Nasdaq, Inc. — Earnings Quality Grade F
NDAQ · Financial Services
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 42 days, change -9 days YoY
AR growth -7.7% vs revenue growth 11.6%
Revenue 11.6%, CFFO 16.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 28.5% is >2x revenue growth 11.6%
SG&A/Gross Profit = 12.2%, excellent (<30%)
Gross margin 42.2%, change +1.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.26. Profits backed by cash
FCF $2.0B, FCF/NI = 1.11
Accruals ratio = -1.5%. Low accruals
Cash $3.4B covers only 35% of debt $9.5B
Balance Sheet Health
Goodwill+Intangibles $20.9B = 171% of equity. Over 50%
Debt/EBITDA = 3.0x. Healthy
Other assets grew 27.5% vs revenue 11.6%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Nasdaq, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09