Correction, 18 September 2026: an earlier version of this post described April 23 as the end of the quarter. It is the date the results were reported.
What changed
$NDAQ reported results on April 23, 2026. EPS came in at $0.96, up from $0.79 in the same period a year earlier — a 21.5% year-over-year gain. Revenue grew 13.7% over the same stretch. We don't have guidance commentary to work with, so this recap focuses on what the reported figures tell us.
What it means
The earnings picture is genuinely strong. A 21.5% EPS jump on 13.7% revenue growth means Nasdaq is expanding faster at the bottom line than the top — a sign that operating leverage or cost discipline is doing real work. The net margin sits at 35.3%, which is high for a financial services business and confirms this isn't just a revenue story. ROE of 16.2% and an FCF yield of 3.9% add to the quality case. The ACCE score rates Quality at 86/100, the highest of the four sub-scores, which lines up with what the income statement is showing.
Recibe el resumen semanal de ACCE
Rentabilidad de los índices, repaso de las selecciones y los mayores cambios de puntuación, cada domingo. Sin relleno.
The trailing P/E of 27.4 and forward P/E of 24.4 reflect a market that already prices in solid execution. The Growth sub-score of 76/100 acknowledges the momentum in the business. Value, at 52/100, is the weakest dimension — and the 6-model fair value estimate of $58.42 makes that tension explicit. At a current price of $91.92, the model composite implies the stock is trading well above its estimated intrinsic value. That gap is worth watching, particularly since the 1-year return of just 4.1% suggests the market hasn't been rewarding $NDAQ shareholders at the same pace the business has been growing.
The Momentum sub-score of 49/100 is consistent with that muted price performance. Strong fundamentals and a rich valuation can coexist for extended periods, but the spread between the current price and the 6-model fair value is wide enough that it deserves a place in any risk assessment.
The analyst consensus target of $106.80 sits above the current price of $91.92, pointing in the opposite direction from the 6-model fair value. That divergence between analyst targets and model-based valuation is itself informative — it reflects different assumptions about how much the quality and growth profile justifies a premium.
ACCE score: 66/100. See the full breakdown and live price at acceinvestments.com/stocks/NDAQ.
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