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Intercontinental Exchange Inc (ICE)

Fair Value
Financial ServicesFinancial Data & Stock ExchangesUnited States

Fundamental

61

Price

$151.89

Market Cap

$85.84B

Part 1 · What the company is worth

Overview

Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, and clearing of an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, and corporate and exchange-traded funds, as well as data and connectivity services related to its exchanges and clearing houses. The Fixed Income and Data Services segment provides fixed income pricing, reference data, indices, analytics, and execution services, as well as global CDS clearing and multi-asset class data delivery technology. The Mortgage Technology segment offers a technology platform that provides customers comprehensive and digital workflow tools to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing, and the secondary market. The company was founded in 2000 and is headquartered in Atlanta, Georgia.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users

P/E: 22.2Score: 68Market cap: $17.92B

CME runs the other large U.S. futures and clearing complex, competing with ICE Futures for the same energy, interest-rate and agricultural derivatives volume from banks, hedge funds and commercial hedgers.

P/E: 26.8Score: 68Market cap: $52.85B

Nasdaq competes head-on with ICE's New York Stock Exchange for new listings, U.S. cash-equity and options order flow, and for the market-data subscriptions sold to the same trading firms.

P/E: 21.5Score: 82Market cap: $27.94B

Cboe operates rival U.S. equity and options exchanges plus European venues, taking the same order flow from brokers that ICE's NYSE exchanges and ICE Futures Europe rely on.

P/E: 25.0Score: 67Market cap: $117.19B

Through its indices, market intelligence and commodity price assessments, S&P Global sells to asset managers and banks the same fixed-income and benchmark data products that make up ICE's Fixed Income and Data Services segment.

London Stock Exchange Group plcLSEG

LSEG competes with ICE both as an exchange and clearing operator in Europe and, through Refinitiv and its index business, in the fixed-income pricing, reference data and analytics that ICE sells to the same institutional clients.

Deutsche Börse AGNot tracked

Deutsche Börse's Eurex and Xetra compete with ICE Futures Europe and ICE Clear Europe for European interest-rate and equity derivatives trading and clearing, and its data arm sells competing index and analytics products.

Balance Sheet & Liquidity

Revenue

$13.43B

Trailing 12 months (through 6/30/2026)

Net Income

$4.04B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$4.29B

Total Equity

$28.91B

Total Liabilities

$107.90B

Current Ratio

1.01

Interest Coverage

6.80

Debt/EBITDA

3.54

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseFairly Valued

Fair Value

$155.29

Current Price

$151.89

Margin of Safety

+2.2%

Fair Value Range

$123.13 - $187.46

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$187.29
Discounted cash flow (DCF):$163.77
Earnings multiple (P/E):$125.74
Graham growth formula:$164.09
Earnings power value (EPV):$81.74
Justified P/B:$94.15
Dividend discount (Gordon):$37.75
P/FFO, funds from operations:$138.94
Mid-cycle earnings:$99.75
Revenue multiple:$62.07
Analyst Consensus:Strong Buy (18B / 2H / 0S)
Last Earnings Surprise:+2.33%

Valuation Metrics

P/E Ratio

21.47

ROE

11.5%

P/B Ratio

2.89

P/FCF

16.81

Gross Margin

-

ROIC

8.1%

Profitability Radar

Value Creation (Economic Moat)

ROIC

8.1%

WACC

8.0%

ROIC − WACC

+0.1 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (19)

  • Price CAGR 10.81%
  • ROIC 8.0%
  • P/FCF 16.81
  • P/B Ratio 2.89
  • Debt/Equity ratio
  • Operating Margin 40.7%
  • Positive Free Cash Flow
  • CapEx intensity
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 13.9%
  • Revenue Growth 5Y 8.9%
  • Analyst Consensus 90% Buy
  • Earnings Surprise avg 3.0%
  • Earnings Quality (OCF/NI) 1.37
  • Share Dilution -0.3%
  • Piotroski F-Score 8/9

Failed (6)

  • EPS shows upward trend
  • EPS CAGR -1.27%
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • PEG Ratio 2.42

Unavailable (3)

  • Gross Margin NaN%
  • Dividend Payout NaN%
  • Net Margin Trend (invalid data)

Piotroski F-Score

8/9

Strong financial health

score
criteria

Earnings Quality

1.37

High quality: earnings backed by cash

Share Dilution

-0.3%

Buying back shares. Shareholder friendly

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Jeffrey C. SprecherFounder, Chairman & CEO70
Mr. Benjamin R. JacksonChair of ICE Mortgage Technology & President52
Mr. A. Warren Gardiner C.F.A.Chief Financial Officer44
Mr. Christopher Scott EdmondsPresident of ICE Fixed Income & Data Services56
Ms. Lynn C. MartinPresident of NYSE Group and Chair of ICE Fixed Income & Data Services48
Mr. Stuart G. WilliamsChief Operating Officer48
Mr. James W. NamkungChief Accounting Officer & Corporate Controller49
Mr. Mayur V. KapaniChief Technology Officer56
Mr. Douglas A. FoleySenior Vice President of Human Resources & Administration53
Mr. Steven EagertonVice President of Investor Relations & Revenue Operations-

Audit Risk

2

Board Risk

5

Compensation Risk

5

Shareholder Rights Risk

3

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-02-05

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-07-30

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-08-28

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for ICE, sourced from Markets Gazette.

  • 8/16/2026POSITIVE
    Meet the self-made billionaire who bought a nearly bankrupt company off Warren Buffett for $1,000 and turned it into a $85 billion giant

    Jeffrey Sprecher, founder and CEO of Intercontinental Exchange (ICE), has transformed a near-bankrupt company acquired for $1,000 from Warren Buffett into an $85 billion enterprise. This remarkable turnaround highlights Sprecher's strategic acumen and ICE's significant growth under his leadership. The company's valuation surge underscores its success in the financial exchange and data services sector, positioning it as a major player and a testament to effective business management and market adaptation.

  • 8/11/2026NEUTRAL
    NYSE Parent ICE Raises $3.75 Billion for MarketAxess Takeover

    Intercontinental Exchange (ICE), the parent company of the NYSE, successfully raised $3.75 billion through a sale of US investment-grade bonds. This debt issuance comes less than two weeks after ICE announced its intention to acquire MarketAxess Holdings Inc. for $6 billion. The bond sale is a crucial step in financing the acquisition, indicating ICE's ability to secure substantial capital for its strategic expansion plans. Investors will monitor the integration of MarketAxess and its impact on ICE's future revenue streams and market position.

  • 6/29/2026NEUTRAL
    NYSE Owner Plans Futures on Monetary Policy

    Intercontinental Exchange Inc. (ICE), the operator of the New York Stock Exchange, is set to introduce new futures contracts. These contracts will be linked to key global monetary policy decisions and US natural gas storage levels. This strategic move by ICE aims to provide investors with new hedging and speculative tools, potentially increasing trading volumes and revenue streams for the exchange operator. The introduction of policy-linked futures could offer insights into market expectations regarding central bank actions and energy supply dynamics.

  • 5/29/2026NEUTRAL
    NYSE parent ICE pushes ‘level playing field’ for 24/7 onchain perps

    Intercontinental Exchange (ICE), the parent company of the NYSE, is advocating for regulatory clarity to establish a "level playing field" for 24/7 onchain perpetual contracts. CEO Jeffrey Sprecher highlighted that such products are already available on platforms like Hyperliquid. This statement suggests ICE's interest in entering or facilitating this evolving derivatives market, but the primary focus remains on regulatory alignment rather than immediate product launch. Investors will monitor regulatory developments and ICE's strategic response to the growing onchain derivatives space.

  • 5/25/2026POSITIVE
    $1000 Invested In Intercontinental Exchange 15 Years Ago Would Be Worth This Much Today

    An investment of $1000 in Intercontinental Exchange (ICE) 15 years ago would have yielded a significant return, highlighting the company's sustained growth and market performance. ICE, a global operator of exchanges and clearing houses, has consistently expanded its offerings and profitability over the past decade and a half. This long-term performance suggests strong strategic management and adaptability in the financial markets sector. Investors looking for stable, long-term growth may find ICE's track record compelling, indicating potential for continued value appreciation.

  • 5/19/2026NEUTRAL
    NYSE’s Owner Plans Its Own Futures Market for Computing Power

    Intercontinental Exchange (ICE), the operator of the New York Stock Exchange, is venturing into the burgeoning market for AI-driven computing power by planning its own futures market. This initiative aims to provide a mechanism for tracking and trading the price of computing resources essential for artificial intelligence development. While the specifics of the contracts and launch date are yet to be fully detailed, the move signifies ICE's strategic positioning in a rapidly evolving technological landscape. Investors will monitor the development for potential new avenues in commodity-like trading related to digital infrastructure.

  • 3/28/2026POSITIVE
    NYSE Parent Firm ICE Finalizes $600M Investment In Polymarket — Details

    Intercontinental Exchange (ICE), the parent company of the NYSE, has finalized a $600 million direct cash investment in Polymarket, a leading prediction market platform. This investment is part of ICE's broader commitment to inject up to $2 billion into Polymarket. The substantial capital infusion is expected to fuel Polymarket's growth and innovation in the prediction market sector. For ICE investors, this strategic move signals a significant bet on the expanding alternative data and prediction analytics landscape, potentially diversifying revenue streams beyond traditional exchange operations.

via Markets Gazette