TacticScaleWhat Nasdaq Does & How It Makes Money (NDAQ)
Updated October 2026 · reflects Nasdaq's latest reported financials
Tech company running the Nasdaq exchange plus financial software and data. Nasdaq earns listing fees, trading and clearing fees, and connectivity and colocation fees from its exchanges.
How Nasdaq makes money
Nasdaq earns listing fees, trading and clearing fees, and connectivity and colocation fees from its exchanges. It also brings in subscription and license revenue from market data, index licensing, and financial technology software such as Verafin, AxiomSL and Calypso.
What Nasdaq does
Nasdaq, Inc. is a technology company serving capital markets. It reports three segments: Capital Access Platforms, Financial Technology, and Market Services. Capital Access Platforms covers listings, market data, index licensing, and investor relations, governance and sustainability tools for public and private companies. Market Services runs exchanges for cash equities, equity derivatives, fixed income, currencies, commodities, energy products and exchange-traded products, and provides clearing, settlement, central depository, trade management and colocation services. The Financial Technology segment sells software to banks, brokers and market operators. Its products include Verafin for detecting money laundering and fraud, AxiomSL for risk data and regulatory reporting, Calypso for cross-asset trading, treasury and collateral management, and market surveillance tools. Founded in 1971 and formerly called The NASDAQ OMX Group, the company took the name Nasdaq, Inc. in 2015 and is headquartered in New York.
Products & services
- Nasdaq stock exchange listings
- Nasdaq-branded indices
- Market data (real-time and historical)
- Verafin anti-money-laundering and fraud platform
- AxiomSL regulatory reporting
- Calypso trading, treasury and risk platform
What is Nasdaq worth?
On an owner-earnings DCF, Nasdaq's most-likely value is about $87 versus a recent price near $94 (7% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$38) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Intercontinental Exchange (ICE) · MarketAxess (MKTX) · Cboe Global Markets (CBOE) · CME (CME)