Want to find your lens? Five questions, no jargon — they tell you which of four reads fits how you already think.
Expensive and softening.
Trading above fair value while the fundamentals weaken — little to like right now.
Price against fair value
Free cash flow — 10-year history ($B)
What the math is really telling you. Watch whether cash flow is compounding — that, more than any single year, is what a value read hangs on.
The read — lights & verdict
- Warning:OvervaluedFair value ~$51 vs $95 — trading 47% above what the math supports.
- Caution:Price assumes a modest step-upPriced for ~12%/yr vs a 8.6%/yr record — a stretch, not heroic.
- Good:Revenue still growingUp 11.6% last year — demand isn't the problem.
- Good:Cash flow compoundingFree cash flow up ~8.6%/yr — the engine is growing.
- Warning:Heavy debt loadNet debt of $8B — roughly 4× annual free cash flow. This changes the risk picture.
How this was built. Every figure is computed from Nasdaq, Inc.'s SEC filings — no estimates, no AI. Two-stage DCF: 9% discount rate, 5% free-cash-flow growth for 10 years, 2.5% terminal. Free cash flow is operating cash flow less capital spending. Net cash is cash and marketable securities less borrowings, commercial paper and finance leases; operating leases are disclosed but never counted as debt. We subtract net debt from the value of the business — for Nasdaq that is about $8B, or $15 per share. Fundamentals are from the FY25 annual report and change only when a new one is filed. Price of $95.43 taken 2026-09-08 (Google Finance, manual entry, 2026-09-08) — it is not live and does not move during the day.
TickerMath is an educational tool, not investment advice — it computes one model from SEC filings and can be wrong. How we compute this →