Euronext NV ERNXY

FinancialsInvestment Banking & Investment ServicesNetherlands

Last close 39.16 USD on Nov 1, 2026, +33.9% year to date

Quant rating

Quant rating A Rank 36 of 304 in Financials

Growth B 64 of 304
Valuation C 129 of 304
Quality C 190 of 304
Revisions A 40 of 304
Momentum A 16 of 304

Wall Street consensus Buy (2.35)Average target 195.79 USD +400.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.2B
Enterprise value: 22.2B
52-week range: 26.55 – 44.00
3-year range: 13.88 – 44.00
Dividend yield: 1.88%
Beta (5 years): 0.61
Shares outstanding: 102M
Next earnings: Nov 5, 2026

About the company

Euronext NV is a company based in the Netherlands that serves as a parent of the Euronext pan-European exchange group. Euronext offers a diverse range of products and services, combining equity, fixed income securities and derivatives markets in Amsterdam, Brussels, Dublin, Lisbon, London and Paris. The Company's businesses comprise listing, cash trading, derivatives trading, market data and indices, post-trade and market solutions, among others. Euronext regulated markets provide a listing venue for companies seeking to raise capital and enter the Eurozone. It provides an electronic trading platform, which enables investors to place orders directly with the exchange. The Company sells real time, historic and reference data generated from the activity on the Euronext markets. It also calculates and publishes a portfolio of more than 500 benchmark indices, including the AEX-Index and CAC 40 Index. The Company offers technology solutions and services to exchanges and market operators.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,136	1,684	1,627	1,518	1,476	–
Revenue growth	26.8%	3.5%	7.2%	2.9%	36.7%	14.6%
EPS (basic, normalized)	8.57	6.86	5.92	5.57	6.11	–
EPS growth	24.8%	15.9%	6.3%	−8.9%	–	–
Gross margin	–	–	–	–	–	–
Net margin	35.3%	36.0%	34.8%	30.9%	31.8%	33.8%
ROE	–	16.7%	14.9%	14.7%	21.9%	17.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	2,136	+26.8%	10.4x	52.57	+19.3%	0.7x	8.57	+24.8%	4.6x
2026	2,363	+10.6%	9.4x	53.89	+2.5%	0.7x	9.34	+9.1%	4.2x
2027	2,499	+5.7%	8.9x	58.21	+8.0%	0.7x	10.21	+9.3%	3.8x
2028	2,654	+6.2%	8.4x	64.58	+10.9%	0.6x	11.07	+8.5%	3.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,363	+0.8%	+3.3%	+5.5%	9.34	+0.2%	+4.6%	+7.3%
2027	2,499	+1.3%	+3.4%	+5.6%	10.21	+0.3%	+5.0%	+7.6%
2028	2,654	+0.7%	+4.0%	+6.1%	11.07	+0.4%	+5.9%	+8.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	402	413	396	416	458	466	438	467	528	544
Sales mean (mil)	395	406	398	407	451	460	442	452	513	523
Surprise	+1.7%	+1.7%	−0.4%	+2.1%	+1.7%	+1.3%	−0.8%	+3.4%	+3.1%	+4.0%
EPS reported	1.58	1.59	1.74	1.66	1.80	2.02	1.64	1.81	2.10	2.42
EPS mean	1.46	1.51	1.62	1.56	1.76	1.91	1.60	1.67	1.95	2.24
Surprise	+8.5%	+5.1%	+7.2%	+6.2%	+2.3%	+5.8%	+2.2%	+8.2%	+7.8%	+8.1%

Peer comparison Investment Banking & Investment Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ERNXY Euronext NV	20.2B	–	35.3%	3.92x	4.2x	3.8x	14.9x	14.0x
TROW T. Rowe Price Group, Inc.	22.2B	−0.78x	27.8%	1.95x	10.1x	10.3x	6.2x	6.1x
LPLA LPL Financial Holdings Inc.	22.1B	1.77x	5.1%	3.82x	12.1x	9.5x	8.3x	6.8x
PS Pershing Square Inc	18.3B	–	32.8%	13.42x	88.3x	48.9x	79.3x	39.4x
TPG TPG Inc	18.0B	–	2.7%	14.51x	16.8x	13.2x	15.8x	11.8x
SPXCY Singapore Exchange Limited	16.9B	–	44.8%	9.14x	53.4x	49.9x	18.9x	17.6x
Mean		0.49x	24.7%	7.79x	30.8x	22.6x	23.9x	15.9x
Median		0.49x	30.3%	6.53x	14.4x	11.8x	15.3x	12.9x

Technical analysis

1M+6.5%
3M+12.5%
1Y+35.4%
3Y+192.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Euronext NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,136	1,684	1,627	1,518	1,476	1,080
Cost of revenue	–	–	–	–	–	–
Gross profit	2,136	1,684	1,627	1,518	1,476	1,080
Selling, general & administrative expenses	440	358	372	337	324	251
Research & development	–	–	–	–	–	–
Depreciation/amortization	235	195	188	171	143	70.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	17.0	30.7	28.1	26.7	51.3	21.2
Other operating expenses	359	284	301	312	296	194
Operating income	1,086	816	738	672	662	543
Net interest income (expense)	20.6	52.8	33.2	−14.5	−1.8	−3.1
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.5	0	0	0.3	0.4	0.4
Net income before taxes	1,106	869	772	657	660	541
Provision for taxes	295	226	180	175	180	149
Minority interest	−55.4	−36.4	−25.2	−13.7	−9.9	−6.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	755	606	567	469	470	385
Extraordinary items	–	–	–	–	–	–
Net income	755	606	567	469	470	385
EBIT, normalized	1,128	868	779	706	713	565
EBITDA, normalized	1,363	1,063	967	877	856	635
Basic EPS, normalized	8.57	6.86	5.92	5.57	6.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Euronext NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,947	1,799	1,713	1,246	1,094	881
Receivables	489	406	352	399	460	225
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	373,604	279,864	199,815	178,585	156,641	45.9
Total current assets	376,040	282,069	201,879	180,230	158,195	1,152
Property, plant & equipment	237	169	188	162	186	126
Goodwill	5,238	4,140	4,389	4,305	4,528	1,343
Intangibles	2,722	2,172	2,352	2,336	2,538	533
Long-term investments	527	373	295	377	375	337
Note receivable	–	–	–	–	–	–
Other long-term assets	36.3	32.3	35.7	21.7	44.1	32.1
Total assets	384,800	288,955	209,139	187,433	165,867	3,523
Liabilities
Accounts payable	255	232	165	174	240	68.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	356	248	294	250	260	168
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	495	551	43.5	49.1	43.6	19.4
Other current liabilities	373,917	280,086	200,055	178,685	156,718	122
Total current liabilities	375,022	281,118	200,557	179,158	157,262	378
Long-term debt	3,500	2,674	3,387	3,263	3,518	1,597
Minority interest	232	162	154	135	140	36.9
Other liabilities	717	606	686	688	800	218
Total liabilities	379,470	284,560	204,785	183,244	161,720	2,230
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	195	173	189	183	195	137
Additional paid-in capital	2,603	2,316	2,684	2,603	2,765	142
Retained earnings (accumulated deficit)	2,612	1,905	1,703	1,355	1,163	1,009
Treasury stock	−274	−142	−267	−35.1	−48.6	−24.3
Other equity	193	144	44.8	82.7	72.4	29.0
Total equity	5,330	4,395	4,354	4,189	4,147	1,293
Total liabilities & shareholders' equity	384,800	288,955	209,139	187,433	165,867	3,523

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Euronext NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,106	869	772	657	660	541
Depreciation, depletion & amortization	235	195	188	171	143	70.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	−17.0	−19.8	−75.8	5.5	3.4	−0.8
Changes in working capital	−370	−311	28.2	−175	−188	−271
Cash from operations	954	734	912	660	618	340
Investing activities
Capital expenditures	−185	−90.3	−114	−107	−76.8	−23.5
Other investing cash flows	−270	51.9	285	−31.0	−4,715	−104
Cash from investing	−455	−38.4	171	−137	−4,792	−128
Financing activities
Financing cash flow items	−94.9	−59.0	−38.7	−50.4	−36.6	−15.7
Cash dividends paid	−345	−266	−262	−220	−179	−135
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−142	−132	−273	−25.1	4,580	278
Cash from financing	−581	−457	−574	−296	4,364	127
Foreign exchange effects	−10.6	−5.4	−15.5	−21.3	14.4	−21.8
Net change in cash	−93.7	233	494	205	205	317
Free cash flow	769	643	798	553	541	316

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.