Question 1

What is Nasdaq's P/FCF ratio?

Accepted Answer

Nasdaq (NDAQ) P/FCF ratio is 25.9× as of July 22, 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 12.0×.

Question 5

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

Accepted Answer

Nasdaq's P/FCF ratio of 25.9× is above its own 5-year average of 24.4× and above the sector median of 12.0×. That places the current reading at the 64th 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	$55.4B	$1.99B	27.9×	+2.2×	Dec 31, 2025
2024	$44.5B	$1.73B	25.7×	+5.0×	Dec 31, 2024
2023	$31.8B	$1.54B	20.7×	+1.3×	Dec 31, 2023
2022	$30.1B	$1.55B	19.4×	-18.7×	Dec 31, 2022
2021	$35.1B	$920M	38.1×	+17.6×	Dec 31, 2021
2020	$21.8B	$1.06B	20.5×	-0.6×	Dec 31, 2020
2019	$17.6B	$836M	21.1×	+6.5×	Dec 31, 2019
2018	$13.4B	$917M	14.6×	-2.2×	Dec 31, 2018
2017	$12.8B	$765M	16.8×	-2.2×	Dec 31, 2017
2016	$11.1B	$588M	18.9×	+1.6×	Dec 31, 2016
2015	$9.57B	$552M	17.3×	+2.6×	Dec 31, 2015
2014	$8.07B	$547M	14.8×	+0.2×	Dec 31, 2014
2013	$6.7B	$459M	14.6×	+6.5×	Dec 31, 2013
2012	$4.11B	$507M	8.1×	+0.8×	Dec 31, 2012
2011	$4.24B	$581M	7.3×	-3.2×	Dec 31, 2011
2010	$4.18B	$398M	10.5×	+2.5×	Dec 31, 2010
2009	$4.19B	$523M	8.0×	-6.0×	Dec 31, 2009
2008	$4.96B	$353M	14.0×	-37.7×	Dec 31, 2008
2007	$8.01B	$155M	51.8×	+30.1×	Dec 31, 2007
2006	$3.9B	$180M	21.7×	-25.0×	Dec 31, 2006
2005	$4.46B	$95.5M	46.7×	+32.5×	Dec 31, 2005
2004	$1.29B	$91M	14.2×	+2.5×	Dec 31, 2004
2003	$866M	$73.7M	11.7×	+0.8×	Dec 31, 2003
2002	$783M	$71.7M	10.9×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Nasdaq (NDAQ) 2002-2026

P/FCF Ratio daily chart for Nasdaq (NDAQ)

Historical P/FCF Ratio for Nasdaq (NDAQ) from 2002 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