Nasdaq (NDAQ) EV to FCF (2009 - 2026)
Nasdaq's EV to FCF was 22.53 in Q3 2026, down 5.8% from 23.91 a year earlier but up 0.8% from the prior quarter.
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Analysis
Nasdaq (NDAQ) EV to FCF (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Nasdaq's EV to FCF was 21.62 through Sep 30, 2026, down 4.9% 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%).
- Quarterly EV to FCF has moved between 11.26 (Q3 2023) and 37.40 (Q4 2021) over five years.
- Compared with a year earlier, EV to FCF was higher in four of the last eight quarters, with growth averaging 0.7%.
- 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 Q3 2026 was 22.34 (Q2 2026), 23.59 (Q1 2026) and 27.51 (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Cme | 113.65 Bn | 101.99 Bn | 359.20 Mn |
| 2 | Bank of New York Mellon | 103.23 Bn | 37.32 Bn | - |
| 3 | Intercontinental Exchange | 99.60 Bn | 93.42 Bn | 1.22 Bn |
| 4 | Robinhood Markets | 70.15 Bn | 49.76 Bn | - |
| 5 | Nasdaq | 60.57 Bn | 58.01 Bn | 1.48 Bn |
| 6 | State Street | 47.32 Bn | 43.94 Bn | - |
| 7 | Cboe Global Markets | 39.19 Bn | 29.68 Bn | 712.20 Mn |
| 8 | Interactive Brokers | 37.06 Bn | 20.72 Bn | - |
| 9 | Northern Trust | 32.28 Bn | 32.28 Bn | - |
| 10 | Tradeweb Markets | 30.81 Bn | 23.33 Bn | - |
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();