Intercontinental Exchange (ICE)
Financials · $87.2B market cap · SEC CIK 0001571949
fundamentals score out of 100
Next reports on Oct 28, 2026, before the open, with analysts expecting $1.92 in earnings per share.
The case for ICE
- 30% of revenue drops through to net profit.
- Earnings per share up 35.9%.
- A PEG of 0.60: a P/E of 21.6× is low for EPS growing 36%.
- Gross margin of 79% absorbs cost shocks.
- Pays a modest 1.5% dividend.
The case against
- Priced at 6.5× sales with revenue growing only 7.0%.
- Weakest against its peers: P/E of 21.6× is higher than 74% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 44 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 60 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 81 |
| Momentumhow the price has behaved lately | 57 |
| Stabilityhow violently it moves, what it owes and what it pays you | 57 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 21.6× |
|---|---|
| Price / book | 2.36× |
| Price / sales | 6.5× |
| Revenue growth (YoY) | +7.0% |
| EPS growth (YoY) | +35.9% |
| Gross margin | 79% |
| Operating margin | 41% |
| Net margin | 30% |
| Return on equity | 14% |
| Debt / equity | 0.67× |
| Current ratio | 1.01 |
| Dividend yield | 1.47% |
| Beta | 0.88 |
| 52-week range | $121.79 – $176.05 |
| Position in that range | 57% of the way up |
| 3-month return | +16.1% |
| 1-year return | -8.5% |
Five years of financials, as filed
Pulled from Intercontinental Exchange's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.6B | $11.8B | $9.9B | $9.6B | $9.2B |
| Operating income | $4.9B | $4.3B | $3.7B | $3.6B | $3.4B |
| Net income | $3.3B | $2.8B | $2.4B | $1.4B | $4.1B |
| Operating cash flow | $4.7B | $4.6B | $3.5B | $3.6B | $3.1B |
| Capital expenditure | $373M | $406M | $190M | $225M | $179M |
| Total assets | $137B | $139B | $136B | $194B | $194B |
| Total liabilities | $108B | $112B | $110B | $172B | $171B |
| Shareholder equity | $28.9B | $27.6B | $25.7B | $22.7B | $22.7B |
| Cash | $837M | $844M | $899M | $1.8B | $607M |
| Long-term debt | $18.6B | $17.3B | $20.7B | $18.1B | $12.4B |
| Free cash flow | $4.3B | $4.2B | $3.4B | $3.3B | $2.9B |
| Operating margin | 39.0% | 36.6% | 37.3% | 37.8% | 37.6% |
| Net margin | 26.2% | 23.4% | 23.9% | 15.0% | 44.3% |
| Diluted shares | 575M | 576M | 565M | 561M | 565M |
Share count is essentially flat over 4 years.
What Intercontinental Exchange says it does
Introduction Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows: • Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services…
Risk factors ICE lists in its 10-K
- Business Environment and Market Trends
- Agricultural and Metals Futures and Options
- Number of contracts traded (in millions)
- Average daily volume of contracts traded (in thousands)
- Open interest — in thousands of contracts
- NYSE cash equities (shares in millions)
- NYSE equity options (contracts in thousands)
- Revenue capture or rate per contract
- Operating Expenses, Operating Income and Operating Margin
- Fixed Income and Data Services Segment
- Fixed Income and Data Services Revenues
- Fixed Income and Data Services Segment
- Operating Expenses, Operating Income/(Loss) and Operating Margin
- Acquisition-Related Transaction and Integration Costs