A Business at a Glance
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ITEM 1. BUSINESS Intercontinental Exchange, Inc. is a leading global provider of technology and data to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and U.S. residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Although we report our results in three reportable business segments, we operate as one business, leveraging the collective expertise, particularly in data services and technology, that exists across our platforms to inform and enhance our operations. Our segments are as follows: •Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Exchanges | $5.88B | $6.42B | $6.36B | $7.44B | $8.12B | 32% |
Cash equities and equity options | $2.38B | $2.72B | $2.30B | $2.91B | $3.18B | 13% |
Fixed income and data services | $1.88B | $2.09B | $2.23B | $2.30B | $2.42B | 10% |
Energy futures and options | $1.24B | $1.16B | $1.50B | $1.88B | $2.18B | 9% |
Mortgage technology | $1.41B | $1.13B | $1.32B | $2.02B | $2.10B | 8% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 12.6B | 12.6B | 9.3B | 9.9B | 9.6B | 9.2B |
| Net Income | 3.3B | 3.3B | 2.8B | 2.4B | 1.4B | 4.1B |
| EPS | $5.77 | $5.77 | $4.78 | $4.19 | $2.58 | $7.18 |
| Free Cash Flow | 4.3B | 4.3B | 4.2B | 3.4B | 3.3B | 2.9B |
| ROIC | 7.8% | 7.2% | 6.1% | 5.4% | 3.8% | 11.8% |
| Gross Margin | 55.4% | 55.4% | 79.4% | - | - | - |
| Debt/Equity | 0.72 | 0.72 | 0.85 | 0.96 | 0.80 | 0.68 |
| Dividends/Share | $1.92 | $1.92 | $1.80 | $1.68 | $1.52 | $1.32 |
| Operating Income | 4.9B | 4.9B | 4.3B | 3.7B | 3.6B | 3.4B |
| Operating Margin | 39.0% | 39.0% | 46.4% | 37.3% | 37.8% | 37.6% |
| ROE | 11.5% | 11.7% | 10.0% | 9.8% | 6.4% | 19.2% |
| Shares Outstanding | 575M | 575M | 576M | 565M | 560M | 565M |
Intercontinental Exchange, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Intercontinental Exchange, Inc. trades at 28.5x trailing earnings, compared to its 15-year median P/E of 26.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 22.0x vs a median of 20.3x. The company's 5-year average ROIC is 6.9% with a gross margin of 67.4%. Total shareholder yield (dividends + buybacks) is 2.5%. At current prices, the estimated annualized return to fair value is +9.4%.
Intercontinental Exchange, Inc. (ICE) has a current P/E ratio of 28.5, compared to its historical median P/E of 26.6. The stock is currently considered Fair based on its historical valuation range.
Intercontinental Exchange, Inc. (ICE) has a 5-year average return on invested capital (ROIC) of 6.9%. This is below average and may indicate limited pricing power.
Intercontinental Exchange, Inc. (ICE) has a market capitalization of $94.4B. It is classified as a large-cap stock.
Yes, Intercontinental Exchange, Inc. (ICE) pays a dividend with a trailing twelve-month yield of 1.17%. The company also returns capital through share buybacks, with a buyback yield of 1.37%.
Based on historical P/E analysis, Intercontinental Exchange, Inc. (ICE) appears fair. The current P/E of 28.5 is 7% above its historical median of 26.6. The estimated fair value CAGR (P/E method) is 5.2%.
Intercontinental Exchange, Inc. (ICE) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
Intercontinental Exchange, Inc. (ICE) reported annual revenue of $12.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Intercontinental Exchange, Inc. (ICE) has a net profit margin of 26.2%. This is a strong margin indicating high profitability.
Intercontinental Exchange, Inc. (ICE) generated $4.3 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Intercontinental Exchange, Inc. (ICE) has a debt-to-equity ratio of 0.72. This indicates moderate leverage.
Intercontinental Exchange, Inc. (ICE) reported earnings per share (EPS) of $5.77 in its most recent fiscal year.
Intercontinental Exchange, Inc. (ICE) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
Intercontinental Exchange, Inc. (ICE) has a 5-year average gross margin of 67.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for Intercontinental Exchange, Inc. (ICE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Intercontinental Exchange, Inc. (ICE) has a book value per share of $50.33, based on its most recent annual SEC filing.