(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 | 84,683m |
| Sub-Industry | Financial Exchanges & Data |
| IPO / Inception | 2005-11-16 |
ICE Stock Ratings
| Growth Rating | 58.8% |
| Fundamental | 70.0% |
| Dividend Rating | 65.7% |
| Return 12m vs S&P 500 | -21.2% |
| Analyst Rating | 4.11 of 5 |
ICE Dividends
| Dividend Yield 12m | 1.62% |
| Yield on Cost 5y | 2.57% |
| Annual Growth 5y | 10.67% |
| Payout Consistency | 100.0% |
| Payout Ratio | 28.0% |
ICE Growth Ratios
| Growth Correlation 3m | -98.4% |
| Growth Correlation 12m | 47.7% |
| Growth Correlation 5y | 69.6% |
| CAGR 5y | 16.23% |
| CAGR/Max DD 3y (Calmar Ratio) | 0.72 |
| CAGR/Mean DD 3y (Pain Ratio) | 4.45 |
| Sharpe Ratio 12m | -0.30 |
| Alpha | -25.84 |
| Beta | 1.085 |
| Volatility | 26.28% |
| Current Volume | 3980.8k |
| Average Volume 20d | 4174.2k |
| Stop Loss | 141.8 (-3%) |
| Signal | 0.14 |
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income (3.23b TTM) > 0 and > 6% of Revenue (6% = 720.2m TTM) |
| FCFTA 0.03 (>2.0%) and ΔFCFTA -0.08pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 8.88% (prev 1.17%; Δ 7.71pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.03 (>3.0%) and CFO 3.98b > Net Income 3.23b (YES >=105%, WARN >=100%) |
| Net Debt (17.54b) to EBITDA (6.46b) ratio: 2.72 <= 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 (574.0m) change vs 12m ago -0.52% (target <= -2.0% for YES) |
| Gross Margin 63.70% (prev 56.22%; Δ 7.48pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 8.69% (prev 8.43%; Δ 0.26pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 6.03 (EBITDA TTM 6.46b / Interest Expense TTM 812.0m) >= 6 (WARN >= 3) |
Altman Z'' 0.93
| (A) 0.01 = (Total Current Assets 90.85b - Total Current Liabilities 89.78b) / Total Assets 140.90b |
| (B) 0.14 = Retained Earnings (Balance) 19.70b / Total Assets 140.90b |
| (C) 0.04 = EBIT TTM 4.90b / Avg Total Assets 138.05b |
| (D) 0.17 = Book Value of Equity 19.46b / Total Liabilities 112.19b |
| Total Rating: 0.93 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 69.95
| 1. Piotroski 4.50pt = -0.50 |
| 2. FCF Yield 3.48% = 1.74 |
| 3. FCF Margin 29.63% = 7.41 |
| 4. Debt/Equity 0.68 = 2.27 |
| 5. Debt/Ebitda 2.72 = -1.33 |
| 6. ROIC - WACC (= -0.29)% = -0.36 |
| 7. RoE 11.47% = 0.96 |
| 8. Rev. Trend 70.13% = 5.26 |
| 9. EPS Trend 90.03% = 4.50 |
What is the price of ICE shares?
Over the past week, the price has changed by -2.93%, over one month by -8.08%, over three months by -21.76% and over the past year by -6.33%.
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 133.09 USD . This means that ICE is currently overvalued and has a potential downside of -8.97%.
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 | 192.9 | 32% |
| Analysts Target Price | 192.9 | 32% |
| ValueRay Target Price | 148.1 | 1.3% |
ICE Fundamental Data Overview November 02, 2025
P/E Trailing = 26.6466
P/E Forward = 21.2766
P/S = 8.6854
P/B = 3.2397
P/EG = 0.0065
Beta = 1.085
Revenue TTM = 12.00b USD
EBIT TTM = 4.90b USD
EBITDA TTM = 6.46b USD
Long Term Debt = 17.34b USD (from longTermDebt, last fiscal year)
Short Term Debt = 1.67b USD (from shortTermDebt, last quarter)
Debt = 19.51b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 17.54b USD (from netDebt column, last quarter)
Enterprise Value = 102.22b USD (84.68b + Debt 19.51b - CCE 1.97b)
Interest Coverage Ratio = 6.03 (Ebit TTM 4.90b / Interest Expense TTM 812.0m)
FCF Yield = 3.48% (FCF TTM 3.56b / Enterprise Value 102.22b)
FCF Margin = 29.63% (FCF TTM 3.56b / Revenue TTM 12.00b)
Net Margin = 26.93% (Net Income TTM 3.23b / Revenue TTM 12.00b)
Gross Margin = 63.70% ((Revenue TTM 12.00b - Cost of Revenue TTM 4.36b) / Revenue TTM)
Gross Margin QoQ = 70.15% (prev 76.85%)
Tobins Q-Ratio = 0.73 (Enterprise Value 102.22b / Total Assets 140.90b)
Interest Expense / Debt = 0.98% (Interest Expense 192.0m / Debt 19.51b)
Taxrate = 21.70% (250.0m / 1.15b)
NOPAT = 3.84b (EBIT 4.90b * (1 - 21.70%))
Current Ratio = 1.01 (Total Current Assets 90.85b / Total Current Liabilities 89.78b)
Debt / Equity = 0.68 (Debt 19.51b / totalStockholderEquity, last quarter 28.64b)
Debt / EBITDA = 2.72 (Net Debt 17.54b / EBITDA 6.46b)
Debt / FCF = 4.93 (Net Debt 17.54b / FCF TTM 3.56b)
Total Stockholder Equity = 28.18b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.29% (Net Income 3.23b / Total Assets 140.90b)
RoE = 11.47% (Net Income TTM 3.23b / Total Stockholder Equity 28.18b)
RoCE = 10.76% (EBIT 4.90b / Capital Employed (Equity 28.18b + L.T.Debt 17.34b))
RoIC = 7.99% (NOPAT 3.84b / Invested Capital 47.97b)
WACC = 8.28% (E(84.68b)/V(104.19b) * Re(10.01%) + D(19.51b)/V(104.19b) * Rd(0.98%) * (1-Tc(0.22)))
Discount Rate = 10.01% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.33%
[DCF Debug] Terminal Value 73.02% ; FCFE base≈3.54b ; Y1≈3.89b ; Y5≈4.96b
Fair Price DCF = 108.3 (DCF Value 61.99b / Shares Outstanding 572.4m; 5y FCF grow 11.12% → 3.0% )
EPS Correlation: 90.03 | EPS CAGR: 12.07% | SUE: 0.87 | # QB: 2
Revenue Correlation: 70.13 | Revenue CAGR: 1.58% | SUE: 0.09 | # QB: 0
Additional Sources for ICE Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle