Intercontinental Exchange, Inc. (ICE) 10-Year Financial Performance & Capital Metrics

ICE • • Banking & Credit

Financial ServicesFinancial Data & ExchangesExchange OperatorsMulti-Asset Exchange Operators

AboutIntercontinental Exchange, Inc., together with its subsidiaries, operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The company operates marketplaces for listing, trading, and clearing an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange, and equities, as well as corporate and exchange-traded funds; trading venues, including 13 regulated exchanges and 6 clearing houses; and offers futures and options products for energy, agricultural and metals, financial, cash equities and equity, over-the-counter, and other markets, as well as listings and data and connectivity services. It also provides fixed income data and analytic, fixed income execution, CDS clearing, and other multi-asset class data and network services. In addition, the company offers proprietary and comprehensive mortgage origination platform, which serves residential mortgage loans; closing solutions that provides customers connectivity to the mortgage supply chain and facilitates the secure exchange of information; data and analytics services; and Data as a Service for lenders to access data and origination information. Intercontinental Exchange, Inc. was founded in 2000 and is headquartered in Atlanta, Georgia.Show more

Net Interest Income -$769M -57.3%
Total Revenue $11.76B +18.8%
Net Income $2.75B +16.3%
Return on Equity 10.29% +5.5%
Net Interest Margin -0.55% -53.5%
Efficiency Ratio 18.82% -5.2%
ROA 2% +39.5%
Equity / Assets 19.88% +4.9%
Book Value per Share 48.13 +5.4%
Tangible BV/Share -33.30 +14.8%
Debt/Equity 0.75 -15.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient operations: 18.8% efficiency ratio
✓13 consecutive years of dividend growth
✓Well capitalized: 19.9% equity/assets
✓Diversified revenue: 98.8% from non-interest income

✗Weaknesses

✗Weak NIM of -0.6%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.45%

5Y12.43%

3Y8.66%

TTM-

Profit (Net Income) CAGR

10Y10.87%

5Y7.34%

3Y-12.12%

TTM33.1%

EPS CAGR

10Y10.83%

5Y6.93%

3Y-12.68%

TTM30.09%

ROCE

10Y Avg9.13%

5Y Avg8.6%

3Y Avg8.23%

Latest8.5%

Peer Comparison

Multi-Asset Exchange Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NDAQNasdaq, Inc.	57.29B	100.33	51.98	22.03%	15.09%	13.51%	3.02%	0.88
CBOECboe Global Markets, Inc.	28.34B	270.83	37.56	8.51%	18.68%	20.09%	3.4%	0.37
ICEIntercontinental Exchange, Inc.	98.8B	173.28	36.25	18.76%	23.42%	11.27%	4.25%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-97M	-175M	-179M	-222M	-250M	-347M	-422M	-508M	-489M	-769M
NII Growth %	-0.01%	-0.8%	-0.02%	-0.24%	-0.13%	-0.39%	-0.22%	-0.2%	0.04%	-0.57%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	3M	8M	22M	35M	10M	1M	108M	319M	141M
Interest Expense	97M	178M	187M	244M	285M	357M	423M	616M	808M	910M
Loan Loss Provision	2.06B	2.61B	2.36B	2.48B	2.57B	3.59B	3.73B	3.82B	3.44B	4.33B
Non-Interest Income+	4.68B	5.97B	5.83B	6.25B	6.51B	8.23B	9.17B	9.53B	9.58B	11.62B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	4.68B	5.97B	5.84B	6.28B	6.55B	8.24B	9.17B	9.64B	9.9B	11.76B
Revenue Growth %	0.08%	0.28%	-0.02%	0.07%	0.04%	0.26%	0.11%	0.05%	0.03%	0.19%
Non-Interest Expense	774M	1.01B	916M	970M	1.02B	1.27B	1.57B	1.56B	1.97B	2.21B
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.75B	2.17B	2.38B	2.58B	2.67B	3.03B	3.45B	3.64B	3.69B	4.31B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.21%	0.24%	0.1%	0.09%	0.03%	0.13%	0.14%	0.05%	0.02%	0.17%
Pretax Income+	1.65B	2.04B	2.53B	2.52B	2.48B	2.77B	5.7B	1.81B	2.89B	3.63B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	358M	586M	-28M	500M	521M	658M	1.63B	310M	456M	826M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.27B	1.43B	2.53B	1.99B	1.93B	2.09B	4.06B	1.45B	2.37B	2.75B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.3%	0.12%	0.77%	-0.21%	-0.03%	0.08%	0.94%	-0.64%	0.64%	0.16%
Net Income (Continuing)	1.29B	1.46B	2.55B	2.02B	1.96B	2.11B	4.07B	1.5B	2.44B	2.8B
EPS (Diluted)+	2.28	2.37	4.23	3.43	3.42	3.77	7.18	2.58	4.19	4.78
EPS Growth %	0.33%	0.04%	0.78%	-0.19%	-0%	0.1%	0.9%	-0.64%	0.62%	0.14%
EPS (Basic)	2.29	2.39	4.27	3.46	3.44	3.79	7.22	2.59	4.20	4.80
Diluted Shares Outstanding	559M	599M	594M	579M	565M	555M	565M	561M	565M	576M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	627M	407M	535M	724M	841M	583M	607M	1.8B	899M	844M
Short Term Investments	1000K	1000K	0	0	0	0	0	1000K	1000K	1000K
Total Investments+	328M	455M	0	0	0	0	0	2.62B	230M	524M
Investments Growth %	-0.79%	0.39%	-1%	-	-	-	-	-	-0.91%	1.28%
Long-Term Investments	299M	432M	0	0	0	0	0	0	0	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	12.08B	12.29B	12.22B	13.09B	13.34B	21.29B	21.12B	21.11B	30.55B	30.59B
Intangible Assets	10.76B	10.42B	10.27B	10.46B	10.26B	14.41B	13.74B	13.09B	17.32B	16.31B
PP&E (Net)	1.04B	1.13B	1.25B	1.24B	1.54B	1.71B	1.7B	1.77B	1.92B	2.15B
Other Assets	501M	598M	971M	1.31B	1.38B	1.57B	2.64B	1.42B	1.32B	1.28B
Total Current Assets	53.31B	57.13B	53.56B	66.69B	67.98B	87.22B	154.3B	156.95B	84.97B	89.09B
Total Non-Current Assets	24.67B	24.87B	24.7B	26.1B	26.51B	38.98B	39.2B	37.39B	51.11B	50.33B
Total Assets+	77.99B	82B	78.26B	92.79B	94.49B	126.2B	193.5B	194.34B	136.08B	139.43B
Asset Growth %	0.14%	0.05%	-0.05%	0.19%	0.02%	0.34%	0.53%	0%	-0.3%	0.02%
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.03%	0.01%	0.01%	0.02%
Accounts Payable	398M	388M	462M	521M	505M	639M	703M	866M	1B	1.05B
Total Debt+	7.31B	6.36B	6.1B	7.44B	8.1B	16.86B	14.17B	18.38B	22.91B	20.7B
Net Debt	6.68B	5.96B	5.57B	6.72B	7.26B	16.27B	13.56B	16.58B	22.01B	19.86B
Long-Term Debt	4.72B	3.87B	4.27B	6.49B	5.25B	14.13B	12.4B	18.12B	20.66B	17.34B
Short-Term Debt	2.59B	2.49B	1.83B	951M	2.57B	2.41B	1.52B	4M	1.95B	3.03B
Other Liabilities	815M	767M	539M	554M	468M	565M	594M	541M	634M	575M
Total Current Liabilities	54.74B	58.62B	54.17B	66.11B	68.82B	88B	153.41B	149.17B	84.63B	89.55B
Total Non-Current Liabilities	8.37B	7.6B	7.14B	9.38B	8.31B	18.57B	17.34B	22.41B	25.67B	22.16B
Total Liabilities	63.11B	66.21B	61.31B	75.49B	77.13B	106.57B	170.75B	171.58B	110.3B	111.71B
Total Equity+	14.88B	15.79B	16.98B	17.3B	17.36B	19.63B	22.75B	22.76B	25.79B	27.72B
Equity Growth %	0.18%	0.06%	0.08%	0.02%	0%	0.13%	0.16%	0%	0.13%	0.08%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.09%	0.09%	0.15%	0.12%	0.11%	0.11%	0.19%	0.06%	0.1%	0.1%
Book Value per Share	26.61	26.36	28.59	29.88	30.73	35.36	40.26	40.57	45.64	48.13
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1M	6M	6M	6M	6M	6M	6M	6M	6M	7M
Additional Paid-in Capital	12.29B	11.31B	11.39B	11.55B	11.74B	13.85B	14.07B	14.31B	15.95B	16.29B
Retained Earnings	4.15B	4.79B	6.83B	8.32B	9.63B	11.04B	14.35B	14.94B	16.36B	18.07B
Accumulated OCI	-188M	-344M	-223M	-315M	-243M	-192M	-196M	-331M	-294M	-338M
Treasury Stock	-1.45B	-40M	-1.08B	-2.35B	-3.88B	-5.2B	-5.52B	-6.22B	-6.3B	-6.38B
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.31B	2.15B	2.08B	2.53B	2.66B	2.88B	3.12B	3.55B	3.54B	4.61B
Operating CF Growth %	-0.13%	0.64%	-0.03%	0.21%	0.05%	0.08%	0.08%	0.14%	-0%	0.3%
Net Income	1.29B	1.45B	2.54B	2.02B	1.96B	2.11B	4.07B	1.5B	2.44B	2.8B
Depreciation & Amortization	374M	610M	535M	586M	662M	751M	1.01B	1.03B	1.22B	1.54B
Deferred Taxes	-108M	114M	-651M	27M	-33M	92M	537M	-593M	-329M	-142M
Other Non-Cash Items	-40M	-6M	-246M	-134M	-40M	-80M	-2.59B	1.34B	349M	118M
Working Capital Changes	-321M	-142M	-230M	-96M	-29M	-129M	-87M	123M	-388M	63M
Cash from Investing+	-3.3B	-898M	92M	-1.75B	-594M	-9.83B	-786M	677M	-8.8B	-921M
Purchase of Investments	-5M	-108M	-327M	-306M	305M	410M	-5.05B	-73M	-12M	-781M
Sale/Maturity of Investments	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-3.81B	-425M	449M	-1.25B	-292M	-9.45B	1.05B	-59M	-10.2B	-38M
Other Investing	-294M	-108M	-220M	-375M	-311M	-388M	3.66B	548M	1.71B	-551M
Cash from Financing+	1.98B	-1.46B	-1.97B	-463M	-1.75B	6.74B	62.03B	-1.84B	-64.34B	79M
Dividends Paid	-331M	-409M	-476M	-555M	-621M	-669M	-747M	-853M	-955M	-1.04B
Share Repurchases	-705M	-104M	-1.04B	-1.28B	-1.52B	-1.32B	-320M	-705M	-78M	-81M
Stock Issued	0	0	0	0	0	0	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K	1000K	1000K	-1000K
Other Financing	-118M	0	-183M	40M	383M	38M	65.73B	-4.46B	-65.38B	3.48B
Net Change in Cash+	-25M	-220M	218M	304M	316M	-197M	64.36B	2.37B	-69.59B	3.75B
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	652M	627M	1.35B	1.57B	1.87B	2.19B	83.62B	147.98B	150.34B	80.75B
Cash at End	627M	407M	1.57B	1.87B	2.19B	1.99B	147.98B	150.34B	80.75B	84.5B
Interest Paid	123M	170M	171M	202M	280M	298M	406M	550M	727M	870M
Income Taxes Paid	542M	460M	594M	533M	557M	642M	1.06B	882M	909M	957M
Free Cash Flow+	1.03B	1.78B	1.73B	2.25B	2.35B	2.47B	2.67B	3.07B	3.05B	4.2B
FCF Growth %	-0.18%	0.73%	-0.03%	0.3%	0.04%	0.05%	0.08%	0.15%	-0.01%	0.38%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.29%	9.33%	15.41%	11.6%	11.15%	11.29%	19.15%	6.35%	9.76%	10.29%
Return on Assets (ROA)	1.74%	1.79%	3.15%	2.32%	2.06%	1.89%	2.54%	0.75%	1.43%	2%
Net Interest Margin	-0.12%	-0.21%	-0.23%	-0.24%	-0.26%	-0.27%	-0.22%	-0.26%	-0.36%	-0.55%
Efficiency Ratio	16.53%	16.97%	15.68%	15.46%	15.55%	15.36%	17.11%	16.23%	19.84%	18.82%
Equity / Assets	19.07%	19.26%	21.7%	18.65%	18.38%	15.55%	11.76%	11.71%	18.95%	19.88%
Book Value / Share	26.61	26.36	28.59	29.88	30.73	35.36	40.26	40.57	45.64	48.13
NII Growth	-1.04%	-80.41%	-2.29%	-24.02%	-12.61%	-38.8%	-21.61%	-20.38%	3.74%	-57.26%
Dividend Payout	25.98%	28.6%	18.84%	27.92%	32.13%	32.02%	18.41%	58.99%	40.33%	37.73%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Fixed Income And Data Services	-	-	-	240M	364M	1.09B	1.13B	2.09B	2.23B	1.29B
Fixed Income And Data Services Growth	-	-	-	-	51.67%	198.90%	4.23%	84.48%	6.64%	-42.00%
Exchanges	-	-	-	670M	704M	790M	838M	6.42B	6.36B	947M
Exchanges Growth	-	-	-	-	5.07%	12.22%	6.08%	665.51%	-0.94%	-85.10%
Mortgage Technology	-	-	-	-	-	22M	73M	1.13B	1.32B	259M
Mortgage Technology Growth	-	-	-	-	-	-	231.82%	1446.58%	16.65%	-80.33%
Total Revenues	-	-	5.83B	-	-	-	-	-	-	-
Total Revenues Growth	-	-	-	-	-	-	-	-	-	-
Data Services	-	-	2.08B	-	-	-	-	-	-	-
Data Services Growth	-	-	-	-	-	-	-	-	-	-
Listings	-	-	417M	-	-	-	-	-	-	-
Listings Growth	-	-	-	-	-	-	-	-	-	-
Other Revenues	-	-	202M	-	-	-	-	-	-	-
Other Revenues Growth	-	-	-	-	-	-	-	-	-	-
Data and Listingss	-	2.4B	-	-	-	-	-	-	-	-
Data and Listingss Growth	-	-	-	-	-	-	-	-	-	-
Trading and Clearing	-	2.1B	-	-	-	-	-	-	-	-
Trading and Clearing Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	1.97B	2.74B	2.79B	3.09B	3.29B	3.93B	4.83B	4.87B	5.25B	6.04B
UNITED STATES Growth	-	39.22%	1.82%	10.49%	6.58%	19.54%	22.86%	0.72%	7.79%	15.10%
United Kingdom, Continental Europe, and Canada	1.37B	1.75B	1.83B	1.89B	1.91B	2.1B	2.31B	2.42B	2.74B	3.24B
United Kingdom, Continental Europe, and Canada Growth	-	28.38%	4.56%	3.11%	1.06%	9.99%	10.03%	4.80%	13.07%	18.20%

Frequently Asked Questions

Valuation & Price

Intercontinental Exchange, Inc. (ICE) has a price-to-earnings (P/E) ratio of 36.3x. This suggests investors expect higher future growth.

Growth & Financials

Intercontinental Exchange, Inc. (ICE) grew revenue by 18.8% over the past year. This is strong growth.

Yes, Intercontinental Exchange, Inc. (ICE) is profitable, generating $3.23B in net income for fiscal year 2024 (23.4% net margin).

Dividend & Returns

Yes, Intercontinental Exchange, Inc. (ICE) pays a dividend with a yield of 1.04%. This makes it attractive for income-focused investors.

Intercontinental Exchange, Inc. (ICE) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Industry Metrics

Intercontinental Exchange, Inc. (ICE) has a net interest margin (NIM) of -0.6%. NIM has been under pressure due to interest rate environment.

Intercontinental Exchange, Inc. (ICE) has an efficiency ratio of 18.8%. This is excellent, indicating strong cost control.

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