Friday 6 November 2026 Export NDAQ’s income statement to Excel — free account

Nasdaq, Inc.

NDAQ Financial Financial Data & Stock Exchanges

Nasdaq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 11.6% from fiscal 2024.

Revenue: +20.9%
EPS: +31.1%
Free cash flow: +202.0%
Total debt: −2.26%

Quarter to September 2026, against a year earlier

107.07 0.24 +0.22%

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Market cap: $59.3B
P/E: 28.9×
Fwd P/E: 29.4×
Dividend yield: 1.08%
F-score: 9/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Nasdaq, Inc. (NDAQ) valuation and DCF model

What the price implies · reverse DCF

At $107.07 the price implies 26.3% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 13.6% a year over the last ten years, 10.2% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 12.7% over ten years; the price implies 34.9% for good.

In December 2017 the price assumed 19.3% a year; Nasdaq, Inc. went on to grow the dividend a share 12.8% a year to FY2025.

Price implies: 26.3%
Last 5 years, reported: 10.2%
Last 10 years, reported: 13.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 26.3% a year for ten years; $107.07; today’s price
Its base case: 13.6% a year for five years, then 8.2%; $34.75; 67.5% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Nasdaq, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 26.3% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (24.9%, 13.3%, 12.8%)

How the model ends

Margin of safety (%)

Against Nasdaq, Inc.’s own cost of capital: risk-free 4.3% + beta 0.96 × equity premium 4.5% = 8.6% cost of equity; weighted, 8.6%.

Use 8.6%

Base case value per share $34.75 ten years discounted, and what follows

Current price $107.07 market price per share

Below today’s price 67.5% downside at the base case’s assumptions

How we got there$13.37 10 years of dividends+$21.37 terminal value=$34.75 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	28.91×	30.69×	27.60×	5% above	24.85×	16% above
P/FCF	26.47×	23.68×	22.93×	15% above	20.23×	31% above
P/B	4.98×	4.22×	3.77×	32% above	4.56×	9% above
EV/EBITDA	—	21.18×	18.06×	—	3.38×	—
EV/Sales	—	6.71×	5.44×	—	3.90×	—

P/E P/FCF P/B EV/EBITDA EV/Sales

NDAQ trades at 26.47× P/FCF, against a 10-year average of 22.93× (range 14.71×–37.87×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $92.74 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.