Intercontinental Exchange Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE operates a large derivatives exchange, too.
It is a $87.7B financial services company. Revenue grew 6.9% over the last year, and it keeps 30¢ of every dollar of sales as profit. It trades at 21.7× earnings — in the cheapest third of its own history.
- Website
- theice.com
- Location
- Atlanta, GA
- Employees
- 12 725
- Sector
- Financial Services
- Founded
- 2005
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality and moat; Growth and Health lag behind.
Valuation69
- P/E vs own history19th pct · 25/25
- FCF yield5.8% · 20/25
- P/S6.5x · 12/25
- EV/EBITDA15.2x · 12/25
Growth44
- Revenue CAGR8.4% · 12/25
- Net income CAGR-4.9% · 0/25
- EPS CAGR ~5Y8.9% · 12/25
- Fwd implied growth22.4% · 20/25
Profitability67
- ROIC7.1% · 5/25
- ROE13.8% · 12/25
- Net margin30.1% · 25/25
- Operating margin40.7% · 25/25
Health42
- Altman Zn/a · 0/25
- Current ratio1.01 · 12/25
- Interest coverage6.8x · 18/25
- Net cash / debtD/A 13% · 12/25
Quality97
- Piotroski F7/9 · 22/25
- Beneish M-2.56 · 25/25
- FCF conversion126% · 25/25
- Margin stabilityσ 2.1% · 25/25
Moat75
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin78.6% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 15.0% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2024FinancialRevenue crossed $10B$11.8B for the year
- 2023AcquisitionICE announced that they had entered into an Agreement Containing Consent Orders (the “ACCO”) with…
- 2022AcquisitionICE announced that it had entered into a definitive agreement to acquire Black Knight, Inc., a…
- FY2021FinancialBest year on record$4.06B net income
- 2020AcquisitionICE announced that it had entered into a definitive agreement to acquire Ellie Mae, a cloud-based…
- 2019AcquisitionFurthermore, in August 2019, it announced it had entered into an agreement to acquire a family of fixed income…
- 2018AcquisitionICE announced that it had entered into an agreement to acquire the Chicago Stock Exchange (CHX), a…
- 2017AcquisitionICE announced it had entered an agreement to acquire TMX Atrium, an extranet and wireless services…
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$5.96B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2015AcquisitionICE announced that it had entered into a definitive agreement to acquire Interactive Data…
- 2008AcquisitionICE announced that it had entered into a definitive merger agreement to acquire Creditex Group Inc
- 2007AcquisitionICE made an unsuccessful $9.9 billion bid for the Chicago Board of Trade
- 2005FoundedExchange-traded emissions products were first offered by the European Climate Exchange (ECX)
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (78.6%)
- Strongly profitable — 30.1% net margin
- Strong cash conversion — FCF is 37.8% of revenue
- Interest covered 6.8× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+6.9% YoY
- Profitable — makes more than it spends$4.04B TTM
- Profit growing — earnings are higher than last year+30.8% YoY
- Generates cash — cash left after running and investing$5.08B TTM
- Debt under control — could handle its obligations~3.5y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$87.7B market cap
- Not printing shares — share count not ballooning — you keep your slice+3.6% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 30/100
- Pays a dividend — returns cash to shareholdersyield 1.30%
- Valuation not extreme — price not wildly above earningsP/E 21.7
Peer comparisonIntercontinental Exchange Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| ICE this company | $87.7B | 21.7 | +6.9% | 30.1% | Strained |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: ICE vs BRK.A · ICE vs BRK.B · ICE vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/ICE
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of ICE on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $156.19 · market cap $87.7B.