ICE
Intercontinental Exchange, Inc.
Financials • CIK: 0001571949
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Market Cap
$96.54B
P/E (TTM)
30.5x
Rev Growth (TTM)
+9.9%
Net Margin (TTM)
25.2%
FCF Yield (TTM)
4.7%
FCF Margin (TTM)
35.9%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$4.5B
Q3 '25
$853M-41%
Q2 '25
$1.4B+64%
FCF Margin
TTM35.9%
Q3 '2528.4%-36%
Sector: 21.9%Top 25%
OCF Margin39.1%
OCF/NI1.55x
CapEx Coverage12.2x
FCF Yield4.7%
FCF Growth (2Y)+11%
Cash Conversion Cycle
48 days
DSO: 48+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.0%
Div Yield1.1%
+Buyback (TTM)0.9%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)1.1%
FCF Payout Ratio24.1%
Free Cash Flow (TTM)$4.5B
Stock Repurchases (TTM)$894.0M
Capital Return / FCF44.2%
Est. Dividends Paid (TTM)$1.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
-9.9%
Stable
+0.2% YoY+1.9%
P25MedianP75
25th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
29.3%
8Q: 28.3%
Asset Turnover
0.09x
8Q: 0.09x
Leverage (1+D/E)
1.68x
D/E: 0.68x
DuPont: 4.4% ≈ -9.9% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
-0.34x
8Q:-0.36x
+4.7%
CapEx Intensity
-1.1%
8Q:-1.0%
CapEx/Depreciation
0.26x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $12.5B | $3.0B↓7.8% | $3.3B↑1.0% | $3.2B↑6.6% | $3.0B↓0.1% | $3.0B↑4.7% | $2.9B↑3.4% | $2.8B↑5.1% | $2.7B |
Operating Income | $4.8B | $1.2B↓9.5% | $1.3B↑6.2% | $1.2B↑13.4% | $1.1B↓2.4% | $1.1B↑3.5% | $1.1B↑0.3% | $1.1B↑14.9% | $925.0M |
Net Income | $3.2B | $816.0M↓4.1% | $851.0M↑6.8% | $797.0M↑14.2% | $698.0M↑6.2% | $657.0M↑4.0% | $632.0M↓17.6% | $767.0M↑105.6% | $373.0M |
Operating Cash Flow | $4.9B | $915.0M↓39.2% | $1.5B↑55.9% | $966.0M↓35.9% | $1.5B↑67.7% | $898.0M↓24.9% | $1.2B↑18.5% | $1.0B↑4.1% | $969.0M |
Free Cash Flow | $4.5B | $853.0M↓41.0% | $1.4B↑64.1% | $881.0M↓32.9% | $1.3B↑60.2% | $819.0M↓26.9% | $1.1B↑17.9% | $951.0M↑7.7% | $883.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
30.5x
Valuation Lenses
Earnings
30.5x
vs – sector
Cash Flow
6.9x
EV/FCF vs –
Growth-Adj
1.0xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: -9.9%
Shareholder Returns
Dividend
1.1%
Buyback
0.9%
Total Yield
2.0%
Market Cap$96.54B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
60/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
11.3%
8Q:–
Return on Invested Capital (ROIC)Below Avg
-9.9%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 29.3%
Asset Turnover: 0.09x
Earnings Quality
Cash Conversion
1.55x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin100.0%
Capital Efficiency
Invested Capital Turnover-0.34x
Working Capital
Cash Conversion Cycle48 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
66/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
9.9%
OpInc Growth YoY
6.4%
EPS Growth YoY
30.4%
FCF 3Y CAGR
11.2%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
100.0%
Operating
38.1%
Above Avg in sector
Net
25.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+10.6 pts
FCF: 35.9% | Net: 25.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $66.37B
Interest Coverage
–
+Net cash position: $66.37B
Leverage Metrics
Debt-to-Equity
0.68x
Balance sheet risk & solvency analysis