Intercontinental Exchange, Inc.ICE
NYSE•Financial Services•Financial Data & Stock Exchanges
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.
Intercontinental Exchange Inc. (ICE) reported trailing twelve months revenue of $13.07B as of March 2026, a 7.3% increase year-over-year. Quarterly revenue reached $3.67B, reflecting continued top-line momentum.
Intercontinental Exchange Inc. generated $3.92B in TTM net income, with quarterly EBITDA of $1.64B. The operating margin expanded from 37.8% to 45.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (45.4%) and net margin (38.5%) indicates moderate non-operating costs. Net margin has improved from 24.7% a year ago, signaling stronger bottom-line efficiency.
ICE trades at a P/E of 22.8x (in line with broad market averages) and a P/S of 6.8x. The price-to-book ratio of 3.0x reflects a moderate premium to book value.
The company generated $1.15B in free cash flow over the trailing twelve months, a 30.5% increase year-over-year, indicating cash generation ability. The balance sheet shows $179.18B in total assets with $18.62B in long-term debt against $29.56B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~38.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~21.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~40.6% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation