NASDAQ, INC. (NDAQ)

Security & Commodity Brokers, Dealers, Exchanges & Services

Latest Price

$94.19

TTM P/E

27.46

Normalized P/E

32.75

Div Yield

1.19%

Book Value

21.20

P/B Ratio

4.44

Valuation metrics

EPS: $3.09

Book value / share: $21.45

Formula: √(22.5 × EPS × BVPS)

Graham Number

$38.62

59% downside

Norm. op. income: $1.6B (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$6.89

93% downside

Base FCF: $1.6B (median of recent 5yr)

Growth: 14%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$74.66

21% downside

EPS: $3.09

Target P/E: 33×

Formula: EPS × P/E

P/E Fair Value

$101.97

+8% upside

82.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
INVESTOR AB	58.38M	$4.93B	10.39%	+200.0K	2026-03-31
BlackRock, Inc.	38.17M	$3.24B	6.79%	-1.33M	2026-03-31
WELLINGTON MANAGEMENT GROUP LLP	36.28M	$3.08B	6.46%	-1.38M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	31.24M	$2.65B	5.56%	--	2026-03-31
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	29.06M	$2.47B	5.17%	+1.43M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	26.10M	$2.21B	4.64%	--	2026-03-31
STATE STREET CORP	19.71M	$1.67B	3.51%	-163.9K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	12.98M	$1.10B	2.31%	+125.3K	2026-03-31
MORGAN STANLEY	10.26M	$870.0M	1.82%	+988.9K	2026-03-31
FRANKLIN RESOURCES INC	9.17M	$778.0M	1.63%	-1.42M	2026-03-31