Nasdaq vs Voya Financial
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KIRA’s take AI analyst
I put Nasdaq and Voya Financial side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Investors pay more for each dollar of Nasdaq’s earnings: a P/E of 28.6x against 16.3x for Voya Financial.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
Nasdaq
NDAQ
4/5
Revenue growth5-year growthOperating marginNet margin
Voya Financial
VOYA
1/5
Share count change
Side by side
Best in the row
| Latest fiscal year | NDAQ FY25 | VOYA FY25 |
|---|---|---|
| Size | ||
| Market cap | $59.0B | $8.9B |
| 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 | 28.6x | 16.3x |
| Piotroski F-score | 9 | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.