Financials · Financial Exchanges & Data · US stock · price as of 16 Oct 2026
Key indicators
Price
$161.56
52-week range
$121.39 – $174.25
Market cap
$91.4B
P/E (trailing)
22.9×
EV / EBITDA
16.1×
Free-cash-flow yield
5.6%
Dividend yield
1.3%
Revenue (last 12 months)
$13.4B
Revenue growth (3y a year)
9.5%
Operating margin
40.7%
Return on invested capital
8.3%
Net debt / EBITDA
3.0×
Fair value
Blended fair value$158.77 range $142 – $177
Versus priceFair−2% to fair value
Peer multiples
$96.79
Fundamentals-adjusted multiple
$156.27
10-year DCF (market-scaled)
$223.24
Earnings power value (floor, not blended)
$71.65
Model uncertainty
Medium
X-Ray Score
49/ 100 · High confidence · ahead of 44% of sector peers
Valuation39
Growth56
Profitability58
Financial health43
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Intercontinental Exchange operates regulated exchanges, clearing houses and data services for financial and commodity markets. It owns the New York Stock Exchange and a group of futures exchanges covering energy, agricultural and financial contracts, and it runs clearing houses that process and settle trades. It also provides fixed income pricing and market data, and mortgage technology used by lenders. Customers include traders, banks, listed companies, asset managers and mortgage lenders.
Income arrives as transaction fees on trading and clearing, listing fees, subscriptions to data and software used in the mortgage process. Revenue was $13.4 billion over the last twelve months, with growth of 9.5% a year across the last three years. The operating margin is 40.7%, and net debt is 3.0 times EBITDA. The dividend yield is 1.3%.
StocksXray gives Intercontinental Exchange, Inc. an X-Ray Score of 49 out of 100 (high confidence), ahead of 44% of the S&P 500 stocks in its sector. Its strongest lens is profitability (58) and its weakest is valuation (39).
Our fair value blend is $158.77 (range $141.80 to $177.44). At $161.56 the stock trades 2% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Intercontinental Exchange, Inc. (ICE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$128.37
$97.67
$124.16
$145.84
$160.31
$161.56
Market cap
$72.5B
$54.8B
$70.2B
$84.0B
$92.2B
$91.4B
P/E
17.9×
37.9×
29.6×
30.5×
27.8×
22.9×
EV / revenue
9.6×
7.4×
9.7×
9.1×
8.9×
8.4×
EV / EBITDA
19.8×
15.2×
19.5×
18.3×
17.4×
16.1×
Price / free cash flow
24.6×
16.5×
20.9×
20.0×
21.5×
18.0×
Free-cash-flow yield
4.1%
6.1%
4.8%
5.0%
4.7%
5.6%
Price / book
3.2×
2.4×
2.7×
3.0×
3.2×
3.1×
Dividend yield
1.03%
1.56%
1.35%
1.23%
1.20%
1.26%
Fundamentals checklist ● 3 Good · ● 6 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.8%Average
Free-cash-flow yield5.6%Average
Risk models
Altman Z score0.9×Bad
Piotroski F-Score9 of 9Good
Growth
EPS growth (3y)30.8%Good
Free-cash-flow growth (3y)8.8%Average
Revenue growth (3y)9.5%Average
Growth consistency90%Average
Balance sheet
Current ratio1.0×Bad
Net debt / EBITDA3.0×Bad
Interest cover6.8×Bad
Valuation
Fair value vs price1.0×Average
EBIT / EV yield4.8%Bad
Profitability
Return on invested capital8.3%Bad
Operating margin40.7%Good
XStocksXray
Intercontinental Exchange, Inc. (ICE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
9,168
9,636
9,903
11,761
12,640
13,426
Gross profit
–
–
–
–
–
–
Operating income
3,449
3,638
3,694
4,309
4,929
5,467
Net income
4,058
1,446
2,368
2,754
3,315
4,038
Diluted EPS ($)
7.18
2.58
4.19
4.78
5.77
7.07
Free cash flow
2,944
3,329
3,352
4,203
4,289
5,078
Gross margin
–
–
–
–
–
–
Operating margin
37.6%
37.8%
37.3%
36.6%
39.0%
40.7%
Net margin
44.3%
15.0%
23.9%
23.4%
26.2%
30.1%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
193,502
194,338
136,084
139,428
136,887
174,247
Cash
607
1,799
899
844
837
1,067
Total debt
16,451
18,126
26,521
23,924
21,714
22,282
Equity
22,709
22,706
25,717
27,647
28,915
29,551
Dividend per share ($)
1.32
1.52
1.68
1.80
1.92
2.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.