Nasdaq (NDAQ) EV to FCF (2010 - 2026)
Nasdaq's EV to FCF was 22.34 in Q2 2026, down 5.6% from 23.67 a year earlier and down 5.3% from the prior quarter.
Powered by 
Analysis
Nasdaq (NDAQ) EV to FCF (2010 - 2026) Analysis & Trends
On a trailing twelve-month basis, Nasdaq's EV to FCF was 21.39 through Jun 30, 2026, down 5.7% year-over-year; for FY2025, it was 27.51, up 9.1% from FY2024.
- EV to FCF has now increased for three consecutive years.
- In earlier years, EV to FCF was 25.23 in FY2024 (+18.2%), 21.33 in FY2023 (+12.4%), 18.98 in FY2022 (-49.3%) and 37.40 in FY2021 (+109.9%).
- The Q2 2026 figure marks the lowest quarterly EV to FCF since Q2 2024.
- Compared with a year earlier, EV to FCF was higher in five of the last eight quarters, with growth averaging 20.5%.
- The best year-over-year quarter for EV to FCF over five years was Q3 2024 (growth of 152.3%); the worst was Q2 2022 (a decline of 59.4%).
- Per Business Quant data, NDAQ's EV to FCF in the three quarters before Q2 2026 was 23.59 (Q1 2026), 27.51 (Q4 2025) and 23.91 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Cme | 109.95 Bn | 98.05 Bn | - |
| 2 | Intercontinental Exchange | 91.87 Bn | 85.60 Bn | - |
| 3 | Robinhood Markets | 86.66 Bn | 67.70 Bn | - |
| 4 | Nasdaq | 57.32 Bn | 54.76 Bn | 1.48 Bn |
| 5 | Interactive Brokers | 36.45 Bn | 13.56 Bn | - |
| 6 | Cboe Global Markets | 35.04 Bn | 26.69 Bn | 731.60 Mn |
| 7 | Tradeweb Markets | 25.82 Bn | 17.83 Bn | - |
| 8 | LPL Financial Holdings | 24.99 Bn | 20.31 Bn | - |
| 9 | Circle Internet | 21.71 Bn | 15.59 Bn | 288.85 Mn |
| 10 | Xp | 15.30 Bn | -6.53 Bn | 105.39 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 22.53 |
| Jun 30, 2026 | 22.34 |
| Mar 31, 2026 | 23.59 |
| Dec 31, 2025 | 27.51 |
| Sep 30, 2025 | 23.91 |
| Jun 30, 2025 | 23.67 |
| Mar 31, 2025 | 23.00 |
| Dec 31, 2024 | 25.23 |
| Sep 30, 2024 | 28.40 |
| Jun 30, 2024 | 22.21 |
| Mar 31, 2024 | 23.80 |
| Dec 31, 2023 | 21.33 |
| Sep 30, 2023 | 11.26 |
| Jun 30, 2023 | 12.16 |
| Mar 31, 2023 | 17.38 |
| Dec 31, 2022 | 18.98 |
| Sep 30, 2022 | 19.20 |
| Jun 30, 2022 | 16.99 |
| Mar 31, 2022 | 25.22 |
| Dec 31, 2021 | 37.40 |
API Access
Nasdaq EV to FCF 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-fcf&ticker=NDAQ&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-fcf", "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-fcf&ticker=NDAQ&period=max&api_key=YOUR_API_KEY");
const data = await res.json();