Debt is smaller than equity and it can meet short-term obligations.
Metrics · D/E ~69% · Current Ratio 1.01
💲Is the price expensive now?
Not cheap (fair to slightly pricey)
Because it is a good, popular company, those expectations are already priced in.
Metrics · P/E 21.5 · P/B 2.9
💡The exchange group behind the NYSE: 40.7% operating margin, 14.1% ROE, modest 0.69x leverage. Thin mortgage margins keep it 19% below its 52-wk high.
Compiled from public financial data. Not a recommendation to buy or sell any security. · Source: stockanalysis (ROE, P/B, leverage are TTM; margins on gross-revenue basis to match the charts), as of 2026-07-31
Business Summary · Key Value Metrics
The exchange group that owns the New York Stock Exchange. It runs three legs: energy and interest-rate futures trading and clearing; fixed-income and equity market data; and mortgage-processing software for U.S. home loans. TTM revenue $13.43B, operating margin 40.7%, ROE 14.1%.
Current Price
$152.48
-2.43%-$3.79· Close 2026-07-31
Analyst Consensus Target (external reference)
$182.23
Avg. of 14 external analysts · stockanalysis (14-analyst consensus, Buy · high $218 / low $163)
P/E (TTM)
21.5x
TTM
Operating margin
40.7%
TTM · gross revenue basis
ROE
14.1%
TTM
Debt/Equity
0.69x
current ratio 1.01
Dividend yield
1.36%
quarterly · $2.08/yr
Market cap
$85.6B
as of 2026-07-31
Economic Moat · Key Business Segments
ICE owns both the New York Stock Exchange and benchmark energy contracts such as Brent crude, so trading gravitates to where liquidity already sits. It vertically integrates clearing to offer margin efficiency, and market-data and analytics revenue, which does not track volume, cushions the cycle. Revenue grew 2.1x over the decade from $5.97B to $12.64B, with operating margin holding in a 36-41% band (Source: company IR, stockanalysis).
NYSE and benchmark energy
Owning the NYSE plus Brent and other benchmarks means liquidity itself is the moat.
Integrated clearing
Owning the clearing house delivers margin efficiency that disappears if you leave.
Subscription data revenue
Market data and analytics arrive regardless of volume, damping the cycle.
Mortgage infrastructure
Software that processes U.S. home loans — a growth leg, and currently the drag.
10-Year Financial Trends
Revenue compounded at a 9-year CAGR of +8.7% ($5.97B in 2016 to $12.64B in 2025). Operating income grew faster at +9.5%, lifting margin from 36.4% to 39.0%. Net income was lumpier: 2017's $4.25 EPS was inflated by a tax-reform benefit, while 2022's $2.58 EPS and 6.6% ROE were depressed (that year's 39.8x P/E mirrors it). Growth re-accelerated in 2024-25 at +19% and +7%. Q2 2026: gross revenue $3.61B (+11% YoY), operating income $1.39B, diluted EPS $1.69. Q1’s $2.48 EPS ran far above the $1.42-1.69 norm and still sits in the TTM. (Source: SEC EDGAR 10-K, stockanalysis, company IR).
10-Year Growth
Revenue$12.6B · CAGR +8.7%
Operating Income$4.9B · CAGR +9.5%
EPS$5.77 · CAGR +10.3%
10-Year Valuation
P/E (year-end)28.1x · avg 26.9x
ROE11.9% · avg 11.8%
Operating Margin39.0% · avg 38.4%
📊 Annual Data Table (ICE) — expand/collapse
Year
Revenue (B$)
Op. Income (B$)
EPS ($)
P/E (x)
ROE (%)
Op. Margin (%)
2016
5.97
2.17
2.39
23.6
9.5
36.4
2017
5.84
2.38
4.25
16.6
15.6
40.7
2018
6.28
2.58
3.43
22
11.8
41.2
2019
6.55
2.67
3.42
27.1
11.4
40.8
2020
8.24
3.03
3.77
30.6
11.5
36.8
2021
9.17
3.45
7.18
19
19.3
37.6
2022
9.64
3.64
2.58
39.8
6.6
37.8
2023
9.9
3.69
4.19
30.7
10.1
37.3
2024
11.76
4.31
4.78
31.2
10.5
36.6
2025
12.64
4.93
5.77
28.1
11.9
39
— = no data for that year/metric (P/E omitted before EPS turned positive)
9-Year CAGR: Revenue +8.7% · Operating Income +9.5% · Net Income +9.8% · EPS +10.3%
Source: SEC EDGAR 10-K (revenue, operating income, net income, diluted EPS, equity, income tax); fiscal year-end closes from Yahoo Finance; cross-checked against stockanalysis. P/E is year-end close ÷ diluted EPS and matches stockanalysis across all five overlapping years (19.05, 39.76, 30.65, 31.17, 28.07). Note: ICE presents revenue both gross and net of transaction-based expenses; this report standardizes on GROSS revenue throughout (on the net basis, operating margin reads about 52%). ROE uses net income including noncontrolling interests, matching stockanalysis within 0.08pp.
Mega-Cap Value Metric Comparison
ICE trades at 21.5x, close to CME (21.4x) and below Nasdaq (26.9x). Its 40.7% operating margin falls well short of CME's 65.7% because ICE also runs labor-intensive mortgage software and data businesses alongside the exchange. In exchange, its $13.43B of revenue is roughly double CME's $6.76B (Source: stockanalysis, company IR).
Metric
★ ICE
CME
NDAQ
P/E (TTM)
21.5
21.4
26.9
Operating margin
40.7%
65.7%
48.2%
ROE
14.1%
15.8%
16.5%
Debt/Equity
0.69
0.13
0.77
Dividend yield
1.36%
4.50%
1.35%
P/E, margin, ROE, leverage, yield are TTM · Source: stockanalysis. ICE retrieved 2026-07-31; CME and NDAQ retrieved 2026-07-25.
Key Risk Factors (from 10-K)
●
Thin mortgage segment margins— In Q2 2026 the mortgage technology segment turned $557M of revenue into just $45M of operating income — an 8% margin, against 74% at Exchanges and 42% at Fixed Income and Data Services in the same quarter (43% on an adjusted basis). It is the leg pulling the group margin down, and a major reason the stock sits 19% below its $189.35 52-week high.Source: company IR (Q2 2026 results), 10-K
●
Volume cyclicality— Trading fees are a large revenue leg, so calmer markets compress results. Revenue growth slowed to +3% in 2023.Source: company 10-K
●
Earnings volatility— Revenue is steady but net income is not. The 2017 EPS of $4.25 was inflated by a tax benefit and 2022’s $2.58 was depressed. A single-year P/E is hard to read. It continues: Q1 2026 diluted EPS of $2.48 towered over the $1.42-1.69 posted in surrounding quarters, and because that quarter sits inside the $7.08 TTM EPS, today’s 21.5x P/E can look cheaper than it is.Source: SEC EDGAR 10-K, company IR
✦ ValueCrab Dashboard PreviewICE $152.48 -2.43% · as of 2026-07-31
Q. What are the key value metrics for Intercontinental Exchange (ICE)?P/E (TTM) 21.5, operating margin 40.7%, ROE 14.1%, debt-to-equity 0.69x, dividend yield 1.36%, and a 9-year revenue CAGR of +8.7% (Source: stockanalysis, SEC EDGAR, as of 2026-07-31).
Q. Why does ICE’s operating margin differ between sources?Because ICE presents revenue two ways. On gross revenue ($12.64B in 2025) the operating margin is 39.0%; net of transaction-based expenses it reads about 52%. Q2 2026 splits the same way: $3.61B gross versus $2.67B net. This report standardizes every chart and metric on the gross basis.
Q. Why is the stock 19% below its 52-week high?The main driver is thin margins in the mortgage technology segment, which ran an 8% operating margin in Q2 2026 against 74% at Exchanges. The core exchange and data businesses held up, with gross revenue in the same quarter up 11% year over year. ValueCrab does not provide price targets or buy/sell judgments.
Q. How should an exchange be evaluated?Volume, and the share of revenue that does not depend on volume, are the core measures. ICE owns the NYSE and benchmarks such as Brent, giving it a liquidity network effect, while market data cushions the cycle. Revenue grew 2.1x over the decade, from $5.97B to $12.64B.