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 $61.58 per share. The share price was $110.02 on November 10, 2026, 79% 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% | $32.39 | -71% |
| Base | 8.0% | 9.0% | $61.58 | -44% |
| Bull | 13.0% | 8.0% | $116.07 | +5% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $82.86 | $89.39 | $97.37 | $107.34 | $120.17 |
| 8.0% | $66.96 | $71.19 | $76.19 | $82.20 | $89.54 |
| 9.0% | $55.35 | $58.24 | $61.58 | $65.48 | $70.08 |
| 10.0% | $46.51 | $48.57 | $50.91 | $53.57 | $56.65 |
| 11.0% | $39.58 | $41.08 | $42.77 | $44.67 | $46.82 |
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