Nasdaq, Inc. (NDAQ) Key Metrics
NDAQ valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $52.53B
- Enterprise value
- $59.80B
- P/E (TTM)
- 27.4 10-yr median 28.8
- Forward P/E
- 23.6
- PEG ratio
- 1.76
- Price / sales
- 9.4 10-yr median 4.5
- Price / book
- 4.5 10-yr median 3.3
- EV / EBITDA
- 17.5 10-yr median 19.6
- Dividend yield
- 1.23% $1.16 a year
- Beta
- 1.00
NDAQ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNDAQ valuation Price multiples at each fiscal year-end price.
NDAQ returns How much profit the business earns on the capital it uses.
NDAQ per-share figures Results divided by the shares outstanding at year-end.
NDAQ financial health Debt, liquidity and how easily interest is covered.
NDAQ efficiency & capital use Working capital cycle and where the cash goes.
NDAQ valuation history
NDAQ returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NDAQ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NDAQ cash returned to shareholders
NDAQ price vs earnings per share
NDAQ key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $56.00B | $44.78B | $29.56B | $30.54B | $35.36B | $22.15B | $17.88B | $13.68B | $13.03B | $11.33B |
| Enterprise value | $65.08B | $53.87B | $39.79B | $35.71B | $40.97B | $25.21B | $20.98B | $16.70B | $16.63B | $14.60B |
| P/E ratio | 31.3 | 40.1 | 27.9 | 27.1 | 29.8 | 23.7 | 23.1 | 29.9 | 17.8 | 104.9 |
| Price / sales | 6.8 | 6.1 | 4.9 | 4.9 | 6.0 | 3.9 | 4.2 | 3.2 | 3.3 | 3.1 |
| Price / book | 4.6 | 4.0 | 2.7 | 5.0 | 5.5 | 3.4 | 3.2 | 2.5 | 2.2 | 2.1 |
| Price / free cash flow | 28.2 | 25.9 | 19.2 | 19.7 | 38.4 | 20.8 | 21.4 | 14.9 | 17.0 | 19.3 |
| Price / operating cash flow | 24.8 | 23.1 | 17.4 | 17.9 | 32.6 | 17.7 | 18.6 | 13.3 | 14.3 | 15.7 |
| EV / sales | 7.9 | 7.3 | 6.6 | 5.7 | 7.0 | 4.5 | 4.9 | 3.9 | 4.2 | 3.9 |
| EV / EBITDA | 20.8 | 21.9 | 19.9 | 19.3 | 21.3 | 16.7 | 15.8 | 11.8 | 13.9 | 33.8 |
| EV / free cash flow | 32.7 | 31.1 | 25.9 | 23.0 | 44.5 | 23.7 | 25.1 | 18.2 | 21.7 | 24.8 |
| Earnings yield | 3.2% | 2.5% | 3.6% | 3.7% | 3.4% | 4.2% | 4.3% | 3.3% | 5.6% | 1.0% |
| Free cash flow yield | 3.6% | 3.9% | 5.2% | 5.1% | 2.6% | 4.8% | 4.7% | 6.7% | 5.9% | 5.2% |
| Dividend yield | 1.1% | 1.2% | 1.5% | 1.3% | 1.0% | 1.4% | 1.7% | 2.0% | 1.9% | 1.8% |
| Shareholder yield (dividends + buybacks) | 2.2% | 1.5% | 2.4% | 3.6% | 3.8% | 2.6% | 3.0% | 4.9% | 3.4% | 2.6% |
| Share price at fiscal year-end | $97.13 | $77.31 | $58.14 | $61.35 | $70.00 | $44.25 | $35.70 | $27.19 | $25.61 | $22.37 |
| Per share | ||||||||||
| Revenue per share | $14.25 | $12.78 | $11.93 | $12.51 | $11.65 | $11.23 | $8.50 | $8.50 | $7.76 | $7.31 |
| Earnings per share | $3.10 | $1.93 | $2.08 | $2.26 | $2.35 | $1.86 | $1.55 | $0.91 | $1.44 | $0.21 |
| Operating cash flow per share | $3.91 | $3.35 | $3.34 | $3.43 | $2.14 | $2.50 | $1.92 | $2.04 | $1.79 | $1.43 |
| Free cash flow per share | $3.45 | $2.99 | $3.03 | $3.12 | $1.82 | $2.12 | $1.67 | $1.82 | $1.50 | $1.16 |
| Cash per share | $1.46 | $1.34 | $1.26 | $1.37 | $1.19 | $5.87 | $1.24 | $1.62 | $1.20 | $1.28 |
| Book value per share | $21.21 | $19.32 | $21.27 | $12.35 | $12.66 | $12.85 | $11.26 | $10.83 | $11.56 | $10.72 |
| Tangible book value per share | −$15.01 | −$16.70 | −$21.12 | −$9.10 | −$9.60 | −$5.33 | −$5.94 | −$6.39 | −$6.24 | −$5.31 |
| Dividends per share | $1.04 | $0.93 | $0.87 | $0.77 | $0.69 | $0.64 | $0.61 | $0.56 | $0.48 | $0.39 |
| Capex per share | $0.46 | $0.36 | $0.31 | $0.31 | $0.32 | $0.38 | $0.25 | $0.22 | $0.28 | $0.26 |
| Debt per share | $17.22 | $17.04 | $21.38 | $11.75 | $12.31 | $11.97 | $7.42 | $7.61 | $8.27 | $7.74 |
| Shares outstanding | 576.5M | 579.2M | 508.4M | 497.9M | 505.1M | 500.7M | 500.9M | 503.1M | 508.8M | 506.4M |
| Change in shares outstanding | −0.5% | +13.9% | +2.1% | −1.4% | +0.9% | −0.0% | −0.4% | −1.1% | +0.5% | −1.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.3% | 10.2% | 12.5% | 17.9% | 18.5% | 15.5% | 14.0% | 8.1% | 13.0% | 2.0% |
| Return on invested capital (ROIC) | 9.3% | 6.7% | 7.4% | 10.2% | 10.4% | 10.4% | 9.0% | 5.7% | 9.1% | 8.1% |
| Return on assets (ROA) | 5.8% | 3.6% | 4.0% | 5.5% | 6.2% | 5.8% | 5.2% | 2.9% | 4.9% | 0.8% |
| Return on tangible assets | 17.6% | 11.7% | 9.9% | 11.0% | 13.4% | 10.5% | 14.6% | 6.5% | 10.9% | 1.8% |
| Free cash flow margin | 24.2% | 23.4% | 25.4% | 25.0% | 15.6% | 18.9% | 19.6% | 21.4% | 19.4% | 15.9% |
| Income quality (OCF / net income) | 1.26 | 1.74 | 1.60 | 1.52 | 0.91 | 1.34 | 1.24 | 2.24 | 1.24 | 6.69 |
| Financial health | ||||||||||
| Total debt | $9.93B | $9.87B | $10.87B | $5.85B | $6.22B | $5.99B | $3.72B | $3.83B | $4.21B | $3.92B |
| Cash & short-term investments | $842.0M | $776.0M | $641.0M | $683.0M | $601.0M | $2.94B | $623.0M | $813.0M | $612.0M | $648.0M |
| Net debt | $9.09B | $9.09B | $10.23B | $5.17B | $5.62B | $3.05B | $3.10B | $3.02B | $3.60B | $3.27B |
| Debt / equity | 0.81 | 0.88 | 1.01 | 0.95 | 0.97 | 0.93 | 0.66 | 0.70 | 0.72 | 0.72 |
| Debt / assets | 0.32 | 0.32 | 0.34 | 0.28 | 0.31 | 0.33 | 0.27 | 0.24 | 0.27 | 0.28 |
| Net debt / EBITDA | 2.91 | 3.70 | 5.13 | 2.79 | 2.91 | 2.03 | 2.34 | 2.13 | 3.01 | 7.57 |
| Current ratio | 1.01 | 0.99 | 1.01 | 0.97 | 0.94 | 1.56 | 1.01 | 0.97 | 1.05 | 1.12 |
| Quick ratio | 1.01 | 0.99 | 1.01 | 0.18 | 0.19 | 0.75 | 0.30 | 0.24 | 0.23 | 0.30 |
| Interest coverage | 26.5 | 4.5 | 5.8 | 13.0 | 12.5 | 12.2 | 8.2 | 6.9 | 6.9 | 6.2 |
| Working capital | $42.0M | −$116.0M | $71.0M | −$231.0M | −$449.0M | $2.74B | $63.0M | −$200.0M | $267.0M | $478.0M |
| Invested capital | $21.31B | $20.28B | $21.05B | $11.32B | $12.01B | $9.49B | $8.73B | $8.47B | $9.47B | $8.70B |
| Tangible asset value | −$8.65B | −$9.66B | −$10.73B | −$4.52B | −$4.84B | −$2.67B | −$2.98B | −$3.21B | −$3.17B | −$2.69B |
| Net current asset value | −$10.82B | −$11.41B | −$12.37B | −$6.10B | −$6.29B | −$3.88B | −$4.00B | −$3.88B | −$4.37B | −$4.16B |
| Graham number | $38.48 | $28.96 | $31.58 | $25.06 | $25.87 | $23.21 | $19.78 | $14.89 | $19.37 | $7.17 |
| Graham net-net per share | −$29.96 | −$30.48 | −$39.61 | −$20.07 | −$19.20 | −$12.36 | −$11.64 | −$13.43 | −$13.50 | −$12.03 |
| Capital allocation | ||||||||||
| Dividends paid | $601.0M | $541.0M | $441.0M | $383.0M | $350.0M | $320.0M | $305.0M | $280.0M | $243.0M | $200.0M |
| Share buybacks (net) | $616.0M | $145.0M | $269.0M | $711.0M | $1.00B | $262.0M | $239.0M | $394.0M | $203.0M | $100.0M |
| Dividend payout ratio | 33.6% | 48.4% | 41.6% | 34.0% | 29.5% | 34.3% | 39.4% | 61.1% | 33.1% | 185.2% |
| Dividends + buybacks / free cash flow | 61.2% | 39.6% | 46.2% | 70.4% | 147.2% | 54.7% | 65.1% | 73.5% | 58.3% | 51.0% |
| Capex / revenue | 3.2% | 2.8% | 2.6% | 2.4% | 2.8% | 3.3% | 3.0% | 2.6% | 3.6% | 3.6% |
| Capex / operating cash flow | 11.8% | 10.7% | 9.3% | 8.9% | 15.1% | 15.0% | 13.2% | 10.8% | 15.8% | 18.6% |
| Capex / depreciation | 0.42 | 0.34 | 0.49 | 0.59 | 0.59 | 0.93 | 0.67 | 0.53 | 0.77 | 0.79 |
| Stock-based compensation / revenue | 2.0% | 1.9% | 2.0% | 1.7% | 1.5% | 1.5% | 1.9% | 1.6% | 1.8% | 2.3% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 1.7% | 5.8% | 6.9% | 6.7% | 6.7% | 7.6% | 9.1% | 9.3% | 9.1% | 9.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 43.6 | 48.1 | 48.3 | 37.1 | 35.8 | 32.1 | 34.5 | 31.6 | 36.3 | 36.7 |
| Days of inventory on hand | — | — | 364.3 | 609.6 | 495.4 | 347.1 | 549.4 | 632.7 | 588.2 | 458.4 |
| Days payables outstanding | 23.4 | 24.9 | 26.8 | 17.4 | 18.0 | 16.0 | 24.3 | 26.1 | 27.2 | 27.1 |
| Cash conversion cycle (days) | 20.2 | 23.3 | 385.8 | 629.3 | 513.2 | 363.2 | 559.6 | 638.2 | 597.4 | 468.0 |
| Receivables turnover | 8.36 | 7.59 | 7.55 | 9.84 | 10.20 | 11.39 | 10.57 | 11.56 | 10.06 | 9.94 |
| Payables turnover | 15.59 | 14.68 | 13.61 | 21.01 | 20.30 | 22.80 | 14.99 | 13.98 | 13.44 | 13.45 |
| Inventory turnover | — | — | — | 0.60 | 0.74 | 1.05 | 0.66 | 0.58 | 0.62 | 0.80 |
| Asset turnover | 0.27 | 0.24 | 0.23 | 0.30 | 0.31 | 0.35 | 0.29 | 0.27 | 0.26 | 0.28 |
| Average receivables | $982.5M | $975.5M | $803.0M | $632.5M | $577.0M | $494.0M | $403.0M | $370.0M | $392.5M | $372.5M |
| Average payables | $274.5M | $300.5M | $258.5M | $185.0M | $180.0M | $161.5M | $173.0M | $187.5M | $176.0M | $166.5M |
| Average inventory | — | — | $3.51B | $6.49B | $4.96B | $3.50B | $3.90B | $4.54B | $3.81B | $2.81B |
| Intangibles / total assets | 67.2% | 68.6% | 66.7% | 51.2% | 55.9% | 50.6% | 61.9% | 55.2% | 57.4% | 57.4% |
Computed from NDAQ's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NDAQ valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Nasdaq traded at 31.3 times earnings, against a 10-year median of 28.8. Based on the latest twelve months, the trailing P/E is 27.4 and the forward P/E is 23.6. Nasdaq earned a return on equity of 15.3% and a return on invested capital of 9.3% in fiscal 2025. It ended the year with $9.9 billion of debt and $842.0 million in cash and short-term investments, net debt of $9.1 billion. It returned $1.2 billion to shareholders: $601.0 million in dividends and $616.0 million in share buybacks, 61% of free cash flow. The share count rose 13.8% from 506.4M to 576.5M over 9 years.
See the NDAQ income statement, the NDAQ chart for price history, or the NDAQ stock overview for the latest quote and news.
NDAQ key metrics FAQ
What is Nasdaq's P/E ratio?
Nasdaq's trailing P/E ratio is 27.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 23.6. At the end of fiscal 2025 it was 31.3, compared with a 10-year median of 28.8.
What is Nasdaq's EV/EBITDA?
Nasdaq's enterprise value was 20.8 times EBITDA at the end of fiscal 2025 (enterprise value $65.1 billion, EBITDA $3.1 billion); the current EV/EBITDA is 17.5.
What is Nasdaq's return on equity?
Nasdaq's return on equity (ROE) was 15.3% in fiscal 2025: net income of $1.8 billion on average shareholders' equity of $11.7 billion.
What is Nasdaq's ROIC?
Nasdaq's return on invested capital was 9.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Nasdaq have?
Nasdaq had total debt of $9.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.81 and $9.1 billion of net debt (2.91 times EBITDA).
What is Nasdaq's dividend yield?
Nasdaq's forward dividend yield is 1.23%. Nasdaq paid $601.0 million in dividends in fiscal 2025 ($1.04 per share), a payout ratio of 33.6%.
Does Nasdaq buy back its shares?
Yes. Nasdaq spent $616.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.5% over the year, to 576.5M..
What is Nasdaq's free cash flow yield?
Nasdaq generated $2.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.6% on its market value at year-end ($56.0 billion).
What is Nasdaq's current ratio?
Nasdaq's current ratio was 1.01 at the end of fiscal 2025: current assets were 1.01 times current liabilities.