Intercontinental Exchange (ICE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Intercontinental Exchange

NYSE•Financial Services•Financial Data & Stock Exchanges

$172.28+3.43(0.02%)Pre-market

Market Cap

$96.65B

P/E

23.2x

P/S

6.9x

P/B

3.2x

Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, and clearing of an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, and corporate and exchange-traded funds, as well as data and connectivity services related to its exchanges and clearing houses. The Fixed Income and Data Services segment provides fixed income pricing, reference data, indices, analytics, and execution services, as well as global CDS clearing and multi-asset class data delivery technology. The Mortgage Technology segment offers a technology platform that provides customers comprehensive and digital workflow tools to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing, and the secondary market. The company was founded in 2000 and is headquartered in Atlanta, Georgia.

How this company scores

ExcellentMetricSide Score: 86/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability23/25

Growth23/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsCash-backed earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 23.2x5y range 17.2x – 59.8x

Currently below its 20-quarter median.

P/S · 6.9x5y range 5.2x – 9.4x

Currently near its 20-quarter median.

P/B · 3.2x5y range 2.3x – 3.9x

Price & Volume

Market Cap $96.65B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $14.05B
Q. Revenue: $3.63B
TTM EBITDA: $7.26B
TTM Op. Income: $5.70B
Q. Op. Income: $1.41B
TTM Net Income: $4.16B
Q. Net Income: $940.00M
EPS: $1.68
Shares Out.: $561.00M

$14.05B in TTM revenue grew 12.1% YoY, reaching $3.63B last quarter. TTM EBITDA of $7.26B and TTM operating income of $5.70B show growth is flowing through to the bottom line. TTM net income of $4.16B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 49.8%
Op. Margin: 38.8%
Net Margin: 25.9%

Op. margin of 38.8% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 25.9% Over the past year, operating margin is down 1% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 23.2x
P/S Ratio: 6.9x
P/B Ratio: 3.2x

At 23.2x P/E, the stock trades within typical market levels. P/S of 6.9x and P/B of 3.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 24% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $177.03B
Cash: $936.00M
Long-Term Debt: $20.34B
Book Value: $29.90B
D/E Ratio: 0.7
Debt/EBITDA: 11.2

With $177.03B in assets and $20.34B in long-term debt, D/E is 0.7and book value is $29.90B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 12% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.16B
TTM Free Cash Flow: $5.28B
FCF Margin: 37.6%
FCF / Net Income: 1.3

TTM FCF of $5.28B on $1.16B in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.