Question 1

What is Nasdaq's P/B ratio?

Accepted Answer

Nasdaq (NDAQ) P/B ratio is 4.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Nasdaq?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Nasdaq specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Nasdaq's P/B ratio of 4.3× is above its own 5-year average of 4.2× and above the sector median of 1.7×. 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/B ratio range?

Accepted Answer

In the available daily series, Nasdaq (NDAQ) P/B ratio has ranged from a low of 0.8× in 2012 to a high of 17.6× in 2005. The 5-year average is 4.2× and the 5-year median is 4.3×.

Question 7

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

Accepted Answer

Nasdaq (NDAQ) P/B ratio at the end of 2025 was 4.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$12.2B	4.5×	+0.6×	Dec 31, 2025
2024	$44.5B	$11.2B	4.0×	+1.0×	Dec 31, 2024
2023	$31.8B	$10.8B	2.9×	-2.0×	Dec 31, 2023
2022	$30.1B	$6.15B	4.9×	-0.6×	Dec 31, 2022
2021	$35.1B	$6.4B	5.5×	+2.1×	Dec 31, 2021
2020	$21.8B	$6.43B	3.4×	+0.3×	Dec 31, 2020
2019	$17.6B	$5.64B	3.1×	+0.7×	Dec 31, 2019
2018	$13.4B	$5.45B	2.5×	+0.3×	Dec 31, 2018
2017	$12.8B	$5.88B	2.2×	+0.1×	Dec 31, 2017
2016	$11.1B	$5.43B	2.0×	+0.3×	Dec 31, 2016
2015	$9.57B	$5.61B	1.7×	+0.3×	Dec 31, 2015
2014	$8.07B	$5.79B	1.4×	+0.3×	Dec 31, 2014
2013	$6.7B	$6.18B	1.1×	+0.3×	Dec 31, 2013
2012	$4.11B	$5.21B	0.8×	-0.1×	Dec 31, 2012
2011	$4.24B	$4.98B	0.9×	-0.0×	Dec 31, 2011
2010	$4.18B	$4.72B	0.9×	+0.0×	Dec 31, 2010
2009	$4.19B	$4.93B	0.8×	-0.3×	Dec 31, 2009
2008	$4.96B	$4.29B	1.2×	-2.5×	Dec 31, 2008
2007	$8.01B	$2.21B	3.6×	+1.0×	Dec 31, 2007
2006	$3.9B	$1.46B	2.7×	-14.9×	Dec 31, 2006
2005	$4.46B	$253M	17.6×	+9.4×	Dec 31, 2005
2004	$1.29B	$157M	8.3×	+2.9×	Dec 31, 2004
2003	$866M	$161M	5.4×	+2.5×	Dec 31, 2003
2002	$783M	$271M	2.9×	—	Dec 31, 2002


AXIS Capital Holdings (AXS)	1.2×
Loews (L)	1.2×
First Financial (THFF)	1.1×
Citizens Financial Group (CFG)	1.1×
Citigroup (C)	1.1×
Federal Agricultural Mortgage (AGM)	1.1×
UMB Financial (UMBF)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Truist Financial (TFC)	1.0×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Everest Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×
Atlantic Union Bankshares (AUB)	0.0×

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

P/B Ratio daily chart for Nasdaq (NDAQ)

Historical P/B Ratio for Nasdaq (NDAQ) from 2002 to 2025

About P/B Ratio at Nasdaq (NDAQ)

Nasdaq P/B Ratio by Year

Nasdaq P/B Ratio 2025: 4.5×

Nasdaq P/B Ratio 2024: 4.0×

Nasdaq P/B Ratio 2023: 2.9×

Nasdaq P/B Ratio 2022: 4.9×

Nasdaq P/B Ratio 2021: 5.5×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Nasdaq (NDAQ) Key Financials