# Nasdaq Inc. (NDAQ) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Financial Services / Capital Markets. Price $96.88, market value $54.2 billion.

## Valuation
- **P/E (trailing): 28.2×** (5-yr avg 30.3×, 3-yr avg 32.5×). Nasdaq Inc. trades at 28.2× trailing earnings, close to its own five-year average of 30.3×. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 20.7×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.34**. A PEG of 0.34 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / sales: 6.2×**. Each dollar of revenue is priced at 6.2×.
- **Price / book: 4.5×**. The shares trade at 4.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 22.8×**. Enterprise value is 22.8× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.6%** (5-yr avg 4.2%). Free cash flow equals 3.6% of the market value, in line with its five-year average of 4.2%.
- **Earnings yield: 3.5%**. The inverse of the P/E: 3.5% of the price is earned each year.

## Profitability
- **Gross margin: 64.2%**. Nasdaq Inc. keeps 64.2% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 29.6%**. 29.6% of revenue is left after running the business, an exceptional level.
- **Net margin: 21.6%**. 21.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 14.6%**. 14.6% on shareholders' equity is solid.
- **Return on invested capital: 9.9%**. Return on all capital, debt included, is 9.9%.
- **Return on assets: 6.3%**. Each dollar of assets produces 6.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 11.6%** (3-yr 9.9%/yr, 5-yr 8.0%/yr). Revenue grew 11.6% over the last year, against 8.0% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 60.1%** (3-yr 11.0%/yr, 5-yr 10.7%/yr). Earnings per share rose 60.1%, faster than revenue, so margins expanded or the share count shrank.
- **Free-cash-flow growth (3 yr): 8.6%/yr**. Free cash flow has compounded at 8.6% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 8/9**. 8 of 9 fundamental checks pass: strong and improving financials.
- **Cash and short-term investments: $604 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 1.20%** ($1.12 per share, trailing). Nasdaq Inc. yields 1.20%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 34%** (33% of free cash flow). 34% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 14**. 14 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 10.2%/yr** (1-yr 11.7%). The dividend has compounded at 10.2% a year over five years, doubling roughly every 7 years at that pace.

## Analyst view
- **Analyst consensus: buy** (15 analysts). 15 analysts cover Nasdaq Inc.; the consensus is buy, with an average price target of $109.87 (+13% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 4.0%** (YTD 0.4%, 3-mo 11.4%). The shares are up 4.0% over twelve months including dividends.
- **From 52-week high: -4.8%** (26.6% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 52**. An RSI of 52 is neutral.
- **Beta (1 yr): 0.65** (volatility 28%). Beta of 0.65 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=NDAQ · Page: https://foliofundamentals.com/stocks/ndaq

Not investment advice.