Nasdaq, Inc. Liquidation Value

Nasdaq, Inc. (NDAQ) as of March 31, 2026 shows a deeply negative liquidation posture, consistent with MFFAIS-reported CLV of approximately negative $12.9 billion. This is structurally driven by the asset mix: total assets of $27.3 billion are dominated by goodwill ($14.3 billion, 52% of assets) and intangible assets net ($6.4 billion, 23% of assets), both zeroed under liquidation haircuts. Finite-lived intangibles gross carry $7.2 billion with $2.0 billion accumulated amortization; indefinite-lived intangibles add $1.2 billion. Together, intangibles and goodwill represent roughly $20.7 billion of the $27.3 billion asset base, leaving only approximately $6.6 billion in residual tangible and financial assets before haircuts.

On the tangible side, cash and equivalents total $515 million (100% recovery), restricted cash and equivalents $621 million (largely regulatory capital, likely recoverable at face), receivables net $985 million (90-95% haircut applied), PP&E net $739 million (50-70% recovery assumed), financial investments $184 million (fair-value securities, near-full recovery for high-grade government debt), and equity method investments $538 million (uncertain recovery in liquidation). Other current assets $388 million and other noncurrent assets $1.0 billion carry low recoverable value under forced liquidation.

Liability stack at face value is significant: total debt (long-term plus current) of $8,957 million at ~3.7% weighted average fixed rate; operating lease obligations of $560 million present value ($660 million undiscounted); deferred tax liabilities $1.6 billion; deferred revenue $1.18 billion (service obligations that do not extinguish); current liabilities $4.4 billion including deferred revenue current $1.09 billion. Total liabilities are $15.3 billion against book equity of $12.0 billion.

No debt repayments occurred in Q1 2026. Share repurchases consumed $548 million during the quarter under an ASR program, with $2.9 billion remaining authorized, reducing tangible equity further. No goodwill impairment was recorded; GoodwillForeignCurrencyTranslationGainLoss reduced goodwill by $64 million via FX translation. The Adenza restructuring program incurred $11 million in Q1 2026 charges ($125 million cumulative to date against a $140 million target), with program actions substantially complete. No change in recovery posture versus prior period — the fundamental constraint remains the $20.7 billion intangible/goodwill asset base that returns zero in liquidation.