Nasdaq (NDAQ) EV to EBITDA (2010 - 2026)
Nasdaq's EV to EBITDA came in at 15.02 for Q3 2026, down 14.9% from 17.65 a year earlier but up 11.4% from the prior quarter.
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Analysis
Nasdaq (NDAQ) EV to EBITDA (2010 - 2026) Analysis & Trends
Over the trailing twelve months to Sep 30, 2026, Nasdaq reported EV to EBITDA of 14.42, down 14.0% year-over-year; for FY2025, it was 18.47, up 1.9% from FY2024.
- EV to EBITDA has increased in each of the last three years.
- Going back by year, EV to EBITDA was 18.12 in FY2024 (+5.0%), 17.26 in FY2023 (+6.6%), 16.19 in FY2022 (-19.1%) and 20.02 in FY2021 (+51.6%).
- The five-year range for quarterly EV to EBITDA is 9.96 (Q3 2023) to 20.01 (Q4 2021).
- Year-over-year, EV to EBITDA has declined for three consecutive quarters, with an average decline of 5.2% over the last eight quarters.
- The fastest year-over-year change in EV to EBITDA over five years came in Q3 2024 (growth of 87.8%), and the weakest in Q3 2023 (a decline of 33.4%).
- Business Quant data shows NDAQ's EV to EBITDA at 13.48 (Q2 2026), 15.34 (Q1 2026) and 18.47 (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Cme | 109.34 Bn | 97.67 Bn | - |
| 2 | Bank of New York Mellon | 103.32 Bn | 36.94 Bn | - |
| 3 | Intercontinental Exchange | 97.84 Bn | 90.74 Bn | - |
| 4 | Robinhood Markets | 73.91 Bn | 53.45 Bn | - |
| 5 | Nasdaq | 60.30 Bn | 57.74 Bn | 1.48 Bn |
| 6 | State Street | 47.09 Bn | 47.09 Bn | - |
| 7 | Cboe Global Markets | 37.14 Bn | 27.62 Bn | 712.20 Mn |
| 8 | Interactive Brokers | 35.28 Bn | 11.58 Bn | - |
| 9 | Northern Trust | 32.35 Bn | 32.35 Bn | - |
| 10 | Tradeweb Markets | 26.89 Bn | 18.69 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.02 |
| Jun 30, 2026 | 13.48 |
| Mar 31, 2026 | 15.34 |
| Dec 31, 2025 | 18.47 |
| Sep 30, 2025 | 17.65 |
| Jun 30, 2025 | 18.71 |
| Mar 31, 2025 | 16.73 |
| Dec 31, 2024 | 18.11 |
| Sep 30, 2024 | 18.70 |
| Jun 30, 2024 | 16.15 |
| Mar 31, 2024 | 18.03 |
| Dec 31, 2023 | 17.26 |
| Sep 30, 2023 | 9.96 |
| Jun 30, 2023 | 10.48 |
| Mar 31, 2023 | 14.33 |
| Dec 31, 2022 | 16.19 |
| Sep 30, 2022 | 14.94 |
| Jun 30, 2022 | 13.58 |
| Mar 31, 2022 | 16.27 |
| Dec 31, 2021 | 20.01 |
API Access
Nasdaq EV to EBITDA 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-ebitda&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "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-ebitda&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();