Stocktoria

NASDAQ, INC. NDAQ

Nasdaq · stock · Security & Commodity Brokers, Dealers, Exchanges & Services · website · IPO 2002-07-08 · LEI

NASDAQ, INC. statistics & valuation

Market cap$44.4B
P / E24.8×
P / S5.4×
P / B3.6×
P / FCF22.3×
Dividend yield1.35%
Net margin21.6%
Return on equity14.6%
FCF margin24.1%
Net debt$8.0B
Net debt / EBITDA2.7×
Enterprise value USD$52.4B
EV / EBITDA17.7×
Earnings yield EBIT/EV4.4%
Return on capital10.1%
Graham number -59.9%$38.34

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($38.34); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
2.90% 18.50% 10.70% 18.20% 16.60% 20.20% 18.10% 17.50% 15.10% 21.60% 2016201720182019202020212022202320242025
Gross margin (%)
61.40% 61.10% 59.10% 59.50% 51.60% 58.10% 57.50% 64.20% 62.80% 63.50% 2016201720182019202020212022202320242025
Operating margin (%)
22.60% 25.10% 24.00% 23.90% 21.90% 24.50% 25.10% 26.00% 24.30% 28.20% 2016201720182019202020212022202320242025
Return on equity (%)
2.00% 12.40% 8.40% 13.70% 14.50% 18.50% 18.30% 9.80% 10.00% 14.60% 2016201720182019202020212022202320242025
Shares outstanding
506.4M 508.8M 503.1M 500.9M 500.7M 505.1M 497.9M 575.0M 579.2M 578.6M 2016201720182019202020212022202320242025
Net debt ($)
$3.20B $3.35B $2.41B $2.66B $2.80B $4.42B $4.23B $9.71B $8.49B $7.97B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
0.80% 4.70% 2.90% 5.60% 5.20% 5.90% 5.40% 3.30% 3.70% 5.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
17.30% 19.40% 21.40% 19.60% 18.90% 15.60% 25.00% 25.40% 23.40% 24.10% 2016201720182019202020212022202320242025
Debt / equity (×)
0.66× 0.63× 0.54× 0.53× 0.86× 0.75× 0.77× 0.94× 0.81× 0.70× 2016201720182019202020212022202320242025
EPS ($)
$0.21 $1.43 $0.91 $1.54 $1.86 $2.35 $2.26 $2.08 $1.93 $3.09 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

NASDAQ, INC. trades at about 31× earnings — above its 10-year norm (10-year range 18.8×–112×, median 27.8×).

18.8× 112×

Shaded band = 10-year range (18.8×–112×); dot = today's 31×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin63.5%62.8%64.2%57.5%58.1%51.6%59.5%59.1%61.1%61.4%
Operating margin28.2%24.3%26.0%25.1%24.5%21.9%23.9%24.0%25.1%22.6%
Net margin21.6%15.1%17.5%18.1%20.2%16.6%18.2%10.7%18.5%2.9%
FCF margin24.1%23.4%25.4%25.0%15.6%18.9%19.6%21.4%19.4%17.3%
Return on assets5.8%3.7%3.3%5.4%5.9%5.2%5.6%2.9%4.7%0.8%
Return on equity14.6%10.0%9.8%18.3%18.5%14.5%13.7%8.4%12.4%2.0%
Debt / equity0.70×0.81×0.94×0.77×0.75×0.86×0.53×0.54×0.63×0.66×
Current ratio1.010.991.010.970.941.561.010.971.051.12

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.