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Nasdaq Valuation Multiples
Discover revenue and EBITDA valuation multiples for Nasdaq and similar public comparables like East Money, Deutsche Börse, MSCI, Thomson Reuters and more.
Nasdaq Overview
About Nasdaq
Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%). Nasdaq's newest segment, financial technology, was primarily constructed through the acquisitions of Verafin and Adenza and has expanded the company into capital management, financial crime, and regulatory compliance software (35%) as it seeks to become a diversified technology company.
Founded
1979
HQ
Employees
9.5K
Website
Financials (LTM)
EV
$56B
Nasdaq Financials
Nasdaq reported last 12-month revenue of $5B and EBITDA of $3B.
In the same LTM period, Nasdaq generated $3B in EBITDA and $2B in net income.
Revenue (LTM)
Nasdaq P&L
In the most recent fiscal year, Nasdaq reported revenue of $8B and EBITDA of $3B.
Nasdaq expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $5B | XXX | $8B | XXX | XXX | XXX |
| Gross Profit | — | XXX | $3B | XXX | XXX | XXX |
| Gross Margin | — | XXX | 42% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $3B | XXX | XXX | XXX |
| EBITDA Margin | 59% | XXX | 38% | XXX | XXX | XXX |
| EBIT Margin | 56% | XXX | 35% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 39% | XXX | 24% | XXX | XXX | XXX |
| Net Debt | — | — | $8B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Nasdaq Stock Performance
Nasdaq has current market cap of $50B, and enterprise value of $56B.
Market Cap Evolution
Nasdaq's stock price is $88.61.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $56B | $50B | 0.0% | XXX | XXX | XXX | $3.54 |
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Start Free TrialNasdaq Valuation Multiples
Nasdaq trades at 10.5x EV/Revenue multiple, and 17.8x EV/EBITDA.
EV / Revenue (LTM)
Nasdaq Financial Valuation Multiples
As of April 19, 2026, Nasdaq has market cap of $50B and EV of $56B.
Equity research analysts estimate Nasdaq's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Nasdaq has a P/E ratio of 24.3x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $50B | XXX | $50B | XXX | XXX | XXX |
| EV (current) | $56B | XXX | $56B | XXX | XXX | XXX |
| EV/Revenue | 10.5x | XXX | 6.8x | XXX | XXX | XXX |
| EV/EBITDA | 17.8x | XXX | 18.0x | XXX | XXX | XXX |
| EV/EBIT | 18.8x | XXX | 19.4x | XXX | XXX | XXX |
| EV/Gross Profit | — | XXX | 16.2x | XXX | XXX | XXX |
| P/E | 24.3x | XXX | 25.0x | XXX | XXX | XXX |
| EV/FCF | 26.1x | XXX | 27.2x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Nasdaq Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Nasdaq Margins & Growth Rates
Nasdaq's revenue in the last 12 month grew by 8%.
Nasdaq's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.3M for the same period.
Nasdaq's rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Nasdaq's rule of X is (19%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Nasdaq Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | (31%) | XXX | XXX | XXX |
| EBITDA Margin | 59% | XXX | 38% | XXX | XXX | XXX |
| EBITDA Growth | 9% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 28% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | (19%) | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.9M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 2% | XXX | 4% | XXX | XXX | XXX |
| Opex to Revenue | 52% | XXX | 35% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Nasdaq Public Comps
See public comps and valuation multiples for other Stock Exchanges and Financial Data & Information comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Nasdaq | XXX | XXX | XXX | XXX | XXX | XXX |
| East Money | XXX | XXX | XXX | XXX | XXX | XXX |
| Deutsche Börse | XXX | XXX | XXX | XXX | XXX | XXX |
| MSCI | XXX | XXX | XXX | XXX | XXX | XXX |
| Thomson Reuters | XXX | XXX | XXX | XXX | XXX | XXX |
| London Stock Exchange Group | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Nasdaq M&A Activity
Nasdaq acquired XXX companies to date.
Last acquisition by Nasdaq was on XXXXXXXX, XXXXX. Nasdaq acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Nasdaq
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialNasdaq Investment Activity
Nasdaq invested in XXX companies to date.
Nasdaq made its latest investment on XXXXXXXX, XXXXX. Nasdaq invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Nasdaq
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Nasdaq
| When was Nasdaq founded? | Nasdaq was founded in 1979. |
| Where is Nasdaq headquartered? | Nasdaq is headquartered in United States. |
| How many employees does Nasdaq have? | As of today, Nasdaq has over 9K employees. |
| Who is the CEO of Nasdaq? | Nasdaq's CEO is Adena T. Friedman. |
| Is Nasdaq publicly listed? | Yes, Nasdaq is a public company listed on Nasdaq. |
| What is the stock symbol of Nasdaq? | Nasdaq trades under NDAQ ticker. |
| When did Nasdaq go public? | Nasdaq went public in 2002. |
| Who are competitors of Nasdaq? | Nasdaq main competitors are East Money, Deutsche Börse, MSCI, Thomson Reuters. |
| What is the current market cap of Nasdaq? | Nasdaq's current market cap is $50B. |
| What is the current revenue of Nasdaq? | Nasdaq's last 12 months revenue is $5B. |
| What is the current revenue growth of Nasdaq? | Nasdaq revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Nasdaq? | Current revenue multiple of Nasdaq is 10.5x. |
| Is Nasdaq profitable? | Yes, Nasdaq is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Nasdaq? | Nasdaq's last 12 months EBITDA is $3B. |
| What is Nasdaq's EBITDA margin? | Nasdaq's last 12 months EBITDA margin is 59%. |
| What is the current EV/EBITDA multiple of Nasdaq? | Current EBITDA multiple of Nasdaq is 17.8x. |
| What is the current FCF of Nasdaq? | Nasdaq's last 12 months FCF is $2B. |
| What is Nasdaq's FCF margin? | Nasdaq's last 12 months FCF margin is 40%. |
| What is the current EV/FCF multiple of Nasdaq? | Current FCF multiple of Nasdaq is 26.1x. |
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