Nasdaq (NDAQ) EV to CFO (2009 - 2026)
Nasdaq's (NDAQ) EV to CFO came in at 19.98 for Q3 2026, down 7.0% from 21.48 a year earlier but up 3.0% from the prior quarter.
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Analysis
Nasdaq (NDAQ) EV to CFO (2009 - 2026) Analysis & Trends
For the trailing twelve months through Sep 30, 2026, EV to CFO at Nasdaq was 19.18, down 6.1% year-over-year; for FY2025, it was 24.27, up 7.7% from FY2024.
- Annual EV to CFO has increased for three consecutive years.
- In prior years, Nasdaq's EV to CFO was 22.53 in FY2024 (+16.5%), 19.35 in FY2023 (+11.9%), 17.29 in FY2022 (-45.6%) and 31.77 in FY2021 (+109.8%).
- Quarterly EV to CFO has run from a low of 10.31 in Q3 2023 to a high of 31.77 in Q4 2021 over five years.
- On a year-over-year basis, EV to CFO increased in four of the last eight quarters, with an average decline of 0.4%.
- The strongest year-over-year quarter for EV to CFO in the past five years was Q3 2024, with growth of 144.0%; the weakest was Q2 2022, with a decline of 52.9%.
- According to Business Quant data, EV to CFO for the three prior quarters was 19.41 (Q2 2026), 20.72 (Q1 2026) and 24.27 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Cme | 110.48 Bn | 98.81 Bn | 359.20 Mn |
| 2 | Bank of New York Mellon | 101.69 Bn | 35.78 Bn | - |
| 3 | Intercontinental Exchange | 98.41 Bn | 92.22 Bn | 1.22 Bn |
| 4 | Robinhood Markets | 73.28 Bn | 52.89 Bn | - |
| 5 | Nasdaq | 61.44 Bn | 58.88 Bn | 1.48 Bn |
| 6 | State Street | 46.84 Bn | 43.46 Bn | - |
| 7 | Cboe Global Markets | 38.04 Bn | 28.52 Bn | 712.20 Mn |
| 8 | Interactive Brokers | 35.16 Bn | 18.81 Bn | - |
| 9 | Northern Trust | 32.22 Bn | 32.22 Bn | - |
| 10 | Tradeweb Markets | 30.09 Bn | 22.61 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 19.98 |
| Jun 30, 2026 | 19.41 |
| Mar 31, 2026 | 20.72 |
| Dec 31, 2025 | 24.27 |
| Sep 30, 2025 | 21.48 |
| Jun 30, 2025 | 21.42 |
| Mar 31, 2025 | 20.59 |
| Dec 31, 2024 | 22.53 |
| Sep 30, 2024 | 25.15 |
| Jun 30, 2024 | 20.00 |
| Mar 31, 2024 | 21.55 |
| Dec 31, 2023 | 19.35 |
| Sep 30, 2023 | 10.31 |
| Jun 30, 2023 | 11.07 |
| Mar 31, 2023 | 15.74 |
| Dec 31, 2022 | 17.29 |
| Sep 30, 2022 | 17.18 |
| Jun 30, 2022 | 15.30 |
| Mar 31, 2022 | 22.18 |
| Dec 31, 2021 | 31.77 |
API Access
Nasdaq EV to CFO API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-cfo", "ticker": "NDAQ", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-cfo&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();