Nasdaq
NDAQ · Financial Exchanges & Data
$102.56
0.7%Voya Financial
VOYA · Multi-Sector Holdings
$95.81
2.7%The short version
- Nasdaq is the larger business, with $8.3B of revenue in fiscal 2025 against $8.2B for Voya Financial.
- Nasdaq grew revenue faster (11.7%, against 1.7%).
- Nasdaq kept more of each dollar of sales as operating profit (28.2% operating margin, against 12.7% operating margin).
- Investors pay more for each dollar of Nasdaq’s earnings: a P/E of 28.0x against 16.2x for Voya Financial.
| Latest fiscal year | NDAQ · FY25 | VOYA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $57.8B | $8.8B |
| Revenue | $8.3B | $8.2B |
| Free cash flow | $2.0B | — |
| Net income | $1.8B | $654M |
| Growth | ||
| Revenue growth | 11.7% | 1.7% |
| 5-year growth | 8.0% | 1.4% |
| Share count change | −0.1% | −3.9% |
| Profitability | ||
| Gross margin | 63.5% | — |
| Operating margin | 28.2% | 12.7% |
| Net margin | 21.6% | 8.0% |
| FCF margin | 24.1% | — |
| Return on capital | 9.5% | — |
| Return on equity | 15.3% | — |
| Balance sheet | ||
| Net debt | $8.4B | $1.4B |
| Net debt / EBITDA | 3.4x | — |
| Dividends and buybacks | $1.2B | $378M |
| Valuation & quality | ||
| P/E | 28.0x | 16.2x |
| Piotroski F-score | 9 | — |
FY16
NDAQ $3.7B
VOYA $8.8B
FY17
NDAQ $3.9B
VOYA $7.2B
FY18
NDAQ $4.3B
VOYA $7.2B
FY19
NDAQ $4.3B
VOYA $7.5B
FY20
NDAQ $5.6B
VOYA $7.6B
FY21
NDAQ $5.9B
VOYA $4.2B
FY22
NDAQ $6.2B
VOYA $5.9B
FY23
NDAQ $6.1B
VOYA $7.3B
FY24
NDAQ $7.4B
VOYA $8.1B
FY25
NDAQ $8.3B
VOYA $8.2B
NDAQ
VOYA
FY16
NDAQ 22.6%
VOYA 1.3%
FY17
NDAQ 25.1%
VOYA —
FY18
NDAQ 24.0%
VOYA —
FY19
NDAQ 23.9%
VOYA —
FY20
NDAQ 21.9%
VOYA —
FY21
NDAQ 24.5%
VOYA —
FY22
NDAQ 25.1%
VOYA —
FY23
NDAQ 26.0%
VOYA 12.5%
FY24
NDAQ 24.3%
VOYA 10.8%
FY25
NDAQ 28.2%
VOYA 12.7%
NDAQ
VOYA
FY16
NDAQ $642M
VOYA $3.6B
FY17
NDAQ $765M
VOYA —
FY18
NDAQ $917M
VOYA —
FY19
NDAQ $836M
VOYA —
FY20
NDAQ $1.1B
VOYA —
FY21
NDAQ $920M
VOYA —
FY22
NDAQ $1.6B
VOYA —
FY23
NDAQ $1.5B
VOYA —
FY24
NDAQ $1.7B
VOYA —
FY25
NDAQ $2.0B
VOYA —
NDAQ
VOYA
FY16
NDAQ 8.4%
VOYA —
FY17
NDAQ 9.3%
VOYA —
FY18
NDAQ 5.7%
VOYA —
FY19
NDAQ 9.2%
VOYA —
FY20
NDAQ —
VOYA —
FY21
NDAQ —
VOYA —
FY22
NDAQ 10.4%
VOYA —
FY23
NDAQ 7.5%
VOYA —
FY24
NDAQ 6.8%
VOYA —
FY25
NDAQ 9.5%
VOYA —
NDAQ
VOYA
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.