NDAQ EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
NDAQ's ev/ebitda is higher than 65% of the last 10 years.
EV/EBITDA History
NDAQ EV/EBITDA by year
Yearly range of NDAQ’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 11.5 to 35.0, averaging 19.3.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 16.8 | 19.3 | 21.5 | 20.0 |
| 2025 | 18.1 | 21.4 | 23.5 | 20.8 |
| 2024 | 19.9 | 22.3 | 25.5 | 22.0 |
| 2023 | 14.8 | 17.0 | 19.9 | 17.6 |
| 2022 | 15.5 | 18.5 | 21.4 | 19.3 |
| 2021 | 16.8 | 20.2 | 22.9 | 21.5 |
| 2020 | 11.7 | 17.0 | 19.3 | 16.9 |
| 2019 | 11.5 | 13.4 | 16.0 | 16.0 |
| 2018 | 11.8 | 14.7 | 16.2 | 11.8 |
| 2017 | 27.0 | 30.8 | 35.0 | 28.5 |
| 2016 | 13.7 | 14.2 | 14.9 | 14.3 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is NDAQ EV/EBITDA High or Low Right Now?
Nasdaq, Inc.'s EV/EBITDA is currently 20.0, which is above average relative to its 10-year historical range. The 10-year median EV/EBITDA for NDAQ is approximately 18.6. See all NDAQ valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.