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NasdaqNDAQ

Financial Exchanges & Data · New York City, New York · In the S&P 500
High qualityPricier than peers
$106.23+0.60%After hours: $106.34 (+0.10%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 24.4% over 1 year
Nasdaq over 1 yearDaily close, $, to 30 Oct 2026
$80$90$100Nov2026MarMayJulSep$106.23$80$100NovMarJul$106.23
Source: Nasdaq daily closes
Market value$58.95B
Price to earnings29.0x
Forward P/E24.3x
Dividend yield1.17%
Year to date+9.4%
One year+24.4%
Next earningsNot scheduled
SectorFinancials
52-week range (closes)
$76.84$106.23

Quality and valuation

How Nasdaq compares with other financials stocks. A description, not a recommendation.

Nasdaq and 7 financial exchanges & data peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: stronger than mostValuation: pricier than most

A stronger business than most financials companies, priced above most of them.

Nasdaq trades at 24.3 times the next 12 months of expected earnings, against a median of 13.0x for the 84 financials stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew faster than the sector median: +11.5% vs +10.2%
  • Keeps more of each sale (gross margin): 63.2% vs 46.4%
  • More profitable (operating margin): 29.8% vs 22.3%
  • Turns more of its sales into cash: 24.7% vs 20.3%
NDAQ trades at 24.3x forward earnings, above the sector medianForward p/e, Financial Exchanges & Data peers
FDS16.8xCBOE23.4xCME24.0xNDAQ24.3xSPGI24.9xMCO28.0xMSCI29.7xCOIN143.2xSector median 13.0xFDS16.8xCBOE23.4xCME24.0xNDAQ24.3xSPGI24.9xMCO28.0xMSCI29.7xCOIN143.2xSector median 13.0x
Source: CNBC quotes; Mostly Markets
At 29.0x earnings, NDAQ is cheaper than its average since Oct 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
40x50xAverage 34.7x2025202629.0x40x50xAverage 34.7x2025202629.0x
Source: Nasdaq prices; SEC filings

Financials

From Nasdaq's SEC filings, through the quarter ending 30 Sep 2026. Hover or tap a bar for its value.

Revenue grew 20.9% from a year earlierQuarterly revenue, $bn, latest Q3 ’26
$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.4bnQ3 ’26$0bn$1bn$2bnQ4 ’24Q2 ’25Q4 ’25$2.4bnQ3 ’26
Source: SEC filings
Growth sped up to +20.9% last quarterRevenue growth, year on year, %
0%10%20%Q4 ’24Q2 ’25Q4 ’2520.9%Q3 ’260%10%20%Q4 ’24Q2 ’25Q4 ’2520.9%Q3 ’26
Source: SEC filings
Operating margin was 30.6% last quarterOperating income as a share of revenue, %
0%10%20%30%Q4 ’24Q2 ’25Q4 ’2530.6%Q3 ’260%20%Q4 ’24Q2 ’25Q4 ’2530.6%Q3 ’26
Source: SEC filings
Free cash flow was $2.3 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $m
$0m$200m$400m$600mQ4 ’24Q2 ’25Q4 ’25$459mQ3 ’26$0m$250m$500mQ4 ’24Q2 ’25Q4 ’25$459mQ3 ’26
Source: SEC filings
Last 12 monthsNDAQSector median
Revenue growth+11.5%+10.2%
Gross margin63.2%46.4%
Operating margin29.8%22.3%
Free cash flow margin24.7%20.3%
Price to earnings29.0x14.6x

Stories on Nasdaq

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Similar companies

Financial Exchanges & Data, by market value.

CompanyPriceTodayYTDValue
SPGIS&P Global$466.55+1.28%−9.0%$135B
CMECME Group$303.14+2.27%+11.0%$109B
MCOMoody's$493.91+1.04%−3.3%$85.15B
MSCIMSCI$623.38+0.78%+8.7%$44.57B
COINCoinbase$143.54−10.62%−36.5%$37.87B
CBOECboe Global Markets$335.53+6.77%+33.7%$35.04B
FDSFactSet$329.57+2.98%+13.6%$11.62B
ICEIntercontinental Exchange––+4.3%–