Nasdaq, Inc. (NDAQ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-49.7%

$54.61

vs $108.52 price

Levered DCF

$51.36

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.56

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.03×	39.85×	27.69×	26.91×	29.41×	23.41×	22.88×	29.55×
P/B	4.53×	3.97×	2.73×	4.91×	5.45×	3.39×	3.13×	2.47×
P/S	6.75×	6.01×	4.87×	4.85×	5.92×	3.88×	4.15×	3.15×
EV / EBITDA	20.65×	21.84×	20.03×	19.19×	21.1×	16.6×	15.9×	11.86×
Gross margin	47.9%	40.4%	42.0%	37.6%	37.9%	34.5%	39.1%	38.7%
Operating margin	28.4%	24.3%	26.0%	25.1%	24.5%	21.9%	23.9%	24.0%
Net margin	21.8%	15.1%	17.5%	18.1%	20.2%	16.6%	18.2%	10.7%
Current ratio	1.01×	0.99×	1.01×	0.97×	0.94×	1.56×	1.01×	0.97×
Debt / equity	0.81×	0.88×	1.01×	0.95×	0.97×	0.92×	0.66×	0.7×
Interest coverage	26.49×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	1.1%	1.2%	1.5%	1.3%	1.0%	1.5%	1.7%	2.1%
Payout ratio	33.6%	48.4%	41.6%	34.0%	29.5%	34.3%	39.4%	61.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.6%	10.0%	9.8%	18.3%	18.6%	14.5%	13.7%	8.4%
Return on invested capital	8.3%	6.0%	5.1%	9.4%	8.4%	7.3%	7.7%	4.4%
Return on assets	5.8%	3.7%	3.3%	5.4%	5.9%	5.2%	5.6%	2.9%
Free cash flow yield	3.6%	3.9%	5.2%	5.1%	2.6%	4.9%	4.7%	6.8%
Earnings yield	3.2%	2.5%	3.6%	3.7%	3.4%	4.3%	4.4%	3.4%
Enterprise value	$64.5B	$53.7B	$40B	$35.6B	$40.7B	$25B	$21.1B	$16.8B
Net debt / EBITDA	2.92×	3.77×	5.22×	2.89×	3.02×	2.11×	2.56×	2.32×
Cash conversion cycle (days)	18	28	21	22	18	19	15	5