NDAQ
Nasdaq, Inc.
Platform / Network
★ Quality 72/100Price today
$96.88
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
Nasdaq stopped being the casino; it sells the security cameras.
Nasdaq runs stock exchanges, but the real business is no longer charging for every trade. It sells market technology to other exchanges, anti-fraud software and financial surveillance (Verafin, Adenza), and data and indices by subscription. Of $8.3B in revenue, most is recurring — it doesn't depend on the market going up or down.
When an institution connects its compliance and risk infrastructure to Nasdaq, it doesn't switch on a whim — the cost of migrating is high and the regulator doesn't forgive mistakes. Its indices and data are industry standard. That regulatory and integration glue is harder to replicate than the exchange itself.
Revenue history
From $5.9B to $8.3B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $8.3B · FY2025
Of every $100 in sales, $78 goes to costs and operations; $22 is left as net profit (22% margin).
Catalysts and risks
Integration of Adenza ($10.5B, closed in 2023) pushing recurring revenue toward 80% of the mix.
Debt reduction: $8.6B versus $0.6B in cash; each year of deleveraging frees up FCF for shareholders.
Growth in the financial compliance division (Verafin) in banking, a fragmented market with a regulatory tailwind.
Net debt of ~$8B after Adenza; with high rates, the financing cost weighs on the $2.0B FCF.
The IPO business (companies going public) is cyclical and can dry up for years at a time.
Intrinsic value $54.17 — if the price trades above it, there's no margin of safety no matter how much you like the business.
Charlie's note
“Nasdaq stopped being a casino that charges you to play and became a software toll that charges every month. Good business. I'd only pay for it when Mr. Market is having one of his gloomy days.”
Analysis · June 2026
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