Question 1

What is Nasdaq's P/FCF ratio?

Accepted Answer

Nasdaq (NDAQ) P/FCF ratio is 24.9× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Nasdaq?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Nasdaq specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Nasdaq's P/FCF ratio high or low?

Accepted Answer

Nasdaq's P/FCF ratio of 24.9× is above its own 5-year average of 24.4× and above the sector median of 11.1×. That places the current reading at the 53th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Nasdaq's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Nasdaq (NDAQ) P/FCF ratio has ranged from a low of 6.9× in 2010 to a high of 75.1× in 2006. The 5-year average is 24.4× and the 5-year median is 23.9×.

Question 7

What was Nasdaq's P/FCF ratio in 2025?

Accepted Answer

Nasdaq (NDAQ) P/FCF ratio at the end of 2025 was 27.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Nasdaq's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$55.43B	$1.99B	27.9×	+2.2×	Dec 31, 2025
2024	$44.46B	$1.73B	25.7×	+5.0×	Dec 31, 2024
2023	$31.81B	$1.54B	20.7×	+1.3×	Dec 31, 2023
2022	$30.14B	$1.55B	19.4×	-18.7×	Dec 31, 2022
2021	$35.09B	$920.00M	38.1×	+17.6×	Dec 31, 2021
2020	$21.84B	$1.06B	20.5×	-0.6×	Dec 31, 2020
2019	$17.62B	$836.00M	21.1×	+6.5×	Dec 31, 2019
2018	$13.36B	$917.00M	14.6×	-2.2×	Dec 31, 2018
2017	$12.82B	$765.00M	16.8×	-2.2×	Dec 31, 2017
2016	$11.13B	$588.00M	18.9×	+1.6×	Dec 31, 2016
2015	$9.57B	$552.00M	17.3×	+2.6×	Dec 31, 2015
2014	$8.07B	$547.00M	14.8×	+0.2×	Dec 31, 2014
2013	$6.70B	$459.00M	14.6×	+6.5×	Dec 31, 2013
2012	$4.11B	$507.00M	8.1×	+0.8×	Dec 31, 2012
2011	$4.24B	$581.00M	7.3×	-3.2×	Dec 31, 2011
2010	$4.18B	$398.00M	10.5×	+2.5×	Dec 31, 2010
2009	$4.19B	$523.00M	8.0×	-6.0×	Dec 31, 2009
2008	$4.96B	$353.01M	14.0×	-37.7×	Dec 31, 2008
2007	$8.01B	$154.75M	51.8×	+30.1×	Dec 31, 2007
2006	$3.90B	$180.04M	21.7×	-25.0×	Dec 31, 2006
2005	$4.46B	$95.50M	46.7×	+32.5×	Dec 31, 2005
2004	$1.29B	$91.00M	14.2×	+2.5×	Dec 31, 2004
2003	$865.62M	$73.67M	11.7×	+0.8×	Dec 31, 2003
2002	$782.62M	$71.75M	10.9×	—	Dec 31, 2002
2001	$1.17B	−$57.52M	—	—	Dec 31, 2001


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Nasdaq (NDAQ)

P/FCF Ratio daily chart for Nasdaq (NDAQ)

Historical P/FCF Ratio for Nasdaq (NDAQ) from 2001 to 2025

About P/FCF Ratio at Nasdaq (NDAQ)

Nasdaq P/FCF Ratio by Year

Nasdaq P/FCF Ratio 2025: 27.9×

Nasdaq P/FCF Ratio 2024: 25.7×

Nasdaq P/FCF Ratio 2023: 20.7×

Nasdaq P/FCF Ratio 2022: 19.4×

Nasdaq P/FCF Ratio 2021: 38.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Nasdaq (NDAQ) Key Financials

P/FCF Ratio daily chart for Nasdaq (NDAQ)

Historical P/FCF Ratio for Nasdaq (NDAQ) from 2001 to 2025

About P/FCF Ratio at Nasdaq (NDAQ)

Nasdaq P/FCF Ratio by Year

Nasdaq P/FCF Ratio 2025: 27.9×

Nasdaq P/FCF Ratio 2024: 25.7×

Nasdaq P/FCF Ratio 2023: 20.7×

Nasdaq P/FCF Ratio 2022: 19.4×

Nasdaq P/FCF Ratio 2021: 38.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Nasdaq's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Nasdaq?

+Is Nasdaq's P/FCF ratio high or low?

+What is Nasdaq's historical P/FCF ratio range?

+What was Nasdaq's P/FCF ratio in 2025?

+Why does Nasdaq's P/FCF ratio change over time?

Nasdaq (NDAQ) Key Financials