Nasdaq, Inc.

The three forensic scores point in different directions and need to be read separately. The Beneish M-Score is -2.434, which is below the -1.78 threshold and so not in the elevated manipulation-risk zone. This is a screening result, not proof that the earnings are clean or that manipulation is absent. The Altman Z-Score variant reported here is 2.20, which falls in the grey zone. The label notes that Altman Z is not designed for banks or financial firms, so this figure should be treated with caution for a company that runs exchanges and clearing operations. The Piotroski F-Score is 9 of 9 computable signals. Operating cash flow of $2.25 billion compared with net income of $1.79 billion gives a ratio of 1.26 for 2025, which means reported cash generation exceeded accounting profit. Balance sheet changes are mixed. Long-term debt fell from $9.08 billion to $8.57 billion, and total liabilities fell from $19.2 billion to $18.82 billion, while equity rose from $11.19 billion to $12.23 billion. Long-term debt was $4.74 billion at the end of 2022 and $10.16 billion at the end of 2023, which reflects the Adenza financing. The MD&A states that all outstanding debt obligations are fixed-rate, but it also notes that interest rates on certain note tranches adjust if the debt rating falls below investment grade. The risk factors list indebtedness, cybersecurity, AI use and systems failures as areas of concern. Readers may want to look at Note 8, Debt Obligations, and Note 14, Clearing Operations, to see how these items are measured. No FACT-classified news headlines were on file, so this analysis relies only on the filings and the financial data provided.

Catalyst.Revenue for 2025 reached $8.26 billion, up from $7.4 billion in 2024, a year-over-year increase of 11.7%. Operating income rose to $2.33 billion from $1.8 billion, and net income reached $1.79 billion versus $1.12 billion. The filing describes three segments: Capital Access Platforms, Financial Technology and Market Services. The company's growth strategy names financial crime, compliance, marketplace technology and insight solutions as priority areas, built on the 2021 Verafin acquisition and the 2023 Adenza acquisition, which brought AxiomSL and Calypso. The excerpts provided do not break revenue down by segment, so the source of the growth cannot be fully attributed from this data.

Hidden risk.The easiest item to miss sits in the clearing business. The 10-Q points readers to Note 14 for non-cash default fund contributions and margin deposits received for clearing operations, and to Note 17 for guarantees, credit facilities and routing brokerage activities. The risk factor text says Nasdaq Execution Services is liable for losses if a counterparty or clearing agent fails before a trade is novated. The filing also says the clearinghouse keeps material amounts of clearing member cash deposits. Separately, Swedish Krona net assets were $3,301 million at March 31, 2026, and a 10% adverse currency move would reduce them by $330 million.