(ICE) Intercontinental Exchange - Ratings and Ratios
Exchanges, Clearing, Data, Analytics, Mortgage
ICE EPS (Earnings per Share)
ICE Revenue
Description: ICE Intercontinental Exchange September 25, 2025
Intercontinental Exchange (ICE) operates three core segments: Exchanges, which run regulated marketplaces for derivatives, equities and clearing services; Fixed Income & Data Services, delivering pricing, reference data, indices, analytics, execution, and global CDS clearing; and Mortgage Technology, providing end-to-end digital workflow tools for the U.S. residential mortgage lifecycle. The company serves financial institutions, corporates and governments across North America, Europe, Asia and the Middle East, and is headquartered in Atlanta, Georgia.
Key quantitative indicators from ICE’s FY 2023 results show total revenue of $9.1 billion, with the Exchanges segment contributing roughly 55 % of that total and delivering an adjusted EBITDA margin of 45 %. The Fixed Income & Data Services segment grew revenue at a 7 % CAGR over the past three years, driven by expanding demand for real-time market data and the increasing use of CDS clearing post-2020 regulatory reforms. In the Mortgage Technology space, ICE’s Ellie Mae platform processed over 2 million loan applications in 2023, reflecting a 15 % YoY increase in digital mortgage volume as lenders accelerate automation to reduce cycle times and compliance risk.
Macro-level drivers that influence ICE’s outlook include (1) the prevailing interest-rate environment, which directly affects derivatives trading volumes and fixed-income data demand; (2) the continued consolidation of global exchanges, raising the competitive premium on high-quality market infrastructure; and (3) the U.S. housing market’s shift toward digital origination, which underpins growth for the Mortgage Technology segment.
For analysts seeking a deeper, data-rich perspective on ICE’s valuation dynamics, a quick look at ValueRay’s proprietary model can surface hidden sensitivities and scenario analyses worth exploring.
ICE Stock Overview
| Market Cap in USD | 90,243m |
| Sub-Industry | Financial Exchanges & Data |
| IPO / Inception | 2005-11-16 |
ICE Stock Ratings
| Growth Rating | 61.6% |
| Fundamental | 66.5% |
| Dividend Rating | 65.8% |
| Return 12m vs S&P 500 | -21.8% |
| Analyst Rating | 4.11 of 5 |
ICE Dividends
| Dividend Yield 12m | 1.62% |
| Yield on Cost 5y | 2.67% |
| Annual Growth 5y | 10.67% |
| Payout Consistency | 100.0% |
| Payout Ratio | 28.6% |
ICE Growth Ratios
| Growth Correlation 3m | -98.4% |
| Growth Correlation 12m | 53.4% |
| Growth Correlation 5y | 69.7% |
| CAGR 5y | 16.51% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.75 |
| CAGR/Mean DD 3y (Pain Ratio) | 4.63 |
| Sharpe Ratio 12m | -0.35 |
| Alpha | -31.16 |
| Beta | 1.085 |
| Volatility | 28.24% |
| Current Volume | 5804.6k |
| Average Volume 20d | 4174.2k |
| Stop Loss | 141.9 (-3%) |
| Signal | -0.61 |
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income (3.00b TTM) > 0 and > 6% of Revenue (6% = 753.2m TTM) |
| FCFTA 0.03 (>2.0%) and ΔFCFTA 0.60pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 4.19% (prev -4.38%; Δ 8.57pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.03 (>3.0%) and CFO 4.88b > Net Income 3.00b (YES >=105%, WARN >=100%) |
| Net Debt (18.66b) to EBITDA (6.40b) ratio: 2.91 <= 3.0 (WARN <= 3.5) |
| Current Ratio 1.01 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (575.0m) change vs 12m ago 0.0% (target <= -2.0% for YES) |
| Gross Margin 60.18% (prev 57.22%; Δ 2.96pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 8.91% (prev 7.84%; Δ 1.07pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 5.75 (EBITDA TTM 6.40b / Interest Expense TTM 843.0m) >= 6 (WARN >= 3) |
Altman Z'' 0.86
| (A) 0.00 = (Total Current Assets 93.97b - Total Current Liabilities 93.44b) / Total Assets 144.18b |
| (B) 0.13 = Retained Earnings (Balance) 19.16b / Total Assets 144.18b |
| (C) 0.03 = EBIT TTM 4.84b / Avg Total Assets 140.93b |
| (D) 0.16 = Book Value of Equity 18.95b / Total Liabilities 115.65b |
| Total Rating: 0.86 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 66.48
| 1. Piotroski 5.50pt = 0.50 |
| 2. FCF Yield 4.02% = 2.01 |
| 3. FCF Margin 34.86% = 7.50 |
| 4. Debt/Equity 0.69 = 2.27 |
| 5. Debt/Ebitda 2.91 = -1.64 |
| 6. ROIC - WACC (= -0.66)% = -0.82 |
| 7. RoE 10.79% = 0.90 |
| 8. Rev. Trend 95.92% = 7.19 |
| 9. EPS Trend -28.39% = -1.42 |
What is the price of ICE shares?
Over the past week, the price has changed by -7.21%, over one month by -13.17%, over three months by -20.63% and over the past year by -5.09%.
Is Intercontinental Exchange a good stock to buy?
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of ICE is around 133.59 USD . This means that ICE is currently overvalued and has a potential downside of -8.68%.
Is ICE a buy, sell or hold?
- Strong Buy: 7
- Buy: 7
- Hold: 3
- Sell: 1
- Strong Sell: 0
What are the forecasts/targets for the ICE price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 199.3 | 36.2% |
| Analysts Target Price | 199.3 | 36.2% |
| ValueRay Target Price | 148.8 | 1.7% |
ICE Fundamental Data Overview October 27, 2025
P/E Trailing = 30.3173
P/E Forward = 21.2766
P/S = 9.3149
P/B = 3.2397
P/EG = 0.0065
Beta = 1.085
Revenue TTM = 12.55b USD
EBIT TTM = 4.84b USD
EBITDA TTM = 6.40b USD
Long Term Debt = 17.36b USD (from longTermDebt, last quarter)
Short Term Debt = 1.85b USD (from shortTermDebt, last quarter)
Debt = 19.67b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 18.66b USD (from netDebt column, last quarter)
Enterprise Value = 108.91b USD (90.24b + Debt 19.67b - CCE 1.00b)
Interest Coverage Ratio = 5.75 (Ebit TTM 4.84b / Interest Expense TTM 843.0m)
FCF Yield = 4.02% (FCF TTM 4.38b / Enterprise Value 108.91b)
FCF Margin = 34.86% (FCF TTM 4.38b / Revenue TTM 12.55b)
Net Margin = 23.92% (Net Income TTM 3.00b / Revenue TTM 12.55b)
Gross Margin = 60.18% ((Revenue TTM 12.55b - Cost of Revenue TTM 5.00b) / Revenue TTM)
Gross Margin QoQ = 76.85% (prev 55.09%)
Tobins Q-Ratio = 0.76 (Enterprise Value 108.91b / Total Assets 144.18b)
Interest Expense / Debt = 1.02% (Interest Expense 201.0m / Debt 19.67b)
Taxrate = 23.59% (267.0m / 1.13b)
NOPAT = 3.70b (EBIT 4.84b * (1 - 23.59%))
Current Ratio = 1.01 (Total Current Assets 93.97b / Total Current Liabilities 93.44b)
Debt / Equity = 0.69 (Debt 19.67b / totalStockholderEquity, last quarter 28.44b)
Debt / EBITDA = 2.91 (Net Debt 18.66b / EBITDA 6.40b)
Debt / FCF = 4.26 (Net Debt 18.66b / FCF TTM 4.38b)
Total Stockholder Equity = 27.82b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.08% (Net Income 3.00b / Total Assets 144.18b)
RoE = 10.79% (Net Income TTM 3.00b / Total Stockholder Equity 27.82b)
RoCE = 10.72% (EBIT 4.84b / Capital Employed (Equity 27.82b + L.T.Debt 17.36b))
RoIC = 7.70% (NOPAT 3.70b / Invested Capital 48.09b)
WACC = 8.36% (E(90.24b)/V(109.91b) * Re(10.01%) + D(19.67b)/V(109.91b) * Rd(1.02%) * (1-Tc(0.24)))
Discount Rate = 10.01% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.88%
[DCF Debug] Terminal Value 73.02% ; FCFE base≈3.96b ; Y1≈4.35b ; Y5≈5.55b
Fair Price DCF = 121.2 (DCF Value 69.37b / Shares Outstanding 572.4m; 5y FCF grow 11.12% → 3.0% )
EPS Correlation: -28.39 | EPS CAGR: -55.90% | SUE: -4.0 | # QB: 0
Revenue Correlation: 95.92 | Revenue CAGR: 12.03% | SUE: 0.92 | # QB: 4
Additional Sources for ICE Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle