Nasdaq, Inc. Financial Ratios — NDAQ Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	17.59	13.88	13.61	13.2	12.47	3.01	19.58	10.74	16.14	17.51	19.62	16.44	14.08	13.76	19.87
Return on Assets (%)	2.55	3.03	3.55	3.36	3.58	0.82	4.94	2.95	5.23	5.85	6.23	5.49	3.98	3.56	5.82
Return on Capital (%)	10.62	9.08	8.78	8.77	8.69	3.21	11.04	6.26	10.05	9.89	10.52	9.45	7.97	7.7	11.16
Return on Invested Capital (%)	6.91	6.55	6.08	6.84	7.58	8.92	9.05	4.66	8.86	9.33	9.67	10.28	8.09	7.02	9.48
Gross Margin (%)	32.93	36.09	38.74	38.86	40.14	39.55	40.1	38.7	39.08	34.52	37.92	37.57	41.99	40.39	42.23
EBITDA Margin (%)	24.52	26.99	27.56	27.77	30.56	30.32	30.98	29.44	29.97	26.97	31.21	30.82	35.11	34.62	37.1
Operating Margin (%)	21.35	23.65	23.76	23.86	26.51	25.73	26.22	24.53	25.5	23.38	26.49	26.68	29.78	26.34	29.45
Incremental Operating Margin (%)	40.08	-1.26	27.47	24.91	-69.07	16.94	33.61	4.26	-194.74	16.75	93.49	30	-89.51	10.7	56.15
Pretax Margin (%)	16.67	17.56	18.69	16.97	18.51	3.59	22.09	24.88	23.93	21.55	26.06	23.69	23.1	19.58	25.96
Profit Margin (%)	11.26	11.28	11.99	11.83	12.58	2.86	18.47	10.71	18.18	16.59	20.17	18.07	17.46	15.09	21.64
Net Income to Common Margin (%)	11.26	11.28	11.99	11.83	12.58	2.86	18.47	10.71	18.18	16.59	20.17	18.07	17.46	15.09	21.64
Effective Tax Rate (%)	33.16	36.31	36	30.47	32.22	20.3	16.4	56.95	24.04	23.02	22.62	23.86	24.55	23.05	16.69
Dvd Payout Ratio (%)	- -	18.79	22.72	23.79	34.98	188.68	33.33	61.14	39.41	34.3	29.49	34.17	41.8	48.61	33.65
Sustainable Growth Rate (%)	17.59	11.27	10.52	10.06	8.11	-2.67	13.05	4.18	9.78	11.5	13.83	10.83	8.19	7.07	13.18

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	2,117	1,976	2,634	2,297	2,364	3,603	4,207	3,831	3,718	5,930	6,216	5,851	10,871	9,868	9,466
ST Debt	45	136	45	- -	- -	- -	480	875	391	- -	1,018	664	291	399	431
LT Debt	2,072	1,840	2,589	2,297	2,364	3,603	3,727	2,956	3,327	5,930	5,198	5,187	10,580	9,469	9,035
Total Debt/EBITDA	2.51	2.35	2.98	2.36	2.27	3.21	3.44	3.04	2.91	3.91	3.38	3.05	5.11	3.85	3.09
Net Debt/EBITDA	1.91	1.76	2.53	1.92	1.98	2.85	3.13	2.61	2.39	1.84	2.96	2.55	4.7	3.47	2.74
Total Debt/EBIT	2.88	2.68	3.45	2.75	2.62	3.78	4.06	3.65	3.42	4.51	3.99	3.52	6.02	5.06	3.89
Net Debt/EBIT	2.19	2	2.93	2.24	2.29	3.36	3.7	3.13	2.81	2.13	3.49	2.95	5.54	4.56	3.45
EBITDA to Interest Expense	7.08	8.68	8.76	8.84	9.81	8.71	9.06	8.99	11.1	16.31	15.97	15.99	7.83	6.44	8.66
EBITDA-CapEx/Interest Expense	6.34	7.78	7.62	7.56	8.56	7.67	7.99	8.2	9.99	14.29	14.56	14.72	7.25	5.92	7.91
EBIT to Interest Expense	6.17	7.61	7.55	7.59	8.51	7.39	7.67	7.49	9.44	14.14	13.56	13.84	6.64	4.9	6.87
Interest Expense	119	97	101	110	106	129	135	140	115	93	115	120	272	398	354
Common Equity/Total Assets	16.98	29.35	23.68	27.29	30.12	24.6	25.82	29.04	36.12	31.31	32.17	34.56	24.25	27.66	30.9
Long-Term Debt/Equity (%)	41.56	35.32	41.87	39.64	42.15	66.35	63.38	54.25	59	92.14	81.16	84.15	97.72	84.54	73.86
Long-Term Debt/Capital (%)	45.84	39.51	46.13	41.08	39.82	50.86	45.61	35.23	38.04	51.28	40.94	39.67	56.54	51.79	47.39
Long-Term Debt/Total Assets (%)	14.7	20.15	20.59	19.03	19.93	25.46	24.27	18.83	23.89	32.98	25.84	24.86	32.76	31.15	29.1
Total Debt/Equity (%)	42.46	37.93	42.59	39.64	42.15	66.35	71.55	70.31	65.93	92.14	97.05	94.92	100.41	88.11	77.39
Total Debt/Capital (%)	46.84	42.43	46.94	41.08	39.82	50.86	51.48	45.66	42.51	51.28	48.96	44.75	58.09	53.97	49.65
Total Debt/Total Assets (%)	15.02	21.64	20.94	19.03	19.93	25.46	27.4	24.4	26.7	32.98	30.9	28.04	33.66	32.47	30.48
Net Debt to Equity	32.31	28.39	36.16	32.27	36.78	58.93	65.14	60.3	54.18	43.44	84.89	79.45	92.37	79.36	68.67
Net Debt/Capital (%)	40.13	35.55	42.88	36.21	36.6	47.9	49.13	41.88	36.3	31.71	44.19	38.95	54.77	50.24	45.5
EBITDA	843	842	885	972	1,040	1,123	1,223	1,259	1,276	1,517	1,837	1,919	2,129	2,562	3,065
EBITDA-CapEx	755	755	770	832	907	989	1,079	1,148	1,149	1,329	1,674	1,767	1,971	2,355	2,799
Operating Income (Loss)	734	738	763	835	902	953	1,035	1,049	1,086	1,315	1,559	1,661	1,806	1,949	2,433

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.13	0.71	0.21	0.2	0.17	0.16	0.12	0.12	0.15	0.6	0.08	0.08	0.07	0.26	0.42
Current Ratio	1.09	1.47	1.13	1.14	1.12	1.12	1.05	0.97	1.01	1.56	0.94	0.97	1.01	0.99	1.01
Quick Ratio	0.18	1.03	0.35	0.33	0.28	0.26	0.18	0.18	0.25	0.71	0.15	0.15	0.17	0.39	0.54
CFO/Avg Current Liab	0.09	0.17	0.3	0.22	0.25	0.22	0.2	0.17	0.18	0.27	0.17	0.2	0.19	0.23	0.28
Common Equity/Total Assets	16.98	29.35	23.68	27.29	30.12	24.6	25.82	29.04	36.12	31.31	32.17	34.56	24.25	27.66	30.9
Long-Term Debt/Equity (%)	41.56	35.32	41.87	39.64	42.15	66.35	63.38	54.25	59	92.14	81.16	84.15	97.72	84.54	73.86
Long-Term Debt/Capital (%)	45.84	39.51	46.13	41.08	39.82	50.86	45.61	35.23	38.04	51.28	40.94	39.67	56.54	51.79	47.39
Long-Term Debt/Total Assets (%)	14.7	20.15	20.59	19.03	19.93	25.46	24.27	18.83	23.89	32.98	25.84	24.86	32.76	31.15	29.1
Total Debt/Equity (%)	42.46	37.93	42.59	39.64	42.15	66.35	71.55	70.31	65.93	92.14	97.05	94.92	100.41	88.11	77.39
Total Debt/Capital (%)	46.84	42.43	46.94	41.08	39.82	50.86	51.48	45.66	42.51	51.28	48.96	44.75	58.09	53.97	49.65
Total Debt/Total Assets (%)	15.02	21.64	20.94	19.03	19.93	25.46	27.4	24.4	26.7	32.98	30.9	28.04	33.66	32.47	30.48
CFO/Total Liabilities	7.35	14.99	8.98	10.07	11.63	8.9	9.59	10.03	11.62	10.85	7.9	11.6	7.9	10.1	11.98
CFO/CapEx	7.6	6.76	4.99	4.51	5.47	5.79	6.31	9.26	7.58	6.66	6.64	11.22	10.73	9.37	8.48
Altman's Z-Score	1.62	5.24	3.2	3.33	3.55	2.8	2.91	2.76	4.1	3.52	3.73	3.34	2.97	4.06	4.7

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	22.32	9.73	8.85	8.95	9.65	9.94	10.06	11.56	10.57	11.39	10.2	9.84	7.55	7.59	8.41
Days Sales Outstanding	16.35	37.49	41.26	40.78	37.81	36.71	36.29	31.58	34.55	32.06	35.78	37.08	48.33	48.12	43.41
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	28.12	11.87	9.84	10.26	11.74	13.45	13.44	13.98	14.99	22.8	20.3	21.01	13.61	14.68	17.39
Accounts Payable Turnover Days	12.98	30.75	37.11	35.56	31.09	27.14	27.16	26.1	24.34	16.01	17.98	17.37	26.82	24.87	20.99
Cash Conversion Cycle	3.37	6.74	4.15	5.21	6.72	9.56	9.12	5.47	10.2	16.05	17.8	19.71	21.51	23.25	22.41
Inventory to Cash Days	16.35	37.49	41.26	40.78	37.81	36.71	36.29	31.58	34.55	32.06	35.78	37.08	48.33	48.12	43.41
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	4,314	4,206	6,644	8,102	9,732	11,087	12,785	13,484	17,661	21,824	34,839	30,209	29,355	44,484	55,685
- Cash & Cash Equivalents	506	497	398	427	301	403	377	545	332	2,745	393	502	453	592	604
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	10	1	- -	1	- -	- -	- -	- -	- -	3	10	13	11	9	5
+ Total Debt	2,117	1,976	2,634	2,297	2,364	3,603	4,207	3,831	3,718	5,930	6,216	5,851	10,871	9,868	9,466
Enterprise Value	5,656	5,463	8,691	9,799	11,594	14,042	16,380	16,502	20,756	24,817	40,464	35,390	39,596	52,304	61,802
Total Capital	4,520	4,657	5,612	5,592	5,937	7,084	8,172	8,391	8,747	11,563	12,696	13,076	18,713	18,284	19,065
Total Debt/Capital (%)	46.84	42.43	46.94	41.08	39.82	50.86	51.48	45.66	42.51	51.28	48.96	44.75	58.09	53.97	49.65
Total Debt / EV	0.37	0.36	0.3	0.23	0.2	0.26	0.26	0.23	0.18	0.24	0.15	0.17	0.27	0.19	0.15
EV/Sales	1.65	1.75	2.71	2.8	3.41	3.79	4.15	3.86	4.87	4.41	6.87	5.68	6.53	7.07	7.48
EV/EBITDA	6.71	6.49	9.82	10.08	11.15	12.5	13.39	13.11	16.27	16.36	22.03	18.44	18.6	20.42	20.16
EV/EBIT	7.71	7.4	11.39	11.74	12.85	14.73	15.83	15.73	19.11	18.87	25.96	21.31	21.92	26.84	25.4
EV/Cash Flow to Firm	7.56	8.41	13.61	13.83	14.51	15.98	16.03	15.16	19.76	18.75	34.53	19.69	20.83	23.3	24.24
EV/Free Cash Flow to Firm	6.76	7.41	11.53	11.55	12.44	13.86	14.05	13.76	17.63	16.42	30.31	18.15	19.23	21.33	21.95
Diluted Market Cap	4,412	4,313	6,819	8,299	9,965	11,328	13,030	13,679	17,886	22,156	35,364	30,546	29,558	44,778	56,199
Diluted Enterprise Value	6,033	5,793	9,055	10,170	12,028	14,528	16,860	16,965	21,272	25,344	41,197	35,908	39,987	54,063	65,066
EV per Share	10.71	10.82	17.36	19.34	23.1	28.33	32.81	33.28	41.96	50.32	81.3	71.87	78.42	90.9	107.8
TTM Sales	3,438	3,120	3,211	3,500	3,403	3,704	3,948	4,277	4,258	5,625	5,886	6,226	6,064	7,400	8,262
TTM EBITDA	843	842	885	972	1,040	1,123	1,223	1,259	1,276	1,517	1,837	1,919	2,129	2,562	3,065
TTM Operating Income	734	738	763	835	902	953	1,035	1,049	1,086	1,315	1,559	1,661	1,806	1,949	2,433
TTM Cash Flow to Firm	749	650	639	708	799	879	1,022	1,088	1,050	1,324	1,172	1,797	1,901	2,245	2,550
TTM Free Cash Flow to Firm	837	737	754	848	932	1,013	1,166	1,199	1,177	1,512	1,335	1,949	2,059	2,452	2,816

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.83	6.39	9.9	10.75	11.59	12.45	12.37	12.01	16.41	15.39	28.38	16.44	15.94	20.87	22.29
EV/EBIT	7.71	7.4	11.39	11.74	12.85	14.73	15.83	15.73	19.11	18.87	25.96	21.31	21.92	26.84	25.4
Enterprise Value	5,656	5,463	8,691	9,799	11,594	14,042	16,380	16,502	20,756	24,817	40,464	35,390	39,596	52,304	61,802
Low Price	6.77	7.01	8.42	11.16	14.94	18.42	21.99	24.33	26.22	23.89	43.57	46.77	46.88	54.9	64.84
EV/Sales	1.65	1.75	2.71	2.8	3.41	3.79	4.15	3.86	4.87	4.41	6.87	5.68	6.53	7.07	7.48
EV/EBITDA	6.71	6.49	9.82	10.08	11.15	12.5	13.39	13.11	16.27	16.36	22.03	18.44	18.6	20.42	20.16
Price/Earnings	11.15	11.95	17.26	19.57	22.74	104.59	17.54	29.44	22.82	23.39	29.35	26.85	27.72	39.82	31.14
Price/Earnings Average	11.42	11.49	14.01	16.5	20.32	101.9	16.49	31.52	20.23	20.85	24.54	25.53	25.66	34.06	27.39
Price/Earnings High	13.51	13.07	17.62	20.28	23.5	112.07	18.29	34.95	23.07	24.58	30.04	30.77	30.47	43.15	31.93
Price/Earnings Low	9.24	10.05	10.95	13.66	17.52	86.12	15.06	26.34	16.76	12.63	18.27	20.47	22.35	28.28	20.79
Price/Book Value	1.8	1.57	2.23	2.46	2.72	3.18	3.22	2.96	3.51	3.88	5.38	4.19	3.75	5.29	5.8
Price/Book Value Average	1.85	1.51	1.81	2.07	2.43	3.1	3.03	3.17	3.11	3.46	4.5	3.98	3.47	4.53	5.1
Price/Book Value High	2.18	1.72	2.28	2.55	2.82	3.41	3.36	3.51	3.55	4.07	5.51	4.8	4.12	5.73	5.95
Price/Book Value Low	1.49	1.32	1.42	1.72	2.1	2.62	2.77	2.65	2.58	2.09	3.35	3.19	3.02	3.76	3.87
Price/Tangible Book Value	-2.5	-2.37	-2.78	-4.45	-5.58	-4.12	-4.03	-4.2	-5.93	-8.18	-7.2	-6.69	-2.74	-4.6	-6.44
Price/Tangible Book Value Average	-2.57	-2.28	-2.26	-3.75	-4.98	-4.01	-3.79	-4.49	-5.26	-7.29	-6.02	-6.36	-2.53	-3.94	-5.66
Price/Tangible Book Value High	-3.03	-2.59	-2.84	-4.61	-5.76	-4.41	-4.2	-4.98	-6	-8.59	-7.37	-7.66	-3.01	-4.99	-6.6
Price/Tangible Book Value Low	-2.07	-1.99	-1.77	-3.11	-4.3	-3.39	-3.46	-3.75	-4.36	-4.41	-4.48	-5.1	-2.21	-3.27	-4.3
Price/Sales	1.25	1.35	2.07	2.31	2.86	2.99	3.24	3.15	4.15	3.88	5.92	4.85	4.84	6.01	6.74
Price/Sales Average	1.29	1.3	1.68	1.95	2.56	2.92	3.04	3.38	3.68	3.46	4.95	4.61	4.48	5.14	5.93
Price/Sales High	1.52	1.47	2.11	2.4	2.96	3.21	3.38	3.74	4.19	4.08	6.06	5.56	5.32	6.51	6.91
Price/Sales Low	1.04	1.13	1.31	1.62	2.2	2.46	2.78	2.82	3.05	2.09	3.68	3.7	3.9	4.27	4.5
Price/Cash Flow	6.45	7.15	11.58	12.82	13.39	14.29	14.06	13.12	18.34	17.43	32.17	17.71	17.31	22.94	24.69
Price/Cash Flow Average	6.61	6.88	9.4	10.81	11.96	13.92	13.22	14.04	16.26	15.54	26.9	16.83	16.02	19.62	21.72
Price/Cash Flow High	7.81	7.82	11.82	13.28	13.84	15.31	14.67	15.57	18.54	18.32	32.93	20.29	19.02	24.86	25.32
Price/Cash Flow Low	5.34	6.02	7.34	8.95	10.31	11.76	12.08	11.74	13.47	9.41	20.02	13.5	13.96	16.29	16.48
Price/Free Cash Flow Average	5.97	6.14	8.04	9.06	10.35	12.13	11.63	12.86	14.55	13.71	23.73	15.63	14.76	17.85	19.6
Price/Free Cash Flow High	7.06	6.99	10.11	11.14	11.98	13.34	12.91	14.26	16.59	16.17	29.05	18.84	17.52	22.61	22.86
Price/Free Cash Flow Low	4.83	5.38	6.28	7.5	8.93	10.25	10.63	10.75	12.05	8.31	17.67	12.53	12.86	14.82	14.88
EV/Sales Average	1.76	1.77	2.38	2.49	3.16	3.78	4.01	4.14	4.47	4.03	5.94	5.47	6.2	6.4	7
EV/Sales High	1.99	1.95	2.81	2.93	3.56	4.07	4.35	4.51	4.99	4.64	7.05	6.42	7.04	7.77	7.98
EV/Sales Low	1.51	1.61	2.01	2.15	2.81	3.33	3.75	3.59	3.84	2.66	4.68	4.56	5.62	5.52	5.57
EV/EBITDA Average	7.17	6.56	8.62	8.95	10.34	12.47	12.96	14.08	14.93	14.93	19.03	17.76	17.66	18.47	18.87
EV/EBITDA High	8.12	7.22	10.19	10.56	11.65	13.43	14.03	15.32	16.65	17.22	22.59	20.83	20.05	22.44	21.52
EV/EBITDA Low	6.16	5.96	7.29	7.74	9.19	10.98	12.11	12.19	12.82	9.87	14.98	14.79	16.02	15.95	15.02
EV/EBIT Average	8.23	7.49	10	10.42	11.93	14.69	15.31	16.89	17.54	17.22	22.43	20.52	20.82	24.29	23.77
EV/EBIT High	9.33	8.24	11.82	12.3	13.44	15.82	16.58	18.39	19.56	19.86	26.62	24.07	23.64	29.5	27.11
EV/EBIT Low	7.08	6.8	8.46	9.01	10.6	12.94	14.31	14.63	15.06	11.38	17.65	17.09	18.88	20.97	18.92
Last Price	8.17	8.33	13.27	15.99	19.39	22.37	25.61	27.19	35.7	44.25	70	61.35	58.14	77.31	97.13
High Price	9.9	9.11	13.55	16.57	20.04	23.97	26.71	32.28	36.09	46.5	71.65	70.29	63.9	83.77	99.59
Enterprise Value Average	6,042	5,525	7,632	8,702	10,758	14,001	15,848	17,721	19,047	22,641	34,967	34,078	37,603	47,332	57,836
Enterprise Value High	6,848	6,080	9,020	10,267	12,121	15,080	17,164	19,294	21,240	26,122	41,493	39,973	42,692	57,486	65,962
Enterprise Value Low	5,196	5,019	6,452	7,526	9,561	12,329	14,807	15,351	16,357	14,971	27,518	28,392	34,099	40,874	46,040

Shares Outstanding	521	497	508	506	493	500	512	495	495	495	500	492	575	575	570
Diluted Weighted Avg Shares	540	518	514	519	514	506	509	503	501	501	505	498	508	579	579
Basic Weighted Avg Shares	528	505	501	507	502	496	499	496	495	493	498	492	505	575	573
Revenue per Share	6.51	6.18	6.41	6.91	6.78	7.47	7.91	8.62	8.61	11.41	11.83	12.64	12.01	12.86	14.41
EBITDA per Share	1.6	1.67	1.77	1.92	2.07	2.27	2.45	2.54	2.58	3.08	3.69	3.9	4.22	4.45	5.35
Operating Income per Share	1.39	1.46	1.52	1.65	1.8	1.92	2.07	2.12	2.2	2.67	3.13	3.37	3.58	3.39	4.24
Basic EPS, GAAP	0.73	0.7	0.77	0.82	0.85	0.21	1.46	0.92	1.56	1.89	2.38	2.28	2.1	1.94	3.12
Basic EPS from Cont Ops	0.73	0.69	0.77	0.82	0.85	0.21	1.46	0.92	1.56	1.89	2.38	2.28	2.09	1.94	3.12
Diluted EPS, GAAP	0.72	0.68	0.75	0.8	0.83	0.21	1.43	0.91	1.54	1.86	2.35	2.26	2.08	1.93	3.09
Diluted EPS from Cont Ops	0.71	0.67	0.75	0.8	0.83	0.21	1.43	0.91	1.54	1.86	2.35	2.26	2.08	1.93	3.09
Dividend per Share	- -	0.13	0.17	0.19	0.3	0.4	0.49	0.56	0.62	0.65	0.7	0.78	0.87	0.94	1.05
Cash Flow per Share	1.27	1.16	1.15	1.25	1.45	1.57	1.82	2.07	1.95	2.54	2.18	3.46	3.36	3.37	3.93
Free Cash Flow per Basic Share	1.1	0.99	0.92	0.97	1.18	1.3	1.53	1.85	1.69	2.16	1.85	3.16	3.05	3.01	3.47
Cash & Equivalents per Share	1.49	1.43	1.17	1.19	1	1.31	1.23	1.64	1.26	5.96	1.21	1.39	1.27	3.57	5.85
Book Value per Share	4.53	5.31	5.95	6.5	7.12	7.02	7.94	9.2	10.17	11.42	13	14.65	15.51	14.61	16.73
Tangible Book Value per Share	-3.26	-3.52	-4.77	-3.59	-3.48	-5.43	-6.36	-6.48	-6.02	-5.41	-9.73	-9.17	-21.25	-16.79	-15.09

Nasdaq, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)