QualityDipStocks / Finance · Brokers & investment banks
Nasdaq NDAQ
Not in a dip: trading near its 52-week high.
A quality company trading above our fair value estimate.
- Fair value est.
- $93.43−12%
- Market Value
- $104.52price +2%
- Off 52-wk high
- at the high
- Risk vs market
- Lowbeta 0.57
5 bullish · 5 bearish See why
Key levels
Every level vs today’s $106.23
- 52-wk lowlowest close, 1 year$76.85−27.7%
- Fair value est.base case$93.43−12.0%
- Market Valueavg paid since Oct 22$104.52−1.6%
- PriceFri Oct 30 close$106.23you are here
- 52-wk highhighest close, 1 year$106.23at the price
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 9.9% ±2 points. Bear = 10.5% and 7.9%; bull = 8.5% and 11.9% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, NDAQ’s free cash flow would need to grow about 12% a year for five years; our estimate uses 10%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much NDAQ moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Moves much less than the market, but its own price swings are 2.2× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.57
- Volatility
- 28% vs 13% SPY
- Correlation SPY
- 0.26
- Correlation QQQ
- 0.11
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
GrowthDiluted EPS grew 60% to $3.09 in FY2025.
Cash returnsShare count down 2.7% in a year: $1.5B of buybacks over 12 months.
ProfitabilityReturn on equity of 17% over the last 12 months, up 5 points in two years.
GrowthSales grew 12% to $9.2B over the last 12 months vs the 12 months before (SEC filings).
QualityPasses all four of our quality checks: cash generation, returns on capital, growth and balance sheet.
Top bearish points 5 of 5
ValuationOur DCF fair value estimate is $93.43, 12% below the price.
ValuationP/E of 28.7× vs a 13.5× median for the 151 Finance companies we cover.
ValuationEV/EBITDA of 23.5×, above the 16.6× median for the 15 Finance companies we cover.
ValuationPrice / book of 5.0×, above the 1.8× median for the 143 Finance companies we cover.
ValuationFree-cash-flow yield of 3.8%, below the 4.6% median for the 30 Finance companies we cover.
Who’s talking about it
Notable investors, executives, analysts and public figures on Nasdaq in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in Brokers & investment banks
All fundamentals
P/E 28.7 · FCF yield 3.8% · ROE 17%
Valuation
- P/E
- 28.7×3-yr-end avg 33.1× · Finance median 13.5×
- Price / FCF
- 26.5×
- FCF yield
- 3.8%
- EV / EBITDA
- 23.5×
- Price / sales
- 6.54×
- Price / book
- 4.99×
- Market cap
- $59.8Bprice × diluted shares
- Enterprise value
- $68.1B
Growth
- Revenue, 12 months
- $9.2B
- Sales growth, 12 months
- +11.5%vs the 12 months before
- Sales growth, 3 yrs
- +9.9%/yrfrom FY2022
- Diluted EPS, 12 months
- $3.66
- EPS growth, last FY
- +60.1%
- Net income, 12 months
- $2.1B
- Net income growth
- +28%12 months vs before
Profitability
- Gross margin
- 63.2%
- Operating margin
- 29.8%
- Net margin
- 22.8%
- FCF margin
- 24.7%
- Return on equity
- 17%
- Return on invested capital
- 11%
Balance sheet
- Cash & short-term inv.
- $516M
- Total debt
- $8.7B
- Net cash
- −$8.2B
- Debt / equity
- 0.73×
- Interest coverage
- 7.9×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $2.3B
- FCF growth, 12 months
- +8%
- Dividend yield
- 1.09%$653M paid
- Payout ratio
- 31%
- Buybacks, 12 months
- $1.5B2.5% of market cap
- Share count, 1 year
- −2.7%diluted shares vs a year ago
- Stock-based comp
- $177M
Trailing 12 months to Sep 30, 2026; balance sheet at Sep 30, 2026. From Nasdaq’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $93.43 · MV $104.52
Assumes 9.9% growth for 5 years (revenue grew 9.9% a year FY22–FY25), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $4.01 a share (trailing 12 months to Sep 30, 2026), from the 10-Q filed Oct 22, 2026. Net debt $8.2B, not deducted.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only arm once a company is in a dip.
Momentum & 52-week range
RSI 76 · 5 days +3.6%
The business
FCF $2.3B · Sales +21%
- Free cash flow, 12 months$2.3B
- Free-cash-flow yield3.9%
- Return on equity17%
- Sales growth (latest quarter vs year-ago quarter)+21%
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
Get a text when NDAQ fires a reversal signal
One text when a published rule fires on NDAQ or any of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.