Latest Ratios: P/E Ratio 28.0x · EV/EBITDA 19.7x · 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 | $49.1B | $56.0B | $44.8B | $29.6B | $30.5B | $35.4B | $22.2B | $17.9B | $13.7B | $13.0B | $11.3B |
| Enterprise Value | $58.2B | $65.1B | $54.1B | $40.0B | $35.9B | $41.2B | $25.3B | $21.3B | $17.0B | $16.9B | $14.5B |
| P/E Ratio → | 27.97 | 31.43 | 40.06 | 27.95 | 27.15 | 29.79 | 23.79 | 23.03 | 29.88 | 17.78 | 106.52 |
| P/S Ratio | 5.98 | 6.81 | 6.05 | 4.87 | 4.91 | 6.01 | 3.94 | 4.20 | 3.20 | 3.30 | 3.06 |
| P/B Ratio | 4.07 | 4.58 | 4.00 | 2.73 | 4.96 | 5.52 | 3.44 | 3.17 | 2.51 | 2.22 | 2.09 |
| P/FCF | 24.70 | 28.15 | 25.85 | 19.22 | 19.65 | 38.43 | 20.82 | 21.39 | 14.92 | 17.03 | 19.27 |
| P/OCF | 21.79 | 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 | — | 7.92 | 7.30 | 6.59 | 5.76 | 7.00 | 4.51 | 4.99 | 3.97 | 4.27 | 3.92 |
| EV / EBITDA | 19.65 | 21.97 | 22.42 | 21.03 | 19.70 | 23.96 | 17.65 | 17.62 | 13.70 | 14.30 | 14.44 |
| EV / EBIT | 24.99 | 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 | 1.2% | — | — | — | — | — | — | — | — | — | — |
| 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 | 3.6% | 3.2% | 2.5% | 3.6% | 3.7% | 3.4% | 4.2% | 4.3% | 3.3% | 5.6% | 0.9% |
| FCF Yield | 4.0% | 3.6% | 3.9% | 5.2% | 5.1% | 2.6% | 4.8% | 4.7% | 6.7% | 5.9% | 5.2% |
| Buyback Yield | 1.3% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.5% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $577M | $579M | $508M | $498M | $505M | $501M | $501M | $503M | $509M | $506M |
High acquisition-related leverage
According to current market data, Nasdaq trades at a forward P/E of 19.88, which suggests investors are pricing in a premium for its software-centric pivot compared to traditional exchange peers like CME Group, despite the inherent risks associated with its recent $10.5 billion Adenza acquisition.
The valuation multiple appears to reflect a transition from a volume-sensitive exchange to a recurring-revenue fintech provider. Investors should monitor whether this premium is sustainable, as the forward EV/EBITDA of 27.95 implies significant growth expectations that may be vulnerable if the integration of recent software assets fails to deliver projected synergies.
Based on reported financial figures, Nasdaq's ROIC has remained compressed at 2.3% as of 2026Q1, indicating that the substantial goodwill and intangible assets added to the balance sheet from recent strategic combinations are currently diluting the company's overall return on invested capital relative to historical levels.
The low ROIC suggests that the company is in a heavy investment phase where capital is being deployed into long-term growth platforms rather than immediate yield. Analysts should evaluate whether this trend reverses as the Adenza and Verafin platforms scale, as current returns appear significantly lower than those of pure-play peers like Cboe Global Markets.
As reported in quarterly filings, Nasdaq's asset turnover has remained consistently low at 0.07, which reflects the capital-intensive nature of maintaining global exchange infrastructure alongside the integration of large-scale software businesses that carry significant intangible assets on the balance sheet.
The stability in DSO around 40-45 days suggests that the company maintains a disciplined approach to receivables management despite the complexity of its multi-segment revenue model. However, the lack of improvement in asset turnover warrants further investigation into whether the company can optimize its infrastructure footprint as it shifts toward a more software-heavy revenue mix.
According to recent financial statements, Nasdaq's debt-to-EBITDA ratio of 11.49 in 2026Q1 highlights a strained balance sheet, suggesting that the significant debt load incurred to fund recent acquisitions remains a primary constraint on the company's financial flexibility and interest coverage capacity.
While the debt-to-equity ratio has shown a gradual improvement to 0.78, the absolute level of debt remains elevated, leaving the company sensitive to interest rate volatility. Investors should monitor the interest coverage ratio, which at 6.39 indicates that while debt service is currently manageable, the margin for error remains thin compared to less leveraged peers.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to Nasdaq, as it fails to account for the significant non-cash amortization of intangible assets resulting from recent large-scale acquisitions, which artificially depresses reported earnings and obscures the underlying cash-generating power of the firm.
Analysts should instead focus on FCF margins and adjusted EBITDA, which better reflect the recurring nature of the company's software and data segments. Relying solely on GAAP P/E may lead to an undervaluation of the firm's true earning potential as the integration of high-margin software assets continues to reshape the income statement.
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 28.0x. The historical average is 28.2x. This places it at the 68th percentile of its historical range.
Nasdaq, Inc.'s current EV/EBITDA is 19.7x. 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 28.0x. This is at the 68th 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 1.21% 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.