Financials · Financial Exchanges & Data · US stock · price as of 22 Oct 2026
Key indicators
Price
$103.30
52-week range
$76.55 – $103.39
Market cap
$58.6B
P/E (trailing)
30.2×
EV / EBITDA
24.5×
Free-cash-flow yield
3.3%
Dividend yield
1.1%
Revenue (last 12 months)
$8.8B
Revenue growth (3y a year)
9.9%
Operating margin
29.5%
Return on invested capital
9.9%
Net debt / EBITDA
3.3×
Fair value
Fair value (average of valid models)$98.93 middle half of models $86 – $112
Versus priceFair−4% to fair value
P/E multiple
$104.91
P/B multiple
$94.50
P/S multiple
$99.31
EV/EBITDA multiple
$102.03
EV/EBIT multiple
$105.88
EV/revenue multiple
$102.54
10-year DCF, EBITDA exit
$112.07
5-year DCF, EBITDA exit
$114.83
10-year DCF, revenue exit
$112.03
5-year DCF, revenue exit
$113.82
10-year DCF, growth exit
$68.32
5-year DCF, growth exit
$64.43
Dividend discount, stable
$77.34
Dividend discount, multi-stage
$143.94
Earnings power value
$68.05
Model uncertainty
Medium
X-Ray Score
44/ 100 · High confidence · ahead of 25% of sector peers
Valuation16
Growth60
Profitability51
Financial health49
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Nasdaq operates stock exchanges and provides technology that supports financial markets. It runs the Nasdaq stock market in the United States and a group of exchanges in the Nordic and Baltic region, lists companies, and offers trading and clearing services. Its other activities include market data and index licensing, software for banks and brokers, including financial crime detection, and tools for corporate boards and investor relations teams. Customers include listed companies, investors, banks, exchanges and asset managers.
Nasdaq earns money from subscription and licensing fees for its data and software, from fees paid by companies that list, and from trading and clearing charges. Revenue was $8.8 billion over the last twelve months, with growth of 9.9% a year across the last three years. The operating margin is 29.5%, and net debt is 3.3 times EBITDA. A dividend is paid, with a yield of 1.1%.
StocksXray gives Nasdaq, Inc. an X-Ray Score of 44 out of 100 (high confidence), ahead of 25% of the S&P 500 stocks in its sector. Its strongest lens is growth (60) and its weakest is valuation (16).
Our fair value (the average of the valid models) is $98.93 (range $85.92 to $112.05). At $103.30 the stock trades 4% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Nasdaq, Inc. (NDAQ)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$65.53
$58.19
$56.06
$75.60
$96.15
$103.30
Market cap
$33.1B
$29.0B
$28.5B
$43.8B
$55.6B
$58.6B
P/E
27.9×
25.7×
27.0×
39.2×
31.1×
30.2×
EV / revenue
6.8×
5.5×
6.5×
7.2×
7.8×
7.7×
EV / EBITDA
25.9×
20.7×
23.2×
27.9×
26.0×
24.5×
Price / free cash flow
36.0×
18.6×
18.5×
25.3×
28.0×
30.1×
Free-cash-flow yield
2.8%
5.4%
5.4%
4.0%
3.6%
3.3%
Price / book
5.2×
4.7×
2.6×
3.9×
4.5×
4.9×
Dividend yield
1.07%
1.34%
1.53%
1.24%
1.09%
1.12%
Fundamentals checklist ● 2 Good · ● 8 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.0%Average
Free-cash-flow yield3.3%Bad
Risk models
Altman Z score2.7×Average
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)11.0%Average
Free-cash-flow growth (3y)8.6%Average
Revenue growth (3y)9.9%Average
Growth consistency100%Good
Balance sheet
Current ratio1.0×Bad
Net debt / EBITDA3.3×Bad
Interest cover7.4×Bad
Valuation
Fair value vs price1.0×Bad
EBIT / EV yield3.8%Bad
Profitability
Return on invested capital9.9%Average
Operating margin29.5%Average
Gross profitability20.5%Average
XStocksXray
Nasdaq, Inc. (NDAQ)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
5,886
6,226
6,064
7,400
8,262
8,751
Gross profit
3,420
3,582
3,895
4,649
5,249
5,614
Operating income
1,441
1,564
1,578
1,798
2,331
2,584
Net income
1,187
1,125
1,059
1,117
1,788
1,967
Diluted EPS ($)
2.35
2.26
2.08
1.93
3.09
3.43
Free cash flow
920
1,554
1,538
1,732
1,989
1,951
Gross margin
58.1%
57.5%
64.2%
62.8%
63.5%
64.2%
Operating margin
24.5%
25.1%
26.0%
24.3%
28.2%
29.5%
Net margin
20.2%
18.1%
17.5%
15.1%
21.6%
22.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
20,115
20,868
32,294
30,395
31,053
27,341
Cash
393
502
453
592
604
520
Total debt
7,347
6,063
11,242
10,378
9,435
9,030
Equity
6,395
6,151
10,816
11,191
12,227
11,988
Dividend per share ($)
0.70
0.78
0.86
0.94
1.05
1.12
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
