NASDAQ, Inc. (NDAQ)

Security & Commodity Brokers, Dealers, Exchanges & Services

Latest Price

$92.01

TTM P/E

26.83

Normalized P/E

34.44

Div Yield

1.22%

Book Value

21.20

P/B Ratio

4.34

Valuation metrics

EPS: $3.09

Book value / share: $21.45

Formula: √(22.5 × EPS × BVPS)

Graham Number

$38.62

58% 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

19% downside

EPS: $3.09

Target P/E: 34×

Formula: EPS × P/E

P/E Fair Value

$105.06

+14% upside

83.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
Investor AB	58.44M	$4.61B	10.40%	+56.8K	2026-06-30
BlackRock, Inc.	37.19M	$2.93B	6.62%	-975.7K	2026-06-30
Vanguard Capital Management LLC	31.23M	$2.46B	5.56%	-12.2K	2026-06-30
Wellington Management Group LLP	30.33M	$2.39B	5.40%	-5.95M	2026-06-30
Vanguard Portfolio Management LLC	26.09M	$2.06B	4.64%	-12.2K	2026-06-30
Massachusetts Financial Services Co	23.26M	$1.83B	4.14%	-5.80M	2026-06-30
State Street Corp	20.18M	$1.59B	3.59%	+467.2K	2026-06-30
Geode Capital Management, LLC	13.12M	$1.03B	2.33%	+143.9K	2026-06-30
Morgan Stanley	11.36M	$895.0M	2.02%	+1.10M	2026-06-30
Franklin Resources Inc	9.10M	$717.0M	1.62%	-69.6K	2026-06-30