Nasdaq, Inc. (NDAQ): A Bull Case Theory 

We came across a bullish thesis on Nasdaq, Inc. on The Diversified Fins Analyst’s Substack. In this article, we will summarize the bulls’ thesis on NDAQ. Nasdaq, Inc.’s share was trading at $89.36 as of December 1st. NDAQ’s trailing and forward P/E were 31.91 and 24.04 respectively according to Yahoo Finance.

Nasdaq, Inc. (NDAQ) reported strong 3Q25 results, with total net revenue of $1,315 million, up 1% sequentially and 11% year-over-year, driven primarily by Capital Access Platforms, which grew 4% Q/Q and 9% Y/Y to $546 million. Market Services and Financial Technology were modestly lower sequentially, but both showed double-digit annual growth. Adjusted operating expenses were stable at $583 million, keeping margins strong at 55.7%, while adjusted EPS rose 4% Q/Q and 19% Y/Y to $0.88—4% above consensus.

Revenue and expense performance both exceeded expectations, reinforcing Nasdaq’s solid execution. The company continued to deliver on synergies from the Adenza acquisition, achieving $150 million in expense savings and maintaining its trajectory toward $100 million in revenue synergies by 2027 through cross-sells. Deleveraging progress also continued, with leverage reduced to 3.1x and a target of 3.0x by year-end 2025, supported by $69 million in debt repayment and an S&P credit upgrade to BBB+. Nasdaq slightly raised its FY25 expense outlook to support growth investments while reaffirming guidance for Solutions revenue within its medium-term range.

Capital Access Platforms remain a standout performer, supported by strong Index, Data, and Listings trends, while Financial Technology growth was slightly below expectations. The company also completed the sale of Solovis, focusing its portfolio on higher-value platforms. Management reiterated confidence in the IPO pipeline, reg-tech partnerships, and tokenization initiatives that could enhance long-term growth and market infrastructure efficiency. Overall, Nasdaq’s quarter demonstrated resilient growth, disciplined cost control, and steady deleveraging, positioning it for continued value creation.

Previously we covered a bullish thesis on Nasdaq, Inc. (NDAQ) by Magnus Ofstad in January 2025, which highlighted Nasdaq’s transformation into a diversified, technology and data-driven enterprise with strong recurring revenue growth. The company’s stock price has appreciated approximately by 9.69% since our coverage. The Diversified Fins Analyst shares a similar thesis but emphasizes on execution progress, Adenza synergies, and deleveraging.

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Disclosure: None.