Intercontinental Exchange, Inc. (ICE)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$163.84
▲ +6.15 (3.90%)
Fair valueFair
$186 +13.5% to fair value
$93fair band $158–$225$279
Day's range
$159.42 – $164.03
52-week range
$121.79 – $176.05
About Intercontinental Exchange, Inc.
Intercontinental Exchange operates regulated exchanges, clearing houses and data services for financial and commodity markets. It owns the New York Stock Exchange and a group of futures exchanges covering energy, agricultural and financial contracts, and it runs clearing houses that process and settle trades. It also provides fixed income pricing and market data, and mortgage technology used by lenders. Customers include traders, banks, listed companies, asset managers and mortgage lenders.
Income arrives as transaction fees on trading and clearing, listing fees, subscriptions to data and software used in the mortgage process. Revenue was $13.4 billion over the last twelve months, with growth of 9.5% a year across the last three years. The operating margin is 40.7%, and net debt is 3.0 times EBITDA. The dividend yield is 1.2%. On the site's X-Ray Score it receives 52 out of 100.
Price chart
52-wk range $121.79 – $176.05Volume 4,734,872Daily, split-adjusted
Vitals
Market cap$92.7B
52-week range$121.79 – $176.05
Volume (last day)4,734,872
P/E (TTM)23.2
EBIT / EV yield4.8%
Free-cash-flow yield5.5%
Dividend yield1.2%
Revenue (TTM)$13.4B
Net income (TTM)$4.0B
Operating margin40.7%
Return on capital8.3%
Debt incl. leases$22.3B
Cash & securities$1.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$186middle half of models $167 – $207
Fair
+13.5% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $164
Undervalued < $158Fair $158 – $225Overvalued > $225
P/E multiple
$172
P/B multiple
$164
P/S multiple
$185
EV/EBITDA multiple
$191
EV/EBIT multiple
$186
EV/revenue multiple
$179
10-year DCF, EBITDA exit
$220
5-year DCF, EBITDA exit
$208
10-year DCF, revenue exit
$219
5-year DCF, revenue exit
$206
10-year DCF, growth exit
$170
5-year DCF, growth exit
$151
Dividend discount, stable
$132
Dividend discount, multi-stage
$257
Earnings power value
$150
Growth the price implies
8.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
49/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.8%
Free-cash-flow yield5.5%
Fair value vs price1.1×
Growth
Fair
56/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)9.5%
EPS growth (3y)30.8%
Growth consistency90%
Profitability
Fair
58/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital8.3%
Operating margin40.7%
Financial health
Weak
43/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA3.0×
Interest cover6.8×
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.2%
Dividends vs free cash flow23%
Dividend growth9.0%
Quarterly results: last 6 quarters
+15.3%
Mar '25
+12.6%
Jun '25
-0.9%
Sep '25
+3.7%
Dec '25
+13.5%
Mar '26
+10.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.6B, diluted EPS $1.69.
Compare with peers
MCO Moodys Corp61 MSCI MSCI Inc.58 CBOE Cboe Global Markets, I...58 FDS Factset Research Syste...58Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: Intercontinental Exchange, Inc.
Strengthsinside the company
- Earnings per share have compounded at 30.8% a year over three years.
- Free cash flow equals 5.5% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 9 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital of 8.3% is well below the 15.8% median of industry peers.
- Altman Z-score of 0.9 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Dividends use only 23% of free cash flow, which leaves room to raise them.
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ICE with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): SPGI 48, CME 42, MCO 61, NDAQ 44, MSCI 58, COIN 38.
| Metric | ICE | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 52 | 53 | 50 |
| Valuation | 49 | 25 | 52 |
| Growth | 56 | 64 | 54 |
| Profitability | 58 | 64 | 48 |
| Financial health | 43 | 49 | 51 |
| Dividends | 55 | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
ICE ranks #31 of 71 in Financials and #5 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ICE
Each factor is rated by where ICE stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 8 Average · 8 Bad of 21
Growth: 1 · 2 · 0
Profitability: 2 · 1 · 1
Financial strength: 1 · 0 · 3
Valuation: 0 · 1 · 4
Cash flow: 1 · 3 · 0
Efficiency: 0 · 1 · 0
| Factor | ICE | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +9.5% | Average beats 55% | +8.3% | – | – |
| Revenue growth, last year | +7.5% | Average beats 57% | +6.9% | +7.5% | ≈ In line |
| EPS growth, 3 years a year | +30.8% | Good beats 81% | +12.7% | – | – |
| Profitability | |||||
| Operating margin | 40.7% | Good beats 75% | 29.1% | 37.6% | ≈ In line |
| Net margin | 30.1% | Good beats 79% | 21.8% | 23.9% | ▲ Better |
| Return on invested capital | 8.3% | Bad beats 28% | 13.5% | – | – |
| Return on equity | 13.7% | Average beats 44% | 15.7% | 10.0% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 3.0x | Bad beats 27% | 1.1x | 3.6x | ▲ Better |
| Interest cover | 6.8x | Bad beats 16% | 50.0x | 5.9x | ≈ In line |
| Current ratio | 1.01 | Bad beats 33% | 1.05 | 1.01 | ≈ In line |
| Piotroski F-score | 9 / 9 | Good beats 92% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 23.0x | Bad beats 26% | 13.8x | 30.6x | ▲ Better |
| Price / book | 3.1x | Bad beats 32% | 2.2x | 3.1x | ≈ In line |
| Price / sales | 6.9x | Bad beats 19% | 3.1x | 7.3x | ≈ In line |
| EV / EBITDA | 16.3x | Bad beats 30% | 10.8x | 18.6x | ▲ Better |
| Free cash flow yield | 5.5% | Average beats 44% | 5.8% | 4.6% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 37.8% | Good beats 79% | 23.2% | 33.9% | ▲ Better |
| Cash from operations / net income | 1.37 | Average beats 62% | 1.25 | 1.50 | ≈ In line |
| Free cash flow growth, 3 years a year | +8.8% | Average beats 43% | +12.7% | – | – |
| Accruals (lower is better) | −0.8% | Average beats 46% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 51 days | Average beats 55% | 53 days | 46 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 5 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 46/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $9.2B | $9.6B | $9.9B | $11.8B | $12.6B |
| Operating income | $3.4B | $3.6B | $3.7B | $4.3B | $4.9B |
| Net income | $4.1B | $1.4B | $2.4B | $2.8B | $3.3B |
| Operating cash flow | $3.1B | $3.6B | $3.5B | $4.6B | $4.7B |
| Operating margin | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Free cash flow | $2.9B | $3.3B | $3.4B | $4.2B | $4.3B |
| Diluted EPS | $7.18 | $2.58 | $4.19 | $4.78 | $5.77 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 158.4 | Bullish |
| EMA 10 | 158.5 | Bullish |
| SMA 20 | 155.5 | Bullish |
| EMA 20 | 157.1 | Bullish |
| SMA 50 | 156.7 | Bullish |
| EMA 50 | 155.0 | Bullish |
| SMA 100 | 148.3 | Bullish |
| EMA 100 | 153.1 | Bullish |
| SMA 200 | 153.7 | Bullish |
| EMA 200 | 153.8 | Bullish |
Oscillators (daily)
| RSI (14) | 64.53 | Neutral |
| MACD (12, 26) | 1.49 | Bullish |
| Momentum (12) | 6.74 | Bullish |
| Stochastic %K (14) | 98.85 | Bearish |
| Williams %R (14) | -1.15 | Bearish |
| CCI (20) | 166.5 | Bearish |
Pivot points (classic, last session)
S3 156.2 | S2 157.8 | S1 160.8 | Pivot 162.4 | R1 165.4 | R2 167.0 | R3 170.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.04 USD
Yield on today's price
1.25%
Frequency
Quarterly
Next ex-dividend date
16 Dec 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.5200 |
| 0.5200 | |
| 0.5200 | |
| 0.5200 | |
| 0.4800 | |
| 0.4800 | |
| 0.4800 | |
| 0.4800 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 | |
| 0.4500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ICE
| ETF | Share of the fund |
|---|---|
| IYF iShares U.S. Financials | 1.31% |
| VFH Vanguard Financials | 1.01% |
| XLF Financial Select Sector SPDR | 0.92% |
| SPLV Invesco S&P 500 Low Volatility | 0.87% |
| NULV Nuveen ESG Large-Cap Value | 0.73% |
| MGV Vanguard Mega Cap Value | 0.40% |
| VIG Vanguard Dividend Appreciation | 0.37% |
| FVD First Trust Value Line Dividend Index | 0.37% |
The eight funds with the largest weight in ICE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ICE stock splits
ICE has split its stock once since 2016. The latest was a 5-for-1 split on 4 Nov 2016.
Full ICE stock split history →ICE SEC filings
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.