, Inc.