Question 1

What is Nasdaq's P/E ratio?

Accepted Answer

Nasdaq (NDAQ) P/E ratio is 27.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Nasdaq?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Nasdaq specifically, the relevant sector benchmark is the current sector median of 13.1×.

Question 5

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

Accepted Answer

Nasdaq's P/E ratio of 27.2× is below its own 5-year average of 29.5× and above the sector median of 13.1×. That places the current reading at the 43th 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/E ratio range?

Accepted Answer

In the available daily series, Nasdaq (NDAQ) P/E ratio has ranged from a low of 8.0× in 2008 to a high of 113.8× in 2004. The 5-year average is 29.5× and the 5-year median is 28.8×.

Question 7

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

Accepted Answer

Nasdaq (NDAQ) P/E ratio at the end of 2025 was 31.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$1.79B	31.0×	-8.8×	Dec 31, 2025
2024	$44.5B	$1.12B	39.8×	+9.8×	Dec 31, 2024
2023	$31.8B	$1.06B	30.0×	+3.2×	Dec 31, 2023
2022	$30.1B	$1.13B	26.8×	-2.8×	Dec 31, 2022
2021	$35.1B	$1.19B	29.6×	+6.2×	Dec 31, 2021
2020	$21.8B	$933M	23.4×	+0.6×	Dec 31, 2020
2019	$17.6B	$774M	22.8×	-6.4×	Dec 31, 2019
2018	$13.4B	$458M	29.2×	+11.6×	Dec 31, 2018
2017	$12.8B	$730M	17.6×	-84.5×	Dec 31, 2017
2016	$11.1B	$109M	102.1×	+79.7×	Dec 31, 2016
2015	$9.57B	$428M	22.4×	+2.8×	Dec 31, 2015
2014	$8.07B	$413M	19.5×	+2.1×	Dec 31, 2014
2013	$6.7B	$384M	17.4×	+5.8×	Dec 31, 2013
2012	$4.11B	$353M	11.6×	+0.7×	Dec 31, 2012
2011	$4.24B	$387M	11.0×	+0.4×	Dec 31, 2011
2010	$4.18B	$395M	10.6×	-5.2×	Dec 31, 2010
2009	$4.19B	$266M	15.7×	+0.0×	Dec 31, 2009
2008	$4.96B	$316M	15.7×	+0.3×	Dec 31, 2008
2007	$8.01B	$518M	15.5×	-15.2×	Dec 31, 2007
2006	$3.9B	$127M	30.6×	-50.3×	Dec 31, 2006
2005	$4.46B	$55.1M	80.9×	-32.8×	Dec 31, 2005
2004	$1.29B	$11.4M	113.8×	—	Dec 31, 2004
2003	$866M	-$105M	—	—	Dec 31, 2003
2002	$783M	$40.7M	19.2×	—	Dec 31, 2002


Ameriprise Financial (AMP)	10.6×
Auburn National Bancorporation (AUBN)	10.5×
1st Source (SRCE)	10.5×
Truist Financial (TFC)	10.4×
Eagle Financial Services (EFSI)	10.0×
Prudential Financial (PRU)	9.8×
UMB Financial (UMBF)	9.7×
T. Rowe Price (TROW)	9.6×
Old Republic International (ORI)	9.5×
First Financial (THFF)	9.3×
Globe Life (GL-PD)	9.3×
Hartford Insurance Group (HIG)	9.3×
Assured Guaranty (AGO)	8.9×
Cincinnati Financial (CINF)	8.8×
Federal Agricultural Mortgage (AGM)	8.8×
Travelers Companies (TRV)	8.4×
PayPal (PYPL)	8.2×
PSB Holdings (PSBQ)	7.5×
Arch Capital Group (ACGL)	7.1×
AXIS Capital Holdings (AXS)	7.0×
Tompkins Financial (TMP)	6.7×
Everest Group (EG)	6.5×
Mercury General (MCY)	5.8×
Allstate (ALL)	4.4×
Atlantic Union Bankshares (AUB)	0.0×

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

P/E Ratio daily chart for Nasdaq (NDAQ)

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

About P/E Ratio at Nasdaq (NDAQ)

Nasdaq P/E Ratio by Year

Nasdaq P/E Ratio 2025: 31.0×

Nasdaq P/E Ratio 2024: 39.8×

Nasdaq P/E Ratio 2023: 30.0×

Nasdaq P/E Ratio 2022: 26.8×

Nasdaq P/E Ratio 2021: 29.6×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Nasdaq (NDAQ) Key Financials