- Is Nasdaq (NDAQ) Fairly Priced After Recent Pullback And AI Partnership Hopes?
May 12, 2026
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If you are wondering whether Nasdaq at US$88.48 is offering fair value or a potential mispricing, the starting point is to understand what the recent share performance and fundamentals are actually telling you. The stock is down 3.1% over the past week, up 6.4% over the past month, down 8.5% year to date, and up 10.9% over the past year, with longer term gains of 67.3% over three years and 73.5% over five years. These figures provide important context before judging the current price. Recent headlines have focused on Nasdaq's role as a market operator and technology provider, including ongoing interest in how trading volumes, listing activity, and regulatory developments may affect its business model. These themes help frame whether the recent pullback and prior gains reflect changing views on growth prospects or shifts in perceived risk. Nasdaq currently has a valuation score of 3/6, which means it screens as undervalued on half of the six checks. The next sections will walk through those methods before finishing with a broader way to think about what the stock may be worth.
Nasdaq delivered 10.9% returns over the last year. See how this stacks up to the rest of the Capital Markets industry.
Approach 1: Nasdaq Excess Returns Analysis
The Excess Returns model looks at how effectively a company turns its equity base into profits above the return investors require. Instead of focusing on cash flows, it weighs return on equity against the cost of equity to estimate what the stock might be worth today.
For Nasdaq, book value is $21.31 per share and stable earnings per share are estimated at $4.61, based on weighted future Return on Equity estimates from 5 analysts. That translates into an average Return on Equity of 19.25%. The model assumes a cost of equity of $1.96 per share, which implies an excess return of $2.65 per share on that equity base. Stable book value is projected at $23.96 per share, using estimates from 2 analysts.
Pulling these inputs together, the Excess Returns valuation points to an intrinsic value of about $81.01 per share. Against a current share price of US$88.48, this suggests the stock screens as roughly 9.2% above that estimate, which is a modest gap rather than a dramatic mismatch.
Result: ABOUT RIGHT
Nasdaq is fairly valued according to our Excess Returns, but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act.NDAQ Discounted Cash Flow as at May 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Nasdaq.
Story Continues
Approach 2: Nasdaq Price vs Earnings
For a profitable company like Nasdaq, the P/E ratio is a useful shorthand because it links what you pay today to the earnings the business is already producing. Investors generally accept a higher P/E when they expect stronger earnings growth or see the earnings stream as relatively resilient, and a lower P/E when growth is more modest or risks are higher.
Nasdaq trades on a P/E of 26.17x. That sits below the wider Capital Markets industry average of 41.11x and also below the peer group average of 29.05x. On the surface, this suggests the stock is priced at a discount to many listed peers.
Simply Wall St’s Fair Ratio for Nasdaq is 15.90x. This is a proprietary estimate of what Nasdaq’s P/E might be if the market priced in factors such as its earnings growth profile, profit margins, risk characteristics, industry and market cap in a consistent way. Because it adjusts for these company specific inputs, it can be more informative than a simple comparison with broad industry or peer averages. With the current P/E of 26.17x above the Fair Ratio of 15.90x, the stock screens as trading richer than that tailored benchmark.
Result: OVERVALUEDNasdaqGS:NDAQ P/E Ratio as at May 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 19 top founder-led companies.
Upgrade Your Decision Making: Choose your Nasdaq Narrative
Earlier it was mentioned that there is an even better way to understand valuation, so Narratives are introduced here as a simple story you create about Nasdaq that links your view of its business, your estimates for future revenue, earnings and margins, and the fair value you think is reasonable.
On Simply Wall St, Narratives sit on the Community page and turn that story into a financial forecast and a fair value, then compare it to the current price to help you decide whether Nasdaq looks closer to a buy, a hold, or a sell for your own framework.
These Narratives refresh when new information such as earnings, news or updated analyst assumptions comes through. This helps your fair value view stay aligned with what is actually happening rather than being locked to a static model.
For Nasdaq, one investor might align with the higher analyst target of US$120.00 because they place more weight on opportunities in AI, fintech and partnerships with firms like AWS and Talos. Another might lean toward US$82.00 because they focus on risks around competition, regulation and execution, and Narratives lets both viewpoints live side by side in a clear, numbers backed format.
Do you think there's more to the story for Nasdaq? Head over to our Community to see what others are saying!NasdaqGS:NDAQ 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NDAQ.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Delisting of Securities from The Nasdaq Stock Market
May 11, 2026
Nasdaq, Inc.
NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- The Nasdaq Stock Market announced today that it will delist the ordinary shares of MingZhu Logistics Holdings Limited. MingZhu Logistics Holdings Limited’s ordinary shares were suspended on December 12, 2025 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares of Harrison Global Holdings Inc. Harrison Global Holdings Inc.’s ordinary shares were suspended on December 15, 2025 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock and warrants of MSP Recovery, Inc. MSP Recovery, Inc.’s securities were suspended on December 22, 2025 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A ordinary shares of EPWK Holdings Ltd. EPWK Holdings Ltd.’s Class A ordinary shares were suspended on December 23, 2025 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock of Inspire Veterinary Partners, Inc. Inspire Veterinary Partners, Inc.’s Class A common stock was suspended on January 21, 2026 and has not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of Synlogic, Inc. Synlogic, Inc.’s common stock was suspended on January 21, 2026 and has not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A common stock of Twin Hospitality Group Inc. Twin Hospitality Group Inc.’s Class A common stock was suspended on February 4, 2026 and has not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Common Stock, Class B Common Stock, and 8.25% Series B Cumulative Preferred Stock of FAT Brands Inc. FAT Brands Inc.’s securities were suspended on February 4, 2026 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares and warrants of Carbon Revolution Public Limited Company. Carbon Revolution Public Limited Company’s securities were suspended on February 9, 2026 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of ScanTech AI Systems Inc. ScanTech AI Systems Inc.’s common stock was suspended on February 10, 2026 and has not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares of CASI Pharmaceuticals, Inc. CASI Pharmaceuticals, Inc.’s ordinary shares were suspended on February 26, 2026 and have not traded on Nasdaq since that time.
Story Continues
Nasdaq also announced today that it will delist the Class A ordinary shars of TIAN RUIXIANG Holdings Ltd. TIAN RUIXIANG Holdings Ltd’s Class A ordinary shares were suspended on March 5, 2026 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Class A ordinary shares, units, rights, and warrants of Oak Woods Acquisition Corporation. Oak Woods Acquisition Corporation’s securities were suspended on March 25, 2026 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the ordinary shares of Iterum Therapeutics plc. Iterum Therapeutics plc’s ordinary shares were suspended on April 1, 2026 and have not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the common stock of IO Biotech, Inc. IO Biotech, Inc.’s common stock was suspended on April 7, 2026 and has not traded on Nasdaq since that time.
Nasdaq also announced today that it will delist the Series A Common Stock and 8.0% Series A Cumulative Redeemable Preferred Stock of QVC Group, Inc. QVC Group, Inc.’s securities were suspended on April 24, 2026 and have not traded on Nasdaq since that time.
For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com. Nasdaq’s rules governing the delisting of securities can be found in the Nasdaq Rule 5800 Series, available on the Nasdaq Web site: https://listingcenter.nasdaq.com/rulebook/nasdaq/rules/nasdaq-5800-series.
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- Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date April 30, 2026
May 11, 2026
Nasdaq, Inc.
NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- At the end of the settlement date of April 30, 2026, short interest in 3,714 Nasdaq Global MarketSM securities totaled 16,707,836,595 shares compared with 16,579,123,734 shares in 3,689 Global Market issues reported for the prior settlement date of April 15, 2026. The April short interest represents 2.84 days compared with 2.71 days for the prior reporting period.
Short interest in 1,644 securities on The Nasdaq Capital MarketSM totaled 3,896,400,254 shares at the end of the settlement date of April 30, 2026, compared with 3,919,142,444 shares in 1,643 securities for the previous reporting period. This represents a 1.15 day average daily volume; the previous reporting period’s figure was 1.16.
In summary, short interest in all 5,358 Nasdaq® securities totaled 20,604,236,849 shares at the April 30, 2026 settlement date, compared with 5,332 issues and 20,498,266,178 shares at the end of the previous reporting period. This is 2.22 days average daily volume, compared with an average of 2.16 days for the prior reporting period.
The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.
For more information on Nasdaq Short interest positions, including publication dates, visit
https://www.nasdaq.com/market-activity/quotes/short-interest
or http://www.nasdaqtrader.com/asp/short_interest.asp.Nasdaq Short Interest Days
About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
NDAQO
Media Contact:
Sam Raffalli
sam.raffalli@nasdaq.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/10dffe1a-8295-4894-8e31-9c36fccb9723
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- Lumentum Holdings Inc. to Join the Nasdaq-100 Index® Beginning May 18, 2026
May 9, 2026
Nasdaq, Inc.
NEW YORK, May 08, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today announced that Lumentum Holdings Inc. (Nasdaq: LITE) will become a component of the Nasdaq-100 Index® replacing CoStar Group, Inc. (Nasdaq: CSGP) prior to market open on Monday, May 18, 2026.
For additional information, including notifications on changes to any Nasdaq Indexes, please go to https://indexes.nasdaq.com/
About Nasdaq Global Indexes
Nasdaq Global Indexes is one of the world's leading index providers, offering a comprehensive suite of rules-based benchmarks and indexes. The Nasdaq-100 Index® — which measures the performance of 100 of the largest Nasdaq-listed non-financial companies — is tracked by more than 200 investment products with over $600 billion in assets under management globally. Nasdaq Global Indexes publishes and maintains more than 35,000 indexes across asset classes and geographies.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular financial product or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any financial product or any representation about the financial condition of any company or fund. Statements regarding Nasdaq’s proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.
MediaContact:
Maximilian Leitenberger
Maximilian.leitenberger@nasdaq.com
Issuer & Investor Contact:
Index Client Services, Nasdaq
Indexservices@nasdaq.com
-NDAQG-
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- IPO Edge Nasdaq Firesides Scheduled for June 1 & July 27
May 7, 2026
Example below of IPO Edge Firesides at Nasdaq, or Click HERE:
IPO Edge and CorpGov invite guests to join 15-minute interviews in the iconic Studios A and B at Nasdaq’s MarketSite in Times Square on June 1 and July 27, 2026. Please email Editor@ipo-edge.com for information about participating.
Interviews are recorded in 4k with three camera angles on the same set used by CNBC’s “Squawk Box.” Speakers also enjoy a photo opportunity in Times Square with corporate branding displayed on the Nasdaq tower.
All content is published on our owned websites and syndicates instantly (under relevant company stock tickers) via formal agreements with Yahoo Finance, Bloomberg Terminals, Reuters via LSEG Workspace, and AlphaSense. We also publish social media video posts across major platforms like LinkedIn, X, Instagram, and TikTok.
Readers can find a fireside chat example on the following article: Public Gateway to Telegram Economy: AlphaTON Executive Chairman Enzo Villani, Live at Nasdaq
READ MORE
Final Agenda for 2nd Princeton CorpGov Forum: Endowments, Activism and Entertainment
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- Assessing Nasdaq (NDAQ) Valuation As Long Term Returns Contrast With A 7.7% Year To Date Decline
May 7, 2026
Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide.
Nasdaq stock performance snapshot
Nasdaq (NDAQ) has seen mixed recent returns, with a 0.2% move over the past day, a 2.3% decline over the past week, and gains over the month and past 3 months.
Year to date, the stock shows a 7.7% decline, while the 1 year, 3 year, and 5 year total returns sit at 14.9%, very large, and very large multiples respectively. This offers a broad view of how the stock has behaved across different holding periods.
See our latest analysis for Nasdaq.
The recent 1 day share price uptick and softer 7 day share price return sit alongside a 1 year total shareholder return of 14.9% and very large multi year total shareholder returns. This suggests longer term momentum has remained stronger than the shorter term trend.
If Nasdaq's mix of market infrastructure and financial technology has your attention, it can be useful to broaden your watchlist with other exchange related plays and 19 top founder-led companies
With Nasdaq shares sitting below analyst price targets and recent returns mixed across time frames, the key question for investors is whether this setup suggests an undervalued compounder or a stock where the market is already pricing in future growth.
Most Popular Narrative: 16.4% Undervalued
Nasdaq's most followed narrative places fair value at about $106.67 per share, compared with the last close of $89.20, framing the stock as trading at a discount in that model.
The enhanced partnership with AWS is expected to modernize Nasdaq's market infrastructure across its financial services clientele, driving operational efficiencies, improving scalability, and potentially increasing market share, positively impacting net margins and future revenue growth. The expansion of Verafin's AI driven solutions is anticipated to enhance the platform's value, facilitating upselling opportunities, attracting new clients, and increasing engagement.
Read the complete narrative.
Curious how a technology heavy mix of exchanges, data and compliance tools supports this valuation gap? Revenue growth, margin assumptions and the chosen earnings multiple all play decisive roles. The narrative spells out exactly how they fit together.
Result: Fair Value of $106.67 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, this depends on clients signing larger FinTech deals and regulators remaining supportive of cloud and AI adoption, both of which could easily slow or disrupt execution.
Story Continues
Find out about the key risks to this Nasdaq narrative.
Another angle on value
The popular narrative frames Nasdaq as about 16.4% undervalued on a fair value of $106.67, but the current P/E of 26.4x tells a more cautious story. It is lower than the US Capital Markets industry at 42.8x and the peer average at 28.8x, yet well above the fair ratio of 15.9x. That gap points to the risk that the market could eventually lean toward a lower multiple instead of accepting the premium the narrative assumes. Which outcome do you think is more realistic?
See what the numbers say about this price — find out in our valuation breakdown.NasdaqGS:NDAQ P/E Ratio as at May 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Nasdaq for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 44 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.
Next Steps
Having seen enough numbers to recognize both optimism and caution in the story, now is the time to review the full picture yourself and weigh the balance of concerns and potential upside by checking the 4 key rewards and 2 important warning signs
Looking for more investment ideas?
If Nasdaq is on your radar, do not stop there. Broaden your opportunity set now so you are not relying on a single story for future returns.
Target potential growth at a discount by reviewing 44 high quality undervalued stocks that pair quality fundamentals with prices that may not fully reflect them. Strengthen your income stream by scanning 12 dividend fortresses that combine yield with balance sheets built to support ongoing payouts. Protect your downside by focusing on 74 resilient stocks with low risk scores that score well on financial health and volatility, so setbacks are less likely to surprise you.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include NDAQ.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Zacks Industry Outlook Highlights S&P Global, CME Group, Intercontinental Exchange, Nasdaq and Cboe Global Markets
May 7, 2026
For Immediate Release
Chicago, IL – May 7, 2026 – Today, Zacks Equity Research discusses S&P Global SPGI, CME Group CME, Intercontinental Exchange ICE, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE.
Industry: Securities & Exchanges
Link: https://www.zacks.com/commentary/2915977/5-stocks-to-watch-from-the-prospering-securities-exchanges-industry
A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global, CME Group, Intercontinental Exchange, Nasdaq Inc. and Cboe Global Markets. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges.
They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges.
Story Continues
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: Industry revenues are largely generated through trade execution, securities and commodities clearing and settlement, listing services and trading infrastructure solutions. Rising market volatility often increases trading volumes, driving higher transaction and clearing fees. A favorable cryptocurrency environment, supported by lighter regulations and wider digital asset adoption, is further expected to enhance trading activity and fee generation.
Profitability depends on maximizing transaction-based revenues while maintaining cost efficiency. Industry participants are increasingly focusing on tokenization, converting traditional assets such as stocks, bonds, ETFs, and private equity into blockchain-based digital tokens. Growth in stablecoins and digital payment systems is also strengthening the integration of traditional finance with digital assets. Technavio projects the global securities exchanges market to reach $49.6 billion by 2028, expanding at a 12.1% CAGR.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure.
The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.
Mergers and Acquisitions: Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
Continuous Investment in Technology, AI in particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience.
Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #23, which places it in the top 9% of the 243 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been gaining confidence in this group’s earnings growth potential. Estimates for 2026 have increased 5.5% in a year.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date. The industry has lost 7.3% against the broader sector’s increase of 1.2% and the Zacks S&P 500 composite’s rise of 6% in the said time frame.
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 21.14X compared with the S&P 500’s 21.73X and the sector’s 15.61X.
Over the last five years, the industry has traded as high as 29.62X, as low as 20.4X and at the median of 24.55X.
5 Securities and Exchanges Stocks to Keep an Eye On
We are presenting one Zacks Rank #1 (Strong Buy) stock and four Zacks Rank #3 (Hold) stocks from the Securities and Exchanges industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #1 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.5% and 4.9%, respectively. The expected long-term earnings growth rate is pegged at 15.6%, better than the industry average of 11.9%. The consensus mark for 2026 and 2027 earnings has moved 6.3% and 4.6% north, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.
S&P Global: Headquartered in New York, this Zacks Rank #3 company is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It remains well-positioned to gain from the growing demand for business information services. While buyouts help it innovate, increase differentiated content and develop products, continued service launches have been aiding the company's growth and enhancing its market reach.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 9.9% and 12.4% year over year, respectively. SPGI came up with a four-quarter average earnings surprise of 3.60%. The expected long-term earnings growth rate is pegged at 11.9%. The consensus mark for 2026 and 2027 earnings has moved 0.3% and 0.4% north, respectively, in the past 30 days.
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #3 stock.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 10.9% and 12%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 4.93%. The expected long-term earnings growth rate is pegged at 12.7%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1% and 1.2% north, respectively, in the past 30 days.
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 9.5% and 4.1%, respectively. It came up with a four-quarter average earnings surprise of 1.01%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 1.8% and 1.2% north, respectively, in the past 30 days.
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.4% and 7.3%, respectively. It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12.4%. The consensus mark for 2026 and 2027 earnings has moved 4.7% and 1.7% north, respectively, in the past 30 days.
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Intercontinental Exchange Inc. (ICE) : Free Stock Analysis Report
CME Group Inc. (CME) : Free Stock Analysis Report
Nasdaq, Inc. (NDAQ) : Free Stock Analysis Report
Cboe Global Markets, Inc. (CBOE) : Free Stock Analysis Report
S&P Global Inc. (SPGI) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
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- 5 Stocks to Watch From the Prospering Securities & Exchanges Industry
May 6, 2026
A compelling and diversified product portfolio helps drive the revenues of Zacks Securities and Exchanges industry players. A rise in trading volumes, product expansion through prudent acquisitions and the increased adoption of a greater number of crypto assets are expected to benefit S&P Global (SPGI), CME Group CME, Intercontinental Exchange ICE, Nasdaq Inc. NDAQ and Cboe Global Markets CBOE. Increased focus on accelerating their non-trading revenue base, which comprises market technology, listing and information revenues, infuses dynamism in the business profile of the industry players. The industry is also witnessing increased retail trading. However, alterations in investment patterns and priorities and compliance with regulations pose challenges. With the increasing digitization of financial markets, cyber threats and data breaches continue to pose serious risks.
Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments
About the Industry
The Zacks Securities and Exchanges industry comprises companies that operate electronic marketplaces, which facilitate the buying and selling of stocks, stock options and bonds or commodity contracts. They facilitate trading across a diverse range of products in multiple asset classes and geographies. The companies generate revenues from fees received from the listed companies on their exchanges. They also provide a range of data and listing services to global financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, investments, risk management, desktops, and connectivity solutions, as well as corporate and ETF listing services, on the cash equity exchanges. The industry is witnessing increased adoption of crypto assets. Yet, industry players have to comply with a number of regulations, resulting in challenges.
4 Trends Shaping the Future of the Securities and Exchanges Industry
Volatility Fueling Trading Volume: Industry revenues are largely generated through trade execution, securities and commodities clearing and settlement, listing services and trading infrastructure solutions. Rising market volatility often increases trading volumes, driving higher transaction and clearing fees. A favorable cryptocurrency environment, supported by lighter regulations and wider digital asset adoption, is further expected to enhance trading activity and fee generation. Profitability depends on maximizing transaction-based revenues while maintaining cost efficiency. Industry participants are increasingly focusing on tokenization, converting traditional assets such as stocks, bonds, ETFs, and private equity into blockchain-based digital tokens. Growth in stablecoins and digital payment systems is also strengthening the integration of traditional finance with digital assets. Technavio projects the global securities exchanges market to reach $49.6 billion by 2028, expanding at a 12.1% CAGR.
Diversification Into Other Recurring Revenue Sources: Securities exchanges are increasingly focusing on recurring revenues to lower reliance on unpredictable trading-driven income. With market volumes often fluctuating, stable revenue streams from data services, listings, clearing, and technology platforms offer consistent cash flows and stronger earnings stability. These revenues also support growth by addressing rising demand for market data, compliance, ESG offerings and digital asset infrastructure. The players are strengthening their presence in the evolving landscape and thereby enhancing scalability and margins. Increasing focus on accelerating the non-trading revenue base also infuses dynamism in the business profiles of the industry participants. In fact, exchanges are focusing on market data monetization and earning more from data feeds and analytics.
Mergers and Acquisitions: Mergers and acquisitions are gaining momentum across the industry, with companies leveraging strategic partnerships and acquisitions to fuel growth and innovation. These initiatives help unlock new markets, protect domestic market share, diversify product offerings and reinforce trading platforms. Deloitte observes that exchanges are increasingly embracing consolidation to adapt to rapidly changing technological, regulatory and competitive environments.
Continuous Investment in Technology, AI in particular: Industry players are intensifying technology investments to enhance competitiveness and adaptability. There is growing emphasis on creating strategic market models through advanced tools, especially AI, while continually upgrading products and services. Exchanges are increasingly leveraging AI and blockchain to strengthen efficiency and resilience. Recent advancements use machine learning, automation and algorithms to improve trading accuracy, reduce cyber threats and limit human errors, thereby accelerating trading speed. Moreover, industry players are focusing on automating non-trading operations, which significantly contribute to revenue generation and support sustainable long-term growth.
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Zacks Industry Rank Indicates Bright Prospects
The Zacks Securities and Exchanges industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #23, which places it in the top 9% of the 243 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, reflects encouraging near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the top 50% of the Zacks-ranked industries is a result of a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts have been gaining confidence in this group’s earnings growth potential. Estimates for 2026 have increased 5.5% in a year.
Before we present a few securities and exchanges stocks worth considering for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Underperforms Sector and S&P 500
The Zacks Securities and Exchanges industry has underperformed the broader Zacks Finance sector as well as the Zacks S&P 500 composite year to date. The industry has lost 7.3% against the broader sector’s increase of 1.2% and the Zacks S&P 500 composite’s rise of 6% in the said time frame.
Year-to-Date Price Performance
Industry's Current Valuation
On the basis of trailing 12-month price-to-earnings (P/E), which is commonly used for valuing exchange stocks, the industry is currently trading at 21.14X compared with the S&P 500’s 21.73X and the sector’s 15.61X.
Over the last five years, the industry has traded as high as 29.62X, as low as 20.4X and at the median of 24.55X, as the chart below shows.
12-Month Forward Price-to-Earnings (P/E) Ratio
12-Month Forward Price-to-Earnings (P/E) Ratio
5 Securities and Exchanges Stocks to Keep An Eye On
We are presenting one Zacks Rank #1 (Strong Buy) stock and four Zacks Rank #3 (Hold) stocks from the Securities and Exchanges industry. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cboe Global Markets: Based in Chicago, IL, Cboe Global is one of the largest stock exchange operators by volume in the United States and globally for ETP trading. This Zacks Rank #1 stock is poised for growth, given its expanding product line across asset classes, broadening geographic reach and a diversifying business mix with recurring revenues and technology.
The Zacks Consensus Estimate for the company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.5% and 4.9%, respectively. The expected long-term earnings growth rate is pegged at 15.6%, better than the industry average of 11.9%. The consensus mark for 2026 and 2027 earnings has moved 6.3% and 4.6% north, respectively, in the past 30 days. It came up with a four-quarter average earnings surprise of nearly 5.35%.
Price and Consensus: CBOE
S&P Global: Headquartered in New York, this Zacks Rank #3 company is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. It remains well-positioned to gain from the growing demand for business information services. While buyouts help it innovate, increase differentiated content and develop products, continued service launches have been aiding the company's growth and enhancing its market reach.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 9.9% and 12.4% year over year, respectively. SPGI came up with a four-quarter average earnings surprise of 3.60%. The expected long-term earnings growth rate is pegged at 11.9%. The consensus mark for 2026 and 2027 earnings has moved 0.3% and 0.4% north, respectively, in the past 30 days.
Price and Consensus: SPGI
Nasdaq: Headquartered in New York, Nasdaq is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information, and public and private company services. Its strategy of accelerating its non-trading revenue base, successfully maximizing opportunities as a technology and analytics provider, growing core marketplace businesses and intensifying its focus on Market Technology and Information Services businesses should continue to drive this Zacks Rank #3 stock.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates an increase of 10.9% and 12%, respectively, year over year. NDAQ came up with a four-quarter average earnings surprise of 4.93%. The expected long-term earnings growth rate is pegged at 12.7%, better than the industry average. The consensus mark for 2026 and 2027 earnings has moved 1% and 1.2% north, respectively, in the past 30 days.
Price and Consensus: NDAQ
CME Group: Headquartered in Chicago, IL, CME Group is the largest futures exchange in the world in terms of trading volume as well as notional value traded. Its efforts to expand future products in emerging markets, non-transaction-related opportunities, OTC offerings, cross-selling through alliances, global presence and liquidity should drive growth.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 9.5% and 4.1%, respectively. It came up with a four-quarter average earnings surprise of 1.01%. The expected long-term earnings growth rate is pegged at 6.7%. The consensus mark for 2026 and 2027 earnings has moved 1.8% and 1.2% north, respectively, in the past 30 days.
Price and Consensus: CME
Intercontinental Exchange: This Atlanta, GA-based company is a leading global operator of regulated exchanges, clearing houses and listings venues and a provider of data services for commodity, financial, fixed-income and equity markets. Its compelling portfolio, expansive risk-management services, strategic buyouts and a solid balance sheet bode well. It is the second-largest global fixed-income provider. This Zacks Rank #3 company, with the largest mortgage network across the United States, remains well-positioned to benefit from accelerated digitization in the U.S. residential mortgage industry.
The Zacks Consensus Estimate for this Zacks Rank #3 company’s 2026 and 2027 EPS indicates a year-over-year increase of 17.4% and 7.3%, respectively. It came up with a four-quarter average earnings surprise of 3.44%. The expected long-term earnings growth rate is pegged at 12.4%. The consensus mark for 2026 and 2027 earnings has moved 4.7% and 1.7% north, respectively, in the past 30 days.
Price and Consensus: ICE
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
S&P Global Inc. (SPGI) : Free Stock Analysis Report
Intercontinental Exchange Inc. (ICE) : Free Stock Analysis Report
CME Group Inc. (CME) : Free Stock Analysis Report
Nasdaq, Inc. (NDAQ) : Free Stock Analysis Report
Cboe Global Markets, Inc. (CBOE) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
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- Nasdaq Reports April 2026 Volumes
May 5, 2026
Nasdaq, Inc.
NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for April 2026 on its Investor Relations website. A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a leading technology platform that powers the world’s economies. We architect the infrastructure of the world’s most modern markets, power the innovation economy, and build trust in the financial system. We empower economic opportunity by designing and deploying advanced technology, data, and intelligence solutions that enable our clients to capture opportunities, navigate risk, and strengthen resilience. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
Media Relations Contact:
David Lurie
+1.914.538.0533
David.Lurie@Nasdaq.com
Investor Relations Contact:
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com
-NDAQF-
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- OCC Announces New Board Member and Member Elections at Annual Stockholder Meeting
May 4, 2026
Jeffrey S. Davis joins OCC’s Board, Stephen Luparello re-elected as chairman and Andrej Bolkovic re-elected as Management Director.
CHICAGO, May 04, 2026--(BUSINESS WIRE)--OCC, the world's largest equity derivatives clearing organization, today announced the addition of Jeffrey S. Davis, senior vice president and senior deputy general counsel of Nasdaq, Inc., to its Board of Directors as an Exchange Director. OCC also re-elected Stephen Luparello as chairman and re-elected Andrej Bolkovic, OCC chief executive officer, as Management Director. Two Member Directors and one Public Director were also re-elected, and four Exchange Directors were reappointed to another term. The vote took place during OCC’s annual stockholder meeting on April 22, 2026.
Davis joined Nasdaq in 2000 when the company was spun off from NASD and taken public. He advises Nasdaq’s Board of Directors, President, and senior management on the company’s obligations as a federally registered institution regulated by the SEC and CFTC. He also serves as chief regulatory officer of Nasdaq ISE Exchanges, overseeing compliance, surveillance, investigations, and enforcement programs. Prior to joining Nasdaq, Davis served in the Office of General Counsel at NASD (now FINRA), where he participated in disciplinary proceedings, drafted self-regulatory organization rules, and represented NASD before the SEC and in federal court. Davis holds a Juris Doctor from the University of Chicago. He fills the vacancy left by Roland Chai, also of Nasdaq.
The following Directors were unanimously re-elected as Class I Member Directors for the term ending in 2029:
Joseph C. Lewis, managing director, head of corporate hedging and FX Solutions, Jefferies Financial Group Inc. Lewis joined the OCC Board of Directors in 2022. Joshua Woods, chief technology officer, Citadel Securities. Woods joined the OCC Board of Directors in 2024.
The following Director was unanimously re-elected as a Class I Public Director for the term ending in 2029:
Stephen Luparello, former director of the U.S. Securities and Exchange Commission’s Division of Trading & Markets. Luparello joined the OCC Board of Directors as a Public Director in 2023 and became chairman of the Board in 2025. He will continue to chair the Regulatory Committee.
The following Directors were reappointed as Exchange Directors:
Kevin Kennedy, executive vice president, North American Markets, Nasdaq. Kennedy joined the OCC Board of Directors in 2019. Elizabeth K. King, global head of clearing and chief regulatory officer, Intercontinental Exchange. King joined the OCC Board of Directors in 2018. Timothy Lipscomb, executive vice president and chief technology officer, Cboe Global Markets. Lipscomb joined the OCC Board of Directors earlier this year. Michael West, Jr., head of operations, NYSE Group. West joined the OCC Board of Directors in 2024.
Story Continues
"We are pleased to welcome Jeff Davis to our Board. His deep experience in regulatory oversight rounds out a Board whose collective expertise directly serves OCC's mission," said Stephen Luparello, Chairman of OCC's Board of Directors. "We are fortunate to have the breadth and depth of knowledge in every seat across the Board of Directors to ensure OCC continues to provide the stability and integrity the market expects."
About OCC
The Options Clearing Corporation (OCC) is the world's largest equity derivatives clearing organization. Founded in 1973, OCC is dedicated to promoting stability and market integrity by delivering clearing and settlement services for options, futures and securities lending transactions. As a Systemically Important Financial Market Utility (SIFMU), OCC operates under the jurisdiction of the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC), and the Board of Governors of the Federal Reserve System. OCC has more than 100 clearing members and provides central counterparty (CCP) clearing and settlement services to 20 exchanges and trading platforms. More information about OCC is available at www.theocc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260504585884/en/
Contacts
Media Contact:
OCC Public Relations
PublicRelations@theocc.com
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