Latest Ratios: P/E Ratio 30.6x · EV/EBITDA 20.9x · ROE 15.3%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $52.9B | $56.0B | $44.8B | $29.6B | $30.5B | $35.4B | $22.2B | $17.9B | $13.7B | $13.0B | $11.3B |
| Enterprise Value | $62.0B | $65.1B | $54.1B | $40.0B | $35.9B | $41.2B | $25.3B | $21.3B | $17.0B | $16.9B | $14.5B |
| P/E Ratio → | 30.60 | 31.43 | 40.06 | 27.95 | 27.15 | 29.79 | 23.79 | 23.03 | 29.88 | 17.78 | 106.52 |
| P/S Ratio | 6.50 | 6.89 | 6.05 | 4.87 | 4.91 | 6.01 | 3.94 | 4.20 | 3.20 | 3.30 | 3.06 |
| P/B Ratio | 4.46 | 4.58 | 4.00 | 2.73 | 4.96 | 5.52 | 3.44 | 3.17 | 2.51 | 2.22 | 2.09 |
| P/FCF | 26.57 | 28.15 | 25.85 | 19.22 | 19.65 | 38.43 | 20.82 | 21.39 | 14.92 | 17.03 | 19.27 |
| P/OCF | 23.44 | 24.83 | 23.09 | 17.43 | 17.90 | 32.65 | 17.70 | 18.57 | 13.31 | 14.33 | 15.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.01 | 7.30 | 6.59 | 5.76 | 7.00 | 4.51 | 4.99 | 3.97 | 4.27 | 3.92 |
| EV / EBITDA | 20.91 | 21.97 | 22.42 | 21.03 | 19.70 | 23.96 | 17.65 | 17.62 | 13.70 | 14.30 | 14.44 |
| EV / EBIT | 26.58 | 26.11 | 29.27 | 23.89 | 22.50 | 24.97 | 19.42 | 18.76 | 14.09 | 16.74 | 55.45 |
| EV / FCF | — | 32.73 | 31.21 | 25.99 | 23.10 | 44.76 | 23.82 | 25.44 | 18.50 | 22.04 | 24.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.9% | 47.9% | 40.4% | 42.0% | 37.6% | 37.9% | 34.5% | 39.1% | 38.7% | 40.1% | 39.6% |
| Operating Margin | 28.4% | 28.4% | 24.3% | 26.0% | 25.1% | 24.5% | 21.9% | 23.9% | 24.0% | 25.1% | 22.6% |
| Net Profit Margin | 21.8% | 21.8% | 15.1% | 17.5% | 18.1% | 20.2% | 16.6% | 18.2% | 10.7% | 18.6% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 10.1% | 12.5% | 17.9% | 18.5% | 15.5% | 14.0% | 8.1% | 13.0% | 2.0% |
| ROA | 5.8% | 5.8% | 3.6% | 4.0% | 5.5% | 6.2% | 5.8% | 5.2% | 2.9% | 4.9% | 0.8% |
| ROIC | 8.1% | 8.1% | 6.3% | 7.0% | 9.5% | 8.7% | 8.5% | 8.2% | 8.0% | 7.8% | 7.4% |
| ROCE | 10.2% | 10.2% | 7.9% | 8.9% | 12.9% | 11.4% | 10.8% | 10.8% | 10.5% | 9.6% | 8.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 0.88 | 1.00 | 0.95 | 0.97 | 0.92 | 0.66 | 0.70 | 0.72 | 0.66 |
| Debt / EBITDA | 3.35 | 3.35 | 4.09 | 5.72 | 3.21 | 3.62 | 4.13 | 3.08 | 3.09 | 3.57 | 3.58 |
| Net Debt / Equity | — | 0.75 | 0.83 | 0.96 | 0.87 | 0.91 | 0.49 | 0.60 | 0.60 | 0.65 | 0.59 |
| Net Debt / EBITDA | 3.07 | 3.07 | 3.85 | 5.48 | 2.94 | 3.39 | 2.22 | 2.81 | 2.65 | 3.25 | 3.18 |
| Debt / FCF | — | 4.58 | 5.36 | 6.77 | 3.44 | 6.33 | 2.99 | 4.05 | 3.58 | 5.01 | 5.44 |
| Interest Coverage | 28.34 | 28.34 | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 0.99 | 1.01 | 0.97 | 0.94 | 1.56 | 1.01 | 0.97 | 1.05 | 1.12 |
| Quick Ratio | 1.01 | 1.01 | 0.99 | 1.01 | 0.97 | 0.94 | 1.56 | 1.01 | 0.97 | 1.05 | 1.12 |
| Cash Ratio | 0.10 | 0.10 | 0.07 | 0.05 | 0.06 | 0.05 | 0.56 | 0.08 | 0.08 | 0.07 | 0.10 |
| Asset Turnover | — | 0.26 | 0.24 | 0.19 | 0.30 | 0.29 | 0.31 | 0.31 | 0.27 | 0.25 | 0.26 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.1% | 1.2% | 1.5% | 1.3% | 1.0% | 1.4% | 1.7% | 2.0% | 1.9% | 1.8% |
| Payout Ratio | 33.6% | 33.6% | 48.4% | 41.6% | 34.0% | 29.5% | 34.3% | 39.4% | 61.1% | 33.1% | 185.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.2% | 2.5% | 3.6% | 3.7% | 3.4% | 4.2% | 4.3% | 3.3% | 5.6% | 0.9% |
| FCF Yield | 3.8% | 3.6% | 3.9% | 5.2% | 5.1% | 2.6% | 4.8% | 4.7% | 6.7% | 5.9% | 5.2% |
| Buyback Yield | 1.2% | 1.1% | 0.3% | 0.9% | 2.1% | 2.7% | 1.0% | 1.1% | 2.9% | 1.6% | 0.9% |
| Total Shareholder Yield | 2.3% | 2.2% | 1.5% | 2.4% | 3.3% | 3.7% | 2.4% | 2.8% | 4.9% | 3.4% | 2.6% |
| Shares Outstanding | — | $577M | $579M | $508M | $498M | $505M | $501M | $501M | $503M | $509M | $506M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying NDAQ stock.
Nasdaq, Inc.'s current P/E ratio is 30.6x. The historical average is 28.2x. This places it at the 77th percentile of its historical range.
Nasdaq, Inc.'s current EV/EBITDA is 20.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Nasdaq, Inc.'s return on equity (ROE) is 15.3%. The historical average is 9.2%.
Based on historical data, Nasdaq, Inc. is trading at a P/E of 30.6x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nasdaq, Inc.'s current dividend yield is 1.10% with a payout ratio of 33.6%.
Nasdaq, Inc. has 47.9% gross margin and 28.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Nasdaq, Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Elevated leverage from acquisitions
Metrics are mathematically derived from official filings.
Premium Multiple Reflects SaaS Pivot
Nasdaq trades at 4.63x book and 31.79x trailing earnings, a premium to peers like ICE (3.12x P/B) and CME (3.40x P/B), as per current market data.
The market appears to be pricing Nasdaq as a fintech rather than a pure exchange, given its forward P/E of 23.67x versus ICE's 27.49x and CME's 24.27x. This premium likely embeds expectations of sustained double-digit growth from recurring software revenue, but it also implies limited margin for error if the SaaS transition stumbles. Investors should monitor whether the multiple can hold as the Adenza integration matures.
ROE Expansion Driven by Asset Efficiency
ROE improved to 4.2% in Q2 2026 from 2.2% in Q1 2024, while ROA rose to 1.9% from 0.7%, according to reported quarterly data.
The DuPont decomposition shows that the improvement in ROE is primarily a function of higher asset utilization (ROA) rather than leverage, as equity-to-assets has actually increased to 44% from 36% over the same period. With fee income constituting 99.7% of revenue, the profitability profile is increasingly asset-light and recurring, which supports the sustainability of these returns. However, the absolute ROE remains modest relative to peers like CBOE (25.7%) and MKTX (24.5%), reflecting the capital-intensive nature of the exchange infrastructure.
Efficiency Gains Signal Operating Leverage
The efficiency ratio improved to 24.6% in Q2 2026 from 35.1% in Q1, as non-interest expenses grew slower than revenue, based on the latest income statement.
This dramatic improvement suggests that the company is realizing operating leverage from its higher-margin software businesses, though the volatility in the ratio (14.5% in Q3 2025) indicates that revenue recognition can be lumpy. The negative NIM of -0.3% is not a concern for a non-depository institution; rather, it reflects the minimal interest-earning assets on the balance sheet. The key driver is the scalability of the Solutions segment, which should continue to push the efficiency ratio lower if growth persists.
Equity Buffer Strengthens Despite Acquisition Debt
Equity-to-assets improved to 44% in Q2 2026 from 36% in Q2 2024, indicating a stronger capital position, as per the balance sheet data.
While the reported debt-to-equity of 0.81% appears understated given the $10.5 billion Adenza acquisition, the equity cushion has grown, suggesting that the company is retaining earnings to fund growth. The tangible book value per share is negative (-$14.93), which is typical for exchanges due to significant intangibles, but this also means that the P/B multiple of 4.63x is not directly comparable to banks. Investors should focus on the company's ability to generate free cash flow to service debt rather than traditional capital ratios.
Provision Spike Warrants Scrutiny
Loan loss provisions jumped to $947 million in Q2 2026 from $643 million in Q1, despite no reported loan book, according to the latest financial statements.
This provision increase is unusual for a company with minimal interest-earning assets and may be related to credit losses on investment securities or other financial instruments. The lack of a loan book makes the provision difficult to interpret, but it could indicate higher expected credit losses on the company's securities portfolio. Investors should monitor whether this trend continues, as it could signal deteriorating asset quality in the investment portfolio.
P/E Misleads Due to Provision Volatility
The P/E ratio of 31.79x is distorted by one-time provisions and acquisition-related charges, which may overstate the true earnings power, as per reported figures.
For a company like Nasdaq, the P/E ratio is less meaningful than P/B or EV/EBITDA because earnings can be volatile due to non-cash items such as amortization of intangibles and provisions. A more appropriate metric is the price-to-tangible book value, which adjusts for the large goodwill from acquisitions, or the EV/EBITDA multiple, which normalizes for capital structure. Investors should also consider the free cash flow yield, which better reflects the company's ability to return capital.