Intercontinental Exchange, Inc.

Finance
Investment Bankers/Brokers/Service
www.theice.com

Earnings Score
Moat Score
Safety Score

Market Cap $100.89B
PE 36
Debt $20.28B
Cash $85.61B
EV $35.56B
FCF $4.13B

Earnings

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Sales & Net Margins

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Earnings	$2.78B
EBIT	$4.47B
ROE	10%
ROA	3%
FCF	$4.13B
Equity	$28.02B
Growth Stability	54%
PE	36.24
PEG	-126.93
PB	3.6
P/FCF	24.41
P/S	8.28
Price/Cash	0.85
Debt/Equity	0.72
Debt/FCF	4.91
Net Margins	25%
Op. Margins	37%
Earnings CAGR	5%
Sales Growth YoY	15%
Sales Growth QoQ	7%
Sales CAGR	10%
FCF CAGR	11%
Equity CAGR	8%
Earnings Stability	0.21
Earnings Growth YoY	4%
Earnings Growth QoQ	14%
Earnings CAGR 5Y	-0%

Sales CAGR 5Y	9%
FCF CAGR 5Y	10%
Equity CAGR 5Y	9%
Earnings CAGR 3Y	10%
Sales CAGR 3Y	10%
FCF CAGR 3Y	11%
Equity CAGR 3Y	9%
Market Cap	$100.89B
Revenue	$12.19B
Dividend Yield	1%
Payout Ratio	38%
Assets	$142.87B
Total Debt	$20.28B
Cash	$85.61B
Shares Outstanding	573.38M
EV	35.56B
Earnings Score	9%
Moat Score	72%
Safety Score	65%
Final Score	49%
Working Capital	-76M
Current Ratio	1
Shares Growth 3y	1%
Equity Growth QoQ	1%
Equity Growth YoY	7%

Assets & ROA

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Stockholders Equity & ROE

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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. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business, which is about 55% of net revenue, Intercontinental Exchange has used a series of acquisitions to create its mortgage technology business (18% of net revenue) and fixed-income and data services segment (27% of net revenue).

SEC Filings

Direct access to Intercontinental Exchange, Inc. (ICE) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Intercontinental Exchange, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Intercontinental Exchange, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 5%

Stability 21%

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Intercontinental Exchange, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Intercontinental Exchange, Inc..

Years

Calculation mode

= $86B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$4.1B	$4.6B	$5.1B	$5.6B	$6.2B	$6.8B	$7.6B	$8.3B	$9.2B	$10B	$11B	$113B
DCF		$4.2B	$4.2B	$4.2B	$4.2B	$4.2B	$4.3B	$4.3B	$4.3B	$4.3B	$4.4B	$44B
Value	$86B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	27%	24%	43%	32%	30%	25%	44%	15%	24%	23%	25%
ROA	-	3%	3%	3%	3%	2%	3%	2%	3%	3%	3%
ROE	-	9%	15%	12%	11%	11%	18%	6%	9%	10%	10%

Good Net Margins (24.68%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	4.66	4.25	3.5	4.15	7.09	5.24	5.44	6.75	4.85	4.91
Debt over Equity	0.67	0.56	0.47	0.49	0.6	0.97	0.68	0.8	0.88	0.74	0.72
Growth Stability	-	-	-	100%	98%	97%	100%	54%	94%	100%	54%

Bad Debt/FCF ratio (4.91)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.72)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (54%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	27%	-2%	8%	4%	26%	11%	5%	3%	19%	9%
Earnings YoY growth	-	12%	77%	-21%	-3%	8%	94%	-64%	64%	16%	-0%
Equity YoY growth	-	6%	8%	2%	0%	13%	16%	0%	13%	7%	9%
FCF YoY growth	-	69%	-2%	29%	4%	7%	10%	13%	1%	25%	10%