Analysis for NDAQ

📈 Growth & Financial Trajectory

The 8-quarter trend shows Revenues rising from $1.674B in 2024 Q1 to $2.137B in 2026 Q1, a gain of about 27%. Net income grew from $306M to $519M, despite a mid-period dip in 2024 Q3. Operating income also rose from $410M to $657M, signaling earnings leverage as revenue climbs.

💰 Margins & Cash Flow

• Gross margin remains in the mid-60s% range, with Gross Profit around $1.12B–$1.40B on revenue of $1.67B–$2.14B across quarters.
• Operating income expands in step with revenue (e.g., Q1 2026: $657M on $2.137B).
• Net cash flow from operating activities is consistently positive, averaging around $0.66B per quarter; investing and financing show typical patterns but do not erode liquidity.

🛡️ Balance Sheet & Liquidity

Assets exceed liabilities with Equity around $11–12B and Long-term Debt near $8.5–$9.4B, a moderate debt-to-equity ratio (~0.8–0.9x). Current assets ~$7.3–$8.3B and Current liabilities ~$7.3–$7.9B support solid liquidity.

⚠️ Key Drivers & Risks

• Drivers: Capital market activity/listings and data/market infrastructure services.
• Risks: Market volatility/interest rate sensitivity and cyclicality; regulatory/compliance exposure and valuation sensitivity.