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NDAQ Nasdaq, Inc.

Nasdaq, CIK 0001120193, fiscal year ends 12/31. Last price 102.56 on 2026-10-23, market value 56.9 billion dollars.

Machine-readable: NDAQ.json, NDAQ.md. Sections: Graham Defensive, Magic Formula, Momentum, Insider, Buffett Quality, Lynch GARP, Graham Enterprising, Piotroski F-Score, earnings record, insiders, filings and links.

Philosophy	Score	Status	Current inputs as of	History used	Price	Verification	Rules
Graham Defensive	41	ok	2025-12-31 stale: Revenue	2013–2025	2026-10-23	14 verified, 21 unverified	method
Magic Formula	85	ok	2026-03-31 stale: operating_income_q	—	2026-10-23	—	method
Momentum	67	ok	2026-10-23	—	2026-10-23	—	method
Insider	0	ok	2026-10-23	—	—	—	method
Buffett Quality	70	ok	2026-06-30	2016–2025	2026-10-23	0 verified, 48 unverified	method
Lynch GARP	43	ok	2026-06-30	2020–2025	2026-10-23	0 verified, 6 unverified	method
Graham Enterprising	35	ok	2026-06-30	2020–2025	2026-10-23	0 verified, 12 unverified	method
Piotroski F-Score	100	ok, passes all tests	—	2024–2026	—	0 verified, 27 unverified	method

Market value, source trail

market_value = traded_price (price date) / depositary_ratio x latest point-in-time SEC shares outstanding (share-count date shown; from the filing cover page, summed across share classes only where the issuer filing verifies the classes are economically equivalent (rule + evidence URL in the source text), else withheld; priced at the primary listed class, so where other classes trade at a different price the value is an approximation; restated only for issuer-verified splits after the count date); weighted-average share counts are never used

Input	Value	Unit	Period / date	Source
Traded price	102.56	USD per traded unit (share or ADS)	2026-10-23	Yahoo Finance
SEC shares outstanding	554,962,751	underlying shares	2026-10-16	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020
Depositary ratio	1.0	underlying shares per traded unit		domestic 10-K filer; SEC shares are the traded units
Market value price date × latest reported shares	56,916,979,743	USD	2026-10-23 shares at 2026-10-16	102.56 (price 2026-10-23) / 1 x 554,962,751 (shares at 2026-10-16) = 56,916,979,743

Graham Defensive

41 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Adequate size	8.26 revenue $B	>= 1	5.0 / 5
2a Current ratio	1.01	>= 2.0	0.1 / 15
2b Long-term debt vs working capital	303.29 LTD / WC	<= 1.0	0.0 / 15
3 Positive earnings each of 10 years	10 of 10	10 of 10	15.0 / 15
4 Dividends every year for 20 years	14 of 20 missing 2006, 2007, 2008, 2009, 2010, 2011 XBRL check: 13 years agree, 7 unverified	20 of 20	10.5 / 15
5 EPS growth, 3-yr avg now vs 10 yrs ago	0.61 -> 2.37 (+286%)	>= +33%	10.0 / 10
6 P/E on 3-year average EPS	43.3	<= 15	0.0 / 15
7 P/B <= 1.5, or P/E x P/B <= 22.5	P/B 4.75, product 205.7	<= 1.5 or <= 22.5	0.0 / 10

Inputs, 37 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	102.56	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
Revenue	8262000000.0	2025-12-31 stale	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
current_assets	4533000000.0	2026-06-30	SEC XBRL AssetsCurrent 0001120193-26-000013	unverified
current_liabilities	4505000000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001120193-26-000013	unverified
lt_debt	8492000000.0	2026-06-30	SEC XBRL LongTermDebtNoncurrent 0001120193-26-000013	unverified
equity	11988000000.0	2026-06-30	SEC XBRL StockholdersEquity 0001120193-26-000013	unverified
Net income FY2016	106000000.0	2016-12-31 history	SEC XBRL NetIncomeLoss 0001120193-19-000002	unverified
Net income FY2017	729000000.0	2017-12-31 history	SEC XBRL NetIncomeLoss 0001120193-20-000004	unverified
Net income FY2018	458000000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001120193-21-000011	unverified
Net income FY2019	774000000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001120193-22-000007	unverified
Net income FY2020	933000000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001120193-23-000014	unverified
Net income FY2021	1187000000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-24-000006	unverified
Net income FY2022	1125000000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-25-000008	unverified
Net income FY2023	1059000000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2024	1117000000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2025	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Dividend years (Yahoo)	[2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026]	history	Yahoo Finance dividend history	verified (partly: XBRL covers 13 of 20 years)
Dividends per share FY2013 (XBRL)	0.52	2013-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-16-000020	verified
Dividends per share FY2014 (XBRL)	0.58	2014-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-17-000003	verified
Dividends per share FY2015 (XBRL)	0.9	2015-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-18-000003	verified
Dividends per share FY2016 (XBRL)	1.21	2016-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-19-000002	verified
Dividends per share FY2017 (XBRL)	1.46	2017-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-20-000004	verified
Dividends per share FY2018 (XBRL)	1.7	2018-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-21-000011	verified
Dividends per share FY2019 (XBRL)	1.85	2019-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-22-000007	verified
Dividends per share FY2020 (XBRL)	0.65	2020-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-23-000014	verified
Dividends per share FY2021 (XBRL)	0.7	2021-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-24-000006	verified
Dividends per share FY2022 (XBRL)	0.78	2022-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001120193-25-000008	verified
Dividends per share FY2023 (XBRL)	0.86	2023-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001628280-26-007703	verified
Dividends per share FY2024 (XBRL)	0.94	2024-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001628280-26-007703	verified
Dividends per share FY2025 (XBRL)	1.05	2025-12-31 history	SEC XBRL CommonStockDividendsPerShareDeclared 0001628280-26-007703	verified
EPS diluted FY2014	0.7967	2014-12-31 history	SEC XBRL EarningsPerShareDiluted 0001120193-17-000003	unverified
EPS diluted FY2015	0.8333	2015-12-31 history	SEC XBRL EarningsPerShareDiluted 0001120193-18-000003	unverified
EPS diluted FY2016	0.21	2016-12-31 history	SEC XBRL EarningsPerShareDiluted 0001120193-19-000002	unverified
EPS diluted FY2023	2.08	2023-12-31 history	SEC XBRL EarningsPerShareDiluted 0001628280-26-007703	unverified
EPS diluted FY2024	1.93	2024-12-31 history	SEC XBRL EarningsPerShareDiluted 0001628280-26-007703	unverified
EPS diluted FY2025	3.09	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001628280-26-007703	unverified
Shares outstanding	554962751.0	2026-10-16	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020	not cross-checked

Magic Formula

85 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
Earnings yield (EBIT/EV) EBIT trailing twelve months; EV = market cap + debt (8,761,000,000) - cash	4.19 % (rank 107)
Return on capital (EBIT/(NWC+PPE)) net working capital 28,000,000 used as reported	343.52 % (rank 7)
Combined rank	114

Inputs, 16 numbers with their sources

Input	Value	Period	Source	Check
operating_income	2331000000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	not cross-checked
operating_income_q	657000000.0	2026-03-31 stale	SEC XBRL OperatingIncomeLoss (quarter CY2026Q1) 0001628280-26-027105	not cross-checked
operating_income_q	547000000.0	2025-03-31 history	SEC XBRL OperatingIncomeLoss (quarter CY2025Q1) 0001628280-26-027105	not cross-checked
operating_income_q	712000000.0	2026-06-30	SEC XBRL OperatingIncomeLoss (quarter CY2026Q2) 0001120193-26-000013	not cross-checked
operating_income_q	568000000.0	2025-06-30 history	SEC XBRL OperatingIncomeLoss (quarter CY2025Q2) 0001120193-26-000013	not cross-checked
operating_income_q	732000000.0	2026-09-30	SEC XBRL OperatingIncomeLoss (quarter CY2026Q3) 0001120193-26-000020	not cross-checked
operating_income_q	586000000.0	2025-09-30 history	SEC XBRL OperatingIncomeLoss (quarter CY2025Q3) 0001120193-26-000020	not cross-checked
current_assets	4533000000.0	2026-06-30	SEC XBRL AssetsCurrent 0001120193-26-000013	not cross-checked
current_liabilities	4505000000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001120193-26-000013	not cross-checked
cash	520000000.0	2026-06-30	SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001120193-26-000013	not cross-checked
ppe_net	767000000.0	2026-06-30	SEC XBRL PropertyPlantAndEquipmentNet 0001120193-26-000013	not cross-checked
debt_incl_current	8492000000.0	2026-06-30	SEC XBRL LongTermDebt 0001120193-26-000013	not cross-checked
debt_short	269000000.0	2026-06-30	SEC XBRL ShortTermBorrowings 0001120193-26-000013	not cross-checked
shares_out	554962751.0	2026-10-16	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020	not cross-checked
Price (close)	102.56	2026-10-23	Yahoo Finance / Alpaca Market Data	not cross-checked
note	debt = LongTermDebt (incl. current maturities) + short-term borrowings			not cross-checked

Momentum

67 of 100. ok. How this is scored.

Test or factor	Value	Points
12-1 month return	8.9 % (percentile 54.0)	27.0 / 50
6 month return	18.7 % (percentile 77.2)	15.4 / 20
Price / 52-week high	0.993	14.9 / 15
Volatility penalty (60d annualised)	24.5 %	9.4 / 15

Inputs, 1 numbers with their sources

Input	Value	Period	Source	Check
Adjusted close series (14 months)	102.56	2026-10-23	Yahoo Finance / Alpaca Market Data daily history	not cross-checked

Insider

0 of 100. ok. How this is scored. Form 4 data loaded through 2026-10-23

Test or factor	Value	Points
Open-market buy value / market cap (percentile among buyers)	0.0 bp	0.0 / 35
Distinct buyers	0	0.0 / 25
Buyer seniority	0.0	0.0 / 20
Recency (half-life 30d)	0.0	0.0 / 10
Sales penalty (excludes 10b5-1 plan sales)	0.34 bp	-5.1 / 0

Inputs, 9 numbers with their sources

Input	Value	Period	Source	Check
Form 4 S Griggs PC Nelson 2026-08-10	310212.16	2026-08-10	SEC Form 4 (insider transactions data set)	not cross-checked
Form 4 S Peterson Bradley J 2026-08-07	573300.0	2026-08-07	SEC Form 4 (insider transactions data set)	not cross-checked
Form 4 S Griggs PC Nelson 2026-07-29	1060813.5	2026-07-29	SEC Form 4 (insider transactions data set)	not cross-checked
excluded 2026-10-20 S	10b5-1 plan		rule	not cross-checked
excluded 2026-10-12 S	10b5-1 plan		rule	not cross-checked
excluded 2026-09-22 S	10b5-1 plan		rule	not cross-checked
excluded 2026-09-10 S	10b5-1 plan		rule	not cross-checked
excluded 2026-08-10 S	10b5-1 plan		rule	not cross-checked
excluded 2026-08-03 S	10b5-1 plan		rule	not cross-checked

Buffett Quality

70 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Average return on equity (net income / year-end equity)	13.5% over 8 yrs	>= 15%	19.6 / 25
2 Profitable every year	10 of 10	all years	15.0 / 15
3 Net income growth, 3-yr average now vs start of window	+17.4% a year	>= +10%	10.0 / 10
4 Borrowings / 3-yr average earnings (years to repay) LongTermDebt (incl. current maturities) + short-term borrowings	6.6 years	<= 4	5.1 / 15
5 Operating margin, 5-yr average	25.6%	>= 20%	10.0 / 10
6 Free cash flow / net income, 5-yr (operating cash flow minus capex)	1.23	>= 1.0	10.0 / 10
7 Owner-earnings yield (3-yr avg free cash flow / market cap)	3.1%	>= 7%	0.3 / 15

Inputs, 50 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	102.56	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
Net income FY2018	458000000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001120193-21-000011	unverified
Equity at FY2018 end	5449000000.0	2018-12-31 history	SEC XBRL StockholdersEquity 0001120193-20-000004	unverified
Net income FY2019	774000000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001120193-22-000007	unverified
Equity at FY2019 end	5639000000.0	2019-12-31 history	SEC XBRL StockholdersEquity 0001120193-21-000011	unverified
Net income FY2020	933000000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001120193-23-000014	unverified
Equity at FY2020 end	6433000000.0	2020-12-31 history	SEC XBRL StockholdersEquity 0001120193-22-000007	unverified
Net income FY2021	1187000000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-24-000006	unverified
Equity at FY2021 end	6395000000.0	2021-12-31 history	SEC XBRL StockholdersEquity 0001120193-23-000014	unverified
Net income FY2022	1125000000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-25-000008	unverified
Equity at FY2022 end	6151000000.0	2022-12-31 history	SEC XBRL StockholdersEquity 0001120193-24-000006	unverified
Net income FY2023	1059000000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Equity at FY2023 end	10816000000.0	2023-12-31 history	SEC XBRL StockholdersEquity 0001120193-25-000008	unverified
Net income FY2024	1117000000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Equity at FY2024 end	11191000000.0	2024-12-31 history	SEC XBRL StockholdersEquity 0001628280-26-007703	unverified
Net income FY2025	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Equity at FY2025 end	12227000000.0	2025-12-31 history	SEC XBRL StockholdersEquity 0001120193-26-000013	unverified
Net income FY2016	106000000.0	2016-12-31 history	SEC XBRL NetIncomeLoss 0001120193-19-000002	unverified
Net income FY2017	729000000.0	2017-12-31 history	SEC XBRL NetIncomeLoss 0001120193-20-000004	unverified
Net income FY2018	458000000.0	2018-12-31 history	SEC XBRL NetIncomeLoss 0001120193-21-000011	unverified
Net income FY2019	774000000.0	2019-12-31 history	SEC XBRL NetIncomeLoss 0001120193-22-000007	unverified
Net income FY2020	933000000.0	2020-12-31 history	SEC XBRL NetIncomeLoss 0001120193-23-000014	unverified
Net income FY2021	1187000000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-24-000006	unverified
Net income FY2022	1125000000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-25-000008	unverified
Net income FY2023	1059000000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2024	1117000000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2025	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
debt_incl_current	8492000000.0	2026-06-30	SEC XBRL LongTermDebt 0001120193-26-000013	unverified
debt_short	269000000.0	2026-06-30	SEC XBRL ShortTermBorrowings 0001120193-26-000013	unverified
Operating income FY2021	1441000000.0	2021-12-31 history	SEC XBRL OperatingIncomeLoss 0001120193-24-000006	unverified
Revenue FY2021	5886000000.0	2021-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001120193-24-000006	unverified
Operating income FY2022	1564000000.0	2022-12-31 history	SEC XBRL OperatingIncomeLoss 0001120193-25-000008	unverified
Revenue FY2022	6226000000.0	2022-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001120193-25-000008	unverified
Operating income FY2023	1578000000.0	2023-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	unverified
Revenue FY2023	6064000000.0	2023-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
Operating income FY2024	1798000000.0	2024-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	unverified
Revenue FY2024	7400000000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
Operating income FY2025	2331000000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	unverified
Revenue FY2025	8262000000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
Operating cash flow FY2021	1083000000.0	2021-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001120193-24-000006	unverified
Capital expenditure FY2021	163000000.0	2021-12-31 history	SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment 0001120193-24-000006	unverified
Operating cash flow FY2022	1706000000.0	2022-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001120193-25-000008	unverified
Capital expenditure FY2022	152000000.0	2022-12-31 history	SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment 0001120193-25-000008	unverified
Operating cash flow FY2023	1696000000.0	2023-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001628280-26-007703	unverified
Capital expenditure FY2023	158000000.0	2023-12-31 history	SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment 0001628280-26-007703	unverified
Operating cash flow FY2024	1939000000.0	2024-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001628280-26-007703	unverified
Capital expenditure FY2024	207000000.0	2024-12-31 history	SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment 0001628280-26-007703	unverified
Operating cash flow FY2025	2255000000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001628280-26-007703	unverified
Capital expenditure FY2025	266000000.0	2025-12-31 history	SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment 0001628280-26-007703	unverified
Shares outstanding	554962751.0	2026-10-16	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020	not cross-checked

Lynch GARP

43 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 PEG: P/E divided by 5-yr EPS growth (in % points)	3.11	<= 1.0	0.0 / 30
2 EPS growth, 5-yr compound rate	+10.7% a year	12% to 35% a year	17.8 / 20
3 P/E on latest annual EPS	33.2	<= 25	4.5 / 10
4 Borrowings / equity LongTermDebt (incl. current maturities) + short-term borrowings	0.73	<= 0.5	11.5 / 15
5 Years of the last 5 in which EPS rose	2 of 5	5 of 5	6.0 / 15
6 Net cash (cash minus borrowings) / market cap	-14.5%	>= +10%	3.0 / 10

Inputs, 7 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	102.56	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
EPS diluted FY2025	3.09	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001628280-26-007703	unverified
EPS diluted FY2020	1.86	2020-12-31 history	SEC XBRL EarningsPerShareDiluted 0001120193-23-000014	unverified
debt_incl_current	8492000000.0	2026-06-30	SEC XBRL LongTermDebt 0001120193-26-000013	unverified
debt_short	269000000.0	2026-06-30	SEC XBRL ShortTermBorrowings 0001120193-26-000013	unverified
equity	11988000000.0	2026-06-30	SEC XBRL StockholdersEquity 0001120193-26-000013	unverified
cash	520000000.0	2026-06-30	SEC XBRL CashAndCashEquivalentsAtCarryingValue 0001120193-26-000013	unverified

Graham Enterprising

35 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Current ratio	1.01	>= 1.5	0.2 / 15
2 Borrowings vs working capital LongTermDebt (incl. current maturities) + short-term borrowings	312.89 x	<= 1.1x	0.0 / 15
3 No earnings deficit in the last 5 years	5 of 5 profitable	5 of 5	15.0 / 15
4 Pays a current dividend	yes	yes	10.0 / 10
5 EPS higher than five years earlier	1.86 -> 3.09	higher	10.0 / 10
6 Price / book value per share book value used because intangibles are not separated in the dataset (Graham uses net tangible assets)	4.75	<= 1.2	0.0 / 20
7 Price / net current asset value per share (current assets minus all liabilities) net current asset value not positive	—	<= 0.67	0.0 / 15

Inputs, 15 numbers with their sources

Input	Value	Period	Source	Check
Price (close, per traded unit)	102.56	2026-10-23	Alpaca Market Data (consolidated SIP daily bar)	not cross-checked
current_assets	4533000000.0	2026-06-30	SEC XBRL AssetsCurrent 0001120193-26-000013	unverified
current_liabilities	4505000000.0	2026-06-30	SEC XBRL LiabilitiesCurrent 0001120193-26-000013	unverified
debt_incl_current	8492000000.0	2026-06-30	SEC XBRL LongTermDebt 0001120193-26-000013	unverified
debt_short	269000000.0	2026-06-30	SEC XBRL ShortTermBorrowings 0001120193-26-000013	unverified
Net income FY2021	1187000000.0	2021-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-24-000006	unverified
Net income FY2022	1125000000.0	2022-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001120193-25-000008	unverified
Net income FY2023	1059000000.0	2023-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2024	1117000000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Net income FY2025	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
Dividend years (Yahoo)	[2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026]	history	Yahoo Finance dividend history	not cross-checked
EPS diluted FY2025	3.09	2025-12-31 history	SEC XBRL EarningsPerShareDiluted 0001628280-26-007703	unverified
EPS diluted FY2020	1.86	2020-12-31 history	SEC XBRL EarningsPerShareDiluted 0001120193-23-000014	unverified
equity	11988000000.0	2026-06-30	SEC XBRL StockholdersEquity 0001120193-26-000013	unverified
Shares outstanding	554962751.0	2026-10-16	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020	not cross-checked

Piotroski F-Score

100 of 100. ok. How this is scored.

Test or factor	Value	Threshold	Points
1 Return on assets is positive	5.8%	pass = 1	11.11111111111111 / 11.11111111111111
2 Operating cash flow is positive	2,255M	pass = 1	11.11111111111111 / 11.11111111111111
3 Return on assets improved on the prior year	3.7% -> 5.8%	pass = 1	11.11111111111111 / 11.11111111111111
4 Operating cash flow exceeds net income (accruals)	2,255M vs 1,788M	pass = 1	11.11111111111111 / 11.11111111111111
5 Long-term debt / assets fell	29.9% -> 27.6%	pass = 1	11.11111111111111 / 11.11111111111111
6 Current ratio improved	0.99 -> 1.01	pass = 1	11.11111111111111 / 11.11111111111111
7 No new shares issued (share count did not rise)	571M -> 555M	pass = 1	11.11111111111111 / 11.11111111111111
8 Operating margin improved (stand-in for gross margin, which the dataset does not carry)	24.3% -> 28.2%	pass = 1	11.11111111111111 / 11.11111111111111
9 Asset turnover (revenue / assets) improved	0.24 -> 0.27	pass = 1	11.11111111111111 / 11.11111111111111

Inputs, 27 numbers with their sources

Input	Value	Period	Source	Check
net_income 2025-12-31	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
total_assets 2025-12-31	31053000000.0	2025-12-31 history	SEC XBRL Assets 0001120193-26-000013	unverified
cfo 2025-12-31	2255000000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001628280-26-007703	unverified
net_income 2025-12-31	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
net_income 2024-12-31	1117000000.0	2024-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
total_assets 2025-12-31	31053000000.0	2025-12-31 history	SEC XBRL Assets 0001120193-26-000013	unverified
total_assets 2024-12-31	30395000000.0	2024-12-31 history	SEC XBRL Assets 0001628280-26-007703	unverified
cfo 2025-12-31	2255000000.0	2025-12-31 history	SEC XBRL NetCashProvidedByUsedInOperatingActivities 0001628280-26-007703	unverified
net_income 2025-12-31	1788000000.0	2025-12-31 history	SEC XBRL NetIncomeLoss (10-K via companyfacts; frames served proxy 0001628280-26-027245) 0001628280-26-007703	unverified
lt_debt 2025-12-31	8573000000.0	2025-12-31 history	SEC XBRL LongTermDebtNoncurrent 0001120193-26-000013	unverified
lt_debt 2024-12-31	9081000000.0	2024-12-31 history	SEC XBRL LongTermDebtNoncurrent 0001628280-26-007703	unverified
total_assets 2025-12-31	31053000000.0	2025-12-31 history	SEC XBRL Assets 0001120193-26-000013	unverified
total_assets 2024-12-31	30395000000.0	2024-12-31 history	SEC XBRL Assets 0001628280-26-007703	unverified
current_assets 2025-12-31	8003000000.0	2025-12-31 history	SEC XBRL AssetsCurrent 0001120193-26-000013	unverified
current_assets 2024-12-31	7786000000.0	2024-12-31 history	SEC XBRL AssetsCurrent 0001628280-26-007703	unverified
current_liabilities 2025-12-31	7961000000.0	2025-12-31 history	SEC XBRL LiabilitiesCurrent 0001120193-26-000013	unverified
current_liabilities 2024-12-31	7902000000.0	2024-12-31 history	SEC XBRL LiabilitiesCurrent 0001628280-26-007703	unverified
shares_out 2026-10-16	554962751.0	2026-10-16 history	SEC cover page 10-Q 0001120193-26-000020 (554,962,751 shares (single class on cover)); filing document https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/ndaq-20260930.htm 0001120193-26-000020	unverified
shares_out 2025-10-16	570995433.0	2025-10-16 history	SEC XBRL EntityCommonStockSharesOutstanding 0001628280-25-046006	unverified
operating_income 2025-12-31	2331000000.0	2025-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	unverified
operating_income 2024-12-31	1798000000.0	2024-12-31 history	SEC XBRL OperatingIncomeLoss 0001628280-26-007703	unverified
revenue 2025-12-31	8262000000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
revenue 2024-12-31	7400000000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
revenue 2025-12-31	8262000000.0	2025-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
revenue 2024-12-31	7400000000.0	2024-12-31 history	SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax 0001628280-26-007703	unverified
total_assets 2025-12-31	31053000000.0	2025-12-31 history	SEC XBRL Assets 0001120193-26-000013	unverified
total_assets 2024-12-31	30395000000.0	2024-12-31 history	SEC XBRL Assets 0001628280-26-007703	unverified

Earnings record

SEC XBRL, by fiscal year (named by the calendar year it ends in); EPS split-adjusted to today's shares; each row links to the filing.

FY	Ended	Revenue, $M	Net income, $M	EPS diluted	Dividend	Filing
2013	2013-12-31	3,211	385	0.75	paid	0001120193-16-000020
2014	2014-12-31	3,500	414	0.7967	paid	0001120193-17-000003
2015	2015-12-31	3,403	428	0.8333	paid	0001120193-18-000003
2016	2016-12-31	3,704	106	0.21	paid	0001120193-19-000002
2017	2017-12-31	3,948	729	1.4333	paid	0001120193-20-000004
2018	2018-12-31	4,277	458	0.91	paid	0001120193-21-000011
2019	2019-12-31	4,258	774	1.5433	paid	0001120193-22-000007
2020	2020-12-31	5,625	933	1.86	paid	0001120193-23-000014
2021	2021-12-31	5,886	1,187	2.35	paid	0001120193-24-000006
2022	2022-12-31	6,226	1,125	2.26	paid	0001120193-25-000008
2023	2023-12-31	6,064	1,059	2.08	paid	0001628280-26-007703
2024	2024-12-31	7,400	1,117	1.93	paid	0001628280-26-007703
2025	2025-12-31	8,262	1,788	3.09	paid	0001628280-26-007703

Insider transactions

SEC Form 4 open-market purchases and sales from the insider data sets; latest 20.

Date	Insider	Role	Type	Shares	Price	Value
2026-10-20	Skule Jeremy	officer	sale plan	1,125	95.00	106,875
2026-10-12	Skule Jeremy	officer	sale plan	1,125	94.13	105,896
2026-09-22	Skule Jeremy	officer	sale plan	1,125	95.00	106,875
2026-09-10	Skule Jeremy	officer	sale plan	1,125	94.22	105,998
2026-08-10	Griggs Pc Nelson	officer	sale	3,226	96.16	310,212
2026-08-10	Skule Jeremy	officer	sale plan	2,250	94.75	213,188
2026-08-07	Peterson Bradley J	officer	sale	6,000	95.55	573,300
2026-08-03	Smith Bryan Everard	officer	sale plan	1,556	95.07	147,929
2026-07-29	Griggs Pc Nelson	officer	sale	11,010	96.35	1,060,814
2026-07-27	Griggs Pc Nelson	officer	sale	11,010	93.96	1,034,500
2026-07-24	Griggs Pc Nelson	officer	sale	6,777	92.53	627,076
2026-07-24	Peterson Bradley J	officer	sale	13,000	92.61	1,203,930
2026-07-01	Smith Bryan Everard	officer	sale plan	3,000	80.00	240,000
2026-06-11	Smith Bryan Everard	officer	sale	3,000	86.91	260,730
2026-06-11	Investor Ab	10%	buy	56,782	85.98	4,882,116
2026-05-18	Griggs Pc Nelson	officer	sale	5,093	92.62	471,714
2026-04-28	Peterson Bradley J	officer	sale	7,710	90.82	700,222
2026-04-27	Tal Cohen	officer	sale	15,518	90.75	1,408,258
2026-04-24	Daly Michelle Lynn	officer	sale	129	88.85	11,462
2026-04-24	Daly Michelle Lynn	officer	sale	1,194	88.82	106,051

Filings and links

Third-party sites are linked only; nothing from them is stored here.

SEC: filing index, 8-K, Form 4, XBRL companyfacts
Prices: Yahoo Finance, Stooq
Elsewhere: morningstar, finviz, stockanalysis, seeking alpha, openinsider, google news

Cite as: The Claude Trader snapshot 2026-10-26, https://theclaudetrader.com/s/NDAQ; data from SEC EDGAR XBRL and market prices (Alpaca Market Data, Yahoo Finance) to 2026-10-23. Data last checked 2026-10-26.