Intercontinental Exchange, Inc.
$178.51
+0.65 (+0.37%) · delayed · Nov 13, 2026
Five-year price
52w $121.79 to $181.38
- Market cap
- $99.8B
- Enterprise value
- $118.6B
- P/E
- 30.9×
- 36.3× on 3y avg EPS
- EV / EBIT
- 24.1×
- FCF yield
- 4.3%
- ROIC
- 8.0%
- Debt / equity
- 0.68
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 7.3%
- ○ROE > 15% (5y avg)5y avg ROE 11.0%
- ●Stable operating marginsMargin volatility 0.8% (σ, 5y)
- ●Earnings convert to cashFCF / net income 145% (5y avg)
- ●Growing revenueRevenue CAGR 5y 8.9%
- ○Shrinking share countDiluted shares 3.6% over 5y
Value
0
- ○P/E below 15P/E 30.9
- ○EV/EBIT below 12EV/EBIT 24.1
- ○FCF yield above 6%FCF yield 4.3%
- ○Price below Graham NumberGraham Number $81.96
- ○P/B below 3P/B 3.5
Safety
20
- ○Debt / equity below 0.5D/E 0.68
- ○Debt payable in < 4 yrs of earningsNet debt $18.8B
- ○Interest coverage > 8xCoverage 6.1x
- ○Current ratio > 1.5Current ratio 1.02
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $12.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.02
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 46%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 36.3
- ○P/E × P/B ≤ 22.5Product 125.4
Valuation lab
What do you have to believe?
At $178.51, the market is pricing in about 9.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $18.8B · 559M shares · 5y revenue CAGR 8.9%
Intrinsic value
$164.12
Price
$178.51
Premium paid
9%
What the price implies
The market is paying for 9.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
61% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,971 | 5,843 | 6,276 | 6,547 | 8,244 | 9,168 | 9,636 | 9,903 | 11,761 | 12,640 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,172 | 2,379 | 2,583 | 2,673 | 3,033 | 3,449 | 3,638 | 3,694 | 4,309 | 4,929 |
| Operating margin | 36.4% | 40.7% | 41.2% | 40.8% | 36.8% | 37.6% | 37.8% | 37.3% | 36.6% | 39.0% |
| Pre-tax income | 2,043 | 2,526 | 2,520 | 2,481 | 2,766 | 5,698 | 1,808 | 2,894 | 3,628 | 4,346 |
| Income tax | 586 | (28) | 500 | 521 | 658 | 1,629 | 310 | 456 | 826 | 976 |
| Net income | 1,430 | 2,526 | 1,988 | 1,933 | 2,089 | 4,058 | 1,446 | 2,368 | 2,754 | 3,315 |
| EPS (diluted) | 2.39 | 4.25 | 3.43 | 3.42 | 3.77 | 7.18 | 2.58 | 4.19 | 4.78 | 5.77 |
| Diluted shares | 599 | 594 | 579 | 565 | 555 | 565 | 561 | 565 | 576 | 575 |
Who owns it