NDAQNasdaq, Inc.

Financials · Exchanges & Brokers · Nasdaq

NDAQ and 9 peers, year by year

The 9 Financials companies closest to NDAQ in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

Choose the peers

Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
NDAQ Nasdaq, Inc.	FY2025	$8.3B	+11.6%	63.5%	28.2%	21.6%	24.1%	14.6%	0.74
CFG Citizens Financial Group	FY2025	$8.2B	+6.7%	-	-	22.2%	-	7.0%	0.43
BEN Franklin Resources	FY2026	$9.4B	+7.3%	-	12.5%	11.4%	8.7%	9.0%	0.22
NTRS Northern Trust	FY2025	$8.1B	+6.1%	-	-	21.5%	67.5%	13.4%	-
MTB M&T Bank	FY2025	$9.7B	+7.5%	-	-	29.4%	-	9.8%	0.45
MCO Moody's Corporation	FY2025	$7.7B	+8.9%	-	43.4%	31.9%	33.4%	60.7%	1.73
WTW Willis Towers Watson	FY2025	$9.7B	−2.3%	-	23.0%	16.5%	15.9%	20.1%	1.21
KEY KeyCorp	FY2025	$7.5B	+6.5%	-	-	24.3%	28.0%	9.0%	0.49
HBAN Huntington Bancshares	FY2025	$8.2B	+6.4%	-	-	27.1%	27.1%	9.1%	0.76
TROW T. Rowe Price	FY2025	$7.3B	+3.1%	-	29.9%	28.5%	20.2%	19.2%	-

Revenuepeer median $8.2B

Sales growthpeer median +6.5%

Operating marginpeer median 26.5%

MCO 43.4%
TROW 29.9%
NDAQ 28.2%
WTW 23.0%
BEN 12.5%
CFG -
NTRS -
MTB -
KEY -
HBAN -

Net marginpeer median 24.3%

FCF marginpeer median 27.1%

Return on equitypeer median 9.8%

Debt / equitypeer median 0.49

MCO 1.73
WTW 1.21
HBAN 0.76
NDAQ 0.74
KEY 0.49
MTB 0.45
CFG 0.43
BEN 0.22
NTRS -
TROW -

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	$3.7B	$3.9B	$4.3B	$4.3B	$5.6B	$5.9B	$6.2B	$6.1B	$7.4B	$8.3B
CFG Dec	$5.3B	$5.7B	$6.1B	$6.5B	$6.9B	$6.6B	$8.0B	$8.2B	$7.8B	$8.2B
BEN Sep	$6.6B	$6.4B	$6.3B	$5.8B	$5.6B	$8.4B	$8.3B	$7.8B	$8.5B	$8.8B
NTRS Dec	$5.0B	$5.4B	$6.0B	$6.1B	$6.1B	$6.5B	$6.8B	$6.8B	$8.3B	$8.1B
MTB Dec	$5.3B	$5.6B	$5.9B	$6.2B	$6.0B	$6.0B	$8.2B	$9.6B	$9.3B	$9.7B
MCO Dec	$3.6B	$4.2B	$4.4B	$4.8B	$5.4B	$6.2B	$5.5B	$5.9B	$7.1B	$7.7B
WTW Dec	$7.9B	$8.2B	$8.5B	$8.4B	$8.6B	$9.5B	-	-	$9.9B	$9.7B
KEY Dec	$5.0B	$6.3B	$6.5B	$6.4B	$6.7B	$7.3B	$7.3B	$6.4B	$4.6B	$7.5B
HBAN Dec	$3.5B	$4.3B	$4.5B	$4.7B	$4.8B	$6.0B	$7.3B	$7.4B	$7.4B	$8.2B
TROW Dec	$4.3B	$4.9B	$5.4B	$5.6B	$6.2B	$7.7B	$6.5B	$6.5B	$7.1B	$7.3B
Peer median	$5.0B	$5.6B	$6.0B	$6.1B	$6.1B	$6.6B	$7.3B	$7.1B	$7.8B	$8.2B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	+8.9%	+6.6%	+8.3%	−0.4%	+32.1%	+4.6%	+5.8%	−2.6%	+22.0%	+11.6%
CFG Dec	+8.9%	+8.6%	+7.4%	+5.9%	−7.8%	+22.7%	−2.0%	−2.5%	+21.1%	+6.7%
BEN Sep	-	−3.4%	−1.1%	−8.6%	−1.8%	+51.4%	−1.8%	−5.1%	+8.0%	+3.5%
NTRS Dec	+5.5%	+8.3%	+9.3%	+2.6%	+3.7%	+9.2%	+1.6%	−1.6%	+8.4%	+6.1%
MTB Dec	+13.5%	+6.4%	+5.3%	+4.4%	−3.8%	+0.6%	+36.5%	−2.7%	+3.8%	+7.5%
MCO Dec	+3.4%	+16.6%	+5.7%	+8.7%	+11.2%	+15.8%	−12.1%	+8.2%	+19.8%	+8.9%
WTW Dec	+106%	+4.0%	+3.8%	+6.3%	+3.2%	+6.6%	-	-	+4.7%	−2.3%
KEY Dec	+18.0%	+25.6%	+2.3%	−0.9%	+4.9%	+8.6%	−0.3%	−10.0%	+14.5%	+6.5%
HBAN Dec	+17.7%	+22.4%	+4.7%	+6.6%	−5.9%	+25.9%	+18.4%	+6.2%	+4.9%	+6.4%
TROW Dec	+2.0%	+13.3%	+10.7%	+4.6%	+10.5%	+23.6%	−15.4%	−0.4%	+9.8%	+3.1%
Peer median	+11.2%	+8.6%	+5.3%	+4.6%	+3.2%	+15.8%	−1.0%	−2.1%	+8.4%	+6.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	61.4%	61.1%	59.1%	59.5%	51.6%	58.1%	57.5%	64.2%	62.8%	63.5%
CFG Dec	-	-	-	-	-	-	-	-	-	-
BEN Sep	-	-	-	-	-	-	-	-	-	-
NTRS Dec	-	-	-	-	-	-	-	-	-	-
MTB Dec	-	-	-	-	-	-	-	-	-	-
MCO Dec	-	-	-	-	-	-	-	-	-	-
WTW Dec	-	-	-	-	-	-	-	-	-	-
KEY Dec	-	-	-	-	-	-	-	-	-	-
HBAN Dec	-	-	-	-	-	-	-	-	-	-
TROW Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	22.6%	25.1%	24.0%	23.9%	21.9%	24.5%	25.1%	26.0%	24.3%	28.2%
CFG Dec	-	-	-	-	-	-	-	-	-	-
BEN Sep	35.7%	35.4%	32.1%	25.4%	18.8%	22.3%	21.4%	14.0%	4.8%	6.9%
NTRS Dec	-	-	-	-	-	-	-	-	-	-
MTB Dec	-	-	-	-	-	-	-	-	-	-
MCO Dec	18.1%	43.3%	42.0%	41.4%	44.5%	45.7%	34.4%	36.1%	40.6%	43.4%
WTW Dec	4.4%	6.3%	9.5%	12.6%	10.0%	14.4%	-	-	6.3%	23.0%
KEY Dec	-	-	-	-	-	-	-	-	-	-
HBAN Dec	-	-	-	-	-	-	-	-	-	-
TROW Dec	40.5%	43.4%	44.0%	42.5%	44.2%	48.4%	36.6%	30.7%	32.9%	29.9%
Peer median	26.9%	39.4%	37.1%	33.4%	31.5%	34.0%	34.4%	30.7%	19.6%	26.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	2.9%	18.5%	10.7%	18.2%	16.6%	20.2%	18.1%	17.5%	15.1%	21.6%
CFG Dec	19.9%	28.9%	28.1%	27.6%	15.3%	34.9%	25.8%	19.6%	19.3%	22.2%
BEN Sep	26.1%	26.5%	12.1%	20.7%	14.4%	21.7%	15.6%	11.2%	5.5%	6.0%
NTRS Dec	20.8%	22.3%	26.1%	24.6%	19.8%	23.9%	19.8%	16.3%	24.5%	21.5%
MTB Dec	24.8%	25.0%	32.4%	31.2%	22.7%	31.0%	24.4%	28.4%	27.9%	29.4%
MCO Dec	7.4%	23.8%	29.5%	29.4%	33.1%	35.6%	25.1%	27.2%	29.0%	31.9%
WTW Dec	5.3%	6.9%	8.2%	12.5%	11.6%	11.1%	-	-	−1.0%	16.5%
KEY Dec	15.7%	20.5%	28.9%	26.8%	20.0%	36.0%	26.4%	15.1%	−3.5%	24.3%
HBAN Dec	20.2%	27.5%	30.9%	30.2%	17.0%	21.6%	30.9%	26.5%	26.3%	27.1%
TROW Dec	28.4%	30.9%	34.2%	37.9%	38.2%	40.2%	24.0%	27.7%	29.6%	28.5%
Peer median	20.2%	25.0%	28.9%	27.6%	19.8%	31.0%	24.7%	23.0%	24.5%	24.3%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	$642.0M	$765.0M	$917.0M	$836.0M	$1.1B	$920.0M	$1.6B	$1.5B	$1.7B	$2.0B
CFG Dec	$1.4B	$1.6B	$1.5B	$1.6B	-	-	-	-	-	-
BEN Sep	$1.6B	$1.1B	$2.1B	$34.8M	$979.6M	$1.2B	$1.9B	$940.4M	$794.2M	$911.6M
NTRS Dec	$1.4B	$1.6B	$1.7B	$2.4B	$1.8B	$1.3B	$2.3B	$2.5B	−$587.5M	$5.5B
MTB Dec	$1.1B	$2.7B	$2.0B	$2.2B	$617.2M	$2.6B	$4.4B	$3.6B	-	-
MCO Dec	$1.1B	$664.0M	$1.4B	$1.6B	$2.0B	$1.9B	$1.2B	$1.9B	$2.5B	$2.6B
WTW Dec	$715.0M	$562.0M	$1.0B	-	-	$1.1B	-	-	$1.3B	$1.5B
KEY Dec	$1.5B	$1.7B	$2.4B	$2.8B	$1.6B	$1.1B	$4.4B	$2.8B	$599.0M	$2.1B
HBAN Dec	$1.1B	$1.8B	$1.6B	$1.5B	$1.2B	$1.8B	$3.8B	$2.5B	$1.7B	$2.2B
TROW Dec	$22.2M	$43.4M	$1.5B	$1.3B	$1.7B	$3.2B	$2.1B	$911.2M	$1.3B	$1.5B
Peer median	$1.1B	$1.6B	$1.6B	$1.6B	$1.6B	$1.5B	$2.3B	$2.5B	$1.3B	$2.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	17.3%	19.4%	21.4%	19.6%	18.9%	15.6%	25.0%	25.4%	23.4%	24.1%
CFG Dec	25.7%	28.6%	25.0%	24.2%	-	-	-	-	-	-
BEN Sep	24.6%	16.6%	33.6%	0.6%	17.6%	13.8%	22.6%	12.0%	9.4%	10.4%
NTRS Dec	28.2%	30.3%	28.0%	40.1%	28.9%	19.5%	33.5%	37.0%	−7.1%	67.5%
MTB Dec	20.3%	48.0%	33.6%	35.2%	10.4%	42.8%	53.3%	37.8%	-	-
MCO Dec	31.7%	15.8%	30.8%	33.3%	38.0%	30.0%	21.8%	31.8%	35.6%	33.4%
WTW Dec	9.1%	6.9%	12.0%	-	-	11.6%	-	-	12.8%	15.9%
KEY Dec	30.7%	27.0%	37.3%	44.1%	24.0%	14.9%	60.1%	43.1%	13.0%	28.0%
HBAN Dec	31.1%	40.8%	35.8%	31.4%	25.0%	30.3%	52.6%	34.2%	22.9%	27.1%
TROW Dec	0.5%	0.9%	27.0%	23.5%	27.5%	41.9%	32.7%	14.1%	17.8%	20.2%
Peer median	25.7%	27.0%	30.8%	32.3%	25.0%	24.8%	33.5%	34.2%	13.0%	27.1%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	2.0%	12.4%	8.4%	13.7%	14.5%	18.6%	18.3%	9.8%	10.0%	14.6%
CFG Dec	5.3%	8.1%	8.3%	8.1%	4.7%	9.9%	8.8%	6.6%	6.2%	7.0%
BEN Sep	14.5%	13.4%	7.7%	12.1%	7.9%	16.3%	11.3%	7.4%	3.7%	4.3%
NTRS Dec	10.6%	11.7%	14.8%	13.5%	10.3%	12.9%	11.9%	9.3%	15.9%	13.4%
MTB Dec	8.0%	8.7%	12.4%	12.3%	8.4%	10.4%	7.9%	10.2%	8.9%	9.8%
MCO Dec	n/m	n/m	n/m	n/m	113.3%	81.2%	54.5%	48.4%	57.7%	60.7%
WTW Dec	4.2%	5.6%	7.1%	10.2%	9.2%	11.1%	-	-	−1.2%	20.1%
KEY Dec	5.2%	8.6%	12.0%	10.1%	7.5%	15.1%	14.2%	6.6%	−0.9%	9.0%
HBAN Dec	6.9%	11.0%	12.5%	12.0%	6.3%	6.7%	12.6%	10.1%	9.8%	9.1%
TROW Dec	24.3%	25.7%	30.0%	30.0%	30.8%	34.2%	17.6%	18.8%	20.3%	19.2%
Peer median	7.4%	9.8%	12.2%	12.0%	8.4%	12.9%	12.2%	9.7%	8.9%	9.8%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	0.66	0.72	0.70	0.60	0.86	0.91	0.88	0.97	0.85	0.74
CFG Dec	0.87	0.71	0.83	0.65	0.38	0.30	0.67	0.57	0.51	0.43
BEN Sep	0.12	0.08	0.07	0.07	0.30	0.30	0.29	0.26	0.22	0.20
NTRS Dec	-	-	-	-	-	-	-	-	-	-
MTB Dec	0.59	0.51	0.83	0.45	0.27	0.20	0.30	0.50	0.47	0.45
MCO Dec	n/m	n/m	12.37	9.12	4.09	2.72	2.93	2.11	2.08	1.73
WTW Dec	0.54	0.57	0.65	0.78	0.73	0.78	-	-	1.08	1.21
KEY Dec	0.81	0.95	0.88	0.73	0.76	0.69	1.44	1.34	0.67	0.49
HBAN Dec	1.16	1.32	0.96	1.06	0.66	0.39	0.66	0.67	0.84	0.76
TROW Dec	-	-	-	-	-	-	-	-	-	-
Peer median	0.70	0.64	0.83	0.73	0.66	0.39	0.67	0.62	0.67	0.49

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
NDAQ Dec	$0.21	$1.43	$0.91	$1.54	$1.86	$2.35	$2.26	$2.08	$1.93	$3.09
CFG Dec	$1.97	$3.25	$3.52	$3.81	$2.22	$5.16	$4.10	$3.13	$3.03	$3.86
BEN Sep	$2.94	$3.01	$1.39	$2.35	$1.59	$3.57	$2.53	$1.72	$0.85	$0.91
NTRS Dec	$4.32	$4.92	$6.64	$6.63	$5.46	$7.14	$6.14	$5.08	$9.77	$8.74
MTB Dec	$7.78	$8.70	$12.74	$13.75	$9.94	$13.80	$11.53	$15.79	$14.64	$17.00
MCO Dec	$1.36	$5.15	$6.74	$7.42	$9.39	$11.78	$7.44	$8.73	$11.26	$13.67
WTW Dec	$3.04	$4.18	$5.27	$8.02	$7.65	$9.95	-	-	−$0.96	$16.26
KEY Dec	$0.80	$1.13	$1.71	$1.62	$1.27	$2.63	$1.93	$0.88	−$0.32	$1.52
HBAN Dec	$0.70	$1.00	$1.20	$1.27	$0.69	$0.90	$1.45	$1.24	$1.22	$1.39
TROW Dec	$4.75	$5.97	$7.27	$8.70	$9.98	$13.12	$6.70	$7.76	$9.15	$9.24
Peer median	$2.94	$4.18	$5.27	$6.63	$5.46	$7.14	$5.12	$4.11	$3.03	$8.74

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out NDAQ and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Next Industry numbers →

Work on NDAQ in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/NDAQ/export.csv") into a cell.