Intercontinental Exchange, Inc.

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

Earnings Score
Moat Score
Safety Score

Market Cap $89.30B
PE 37
Debt $21.20B
Cash $81.14B
EV $29.36B
FCF $3.77B

Earnings

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Sales & Net Margins

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Earnings	$2.43B
EBIT	$4.16B
ROE	9%
ROA	3%
FCF	$3.77B
Equity	$27.27B
Growth Stability	54%
PE	36.76
PEG	-5.04K
PB	3.27
P/FCF	23.66
P/S	7.84
Price/Cash	0.91
Debt/Equity	0.78
Debt/FCF	5.62
Net Margins	24%
Op. Margins	36%
Earnings CAGR	6%
Sales Growth YoY	25%
Sales Growth QoQ	5%
Sales CAGR	10%
FCF CAGR	12%
Equity CAGR	8%
Earnings Stability	0.26
Earnings Growth YoY	21%
Earnings Growth QoQ	4%
Earnings CAGR 5Y	-0%

Sales CAGR 5Y	9%
FCF CAGR 5Y	10%
Equity CAGR 5Y	10%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	9%
Equity CAGR 3Y	8%
Market Cap	$89.30B
Revenue	$11.40B
Dividend Yield	1%
Payout Ratio	42%
Assets	$135.20B
Total Debt	$21.20B
Cash	$81.14B
Shares Outstanding	572.7M
EV	29.36B
Earnings Score	11%
Moat Score	71%
Safety Score	63%
Final Score	48%
Working Capital	133M
Current Ratio	1
Shares Growth 3y	1%
Equity Growth QoQ	2%
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.

2024
- 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
2022
- 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 6%

Stability 26%

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Intercontinental Exchange, Inc. Discounted Cash Flow

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

Years

Calculation mode

= $85B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.8B	$4.2B	$4.7B	$5.3B	$5.9B	$6.6B	$7.3B	$8.2B	$9.1B	$10B	$11B	$114B
DCF		$3.8B	$3.9B	$4B	$4B	$4.1B	$4.1B	$4.2B	$4.3B	$4.3B	$4.4B	$44B
Value	$85B

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	23%	27%	24%	43%	32%	30%	25%	44%	15%	24%	24%
ROA	-	2%	3%	3%	3%	3%	2%	3%	2%	3%	3%
ROE	-	9%	9%	15%	12%	11%	11%	18%	6%	9%	9%

Good Net Margins (23.55%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	8.83	4.66	4.25	3.5	4.15	7.09	5.24	5.44	6.75	5.62
Debt over Equity	0.35	0.67	0.56	0.47	0.49	0.6	0.97	0.68	0.8	0.88	0.78
Growth Stability	-	-	-	100%	100%	98%	97%	100%	54%	94%	54%

Bad Debt/FCF ratio (5.62)

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 (0.78)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	11%	27%	-2%	8%	4%	26%	11%	5%	3%	9%
Earnings YoY growth	-	30%	12%	77%	-21%	-3%	8%	94%	-64%	64%	-0%
Equity YoY growth	-	20%	6%	8%	2%	0%	13%	16%	0%	13%	10%
FCF YoY growth	-	-13%	69%	-2%	29%	4%	7%	10%	13%	1%	10%