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"source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526400998/" }, { "txn_date": "2026-09-10", "insider_name": "SKULE JEREMY", "role": "officer", "code": "S", "shares": 1125.0, "price": 94.22, "value": 105997.5, "is_10b5_1": 1, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526390544/" }, { "txn_date": "2026-08-10", "insider_name": "Griggs PC Nelson", "role": "officer", "code": "S", "shares": 3226.0, "price": 96.16, "value": 310212.16, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526346807/" }, { "txn_date": "2026-08-10", "insider_name": "SKULE JEREMY", "role": "officer", "code": "S", "shares": 2250.0, "price": 94.75, "value": 213187.5, "is_10b5_1": 1, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526346810/" }, { "txn_date": "2026-08-07", "insider_name": "Peterson Bradley J", "role": "officer", "code": "S", "shares": 6000.0, "price": 95.55, "value": 573300.0, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526344576/" }, { "txn_date": "2026-08-03", "insider_name": "Smith Bryan Everard", "role": "officer", "code": "S", "shares": 1556.0, "price": 95.07, "value": 147928.91999999998, "is_10b5_1": 1, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526335033/" }, { "txn_date": "2026-07-29", "insider_name": "Griggs PC Nelson", "role": "officer", "code": "S", "shares": 11010.0, "price": 96.35, "value": 1060813.5, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526328462/" }, { "txn_date": "2026-07-27", "insider_name": "Griggs PC Nelson", "role": "officer", "code": "S", "shares": 11010.0, "price": 93.96, "value": 1034499.6, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526320976/" }, { "txn_date": "2026-07-24", "insider_name": "Griggs PC Nelson", "role": "officer", "code": "S", "shares": 6777.0, "price": 92.53, "value": 627075.81, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526320976/" }, { "txn_date": "2026-07-24", "insider_name": "Peterson Bradley J", "role": "officer", "code": "S", "shares": 13000.0, "price": 92.61, "value": 1203930.0, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526320978/" }, { "txn_date": "2026-07-01", "insider_name": "Smith Bryan Everard", "role": "officer", "code": "S", "shares": 3000.0, "price": 80.0, "value": 240000.0, "is_10b5_1": 1, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526294475/" }, { "txn_date": "2026-06-11", "insider_name": "Smith Bryan Everard", "role": "officer", "code": "S", "shares": 3000.0, "price": 86.91, "value": 260730.0, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526271080/" }, { "txn_date": "2026-06-11", "insider_name": "INVESTOR AB", "role": "10%", "code": "P", "shares": 56782.0, "price": 85.98, "value": 4882116.36, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526271162/" }, { "txn_date": "2026-05-18", "insider_name": "Griggs PC Nelson", "role": "officer", "code": "S", "shares": 5093.0, "price": 92.62, "value": 471713.66000000003, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526232545/" }, { "txn_date": "2026-04-28", "insider_name": "Peterson Bradley J", "role": "officer", "code": "S", "shares": 7710.0, "price": 90.82, "value": 700222.2, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526197102/" }, { "txn_date": "2026-04-27", "insider_name": "Tal Cohen", "role": "officer", "code": "S", "shares": 15518.0, "price": 90.75, "value": 1408258.5, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526191425/" }, { "txn_date": "2026-04-24", "insider_name": "Daly Michelle Lynn", "role": "officer", "code": "S", "shares": 129.0, "price": 88.85, "value": 11461.65, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526186881/" }, { "txn_date": "2026-04-24", "insider_name": "Daly Michelle Lynn", "role": "officer", "code": "S", "shares": 1194.0, "price": 88.82, "value": 106051.07999999999, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526186881/" }, { "txn_date": "2026-04-01", "insider_name": "FRIEDMAN ADENA T", "role": "CEO", "code": "S", "shares": 113611.0, "price": 85.44, "value": 9706923.84, "is_10b5_1": 0, "source_url": "https://www.sec.gov/Archives/edgar/data/1120193/000119312526140439/" } ], "links": { "sec_filings": "https://www.sec.gov/edgar/browse/?CIK=0001120193", "sec_xbrl_companyfacts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001120193.json", "sec_form4": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001120193&type=4", "sec_8k": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001120193&type=8-K", "yahoo": "https://finance.yahoo.com/quote/NDAQ", "stooq": "https://stooq.com/q/d/?s=ndaq.us", "external_views_link_only": { "morningstar": "https://www.morningstar.com/search?query=NDAQ", "finviz": "https://finviz.com/quote.ashx?t=NDAQ", "stockanalysis": "https://stockanalysis.com/stocks/ndaq/", "seeking_alpha": "https://seekingalpha.com/symbol/NDAQ", "openinsider": "http://openinsider.com/search?q=NDAQ", "google_news": "https://news.google.com/rss/search?q=NDAQ+stock" } }, "machine_readable": { "json": "https://theclaudetrader.com/s/NDAQ.json", "markdown": "https://theclaudetrader.com/s/NDAQ.md", "research_packet": "https://theclaudetrader.com/r/NDAQ.json", "index": "https://theclaudetrader.com/llms.txt" }, "dossier": null, "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.", "disclaimer": "Scores are deterministic rule outputs from public filings. fair_value_model is a labelled model estimate from the same filings (method at /fair-value), not an opinion or recommendation.", "fair_value_model": { "fair_value": 67.89, "fv_low": 38.75, "fv_high": 73.79, "fv_gap_pct": -33.8, "fv_verdict": "red", "fv_methods": 3, "fv_as_of": "2026-10-23", "fv_calculated_on": "2026-10-26", "fv_inputs_through": "2026-10-22", "fv_skipped": null, "unit": "per traded unit (share or ADS), same currency as the price", "methods": { "dcf": { "value": 67.88556395958034, "growth_used": 0.07992235839492046, "fcf_avg": 1753000000.0, "inputs": { "fcf": { "value": 1753000000.0, "years": [ 2023, 2024, 2025 ], "by_year": [ 1538000000.0, 1732000000.0, 1989000000.0 ], "cfo": [ { "value": 1696000000.0, "tag": "SEC XBRL NetCashProvidedByUsedInOperatingActivities", "period_end": "2023-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" }, { "value": 1939000000.0, "tag": "SEC XBRL NetCashProvidedByUsedInOperatingActivities", "period_end": "2024-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" }, { "value": 2255000000.0, "tag": "SEC XBRL NetCashProvidedByUsedInOperatingActivities", "period_end": "2025-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" } ], "capex": [ { "value": 158000000.0, "tag": "SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment", "period_end": "2023-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" }, { "value": 207000000.0, "tag": "SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment", "period_end": "2024-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" }, { "value": 266000000.0, "tag": "SEC XBRL PaymentsToAcquirePropertyPlantAndEquipment", "period_end": "2025-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" } ] }, "revenue_cagr_5y": { "value": 0.07992235839492046, "from": { "value": 5625000000.0, "tag": "SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax", "period_end": "2020-12-31", "accession": "0001120193-23-000014", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000112019323000014/" }, "to": { "value": 8262000000.0, "tag": "SEC XBRL RevenueFromContractWithCustomerExcludingAssessedTax", "period_end": "2025-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/" } }, "shares": { "value": 554962751.0, "tag": "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", "period_end": "2026-10-16", "accession": "0001120193-26-000020", "filed": "2026-10-22", "url": "https://www.sec.gov/Archives/edgar/data/1120193/000112019326000020/R1.htm" } } }, "earnings": { "value": 73.78888353518884, "pe_used": 23.879897584203512, "pe_raw": 23.879897584203512, "pe_basis": "SIC 62 peer median excluding itself (14 peers)", "inputs": { "eps": { "fy": 2025, "value": 3.09, "tag": "SEC XBRL EarningsPerShareDiluted", "period_end": "2025-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/", "value_reported": 3.09, "split_factor": 1.0 } } }, "graham": { "value": 38.75359075645264, "inputs": { "eps": { "fy": 2025, "value": 3.09, "tag": "SEC XBRL EarningsPerShareDiluted", "period_end": "2025-12-31", "accession": "0001628280-26-007703", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000162828026007703/", "value_reported": 3.09, "split_factor": 1.0 }, "bvps": { "value": 21.601449788113797, "equity": { "value": 11988000000.0, "tag": "SEC XBRL StockholdersEquity", "period_end": "2026-06-30", "accession": "0001120193-26-000013", "filed": null, "url": "https://www.sec.gov/Archives/edgar/data/1120193/000112019326000013/" }, "shares": 554962751.0 } } } }, "method_note": "Median of up to three methods from SEC filings: owner-earnings DCF (3-yr avg FCF, 10-yr two-stage, growth = min(5-yr revenue CAGR, 10%) fading to 2.5%, 9% discount), trailing EPS x SIC-peer median P/E (8-35), Graham number. Model estimate, not advice.", "discount_rate": 0.09, "terminal_growth": 0.025, "verdict_rule": "green: fair value more than 10% above price; red: more than 10% below; amber: within 10%", "page": "https://theclaudetrader.com/fair-value" } }