Nasdaq, Inc. NDAQ

93.55 (1.00) (1.06%) as of 25 Sep
Market cap
$52.9B
P/E
27.0×
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Nasdaq, Inc. (NDAQ) EV/EBITDA

As of 25 September 2026, Nasdaq, Inc. (NDAQ) trades at a EV/EBITDA of 18.7×. Over the past ten years it has ranged from 10.9× (January 2015) to 25.5× (November 2024); the current reading is higher than 65% of that period. That is above the Financial Data & Stock Exchanges industry median of 15.6× and above the Financial sector median of 9.5×.

EV/EBITDA, daily

Annual

Period EV/EBITDA Change
FY2025 21.4× (2.22%)
FY2024 21.9× 8.77%
FY2023 20.1× 4.37%
FY2022 19.3× (17.23%)
FY2021 23.3× 37.00%
FY2020 17.0× 0.39%
FY2019 17.0× 31.41%
FY2018 12.9× (6.35%)
FY2017 13.8× (0.86%)
FY2016 13.9× 3.14%

Quarterly

Period EV/EBITDA Change
Jun 2026 16.2× (11.00%)
Mar 2026 18.2× (15.25%)
Dec 2025 21.4× 3.74%
Sep 2025 20.6× (5.67%)
42 more quarters

Against its own ten years

Low 10.9× High 25.5×
Ten-year median 17.0×
Current reading's percentile 65

EV/EBITDA against peers

Company EV/EBITDA
TRU TransUnion compare 11.7×
CBOE Cboe Global Markets, Inc. compare 13.6×
ICE Intercontinental Exchange Inc. compare 14.9×
SPGI S&P Global Inc. compare 15.6×
NDAQ Nasdaq, Inc. 18.7×
CME CME Group Inc. compare 20.4×
MCO Moody's Corporation compare 21.0×
MSCI MSCI Inc compare 22.2×
COIN Coinbase Global, Inc. compare 60.8×
Financial Data & Stock Exchanges industry median 15.6×
Financial sector median 9.5×
Market median 11.0×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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