US Equities Analysis

NDAQ — Nasdaq, Inc.

Research evidence pack

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2. Company Fundamentals

2.1 Competitiveness

Metric Value
Operating Margins 48.4%
Profit Margins 35.28%
Return on Equity 16.2%
Return on Assets 5.55%
Free Float 0.5B
Dividend Yield 1.43%
Short Int % Utilisation 1.87%

2.2 Growth

Metric Value
Revenue Growth 13.7%
Free Cash Flow 1.56B
EBITDA 18.05 (Ratio)
Enterprise Value 58.03B
EV/Revenue 10.71
EV/EBITDA 18.05

Revenue growth of 13.7% indicates steady, moderate expansion.

2.3 Management

Role Metric
Consensus Rating N/A

2.4 Return

Metric Value
Expected Return (Ann.)* 7.83%
Risk / Std Dev (Ann.)* 27.49%
1-Year Price Return* 3.77%

Latest Market Data (as of 2026-08-14, US Eastern time):

Metric Value
Last Price $97.02
52-Week Range $76.55 – $101.79
Observation Count 251 trading days

The return and risk statistics use daily adjusted closes from the retrieved one-year series and annualise daily moments using 252 trading days. The last price is the latest regular-market price reported for the stated date. Source: Yahoo Finance market data.

2.5 FCFF DCF Valuation

FCFF DCF exception: FCFF DCF is not the primary valuation method for financial institutions or REITs. This post deliberately does not publish a mechanical enterprise value or implied per-share value on an unsuitable basis.

Available valuation input Value
Last market price $97.69
Market capitalisation $54.61B
Revenue $8.26B
EBIT $2.50B
Reported free cash flow $1.99B
FCF yield 3.64%
Net debt / EBITDA 1.95x

2.6 Investor-Style Research Screen

Educational screen Result
Buffett-inspired cash-quality checks not rated — FCFF DCF suitability or data-integrity condition not met
Lynch-inspired balance-and-growth checks not rated — FCFF DCF suitability or data-integrity condition not met

Data lineage: Yahoo Finance public market and reported-statement data; retrieval timestamp: 2026-08-18 17:43:12.718698 UTC; latest reported fiscal period: 2025-12-31 00:00:00. Financial institutions and REITs require sector-specific methods rather than a mechanical FCFF DCF. This is research and analysis only, not personalized financial advice.

2.7 Quantitative Factor Diagnostics

Model basis: Daily issuer USD excess returns are regressed in-sample using ordinary least squares on matching regional Fama–French factors. FF3 estimates market, size, and value loadings; FF5 adds profitability and investment. Coefficients are descriptive historical exposures, not predictions.

Estimation input Value
Regional factor set US
Factor-return currency USD
Issuer-return basis USD adjusted total return
Estimation window 2025-08-19 to 2026-06-30
Aligned daily observations 217
Minimum observation requirement 120
Currency conversion for HK listings not required

Fama–French Three-Factor and Five-Factor Results

Diagnostic FF3 FF5
Annualised alpha -23.81% -19.33%
Adjusted R² 0.12 0.12
Annualised residual volatility 25.26% 25.12%
Factor loading (t-statistic) FF3 FF5
Market excess return (Mkt-RF) 0.68 (4.59) 0.81 (4.73)
Size (SMB) -0.06 (-0.28) -0.06 (-0.27)
Value (HML) -0.15 (-0.85) -0.28 (-1.32)
Profitability (RMW) NM 0.20 (1.12)
Investment (CMA) NM 0.22 (0.71)

Definitions: Mkt-RF is the market return less the risk-free rate; SMB is small minus big; HML is high minus low book-to-market; RMW is robust minus weak profitability; CMA is conservative minus aggressive investment. Factor returns are sourced from the Kenneth R. French Data Library; issuer adjusted-return history is sourced from Yahoo Finance. For Hong Kong listings, adjusted HKD prices are converted into USD with daily USD/HKD closes before return calculation to match the USD regional factor basis. This is an in-sample historical regression; coefficients and t-statistics do not establish causation or predict future returns. This is research and analysis only, not personalized financial advice.

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