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What has to happen in Financial Crime Management Technology

Model as of

This page changes Financial Crime Management Technology inside the complete NDAQ model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.

NDAQ forward model
Horizon
Consolidated fair value $68.57 all other verticals held in this portfolio case
Final-quarter revenue $169M 9% of company revenue
Explicit segment contribution $924M EBITDA less segment capex, before corporate items

Both market-levered lines mean-revert at once and the software margin stops expanding. Index AUM stops appreciating and options volume drifts back toward its 2024 level while capture keeps compressing; the exit de-rates to 13x, roughly where a low-growth exchange trades, and the discount rate rises to 9.25%. What this case does NOT assume is a recession in Financial Technology: ARR keeps compounding, just at a lower monetisation rate.

Financial Crime Management Technology

Basis quarter$98M
Final quarter$169M
Implied CAGR+12%
Final revenue mix9%

Nasdaq Verafin's anti-money-laundering and fraud platform, sold to small and medium banks and, increasingly, to Tier 1 enterprises. The earning base is annualised recurring revenue, $359M at 30 June 2026, and a dollar of that base turned into $0.273 of revenue in the quarter. ARR is disclosed for this line every quarter and has risen in every one of the last ten, which is why it is modelled as installed capacity rather than as a customer count Nasdaq announces as signings rather than as a maintained base.

Last four quarters
2025 Q3 $84M Reported
2025 Q4 $91M Reported
2026 Q1 $93M Reported
2026 Q2 $98M Reported
Verafin AML and fraud detection subscriptionsConsortium data and analyticsAgentic Workforce AI modules
ARR base 359 $M of ARR at the basis quarter $359M of Financial Crime Management Technology ARR at 30 June 2026, printed in the Key Drivers table.
Net new ARR 16 $M of ARR/qtr changing +1.5% per quarter Above the four-quarter mean of $13.75M, matching the last two quarters, which each added $15M.
Utilisation 100% share of a quarter of ending ARR that lands as revenue, gliding toward 100% 100%: the whole ARR base earns. The revenue-to-ARR ratio lives in the price leg, not in a glide.
Revenue per $M of ARR $272980/qtr drifting +0.2% per quarter $98M over $359M of period-end ARR. Above a flat quarter of ARR because ARR is measured at period end.
Financial Crime Management Technology

Latest: $169M (2031Q2E)

Period Value
2024Q1 $64M
2024Q2 $67M
2024Q3 $69M
2024Q4 $73M
2025Q1 $77M
2025Q2 $81M
2025Q3 $84M
2025Q4 $91M
2026Q1 $93M
2026Q2 $98M
2026Q3E $102M
2026Q4E $105M
2027Q1E $109M
2027Q2E $113M
2027Q3E $116M
2027Q4E $120M
2028Q1E $123M
2028Q2E $127M
2028Q3E $130M
2028Q4E $134M
2029Q1E $138M
2029Q2E $141M
2029Q3E $145M
2029Q4E $148M
2030Q1E $152M
2030Q2E $155M
2030Q3E $159M
2030Q4E $162M
2031Q1E $166M
2031Q2E $169M

Assumptions & reasoning

  • ARR has risen in every one of the last ten quarters, from $243M in 2024 Q1 to $359M, which is 16.6% year on year in the basis quarter against 21.0% revenue growth. Revenue is running ahead of the recurring base, not behind it.
  • The release names 2,800 financial institutions and $13 trillion of combined consortium assets. Neither is a quarterly series, so neither is used as a driver input; they are context, not inputs.
  • The enterprise motion is the change in this line. Verafin signed 6 enterprise deals in the quarter and 11 year to date, more than in all of 2025, against 47 small and medium banks. One lost enterprise renewal is worth more ARR than dozens of SMB wins.
  • The margin is the Financial Technology divisional margin, 50.1%, applied uniformly to all three of its lines. Nasdaq publishes operating income by division only.
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