Nasdaq (NDAQ) stock
Financials · Financial Exchanges & Data
Nasdaq (NDAQ) is a Financial Exchanges & Data company in the Financials sector, headquartered in New York City, New York. As of October 23, 2026, NDAQ closed at $102.56, a market capitalization of $57.33 billion, the 210th largest company in the S&P 500. Over the last twelve months it generated $5.78 billion in revenue (+13% year over year) and $1.95 billion in free cash flow. The stock trades at 28.0x trailing earnings and 21.6x forward earnings.
- 1-year total return: +17.0% (dividends reinvested)
- 5-year return: +10.3% a year
- 52-week range: $76.55 – $104.21
- Gross margin 100.0%, operating margin 50.6%
- Dividend yield: 1.13%, 12 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 36th largest of 76 Financials stocks in the S&P 500
NDAQ price chart
1Y price change: +15.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| NDAQ | +7.5% | +6.7% | +17.0% | +28.9% | +10.3% | +18.5% | +14.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2002.
NDAQ key statistics
- Market cap
- $57.3B
- #210 in S&P 500
- P/E (TTM)
- 28.0x
- Forward P/E
- 21.6x
- EPS (TTM)
- $3.66
- Revenue (TTM)
- $5.8B
- +13%
- Free cash flow
- $2.0B
- Gross margin
- 100.0%
- Operating margin
- 50.6%
- Return on equity
- 17.3%
- Dividend yield
- 1.13%
- 52-week range
- $76.55 – $104.21
- Beta
- 1.00
- Price / sales
- 9.9x
- EV / EBITDA
- 18.8x
- Debt / equity
- 0.77x
- Employees
- 9,593
NDAQ report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth12.6%B
- Gross margin100.0%A
- Operating margin50.6%A
- FCF margin33.8%A
- Return on equity17.3%B
- Net debt / EBITDA2.5xD
- Forward P/E21.6xC
- PEG ratio1.6xC
- Shareholder yield2.2%C
- Share count change / yr2.9%F
Nasdaq financials
Revenue went from $3.7B in fiscal 2016 to $8.3B in fiscal 2025, growing 9.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $3.9B | $4.3B | $4.3B | $5.6B | $5.9B | $6.2B | $6.1B | $7.4B | $8.3B |
| Gross profit | $2.3B | $2.4B | $2.5B | $2.5B | $2.9B | $3.4B | $3.6B | $3.9B | $4.6B | $5.2B |
| Operating income | $836.0M | $991.0M | $1.0B | $1.0B | $1.2B | $1.4B | $1.6B | $1.6B | $1.8B | $2.3B |
| Net income | $106.0M | $729.0M | $458.0M | $774.0M | $933.0M | $1.2B | $1.1B | $1.1B | $1.1B | $1.8B |
| EPS (diluted) | $0.21 | $1.43 | $0.91 | $1.54 | $1.86 | $2.35 | $2.26 | $2.08 | $1.93 | $3.09 |
| Free cash flow | $642.0M | $765.0M | $917.0M | $836.0M | $1.1B | $920.0M | $1.6B | $1.5B | $1.7B | $2.0B |
| Buybacks | $100.0M | $203.0M | $394.0M | $200.0M | $222.0M | $468.0M | $308.0M | $269.0M | $145.0M | $616.0M |
| Dividends paid | $200.0M | $243.0M | $280.0M | $305.0M | $320.0M | $350.0M | $383.0M | $441.0M | $541.0M | $601.0M |
| Diluted shares | 506.4M | 508.8M | 503.1M | 500.9M | 500.7M | 505.1M | 497.9M | 508.4M | 579.2M | 578.6M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into NDAQ?
A reverse DCF asks what growth the current price requires. With an enterprise value of $66.1B and $2.0B of trailing free cash flow, Nasdaq needs to grow free cash flow about 24.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 13.3% a year over the last five years.
P/E ratio history
Current 33.2x vs. median 24.4x (10th–90th percentile 12.8x–43.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
NDAQ dividend
- Dividend yield
- 1.13%
- Annual dividend
- $1.16
- Years of increases
- 12
- 5-yr dividend growth
- 10.2%
- per year
- Payout ratio
- 32%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
NDAQ analyst price targets
16 analysts' average 12-month target is $114.25 (+11% vs. $102.56). Targets range from $87.00 to $133.00. 78% rate it a buy.
NDAQ earnings
Next report: January 28, 2027. Nasdaq has beaten EPS estimates 8 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 22, 2026 | $1.02 | $1.04 | +2.3% |
| Jul 23, 2026 | $0.98 | $1.07 | +8.7% |
| Apr 23, 2026 | $0.93 | $0.96 | +2.8% |
| Jan 29, 2026 | $0.92 | $0.96 | +4.8% |
| Oct 21, 2025 | $0.85 | $0.88 | +3.7% |
| Jul 24, 2025 | $0.81 | $0.85 | +4.5% |
| Apr 24, 2025 | $0.77 | $0.79 | +2.5% |
| Jan 29, 2025 | $0.75 | $0.76 | +1.4% |
Stocks like NDAQ
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|---|---|---|---|---|---|
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 CME CME | -0.09% | +18% | $109.4B | 25.1x | Compare |
 ICE Intercontinental Exchange | -0.67% | +5% | $91.4B | 23.0x | Compare |
 MCO Moody's | -1.55% | +2% | $83.4B | 28.9x | Compare |
 MSCI MSCI | -0.74% | +16% | $44.8B | 31.7x | Compare |
 COIN Coinbase Global | -2.74% | -49% | $43.4B | — | Compare |
 CBOE Cboe Global Markets | +3.88% | +45% | $35.6B | 26.5x | Compare |
 FDS FactSet Research Systems | -1.23% | +18% | $11.8B | 22.7x | Compare |
NDAQ news
- Franklin Templeton Prepares Nasdaq Debut For ETFs That Turn Stock Dividends Into Bitcoin · Oct 24, 2026
- Nasdaq CEO Says Markets Are Heading Toward An AI-Driven, 'Always-On' Future · Oct 24, 2026
- Learn Why The Bull Case For Nasdaq (NDAQ) Could Change Following Earnings Beat · Oct 23, 2026
- Nasdaq's FinTech Growth, Index Strength Support Longer-Term Upside, Morgan Stanley Says · Oct 23, 2026
- NDAQ Q3 deep dive: AI solutions, tokenization, and recurring revenue drive robust growth · Oct 23, 2026
NDAQ stock FAQ
What is NDAQ's market cap?
Nasdaq's market capitalization is $57.33 billion as of October 23, 2026, ranking 210th in the S&P 500.
What is NDAQ's P/E ratio?
NDAQ trades at a trailing price-to-earnings ratio of 28.0x and a forward P/E of 21.6x. Its median P/E over the period we track is 24.4x.
Does NDAQ pay a dividend?
Yes. Nasdaq pays $1.16 per share a year, a 1.13% yield. It has raised its dividend 12 years in a row. Dividends grew 10.2% a year over the last five years.
How much has NDAQ stock returned?
Including reinvested dividends, NDAQ returned +17.0% over one year, +10.3% a year over five years, +18.5% a year over ten years through October 23, 2026.
Is NDAQ stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Nasdaq must grow free cash flow about 24% a year for the next decade. Its free cash flow grew 13% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the NDAQ price target?
16 analysts cover NDAQ with an average 12-month price target of $114.25, +11% from the current price. 78% of them rate it a buy.
When does NDAQ report earnings?
Nasdaq is expected to report earnings on January 28, 2027. It has beaten EPS estimates 8 quarters in a row.
How many employees does Nasdaq have?
Nasdaq has about 9,593 full-time employees, or $602,523 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology