What is Nasdaq, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Nasdaq, Inc.'s reported free cash flow gives $61.81 per share. The share price was $93.55 on September 25, 2026, 51% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 3.0% | 10.0% | $32.62 | -65% |
| Base | 8.0% | 9.0% | $61.81 | -34% |
| Bull | 13.0% | 8.0% | $116.30 | +24% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $83.09 | $89.62 | $97.60 | $107.57 | $120.40 |
| 8.0% | $67.19 | $71.42 | $76.43 | $82.43 | $89.77 |
| 9.0% | $55.58 | $58.47 | $61.81 | $65.71 | $70.32 |
| 10.0% | $46.75 | $48.80 | $51.14 | $53.80 | $56.88 |
| 11.0% | $39.81 | $41.32 | $43.00 | $44.90 | $47.05 |
Where the presets come from
Base: years 1 to 5 grow at Nasdaq, Inc.'s revenue growth rate over the last 5 fiscal years (8.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions