NDAQ vs SPGI: Nasdaq and S&P Global compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- S&P Global is the larger company, worth $124.8B, about 2.3 times Nasdaq.
- Nasdaq grew revenue faster over the last year (+20.5% vs +10.4%).
- S&P Global keeps more of each dollar of revenue as operating profit (43.9% vs 29.5%).
- On earnings, S&P Global is the cheaper stock (26.7x vs 28.8x).
- Nasdaq's price assumes faster free cash flow growth: about 9% a year, against 7% for S&P Global (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | NDAQ | SPGI |
|---|---|---|
| Market cap | $54.0B | $124.8B |
| Share price | $93.65 | $407.82 |
| Revenue (last fiscal year) | $8.3B | $15.3B |
| Free cash flow (last fiscal year) | $2.0B | $5.5B |
| Revenue growth, last year | +20.5% | +10.4% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +16.6% |
| Operating margin | 29.5% | 43.9% |
| Net margin | 22.5% | 30.4% |
| Return on equity | 16.4% | 15.3% |
| P/E (trailing) | 28.8x | 26.7x |
| Price / free cash flow | 27.1x | 22.9x |
| EV / EBITDA | 17.3x | 17.3x |
| FCF growth the price implies | 9.0% | 6.7% |
| Dividend yield | 1.1% | 0.93% |
| Debt / equity | 1.28x | 0.79x |
| Fundamental grade | B | B |
| Superinvestors holding it | 6 | 14 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Nasdaq
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.9B | $920M | 24.5% |
| 2022 | $6.2B | $1.6B | 25.1% |
| 2023 | $6.1B | $1.5B | 26.0% |
| 2024 | $7.4B | $1.7B | 24.3% |
| 2025 | $8.3B | $2.0B | 28.2% |
S&P Global
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $8.3B | $3.6B | 50.9% |
| 2022 | $11.2B | $2.5B | 44.2% |
| 2023 | $12.5B | $3.6B | 32.2% |
| 2024 | $14.2B | $5.6B | 39.3% |
| 2025 | $15.3B | $5.5B | 42.2% |
Where the revenue comes from
Nasdaq · by segments, 2025
Market Services$4.2B51%
Capital Access Platforms$2.1B26%
Financial Technology$1.9B23%
S&P Global · by segments, 2025
Market Intelligence$4.9B32%
Ratings$4.5B30%
Energy$2.3B15%
Indices$1.8B12%
Mobility$1.7B11%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open NDAQ in InvestinglyQuestions
Which is bigger, Nasdaq or S&P Global?
S&P Global (SPGI), at $124.8B against $54.0B.
Is NDAQ or SPGI cheaper?
By trailing P/E, S&P Global (26.7x) is cheaper than Nasdaq (28.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, NDAQ or SPGI?
Nasdaq: revenue grew +20.5% over the last year, against +10.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.