NASDAQ, INC（NDAQ）の決算・業績分析
NASDAQ, INCの2025年有価証券報告書をAI分析。売上高$8.3B(+11.6%)。営業利益$2.3B。Financials。
目次
NASDAQ, INCの2025年度 業績サマリー
NASDAQ, INC（証券コード: NDAQ）の2025年度決算・業績分析。売上高は$8.3B（前年比+11.6%）。営業利益は$2.3B（前年比+29.6%）。純利益は$1.8B（前年比+60.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
NASDAQ, INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue grew 5.8% YoY to $6.2B (XBRL), but net income declined 5.2% YoY to $1.1B (XBRL).
- Operating income increased 8.5% YoY to $1.6B (XBRL), driven by higher gross margins (57.5%) and efficient cost management.
- Net debt to EBITDA ratio stands at 5.8x (XBRL), reflecting significant leverage despite strong free cash flow ($1.6B).
- ROE of 10.4% (XBRL) and ROA of 3.5% (XBRL) indicate moderate returns relative to equity and assets.
NASDAQ, INCの売上高変化の要因
- •Revenue grew 5.8% YoY to $6.2B (XBRL), continuing a 7.2% CAGR over five years (XBRL). Historical time series shows revenue increasing from $4.3B in FY2020 to $6.2B in FY2024, with a slight decline to $6.1B in FY2025 (XBRL). Growth drivers include expansion of Capital Access Platforms and the acquisition of Adenza, which expanded compliance and financial crime management solutions (10-K). However, segment-specific revenue details are not disclosed (N/A).
NASDAQ, INCの営業利益変化の要因
- •Gross margin improved to 57.5% (XBRL), with gross profit of $3.6B. Operating margin rose to 25.1% (XBRL), driven by 8.5% YoY growth in operating income to $1.6B (XBRL). Net margin declined to 18.1% (XBRL), despite a 5.2% YoY drop in net income to $1.1B (XBRL). The decline in net income may reflect increased expenses or one-time charges, though specifics are not provided (N/A).
NASDAQ, INCの事業リスクと対応
Economic conditions and market factors may reduce demand for services, impact customer obligations, and lower trading volumes (10-K).
Intense competition from exchanges, ATSs, and MTFs threatens market share and pricing (10-K).
Regulatory changes and geopolitical risks influence demand for products and services (10-K).
Dependence on a small number of customers in financial services increases revenue volatility (10-K).
Global economic downturns may extend sales cycles and reduce customer spending on new services (10-K).
NASDAQ, INCの事業内容
NASDAQ, Inc. is a global technology company providing data, analytics, software, exchange capabilities, and client-centric services to corporate clients, investment managers, banks, brokers, and exchange operators (10-K). Its revenue model relies on platforms that enhance liquidity, transparency, and integrity in global capital markets. The company operates three segments: 1) Capital Access Platforms (data & listing services, index solutions, workflow & insights), 2) Financial Technology and Market Services (marketplace technology, compliance solutions, financial crime management), and 3) Adenza solutions (AxiomSL and Calypso) (10-K). Key competitive advantages include proprietary technology, extensive data analytics, and a broad client base of 10,000 corporate clients and 5,000 investment management clients (10-K). No significant customer concentration is reported (N/A).
NASDAQ, INCのAI業績分析レポート（2024年度）
NASDAQ, Inc. (NDAQ) FY2024 Annual Report Analysis
Highlights
Business Overview
NASDAQ, Inc. is a global technology company providing data, analytics, software, exchange capabilities, and client-centric services to corporate clients, investment managers, banks, brokers, and exchange operators (10-K). Its revenue model relies on platforms that enhance liquidity, transparency, and integrity in global capital markets. The company operates three segments: 1) Capital Access Platforms (data & listing services, index solutions, workflow & insights), 2) Financial Technology and Market Services (marketplace technology, compliance solutions, financial crime management), and 3) Adenza solutions (AxiomSL and Calypso) (10-K). Key competitive advantages include proprietary technology, extensive data analytics, and a broad client base of 10,000 corporate clients and 5,000 investment management clients (10-K). No significant customer concentration is reported (N/A).
Revenue Analysis
Revenue grew 5.8% YoY to $6.2B (XBRL), continuing a 7.2% CAGR over five years (XBRL). Historical time series shows revenue increasing from $4.3B in FY2020 to $6.2B in FY2024, with a slight decline to $6.1B in FY2025 (XBRL). Growth drivers include expansion of Capital Access Platforms and the acquisition of Adenza, which expanded compliance and financial crime management solutions (10-K). However, segment-specific revenue details are not disclosed (N/A).
Profitability Analysis
Gross margin improved to 57.5% (XBRL), with gross profit of $3.6B. Operating margin rose to 25.1% (XBRL), driven by 8.5% YoY growth in operating income to $1.6B (XBRL). Net margin declined to 18.1% (XBRL), despite a 5.2% YoY drop in net income to $1.1B (XBRL). The decline in net income may reflect increased expenses or one-time charges, though specifics are not provided (N/A).
Balance Sheet Analysis
Total assets grew to $32.3B (XBRL) in FY2024, with total equity increasing to $10.8B (XBRL). The equity ratio is 33.5% (XBRL), and debt-to-equity ratio is 1.98x (XBRL). Net debt of $9.7B (XBRL) represents 5.8x EBITDA (XBRL), indicating high leverage. Current ratio is 1.01x (XBRL), suggesting tight liquidity.
Cash Flow Analysis
Operating cash flow increased to $1.7B (XBRL), with free cash flow of $1.6B (XBRL) after $152M in CapEx (XBRL). Financing activities included $383M in dividends paid (XBRL) and $308M in share repurchases (XBRL), totaling $691M in shareholder returns (XBRL). Investing cash flow was $49M (XBRL), reflecting modest capital expenditures.
Working Capital Analysis
N/A
Risks
Outlook
N/A
Financialsの企業一覧
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