Nasdaq Inc. (NDAQ) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, NDAQ scores 72 out of 100, graded B, with the verdict "Roarable Buy — Good Risk/Reward." The score is a composite of five pillars:

• Fundamental Cash Engine: 13 / 20. Per the Roarable RQD rating, this pillar reflects ROIC of 9.1% and an FCF yield of 3.39%. Investors can read this as a business that converts capital into cash at a moderate rate, not an exceptional one.
• Whale 13F Flow: 18 / 20. This is the strongest pillar, described per the rating as institutional accumulation and options positioning. The source does not itemize the specific 13F filers or position sizes, so the magnitude of accumulation cannot be quantified from the data provided.
• Insider Conviction: 14 / 20. Per the rating, this reflects SEC Form 4 and Congressional PTR cluster flow. The source does not list individual transactions in the holders section, so the direction and size of cluster activity cannot be independently verified here.
• Macro Regime Fit: 12 / 20. Per the rating, this pillar reflects a beta of 0.88 and sector sensitivity. A beta below 1.0 suggests the stock has historically moved less than the broad market, which may appeal to investors seeking lower volatility, though this pillar scores below the midpoint of its range.
• Forensic Balance Sheet: 15 / 20. Per the rating, this reflects an Altman Z-Score of 2.5, a Piotroski F-Score of 9/9, and a Debt/Equity ratio of 0.5. The perfect Piotroski score is a notable strength, while the Altman Z-Score sits in a range that warrants monitoring rather than indicating distress.

Taken together, the score suggests strength in institutional interest and balance-sheet quality, with more modest scores on cash generation relative to valuation and on macro fit. Valuation is a central tradeoff: the market data shows a trailing P/E of 32.8 and an EV/EBITDA of 26, which are elevated multiples. Upside drivers in the source include the institutional flow and strong forensic scores; the valuation tradeoff is that much of the quality is already reflected in a premium price. This is an analytical framing, not personalized advice.

Nasdaq Inc. (NDAQ) is a NASDAQ-listed issuer in the Financials sector, Investment Bankers/Brokers/Service industry, per the company profile. The profile identifies the company's market capitalization as $58.6B. The source data does not describe specific products, customer segments, or revenue-generating activities beyond the sector and industry classification. Revenue composition by segment is not available in source data.

Per the SEC financials, revenue, operating income, net income, and free cash flow each rose across the three reported fiscal years. Per the market data, operating margin is 28.2% and net margin is 21.6%, with gross margin listed as 0%, which the source does not contextualize. Per the Roarable RQD rating, ROIC is 9.1%, the Altman Z-Score is 2.5, and the Piotroski F-Score is 9/9. Total debt declined from $9081.0M in FY 2024 to $8573.0M in FY 2025, and the Debt/Equity ratio is listed as 0.5 per the rating. Cash was $604.0M at FY 2025.

Per the recent news wire, six items dated within the last 15 hours are tagged as catalysts with green signal lights. Headlines reference a Q3 earnings beat, capital access platforms revenue growth, margin-driven stock strength, an after-hours move of 4.7% following Q3 results, and questions about index growth and valuation. Key risk watch item per the headline set: one report questions whether the stock looks expensive on index growth, which aligns with the elevated multiples in the market data. Per the Butterfly Supply-Chain Graph, the supply chain is recorded as NONE, with no butterfly links and no proprietary signals.

Analyst consensus rating, price targets, and holder-level SEC Form 4, 13F, and Congressional trade detail are not available in source data. The Roarable RQD rating references whale 13F flow and insider cluster flow at the pillar level only.

• What are the segment-level revenue drivers behind the reported growth, and which portion is attributable to capital access platforms per the news wire?
• What is the explanation for the 0% gross margin alongside reported operating and net margins?
• Which specific 13F filers and Form 4 insiders drive the whale and insider pillar scores?
• What index growth concerns are raised in the valuation-focused headline, and how do they tie to the forward P/E of 30.5?
• How does the Altman Z-Score of 2.5 compare to the company's own historical trend, given that only three years of financials are provided?