Stock NDAQ NASDAQ, INC.
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Financials Nasdaq, Inc.

Equities

NDAQ

US6311031081

Financial & Commodity Market Operators

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-05-24 pm EDT 		5-day change 1st Jan Change
62.23 USD +1.15% Intraday chart for Nasdaq, Inc. -0.84% +7.03%
May. 24 SEC Allows Exchanges to List Ether ETFs MT
May. 22 Swedish EV maker Polestar confirms delay in Q1 earnings report RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 17,555 21,774 35,118 30,140 33,545 35,878 - -
Enterprise Value (EV) 1 20,610 24,570 40,526 35,015 43,338 45,042 44,231 43,154
P/E ratio 23.1 x 23.7 x 29.8 x 27.1 x 28 x 31.9 x 26.6 x 22.4 x
Yield 1.73% 1.46% 1% 1.27% 1.48% 1.49% 1.64% 1.87%
Capitalization / Revenue 6.93 x 7.5 x 10.3 x 8.41 x 8.61 x 7.77 x 7.28 x 6.73 x
EV / Revenue 8.13 x 8.46 x 11.8 x 9.78 x 11.1 x 9.76 x 8.98 x 8.1 x
EV / EBITDA 15.5 x 15.5 x 21.2 x 17.8 x 19.9 x 17.6 x 16 x 14.1 x
EV / FCF 24.7 x 23.1 x 44.1 x 22.5 x 28.2 x 26.6 x 24 x 21.5 x
FCF Yield 4.06% 4.33% 2.27% 4.44% 3.55% 3.77% 4.16% 4.65%
Price to Book 3.17 x 3.45 x 5.53 x 4.91 x 3.09 x 3.03 x 2.83 x 2.63 x
Nbr of stocks (in thousands) 491,745 492,113 501,666 491,280 576,965 576,533 - -
Reference price 2 35.70 44.25 70.00 61.35 58.14 62.23 62.23 62.23
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,535 2,903 3,420 3,582 3,895 4,616 4,926 5,329
EBITDA 1 1,329 1,588 1,912 1,966 2,182 2,563 2,768 3,063
EBIT 1 1,240 1,489 1,804 1,861 2,065 2,450 2,662 2,958
Operating Margin 48.92% 51.29% 52.75% 51.95% 53.02% 53.08% 54.04% 55.5%
Earnings before Tax (EBT) 1 1,019 1,212 1,534 1,475 1,401 1,435 1,748 2,066
Net income 1 774 933 1,187 1,125 1,059 1,131 1,328 1,559
Net margin 30.53% 32.14% 34.71% 31.41% 27.19% 24.51% 26.95% 29.26%
EPS 2 1.543 1.863 2.350 2.260 2.080 1.950 2.342 2.780
Free Cash Flow 1 836 1,064 920 1,554 1,538 1,696 1,841 2,008
FCF margin 32.98% 36.65% 26.9% 43.38% 39.49% 36.74% 37.37% 37.67%
FCF Conversion (EBITDA) 62.9% 67% 48.12% 79.04% 70.49% 66.17% 66.52% 65.53%
FCF Conversion (Net income) 108.01% 114.04% 77.51% 138.13% 145.23% 149.91% 138.65% 128.75%
Dividend per Share 2 0.6167 0.6467 0.7033 0.7800 0.8600 0.9287 1.018 1.164
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 885 892 893 890 906 914 925 940 1,117 1,117 1,128 1,159 1,204 1,177 1,200
EBITDA 1 477 491 506 498 471 509 512 518 643 625 624.7 642 677.3 652 670.2
EBIT 1 451 464 480 473 446 478 484 491 613 593 595.7 613.9 640.5 631.1 650.5
Operating Margin 50.96% 52.02% 53.75% 53.15% 49.23% 52.3% 52.32% 52.23% 54.88% 53.09% 52.83% 52.96% 53.2% 53.62% 54.23%
Earnings before Tax (EBT) 1 314 374 397 382 322 396 337 391 278 312 344.4 357.3 421.7 389 408
Net income 1 259 284 307 294 241 302 267 294 197 234 268 281.8 313.1 291 305
Net margin 29.27% 31.84% 34.38% 33.03% 26.6% 33.04% 28.86% 31.28% 17.64% 20.95% 23.77% 24.31% 26% 24.72% 25.43%
EPS 2 0.5100 0.5667 0.6167 0.5900 0.4800 0.6100 0.5400 0.6000 0.3600 0.4000 0.4638 0.4869 0.5447 0.5050 0.5350
Dividend per Share 2 0.1800 0.1800 0.2000 0.2000 0.2000 0.2000 0.2200 0.2200 0.2200 0.2200 0.2350 0.2350 0.2350 0.2300 0.2300
Announcement Date 1/26/22 4/20/22 7/20/22 10/19/22 1/25/23 4/19/23 7/19/23 10/18/23 1/31/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,055 2,796 5,408 4,875 9,793 9,164 8,353 7,277
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.299 x 1.761 x 2.828 x 2.48 x 4.488 x 3.575 x 3.018 x 2.375 x
Free Cash Flow 1 836 1,064 920 1,554 1,538 1,696 1,841 2,008
ROE (net income / shareholders' equity) 15.1% 17.1% 19.8% 17.9% 16.9% 13.7% 14.4% 15.4%
ROA (Net income/ Total Assets) 5.64% 5.8% 6.68% 5.49% 5.39% 3.8% 4.2% 5%
Assets 1 13,730 16,086 17,760 20,491 19,646 29,773 31,615 31,185
Book Value Per Share 2 11.30 12.80 12.70 12.50 18.80 20.50 22.00 23.70
Cash Flow per Share - - 2.140 3.430 - - - -
Capex 1 127 188 163 152 158 171 181 209
Capex / Sales 5.01% 6.48% 4.77% 4.24% 4.06% 3.7% 3.67% 3.93%
Announcement Date 1/29/20 1/27/21 1/26/22 1/25/23 1/31/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Nasdaq, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
17
Last Close Price
62.23 USD
Average target price
66.6 USD
Spread / Average Target
+7.02%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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