NDAQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $92.27
Market Cap (MRQ) $51.85B
P/E (TTM) 26.9
EPS (TTM) $3.43
Revenue (TTM) $8.75B
Div Yield 1.2%
ROE (TTM) 16.5%
Debt/Equity (MRQ) 0.7
52W Range $77–$102

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04
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Stock splits 1
Ex-date Split Type
Aug. 29, 2022 3-for-1 Forward

About Nasdaq, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Nasdaq, Inc. ( NAZ-dak) is an American multinational financial services corporation providing data, analytics, software, exchange capabilities, and advisory services to corporate clients, investment managers, banks, brokers, and exchange operators across the global financial system. Nasdaq was founded in 1971 as the world's first electronic stock market, and became publicly traded in 2000. It is headquartered in New York City, and its chair and chief executive officer is Adena Friedman.

The company owns and operates three stock exchanges in the United States: the Nasdaq Stock Exchange (on which it is also listed), the Philadelphia Stock Exchange, and the Boston Stock Exchange, as well as seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius.

The European operations originated from OMX AB (Aktiebolaget Optionsmäklarna/Helsinki Stock Exchange), which was formed in 2003 through a merger between Sweden's OM AB and Finland's HEX plc. The operations have been part of Nasdaq, Inc. (formerly known as Nasdaq OMX Group) since February 2008. They are now known as Nasdaq Nordic, which provides financial services and operates marketplaces for securities in the Nordic and Baltic regions of Europe.

History

1971–1980: Founding and early acquisitions

The Nasdaq was established in 1971 by the National Association of Securities Dealers (NASD), now known as the Financial Industry Regulatory Authority (FINRA), as the world's first electronic stock market. Initially, Nasdaq operated as a quotation system for over-the-counter (OTC) securities, providing electronic bid and ask prices to increase transparency among market participants. Over time, Nasdaq expanded its functions to enable actual trading, eventually becoming a full stock exchange. This transition marked a shift in how securities were traded, focusing on speed, automation, and accessibility.

In 1992, Nasdaq entered a partnership with the London-based International Stock Exchange, establishing the first intercontinental linkage of securities markets. In 1998 a merger happened with the American Stock Exchange (Amex), forming Nasdaq-Amex Market Group.

1980–2008: European stock exchanges merged in OMX AB

OM AB (Optionsmäklarna) was a futures exchange founded by Olof Stenhammar in the 1980s to introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock Exchange in 1998 and unsuccessfully attempted acquisition of the London Stock Exchange in 2001. During the dot-com bubble in the early 21st century, OM, together with investment bank Morgan Stanley Dean Witter, launched a virtual European stock exchange called Jiway. The project was not successful and was canceled on October 14, 2002.

On September 3, 2003, the Helsinki Stock Exchange (HEX) merged with OM, and the joint company became OMHEX. On August 31, 2004, the brand name of the company was changed to OMX. OMX then acquired the Copenhagen Stock Exchange in January 2005 for €164 million. On September 19, 2006, the Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV) announced it would be acquired by OMX in a deal valuing the company at 250 million SEK. The transaction was completed by the end of the year.

The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company, which following a merger is currently called Oslo Børs VPS Holding ASA. Nasdaq has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange.

In November 2007, OMX acquired the Armenian Stock Exchange and the Central Depository of Armenia. Nasdaq sold the exchange and the depository in 2018 to the Central Bank of Armenia.

In December 2005, OMX started First North, an alternative exchange for smaller companies, in Denmark. The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and Helsinki in April 2007. The Markets Technology division of Computershare was acquired in 2006. The acquisition greatly expanded its product offerings and made its client list the largest of all trading system technology providers.

On October 2, 2006, the group launched a virtual Nordic Stock Exchange after merging the individual lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List. Companies listed on the Iceland Stock Exchange have also since been merged into the list. OMX also launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however, the individual exchanges have also retained their own national benchmark indices.

2007: Creation of Nasdaq OMX Group

On May 25, 2007, NASDAQ agreed to buy OMX for US$3.7 billion. In August, however, Borse Dubai offered US$4 billion, prompting speculation of a bidding war. On September 20, 2007, Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in NASDAQ as well as NASDAQ's then 28% stake in the London Stock Exchange. In a complex transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them on to NASDAQ. The newly merged company was renamed the NASDAQ OMX Group upon completion of the deal on February 27, 2008.

On June 18, 2012, NASDAQ became a founding member of the United Nations Sustainable Stock Exchanges initiative on the eve of the United Nations Conference on Sustainable Development (Rio+20).

Acquisitions and bids

2006–2007: Attempted acquisition of the London Stock Exchange

In December 2005, the London Stock Exchange Group (LSE) rejected a £1.6 billion takeover offer from Macquarie Bank. The LSE described the offer as "derisory". It then received a bid in March 2006 for £2.4 billion from NASDAQ, which was also rejected by the LSE. NASDAQ later pulled its bid, and less than two weeks later on April 11, 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share. NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares. The move was seen as an effort to force LSE to negotiate either a partnership or eventual merger, as well as to block other suitors such as NYSE Euronext, owner of the New York Stock Exchange.

Subsequent purchases increased NASDAQ's stake to 29%, holding off competing bids for several months. However, only a further 0.4% of shareholders accepted the offer by the deadline and therefore the offer was rejected on February 10, 2007.

2007: Acquisition of the Boston and Philadelphia exchanges

On October 2, 2007, Nasdaq purchased the Boston Stock Exchange. On November 7, Nasdaq announced an agreement to purchase the Philadelphia Stock Exchange.

2012: Acquisition of Thomson Reuters businesses

On December 12, 2012, NASDAQ OMX announced that it would acquire parts of Thomson Reuters for $390 million in cash. This deal included its investor relations, public relations and multimedia businesses. NASDAQ OMX completed the purchase on June 3, 2013.

2017: Acquisition of eVestment

In September 2017, Nasdaq agreed to acquire eVestment, a privately held company, for $705 million in debt and cash on hand. This was the first major acquisition under the leadership of Adena Friedman, Nasdaq's current CEO. The acquisition was completed in Q4 of 2017 and signaled the beginning o Nasdaq's evolution into a leading SaaS technology provider.

2018: Bid for Oslo Stock Exchange

During Christmas of 2018, shareholders representing 25% of Oslo Børs VPS Holding (the Norwegian Stock Exchange and national CSD operator) held a private auction of share sale. Nasdaq did not participate in the auction due to the hostile nature of the bid (held without Oslo Børs boards knowledge or approval). Euronext won the auction, and later secured another 24.6% of shareholder support, totaling 49.6%. Following this, Nasdaq acquired 32.5% shares in open market (mainly from individual shareholders/employees), and submitted an official bid, with unanimous recommendations from board and some key shareholders, to acquire remaining shares for 152 NOK, and later increased offer to 158 NOK (or almost 44% premium of December 17, 2018 closing price, to match Euronext offer), additionally making the case to Norway's markets regulator that in cases like this, 2/3 of the share control may be necessary to comply with any applicable regulatory requirement. In the end the regulator did not side with the two-thirds requirements, and general majority was deemed to be applicable. Euronext by that time had acquired or secured control of 50.5% shares, and Nasdaq had announced on May 25, 2019, that they were pulling out of the Oslo Børs battle, handing Euronext the victory.

2020: Acquisition of Verafin

On November 19, 2020, Nasdaq announced that they would acquire Verafin for US$2.75 billion in cash. This acquisition was meant to combine Nasdaq’s global reach and leadership in the regulatory technology space with Verafin’s innovative anti-money laundering and fraud platform. The acquisition was completed on February 11, 2021.

2023: Acquisition of Adenza

In June 2023, Nasdaq announced that it had agreed to acquire Adenza from Thoma Bravo in a $10.5 billion cash-and-stock deal, the biggest for the US exchange operator to date. As part of the deal, Thoma Bravo would get a 15 percent stake in Nasdaq.

Additional services

NASDAQ Inc. partners with stock exchanges all over the world. One of the most recent partnerships was signed with Astana International Financial Centre (AIFC) in May 2017. According to the agreement, NASDAQ will power Kazakhstan's nascent stock exchange, the AIX (Astana International Exchange) .

Global Information Services

In January 2013, NASDAQ OMX announced that it would combine its global data products and index businesses into a unit called Global Information Services, as part of an ongoing effort to broaden its portfolio.

Directors Desk

On June 29, 2007, NASDAQ entered into an agreement to acquire DirectorsDesk.com, a management suite for boards of directors.

GlobeNewswire

GlobeNewswire (previously PrimeNewswire) provides press release, editing and wire services. It was founded in 1998 and acquired by NASDAQ OMX in 2006. It was sold to Intrado in April 2018.

SMARTS

On July 27, 2010, NASDAQ OMX Group, Inc. acquired SMARTS Group, a provider of market surveillance systems to exchanges, regulators and brokers. SMARTS Group had been a private company operating in Sydney, Australia, incorporating the market analysis software of Michael James Aitken. By 2017 SMARTS remained the leading market surveillance software, and was employed by thirteen regulators on forty-five exchanges.

Carpenter Moore

NASDAQ OMX sold its stake in the Carpenter Moore D&O Insurance in 2009.

Nasdaq Entrepreneurial Center

Established in 2014, the Nasdaq Entrepreneurial Center is an independent nonprofit organization dedicated to educating and supporting entrepreneurs worldwide. It is an independent charity focused on educating the public about entrepreneurship and providing individual entrepreneurs with resources beneficial to both them and their communities, with a particular emphasis on improving inclusion and access for groups underrepresented in entrepreneurial endeavors.

Funded through the Nasdaq Educational Foundation, the Center serves as a central hub for entrepreneurs from all industries, offering free educational and training resources, hands-on mentorship programs, and entrepreneurial events developed in partnership with Nasdaq and leading academic institutions, companies, and business leaders. Its facilities include a broadcast studio, training areas for educational forums and classes, and collaborative spaces designed to encourage entrepreneurs to connect and exchange ideas.

To date, the Center has empowered over 125,000 global entrepreneurs by providing free resources, expert guidance, and mentorship, including many impact-driven founders who have collectively raised hundreds of millions in external capital. The organization is led by Nicola Corzine, its Founding Executive Director.

Nasdaq Ventures

In April 2017, Nasdaq launched Nasdaq Ventures, a venture investment program focused on companies that will help Nasdaq grow its product lines and open new market segments. The first 3 companies announced as part of the program are Chain, a blockchain technology company; Digital Reasoning, cognitive computing technology; and Hanweck, real-time risk analytics.

Exchanges

The following exchanges are operated by Nasdaq, Inc.:

Nasdaq (New York)

Nasdaq Copenhagen

Nasdaq Stockholm

Nasdaq Helsinki

Nasdaq Iceland

Nasdaq Tallinn

Nasdaq Riga

Nasdaq Vilnius

Nasdaq Philadelphia

Nasdaq Boston

Divisions

The company's stock market activities are categorized into three divisions:

Nordic Market (Copenhagen, Stockholm, Helsinki, Iceland)

Baltic Market (Tallinn, Riga, Vilnius)

First North (alternative exchange)

Technology

In North America, OMX supports its most high-profile customers such as the Financial Industry Regulatory Authority (FINRA), ICAP, ISE, and IDCG, which are powered by OMX trading systems such as X-stream, CLICK, CONDICO and SAXESS.

OMX is the world's leading provider of central securities depository (CSD) technology. Its Equator CSD product is used by clients in Europe, the Middle East, Africa and the Caribbean.

Central counterparty clearing (CCC) technology is a significant potential growth area for OMX. OMX's SECUR clearing and Genium trading platform facilitate trade novation, derivatives clearing, risk management and improved liquidity. SECUR clearing and Genium trading technology are in production around the world.

OMX's technology customers include:

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorFinancial Services industryFinancial Services employees9,630 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$8.26B
2016-12-31 → 2025-12-31
EPS$3.09
2016-12-31 → 2025-12-31
Free Cash Flow$1.99B
2016-12-31 → 2025-12-31
Net margin22.5%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend NDAQ 5Y avg Peer Median Verdict
P/E (TTM) 26.95Y avg ≈31.3 ≈31.3 23.0 Fair value
P/S (TTM) 5.95Y avg ≈5.0 ≈5.0 5.6 Undervalued
P/B (MRQ) 4.35Y avg ≈3.7 ≈3.7 3.6 Overvalued
EV / EBITDA 24.45Y avg ≈22.2 ≈22.2 22.7 Overvalued
Price / FCF (TTM) 26.65Y avg ≈21.5 ≈21.5 · ·
Price / Cash Flow (TTM) 23.15Y avg ≈19.1 ≈19.1 23.1 Fair value
EV / Revenue 7.35Y avg ≈6.1 ≈6.1 · ·
EV / FCF 30.45Y avg ≈26.4 ≈26.4 · ·
Price / Tangible Book (MRQ) 9.0 · · ·
PEG Ratio ≈2.5 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Dividend Yield1.2%
Payout Ratio33.6%
Annualized Payout≈$1.24Paid quarterly
5Y Div CAGR≈10.6%Per share, split-adjusted
Growth Streak≈12Consecutive years of dividend growth
Ex-dateAmountCurrencyYield
Sep 11, 2026$0.31USD≈1.3%
Jun 12, 2026$0.31USD≈1.3%
Mar 16, 2026$0.27USD≈1.3%
Dec 5, 2025$0.27USD≈1.2%
Sep 12, 2025$0.27USD≈1.1%
Jun 13, 2025$0.27USD≈1.2%
Mar 14, 2025$0.24USD≈1.3%
Dec 6, 2024$0.24USD≈1.2%
Sep 13, 2024$0.24USD≈1.3%
Jun 14, 2024$0.24USD≈1.5%
Mar 13, 2024$0.22USD≈1.5%
Dec 7, 2023$0.22USD≈1.6%
Sep 14, 2023$0.22USD≈1.6%
Jun 15, 2023$0.22USD≈1.6%
Mar 16, 2023$0.20USD≈1.5%
Dec 1, 2022$0.20USD≈1.1%
Sep 15, 2022$0.20USD≈1.2%
Jun 9, 2022$0.20USD≈1.5%
Mar 10, 2022$0.18USD≈1.3%
Dec 2, 2021$0.18USD≈1.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 2.6%
Next Report Oct 19, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Jul 22, 2026 $1.07 $1.00 6.7%
March 31, 2026 $0.96 $0.95 1.1%
Dec. 31, 2025 $0.96 $0.93 3.0%
Sept. 30, 2025 $0.88 $0.86 1.8%
June 30, 2025 $0.85 $0.83 2.4%
March 31, 2025 $0.79 $0.79 0.42%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 17
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $8.26B$7.40B$6.06B$6.23B$5.89B$5.62B$4.26B$4.28B$3.95B$3.70B$3.40B$3.50B
Cost of Revenue $3.01B$2.75B$2.17B$2.64B$2.47B$2.72B$1.72B$1.75B$1.54B$1.43B$1.31B$1.43B
Gross Profit $5.25B$4.65B$3.90B$3.58B$3.42B$2.90B$2.54B$2.53B$2.41B$2.28B$2.09B$2.07B
SG&A Expense $75M$109M$113M$125M$85M$142M$125M$120M$82M$73M$65M$89M
Operating Expenses $2.92B$2.85B$2.32B$2.02B$1.98B$1.67B$1.52B$1.50B$1.42B$1.44B$1.37B$1.31B
Operating Income $2.33B$1.80B$1.58B$1.56B$1.44B$1.23B$1.02B$1.03B$991M$836M$720M$754M
Interest Expense ··$284M$129M$125M$101M$124M$150M$143M$135M$111M$117M
Interest Income $39M$28M$115M$7M$1M$4M$10M$10M$7M$5M$4M$6M
Other Non-op $-27M$21M$-1M$2M$81M$5M······
Pretax Income $2.15B$1.45B$1.40B$1.48B$1.53B$1.21B$1.02B$1.06B$872M$133M$630M$594M
Income Tax $358M$334M$344M$352M$347M$279M$245M$606M$143M$27M$203M$181M
Net Income $1.79B$1.12B$1.06B$1.12B$1.19B$933M$774M$458M$729M$106M$428M$414M
EPS (Basic) $3.12$1.94$2.10$2.28$2.38$1.89$4.69$2.77$4.38$0.64$2.56$2.45
EPS (Diluted) $3.09$1.93$2.08$2.26$2.35$1.86$4.63$2.73$4.30$0.63$2.50$2.39
Shares (Basic) 573,257,760575,428,536504,909,392492,420,787497,698,377493,245,573164,931,628165,349,471166,364,299165,182,290167,285,450168,926,733
Shares (Diluted) 578,597,687579,189,522508,392,982497,857,565505,087,566500,711,823166,970,161167,691,299169,585,031168,800,997171,283,271173,018,849
EBITDA $2.48B$1.92B$1.70B$1.67B$1.55B$1.33B$1.11B$1.13B$1.09B$927M$796M$822M
Balance Sheet 29
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents $604M$592M$453M$502M$393M$2.75B$332M$545M$377M$403M$301M$427M
Short-term Investments ······$291M$268M$235M$245M$201M$174M
Receivables $943M$1.02B$929M$677M$588M$566M$422M$384M$356M$429M$316M$389M
Other Current Assets $376M$293M$231M$201M$294M$175M$219M$390M$532M$167M$158M$151M
Current Assets $8.00B$7.79B$9.10B$8.60B$7.42B$7.66B$4.29B$6.37B$5.51B$4.56B$3.26B$3.40B
PP&E (Net) $728M$593M$576M$532M$509M$475M$384M$376M$400M$362M$323M$292M
PP&E (Gross) $1.47B$1.20B$1.24B$1.09B$1.02B$1.03B$870M$800M$905M$919M$830M$760M
Accum. Depreciation $745M$606M$662M$559M$514M$557M$486M$424M$505M$557M$507M$468M
Goodwill $14.37B$13.96B$14.11B$8.10B$8.43B$6.85B$6.37B$6.36B$6.59B$6.03B$5.39B$5.54B
Intangibles $6.51B$6.91B$7.44B$2.58B$2.81B$2.25B$2.25B$2.30B$2.47B$2.09B$1.96B$2.08B
Other Non-current Assets $993M$779M$665M$608M$571M$358M$289M$291M$390M$390M$281M$228M
Total Assets $31.05B$30.39B$32.29B$20.87B$20.11B$17.98B$13.92B$15.70B$15.35B$13.41B$11.86B$12.07B
Accounts Payable $280M$269M$332M$185M$185M$175M$148M$198M$177M$175M$158M$189M
Short-term Debt $431M$898M$788M$664M$1.52B$597M$389M$1.47B$1.08B$0··
Current Liabilities $7.96B$7.90B$9.03B$8.84B$7.87B$4.92B$4.23B$6.57B$5.23B$4.08B$2.92B$2.98B
Capital Leases $462M$388M$417M$452M$386M$389M$331M$0····
Deferred Tax $1.58B$1.59B$1.64B$456M$406M$502M$552M$501M$225M$720M$626M$626M
Other Non-current Liabilities $241M$230M$220M$226M$234M$187M$179M$224M$162M$144M$142M$159M
Total Liabilities $18.82B$19.20B$21.47B$14.70B$13.71B$11.54B$8.29B$10.25B$9.47B$8.72B$6.25B$6.28B
Long-term Debt $8.57B$8.58B$9.67B$4.74B$4.31B$4.94B$3.00B$2.36B$3.13B$3.60B$2.36B$2.30B
Total Debt $9.00B$9.48B$10.16B$5.40B$5.83B$5.54B$3.39B$3.83B$480M$3.60B$2.36B$2.31B
Common Stock ····$2M$2M$2M$2M$2M$2M$2M$2M
Paid-in Capital $5.12B$5.53B$5.50B$1.45B$1.95B$2.55B$2.63B$2.72B$3.02B$3.10B$3.01B$3.22B
Retained Earnings $9.59B$8.40B$7.83B$7.21B$6.46B$5.63B$5.03B$4.56B$3.96B$3.48B$3.57B$3.29B
Treasury Stock $716M$647M$587M$515M$437M$376M$336M$297M$247M$176M$111M$41M
AOCI $-1.77B$-2.10B$-1.92B$-1.99B$-1.59B$-1.37B$-1.69B$-1.53B$-862M$-979M$-864M$-682M
Stockholders' Equity $12.23B$11.19B$10.82B$6.15B$6.39B$6.43B$5.64B$5.45B$5.88B$5.43B$5.61B$5.79B
Liabilities + Equity $31.05B$30.39B$32.29B$20.87B$20.11B$17.98B$13.92B$15.70B$15.35B$14.15B$11.86B$12.07B
Shares Outstanding 569,894,024575,000,000575,000,000492,000,000500,000,000495,000,000165,094,440165,165,104167,441,030166,579,468164,324,270168,795,263
Cash Flow 20
Metric Trend 202520242023202220212020201920182017201620152014
D&A $145M$125M$117M$105M$108M$99M$89M$101M$96M$88M$76M$68M
Stock-based Comp $165M$141M$122M$106M$90M$87M$79M$69M$70M$86M$68M$62M
Deferred Tax $48M$-67M$68M$38M$94M$41M$35M$301M$7M$-137M$-14M$-6M
Amort. of Intangibles $487M$488M$206M$153M$170M$103M$101M$109M$92M$82M$62M$69M
Restructuring $42M$116M$80M$15M$31M$48M$39M$0$0$41M$172M$0
Other Non-cash $109M$623M$330M$332M$-396M$92M$-14M$99M$-1M$576M$127M$149M
Operating Cash Flow $2.25B$1.94B$1.70B$1.71B$1.08B$1.25B$963M$1.03B$909M$776M$727M$632M
CapEx $266M$207M$158M$152M$163M$188M$127M$111M$144M$134M$133M$140M
Investing Cash Flow $-1.10B$-953M$-5.99B$49M$-2.65B$-122M$-414M$196M$-890M$-1.66B$-435M·
Debt Issued ·$0·$539M$826M$3.81B$680M$0$653M$2.46B··
Net Debt Issued $-826M$-521M$-260M$-558M$22M$2.34B$-535M$-115M$-55M$1.30B$-369M$-970M
Stock Issued ··$29M$23M$26M$50M$37M$17M$53M$54M$29M$40M
Stock Repurchased $616M$145M$269M$308M$468M$222M$200M$394M$203M$100M$377M$178M
Net Stock Activity $-616M$-145M$-240M··$-172M$-163M$-377M$-150M$-46M$-348M$-138M
Dividends Paid $601M$541M$441M$383M$350M$320M$305M$280M$243M$200M$149M$98M
Financing Cash Flow $-2.95B$-2.56B$4.22B$1.04B$1.42B$1.91B$-2.47B$-1.03B$-53M$948M$-400M·
Net Change in Cash $-1.07B$-2.11B$124M$1.50B$-483M$3.39B$-2.11B$187M$-19M$61M$-119M$29M
Taxes Paid $373M$358M$254M$274M$501M$290M$205M$221M$154M$191M$202M$190M
Free Cash Flow $1.99B$1.73B$1.54B$1.55B$920M$1.06B$836M$917M$765M$588M$552M$547M
Levered FCF ··$1.32B$1.46B$823M$986M$742M$852M$646M$481M$477M$466M
Profitability 8
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 63.5%62.8%64.2%57.5%58.1%51.6%59.5%59.1%61.2%61.5%61.4%59.1%
Operating Margin 28.2%24.3%26.0%25.1%24.5%21.9%23.9%24.0%25.2%22.7%21.2%21.5%
Net Margin 21.6%15.1%17.5%18.1%20.2%16.6%18.2%10.7%18.5%2.9%12.6%11.8%
Pretax Margin 26.0%19.6%23.1%23.7%26.1%21.5%23.9%24.9%22.2%3.7%18.5%17.0%
EBITDA Margin 30.0%26.0%28.0%26.8%26.3%23.7%25.9%26.4%27.6%25.0%23.4%23.5%
ROA 5.8%3.6%4.0%5.5%6.2%5.9%5.2%2.9%5.0%0.83%3.6%3.4%
ROE 15.3%10.2%12.5%17.9%18.5%15.5%14.0%8.1%13.0%2.0%7.5%6.9%
ROIC 9.2%6.7%5.7%10.3%9.1%7.9%8.6%4.8%13.1%7.4%6.1%6.5%
Liquidity & Solvency 5
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.01.01.01.00.91.61.01.01.11.11.11.1
Quick Ratio 0.20.20.20.10.10.70.20.20.20.30.30.3
Debt / Equity 0.70.80.90.90.90.90.60.70.10.70.40.4
LT Debt / Equity 0.70.80.90.80.80.90.50.5·0.70.40.4
Interest Coverage ··5.612.111.512.28.26.97.06.26.56.4
Efficiency 2
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.30.20.20.30.30.40.30.30.30.30.30.3
Receivables Turnover 8.47.67.69.810.211.410.611.69.39.99.79.0
Per Share 6
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $21.45$19.46$18.81$12.51$38.37$39.00$34.16$32.99$35.16$32.60$34.13$34.32
Revenue / Share $14.28$12.78$11.93$12.51$34.96$33.71$25.53$25.51$23.38$21.95$19.87$20.23
Cash Flow / Share $3.90$3.35$3.34$3.43$6.43$7.50$5.77$6.13$5.36$4.28$4.00$3.97
Cash / Share $1.06$1.03$0.79$1.02$2.36$16.64$2.01$3.30$2.25$2.42$1.83$2.53
Dividend / Share $1.05$0.94$0.86$0.78$0.70$0.65$1.85$1.70$1.46$1.21$0.90$0.58
EPS (TTM) $3.09$1.93$2.08$2.26$2.35$1.86$4.63$2.73$4.30$0.63$2.50$2.39
Growth Rates 10
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 11.7%22.0%-2.6%5.8%4.6%·······
Revenue CAGR 3Y 9.9%7.9%2.5%·········
Revenue CAGR 5Y 8.0%···········
EPS YoY 60.1%-7.2%-8.0%-3.8%26.3%·······
EPS CAGR 3Y 11.0%-6.3%3.8%·········
EPS CAGR 5Y 10.7%···········
Net Income YoY 60.1%5.5%-5.9%-5.2%27.2%·······
Net Income CAGR 3Y 16.7%-2.0%4.3%·········
Net Income CAGR 5Y 13.9%···········
Dividends Paid CAGR 5Y 13.4%···········
Valuation (TTM) 16
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $8.26B$7.40B$6.06B$6.23B$5.89B$5.62B$4.26B$4.28B$3.95B$3.70B$3.40B$3.50B
Net Income TTM $1.79B$1.12B$1.06B$1.12B$1.19B$933M$774M$458M$729M$106M$428M$414M
Market Cap $55.35B$44.46B$33.44B$30.16B$11.67B$7.30B$5.89B$4.49B$4.29B$3.73B$3.19B$2.70B
Enterprise Value $63.75B$53.35B$43.15B$35.06B$17.11B$10.09B$8.66B$7.51B$4.16B$6.68B$5.05B$4.41B
P/E 31.440.128.027.129.823.87.710.06.035.57.86.7
P/S 6.76.05.54.82.01.31.41.11.11.00.90.8
P/B 4.54.03.14.91.81.11.00.80.70.70.60.5
P / Cash Flow 24.522.919.717.710.85.86.14.44.75.24.73.9
P / FCF 27.825.721.719.412.76.97.14.95.66.35.84.9
EV / EBITDA 25.727.725.521.011.07.67.86.73.87.26.35.4
EV / FCF 32.130.828.122.618.69.510.48.25.411.49.18.1
EV / Revenue 7.77.27.15.62.91.82.01.81.11.81.51.3
Dividend Yield 1.1%1.2%1.3%1.3%3.0%4.4%5.2%6.2%5.7%5.4%4.7%3.6%
Earnings Yield 3.2%2.5%3.6%3.7%3.4%4.2%13.0%10.0%16.8%2.8%12.9%14.9%
Payout Ratio 33.6%48.4%41.6%34.0%29.5%34.3%39.4%61.1%33.1%185.2%34.8%23.7%
Annual Payout $601M$541M$441M$383M$350M$320M$305M$280M$243M$200M$149M$98M

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $8.26B $7.40B $6.06B $6.23B $5.89B
Gross Margin % 63.5% 62.8% 64.2% 57.5% 58.1%
Operating Margin % 28.2% 24.3% 26.0% 25.1% 24.5%
Net Income $1.79B $1.12B $1.06B $1.12B $1.19B
Diluted EPS $3.09 $1.93 $2.08 $2.26 $2.35

Institutional owners (13F) 1,161 filers · $42.6B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 1,161
Value held $42.6B
New positions 108
Exited positions 109
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
108 (-62 vs prior Q) 109 (-13 vs prior Q) 409 (+17 vs prior Q) 414 (+8 vs prior Q) +8.0M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD GROUP INC $5,819,727,234 59,916,887 13.67% Shares
INVESTOR AB $4,606,178,375 58,439,208 10.82% Shares
BlackRock, Inc. $2,931,636,796 37,194,072 6.88% Shares
VANGUARD CAPITAL MANAGEMENT LLC $2,461,202,895 31,225,614 5.78% Shares
WELLINGTON MANAGEMENT GROUP LLP $2,390,790,783 30,332,286 5.61% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $2,056,533,606 26,091,520 4.83% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $1,834,194,725 23,259,539 4.31% Shares
STATE STREET CORP $1,590,734,284 20,181,861 3.74% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,030,419,929 13,121,054 2.42% Shares
MORGAN STANLEY $895,059,058 11,355,733 2.10% Shares
FRANKLIN RESOURCES INC $717,618,969 9,104,529 1.69% Shares
HARRIS ASSOCIATES L P $637,865,505 8,092,686 1.50% Shares
UBS Group AG $621,399,854 7,883,784 1.46% Shares
BANK OF AMERICA CORP /DE/ $603,630,709 7,658,344 1.42% Shares
NORGES BANK $527,403,300 6,691,237 1.24% Shares
Select Equity Group, L.P. $445,042,942 5,646,320 1.05% Shares
AMERIPRISE FINANCIAL INC $419,246,878 5,355,911 0.98% Shares
Nuveen, LLC $409,517,652 5,195,607 0.96% Shares
GOLDMAN SACHS GROUP INC $390,006,757 4,948,069 0.92% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $377,817,655 4,793,430 0.89% Shares
FMR LLC $362,038,295 4,593,229 0.85% Shares
NORTHERN TRUST CORP $325,101,761 4,124,610 0.76% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $314,686,126 3,706,987 0.74% Shares
JPMORGAN CHASE & CO $280,885,623 3,655,221 0.66% Shares
Invesco Ltd. $258,665,196 3,281,720 0.61% Shares
BARCLAYS PLC $248,928,063 3,158,184 0.58% Shares
Mariner, LLC $248,918,151 3,159,120 0.58% Shares
TWO SIGMA INVESTMENTS, LP $239,599,243 3,039,828 0.56% Shares
JANE STREET GROUP, LLC $233,784,928 2,966,061 0.55% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $222,941,030 2,828,483 0.52% Shares
Amundi $222,200,752 2,819,091 0.52% Shares
DIMENSIONAL FUND ADVISORS LP $220,810,335 2,801,910 0.52% Shares
Legal & General Group Plc $220,129,593 2,792,814 0.52% Shares
D. E. Shaw & Co., Inc. $209,818,446 2,661,995 0.49% Shares
VANGUARD FIDUCIARY TRUST CO $201,601,934 2,557,751 0.47% Shares
ENVESTNET ASSET MANAGEMENT INC $180,502,297 2,290,057 0.42% Shares
DEUTSCHE BANK AG\ $180,098,577 2,284,935 0.42% Shares
AQR CAPITAL MANAGEMENT LLC $172,475,320 2,214,061 0.41% Shares
Bank of New York Mellon Corp $165,851,723 2,104,183 0.39% Shares
AMERICAN CENTURY COMPANIES INC $149,618,094 1,898,225 0.35% Shares
Qube Research & Technologies Ltd $135,457,845 1,718,572 0.32% Shares
Robeco Institutional Asset Management B.V. $133,338,296 1,691,681 0.31% Shares
JOHNSON INVESTMENT COUNSEL INC $121,375,374 1,539,906 0.29% Shares
CITADEL ADVISORS LLC $116,706,488 1,480,671 0.27% Shares
PRINCIPAL FINANCIAL GROUP INC $108,088,391 1,371,331 0.25% Shares
RAYMOND JAMES FINANCIAL INC $106,968,394 1,357,122 0.25% Shares
HSBC HOLDINGS PLC $99,628,687 1,266,418 0.23% Shares
MACKENZIE FINANCIAL CORP $98,540,055 1,250,191 0.23% Shares
NEUBERGER BERMAN GROUP LLC $92,942,087 1,179,169 0.22% Shares
Liontrust Investment Partners LLP $92,940,288 1,179,146 0.22% Shares

Show all 1,161 institutional owners →

Activists & 5%+ owners 10 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Argus Seller, LP, Thoma Bravo UGP, LLC ×2 filings May 9, 2025 4.44% Amendment · SEC
Investment Corporation of Dubai, Borse Dubai Limited ×5 filings March 22, 2024 · Initial filing · SEC
Investor AB, Innax AB ×7 filings Nov. 6, 2023 · Initial filing · SEC
Adenza Parent, LP, Thoma Bravo UGP, LLC Nov. 3, 2023 · Initial filing · SEC
Investment Corporation of Dubai (2), Borse Dubai Limited (2) March 27, 2012 · Initial filing Passive investment SEC
Silver Lake Partners TSA, L.P., Silver Lake Investors, L.P., Silver Lake Partners II TSA, L.P., Silver Lake Technology Investors II, L.P. ×5 filings Oct. 5, 2009 · Initial filing · SEC
OMX AB ×7 filings Feb. 27, 2008 · Initial filing · SEC
H&F Investors IV, LLC, Hellman & Friedman Capital Partners IV, L.P., H&F Executive Fund IV, L.P., H&F International Partners IV-A, L.P., H&F International Partners IV-B, L.P. ×5 filings Nov. 16, 2007 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person Dec. 23, 2005 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Dec. 9, 2005 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 74 insiders · 31 officers · 38 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Adena T Friedman Chair and CEO April 3, 2026 F 1,983,866 0 4 $-76,059,951
Sarah Youngwood EVP & CFO April 1, 2026 A 74,558 0 0 $0
Hans-Ole Jochumsen President Feb. 26, 2016 F 41,454 0 0 $0
Magnus Bocker President Feb. 25, 2009 A 45,333 0 0 $0
Jeremy Skule EVP, CSO Oct. 1, 2026 F 98,811 0 5 $-796,478
Cohen Tal Pres. Market Platforms April 27, 2026 S 215,208 0 1 $-1,408,258
Michelle Lynn Daly SVP, Controller & PAO April 24, 2026 S 10,089 0 3 $-470,447
John Zecca EVP, Global CLO April 3, 2026 F 153,334 0 1 $-450,045
Brendan Brothers Executive Vice President April 1, 2024 F 43,873 0 0 $0
Ann M Dennison Executive Vice President Nov. 1, 2023 S 59,359 0 0 $0
Oliver Albers Executive Vice President Dec. 31, 2022 F 36,798 0 0 $0
Roland Chai Executive Vice President Dec. 6, 2022 A 37,894 0 0 $0
Bjorn Sibbern Executive Vice President Dec. 6, 2022 A 79,809 0 0 $0
Lauren B. Dillard Executive Vice President April 1, 2022 F 48,921 0 0 $0
Lars Ottersgard Executive Vice President April 1, 2022 F 22,333 0 0 $0
Michael Ptasznik EXECUTIVE VICE PRESIDENT Feb. 23, 2021 F 46,675 0 0 $0
Edward S Knight Executive Vice President May 28, 2019 M 73,263 0 0 $0
Thomas A Wittman Executive Vice President April 1, 2019 S 74,033 0 0 $0
Stacie Swanstrom EXECUTIVE VICE PRESIDENT Jan. 3, 2018 F 21,196 0 0 $0
Robert Greifeld CHAIRMAN Jan. 30, 2017 F 1,161,324 0 0 $0
Ronald Hassen Interim Chief Financial Ofcr Feb. 26, 2016 F 48,193 0 0 $0
Salil S Donde Executive Vice President Feb. 5, 2016 F 13,989 0 0 $0
Lee Shavel Executive Vice President Jan. 4, 2016 S 75,168 0 0 $0
John Jacobs Executive Vice President Dec. 31, 2014 F 111,468 0 0 $0
Bruce Aust Executive Vice President Sept. 12, 2014 S 72,350 0 0 $0
Eric Noll Executive Vice President Oct. 28, 2013 M 50,128 0 0 $0
Christopher R Concannon Executive Vice President Feb. 25, 2009 A 31,876 0 0 $0
David P Warren Executive Vice President Feb. 25, 2009 A 20,358 0 0 $0
Carl-Magnus Hallberg Senior Vice President Dec. 17, 2008 A 4,447 0 0 $0
Markus Gerdien Executive Vice President March 24, 2008 A · 0 0 $0
Steven J Randich Executive Vice President Nov. 10, 2005 M 76,515 0 0 $0
Johan Torgeby Director June 11, 2026 F 43,495 1 0 $958,320
Essa Kazim Director June 11, 2026 F 146,917 0 0 $0
Kathryn A. Koch Director June 10, 2026 A 10,743 0 0 $0
Paul Holden Spaht JR. Director June 10, 2026 A 13,399 0 0 $0
Toni Townes-Whitley Director June 10, 2026 A 23,469 0 0 $0
Melissa Arnoldi Director June 10, 2026 A 55,515 0 0 $0
Thomas A Kloet Director June 10, 2026 A 36,559 0 0 $0
Charlene T Begley Director June 10, 2026 A 48,999 0 0 $0
Jeffery W Yabuki Director June 10, 2026 A 22,959 0 0 $0
Alfred W Zollar Director June 10, 2026 A 58,281 0 0 $0
Michael R Splinter Director June 10, 2026 A 217,988 0 0 $0
Steven D Black Director June 21, 2023 A 152,083 0 0 $0
John D Rainey Director June 22, 2022 A 17,265 0 0 $0
Jacob Wallenberg Director June 15, 2022 F 9,127 0 0 $0
Lars Wedenborn Director April 23, 2020 F 1,795 0 0 $0
Glenn H Hutchins Director May 10, 2017 A 42,781 0 0 $0
Ellyn A Mccolgan Director May 5, 2016 A 28,652 0 0 $0
Borje Ekholm Director May 5, 2016 A 49,646 0 0 $0
John D Markese Director May 6, 2015 A 63,670 0 0 $0
Thomas F Oneill Director June 2, 2014 S 16,948 0 0 $0
Martin Michael Casey Director Oct. 27, 2011 S 56,664 0 0 $0
Furlong H Baldwin Director Oct. 20, 2011 M 60,697 0 0 $0
Urban Backstrom Director May 26, 2011 A 18,029 0 0 $0
Birgitta Kantola Director May 26, 2011 A 15,151 0 0 $0
Hans Munk Nielsen Director May 26, 2011 A 23,651 0 0 $0
Deborah L Wince-Smith Director May 26, 2011 A 32,497 0 0 $0
Lon Gorman Director May 26, 2011 A 18,249 0 0 $0
Soud Ba'Alawi Director May 20, 2009 A 12,946 0 0 $0
Patrick J Healy Director Nov. 14, 2007 S 0 0 0 $0
Merit E Janow Director May 23, 2007 A 5,410 0 0 $0
Thomas Stemberg Director May 23, 2007 A 18,751 0 0 $0
Jeffrey N Edwards Director May 23, 2006 A 6,878 0 0 $0
Fred D Thompson Director May 25, 2005 A 10,573 0 0 $0
Michael Dennis Casey Director June 25, 2004 A 13,791 0 0 $0
Thomas M Joyce Director June 25, 2004 A 3,770 0 0 $0
Thomas W Weisel Director June 25, 2004 A 11,927 0 0 $0
INVESTOR AB 10% owner Feb. 13, 2026 P 58,382,426 1 0 $15,836,000
NATIONAL ASSOCIATION OF SECURITIES DEALERS INC 10% owner July 21, 2006 S 13,012 0 0 $0
Pc Nelson Griggs · Aug. 10, 2026 S 201,775 0 5 $-3,504,316
Bradley J Peterson · Aug. 7, 2026 S 122,293 0 3 $-2,477,452
Bryan Everard Smith · Aug. 3, 2026 S 67,647 0 5 $-1,591,710
Anna M Ewing · June 15, 2015 S 34,541 0 0 $0
James S Riepe · May 22, 2013 A 31,777 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 130 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IWLG · New York Life Investments Active ET… 1.78% 58,860 NS July 31, 2026 N-PORT
RSPF · Invesco Exchange-Traded Fund Trust 1.34% 55,349 SH Oct. 5, 2026 Daily
NUDV · Nushares ETF Trust 1.00% 5,339 NS July 31, 2026 N-PORT
ESLG · Strategy Shares 0.97% 2,404 NS July 31, 2026 N-PORT
ESUM · Strategy Shares 0.93% 18,020 NS July 31, 2026 N-PORT
ESLV · Strategy Shares 0.85% 1,288 NS July 31, 2026 N-PORT
VOE · VANGUARD INDEX FUNDS 0.69% 3,269,579 SH Aug. 19, 2026 Daily
IYF · iShares Trust 0.63% 297,928 SH Sept. 11, 2026 Daily
IYG · iShares Trust 0.57% 135,502 SH Sept. 11, 2026 Daily
IMCG · iShares Trust 0.47% 206,102 SH Sept. 11, 2026 Daily
FNCL · FIDELITY COVINGTON TRUST 0.47% 119,354 NS July 31, 2026 N-PORT
NUMV · Nushares ETF Trust 0.47% 21,917 NS July 31, 2026 N-PORT
VFH · VANGUARD WORLD FUND 0.42% 740,783 SH Aug. 19, 2026 Daily
IWS · iShares Trust 0.40% 668,026 SH Sept. 11, 2026 Daily
VO · VANGUARD INDEX FUNDS 0.39% 11,030,303 SH Aug. 19, 2026 Daily
FXO · First Trust Exchange-Traded AlphaDE… 0.36% 42,964 NS July 31, 2026 N-PORT
EVUS · iShares Trust 0.35% 14,675 SH Sept. 11, 2026 Daily
FAS · Direxion Shares ETF Trust 0.35% 88,036 NS July 31, 2026 N-PORT
XT · iShares Trust 0.35% 145,913 SH Sept. 11, 2026 Daily
FTLS · First Trust Exchange-Traded Fund III 0.34% 90,425 NS July 31, 2026 N-PORT
IWR · iShares Trust 0.30% 1,831,731 SH Sept. 11, 2026 Daily
LCOW · Pacer Funds Trust 0.27% 743 NS July 31, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 0.27% 71,032 NS July 31, 2026 N-PORT
IXG · iShares Trust 0.26% 19,407 SH Sept. 11, 2026 Daily
IMCB · iShares Trust 0.24% 43,618 SH Sept. 11, 2026 Daily
SUSA · iShares Trust 0.24% 103,899 SH Sept. 11, 2026 Daily
XOEF · iShares Trust 0.23% 563 SH Sept. 11, 2026 Daily
RSP · Invesco Exchange-Traded Fund Trust 0.20% 2,064,783 SH Oct. 5, 2026 Daily
EUSA · iShares, Inc. 0.19% 40,501 SH Sept. 11, 2026 Daily
SIZE · iShares Trust 0.19% 8,647 SH Sept. 11, 2026 Daily
BSCS · Invesco Exchange-Traded Self-Indexe… 0.19% 6,417,000 Oct. 5, 2026 Daily
PFM · Invesco Exchange-Traded Fund Trust 0.19% 15,969 SH Oct. 5, 2026 Daily
ESGU · iShares Trust 0.18% 340,859 SH Sept. 11, 2026 Daily
LRGF · iShares Trust 0.17% 67,606 SH Sept. 11, 2026 Daily
USXF · iShares Trust 0.17% 27,003 SH Sept. 11, 2026 Daily
HAPI · Harbor ETF Trust 0.16% 8,475 NS July 31, 2026 N-PORT
VTV · VANGUARD INDEX FUNDS 0.15% 4,834,014 SH Aug. 19, 2026 Daily
VIG · VANGUARD SPECIALIZED FUNDS 0.15% 2,524,055 SH Aug. 19, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.15% 1,784,302 SH Aug. 19, 2026 Daily
ESG · FlexShares Trust 0.15% 2,100 NS July 31, 2026 N-PORT
IVE · iShares Trust 0.14% 741,319 SH Sept. 11, 2026 Daily
VEGN · ETF Series Solutions 0.13% 2,510 NS July 31, 2026 N-PORT
IUSV · iShares Trust 0.13% 391,589 SH Sept. 11, 2026 Daily
PFIG · Invesco Exchange-Traded Fund Trust … 0.13% 175,000 Oct. 1, 2026 Daily
MPLY · Strategy Shares 0.12% 210 NS July 31, 2026 N-PORT
PABU · iShares Trust 0.12% 33,227 SH Sept. 11, 2026 Daily
SUSL · iShares Trust 0.12% 15,905 SH Sept. 11, 2026 Daily
VOOV · VANGUARD ADMIRAL FUNDS 0.12% 102,871 SH Aug. 19, 2026 Daily
IQSU · New York Life Investments ETF Trust 0.12% 4,151 NS July 31, 2026 N-PORT
DSI · iShares Trust 0.12% 69,150 SH Sept. 11, 2026 Daily
ESSC · Strategy Shares 0.12% 445 NS July 31, 2026 N-PORT
IWD · iShares Trust 0.11% 994,539 SH Sept. 11, 2026 Daily
DFSU · Dimensional ETF Trust 0.11% 25,844 NS July 31, 2026 N-PORT
ILCG · iShares Trust 0.11% 36,092 SH Sept. 11, 2026 Daily
GLBL · Pacer Funds Trust 0.10% 12 NS July 31, 2026 N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS 0.10% 269,752 SH Aug. 19, 2026 Daily
EGLE · Global X Funds 0.10% 23 NS July 31, 2026 N-PORT
ESGG · FlexShares Trust 0.09% 1,102 NS July 31, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.09% 121,972 NS July 31, 2026 N-PORT
DGRO · iShares Trust 0.09% 431,935 SH Sept. 11, 2026 Daily
DFVX · Dimensional ETF Trust 0.08% 4,600 NS July 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.08% 406,076 NS July 31, 2026 N-PORT
USCL · iShares Trust 0.08% 24,108 SH Sept. 11, 2026 Daily
DCOR · Dimensional ETF Trust 0.08% 27,663 NS July 31, 2026 N-PORT
TOPC · iShares Trust 0.08% 272 SH Sept. 11, 2026 Daily
DXUV · Dimensional ETF Trust 0.07% 4,366 NS July 31, 2026 N-PORT
CATH · Global X Funds 0.07% 10,326 NS July 31, 2026 N-PORT
VOXP · Advisors Series Trust 0.07% 45 NS July 31, 2026 N-PORT
XVV · iShares Trust 0.07% 5,159 SH Sept. 11, 2026 Daily
JQUA · J.P. Morgan Exchange-Traded Fund Tr… 0.07% 60,789 NS July 31, 2026 N-PORT
XYLG · Global X Funds 0.07% 471 NS July 31, 2026 N-PORT
QVML · Invesco Exchange-Traded Fund Trust … 0.07% 12,891 SH Oct. 5, 2026 Daily
XTR · Global X Funds 0.07% 35 NS July 31, 2026 N-PORT
CHRI · Global X Funds 0.07% 57 NS July 31, 2026 N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe… 0.07% 34,553 SH Oct. 5, 2026 Daily
PTLC · Pacer Funds Trust 0.07% 22,720 NS July 31, 2026 N-PORT
XYLD · Global X Funds 0.07% 22,400 NS July 31, 2026 N-PORT
EQAL · Invesco Exchange-Traded Fund Trust … 0.06% 5,728 SH Oct. 5, 2026 Daily
XCLR · Global X Funds 0.06% 24 NS July 31, 2026 N-PORT
DFUS · Dimensional ETF Trust 0.06% 140,221 NS July 31, 2026 N-PORT
IUS · Invesco Exchange-Traded Self-Indexe… 0.06% 6,784 SH Oct. 5, 2026 Daily
IVV · iShares Trust 0.06% 5,631,175 SH Sept. 11, 2026 Daily
PBUS · Invesco Exchange-Traded Fund Trust … 0.06% 72,974 SH Oct. 5, 2026 Daily
XRMI · Global X Funds 0.06% 324 NS July 31, 2026 N-PORT
PBP · Invesco Exchange-Traded Fund Trust 0.06% 2,627 SH Oct. 5, 2026 Daily
BKLC · BNY Mellon ETF Trust 0.06% 35,343 NS July 31, 2026 N-PORT
SPUU · Direxion Shares ETF Trust 0.06% 1,686 NS July 31, 2026 N-PORT
VV · VANGUARD INDEX FUNDS 0.06% 594,451 SH Aug. 19, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.06% 16,161,615 SH Aug. 19, 2026 Daily
ESGV · VANGUARD WORLD FUND 0.06% 101,043 SH Aug. 19, 2026 Daily
TOV · EA Series Trust 0.06% 1,800 NS July 31, 2026 N-PORT
QDPL · Pacer Funds Trust 0.06% 10,747 NS July 31, 2026 N-PORT
IYY · iShares Trust 0.06% 19,348 SH Sept. 11, 2026 Daily
IWB · iShares Trust 0.06% 308,497 SH Sept. 11, 2026 Daily
ITOT · iShares Trust 0.06% 583,020 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.06% 122,283 SH Sept. 11, 2026 Daily
GLOF · iShares Trust 0.05% 1,192 SH Sept. 11, 2026 Daily
BBUS · J.P. Morgan Exchange-Traded Fund Tr… 0.05% 51,365 NS July 31, 2026 N-PORT
VOTE · TCW ETF Trust 0.05% 6,299 NS July 31, 2026 N-PORT
HCMT · Direxion Shares ETF Trust 0.05% 3,108 NS July 31, 2026 N-PORT
ILCB · iShares Trust 0.05% 7,205 SH Sept. 11, 2026 Daily
TOK · iShares Trust 0.05% 1,304 SH Sept. 11, 2026 Daily
PHDG · Invesco Actively Managed Exchange-T… 0.05% 348 SH Oct. 5, 2026 Daily
VOO · VANGUARD INDEX FUNDS 0.05% 11,606,001 SH Aug. 19, 2026 Daily
VONE · VANGUARD SCOTTSDALE FUNDS 0.05% 73,774 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.05% 37,647 SH Aug. 19, 2026 Daily
SPXL · Direxion Shares ETF Trust 0.05% 34,930 NS July 31, 2026 N-PORT
URTH · iShares, Inc. 0.05% 41,533 SH Sept. 11, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.05% 49,693 SH Oct. 5, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.04% 46,111 SH Oct. 5, 2026 Daily
ACWI · iShares Trust 0.04% 145,396 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.04% 8,260 NS July 31, 2026 N-PORT
VT · VANGUARD INTERNATIONAL EQUITY INDEX… 0.03% 378,481 SH Aug. 19, 2026 Daily
DFLV · Dimensional ETF Trust 0.01% 9,831 NS July 31, 2026 N-PORT
GTO · Invesco Actively Managed Exchange-T… 0.00% 4,000 Sept. 30, 2026 Daily
BIV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BLV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BSV · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
BND · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VUSB · VANGUARD BOND INDEX FUNDS · · July 15, 2026 Daily
VCRB · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
VPLS · VANGUARD MALVERN FUNDS · · July 15, 2026 Daily
VCSH · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCIT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VCLT · VANGUARD SCOTTSDALE FUNDS · · July 15, 2026 Daily
VTC · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
BNDW · VANGUARD SCOTTSDALE FUNDS · · July 30, 2026 Daily
IAI · iShares Trust · 550,917 SH Sept. 11, 2026 Daily
BNDX · VANGUARD CHARLOTTE FUNDS · · July 15, 2026 Daily
VCEB · VANGUARD WORLD FUND · · July 30, 2026 Daily

NDAQ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 24 analysts BUY
Median target $108.50 +17.6%
6 25.0% Strong Buy
15 62.5% Buy
3 12.5% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

16 analysts · 2026-10-06

Mean target $109.19 +18.3%

Now Current price $92.27
Low$84.00 Mean$109.19 High$132.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
NDAQ $55.35B 31.4 11.7% 21.6% 15.3% 63.5%
SPGI $156.15B 35.6 7.9% 29.1% 13.9% ·
CME · 24.5 6.4% 62.5% 14.8% ·
ICE $91.83B 28.1 7.5% 26.2% 11.7% ·
MCO · 37.4 8.9% 31.9% 64.5% ·
COIN $60.57B 50.8 9.4% 17.5% 9.4% ·
MSCI $42.21B 36.6 9.8% 38.4% -67.9% ·
CBOE · · 15.1% 23.3% 22.4% 51.5%
TW $25.32B 28.4 18.9% 39.6% 13.2% ·
FDS $14.05B 24.0 5.4% 25.7% 28.1% ·

Latest News Recent headlines mentioning this company

23

Trading Signals Recent buy/sell signals with entry price and risk/reward ratio

25

No open signal right now — no card is filled, and that's honest.

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Jul 23, 2026