Nasdaq, Inc.

NasdaqGS:NDAQ Stock Report

Market Cap: US$46.6b

Nasdaq Valuation

Is NDAQ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NDAQ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$63.25
Fair Value
28.2% overvalued intrinsic discount
18
Number of Analysts

Below Fair Value: NDAQ ($81.07) is trading above our estimate of fair value ($63.25)

Significantly Below Fair Value: NDAQ is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NDAQ?

Key metric: As NDAQ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NDAQ. This is calculated by dividing NDAQ's market cap by their current earnings.
What is NDAQ's PE Ratio?
PE Ratio41.7x
EarningsUS$1.12b
Market CapUS$46.60b

Price to Earnings Ratio vs Peers

How does NDAQ's PE Ratio compare to its peers?

The above table shows the PE ratio for NDAQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average41.8x
MSCI MSCI
40.5x10.3%US$44.9b
TW Tradeweb Markets
57x15.9%US$31.6b
MCO Moody's
43.8x9.8%US$90.2b
CME CME Group
25.8x4.1%US$89.7b
NDAQ Nasdaq
41.7x13.1%US$46.6b

Price-To-Earnings vs Peers: NDAQ is good value based on its Price-To-Earnings Ratio (41.7x) compared to the peer average (41.8x).

Price to Earnings Ratio vs Industry

How does NDAQ's PE Ratio compare vs other companies in the US Capital Markets Industry?

20 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ADX Adams Diversified Equity Fund
3.7xn/aUS$2.29b
CET Central Securities
4.7xn/aUS$1.37b
ASA ASA Gold and Precious Metals
4.1xn/aUS$476.90m
FRMO FRMO
2xn/aUS$418.22m
NDAQ 41.7xIndustry Avg. 20.5xNo. of Companies74PE020406080100+
20 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NDAQ is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the US Capital Markets industry average (20.5x).

Price to Earnings Ratio vs Fair Ratio

What is NDAQ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NDAQ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio41.7x
Fair PE Ratio20.2x

Price-To-Earnings vs Fair Ratio: NDAQ is expensive based on its Price-To-Earnings Ratio (41.7x) compared to the estimated Fair Price-To-Earnings Ratio (20.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NDAQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$81.07
US$88.39
+9.0%
10.8%US$103.00US$64.00n/a18
Feb ’26US$82.34
US$87.83
+6.7%
10.5%US$103.00US$64.00n/a18
Jan ’26US$77.31
US$84.17
+8.9%
11.1%US$102.00US$64.00n/a18
Dec ’25US$82.99
US$82.33
-0.8%
9.3%US$95.00US$64.00n/a18
Nov ’25US$74.32
US$81.72
+10.0%
8.7%US$93.00US$64.00n/a18
Oct ’25US$73.05
US$77.59
+6.2%
8.9%US$90.00US$64.00n/a17
Sep ’25US$72.08
US$72.14
+0.09%
11.1%US$85.00US$53.00n/a14
Aug ’25US$67.32
US$70.71
+5.0%
12.3%US$85.00US$53.00n/a14
Jul ’25US$59.48
US$66.53
+11.9%
11.5%US$80.00US$50.00n/a15
Jun ’25US$59.03
US$66.60
+12.8%
11.6%US$80.00US$50.00n/a15
May ’25US$59.88
US$67.40
+12.6%
11.9%US$80.00US$50.00n/a15
Apr ’25US$62.29
US$64.00
+2.7%
12.1%US$82.00US$54.00n/a15
Mar ’25US$56.53
US$62.13
+9.9%
12.2%US$82.00US$54.00n/a16
Feb ’25US$57.09
US$61.75
+8.2%
12.4%US$82.00US$54.00US$82.3416
Jan ’25US$58.14
US$59.56
+2.4%
13.3%US$82.00US$50.00US$77.3116
Dec ’24US$55.90
US$59.38
+6.2%
13.2%US$82.00US$50.00US$82.9916
Nov ’24US$48.71
US$59.57
+22.3%
14.0%US$82.00US$50.00US$74.3214
Oct ’24US$48.59
US$59.43
+22.3%
14.2%US$82.00US$50.00US$73.0514
Sep ’24US$51.94
US$59.85
+15.2%
14.4%US$82.00US$50.00US$72.0813
Aug ’24US$50.24
US$59.77
+19.0%
14.5%US$82.00US$50.00US$67.3213
Jul ’24US$49.85
US$61.33
+23.0%
13.9%US$82.00US$51.00US$59.4812
Jun ’24US$55.03
US$62.07
+12.8%
11.6%US$82.00US$53.00US$59.0314
May ’24US$55.05
US$62.00
+12.6%
11.7%US$82.00US$53.00US$59.8814
Apr ’24US$54.67
US$63.20
+15.6%
11.9%US$82.00US$50.00US$62.2915
Mar ’24US$55.55
US$63.27
+13.9%
11.7%US$82.00US$50.00US$56.5315
Feb ’24US$59.50
US$63.13
+6.1%
11.8%US$82.00US$50.00US$57.0915
Analyst Price Target
Consensus Narrative from 18 Analysts
US$88.39
Fair Value
8.3% undervalued intrinsic discount
18
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/22 10:20
End of Day Share Price 2025/02/21 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Nasdaq, Inc. is covered by 40 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kevin HealArgus Research Company
Roger FreemanBarclays
Benjamin BudishBarclays