Intercontinental Exchange, Inc. (ICE) Financial Ratios
20 years of historical data (2006–2025) · Financial Services · Financial - Data & Stock Exchanges
EV/EBITDA
↓
16.64
-9% vs avg
5yr avg: 18.19
30Y Low8.9·High35.6
P/FCF
↓
20.51
-10% vs avg
5yr avg: 22.68
30Y Low13.6·High74.5
P/B Ratio
↓
3.06
+2% vs avg
5yr avg: 3.01
30Y Low1.4·High14.2
ROE
↓
11.7%
↓+2% vs avg
5yr avg: 11.4%
30Y Low3%·High32%
Debt/EBITDA
↓
3.14
↓-15% vs avg
5yr avg: 3.69
30Y Low0.6·High30.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ICE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Intercontinental Exchange, Inc. trades at 26.9x earnings, 10% below its 5-year average of 29.7x, sitting at the 55th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a premium of 102%. On a free-cash-flow basis, the stock trades at 20.5x P/FCF, 10% below the 5-year average of 22.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $88.0B | $92.5B | $85.8B | $72.6B | $57.6B | $77.3B | $64.0B | $52.3B | $43.6B | $41.9B | $33.8B |
| Enterprise Value | $107.4B | $111.9B | $105.7B | $94.6B | $74.1B | $90.8B | $80.3B | $59.5B | $50.3B | $47.5B | $39.8B |
| P/E Ratio → | 26.91 | 28.07 | 31.17 | 30.65 | 39.76 | 19.05 | 30.58 | 27.06 | 21.96 | 16.68 | 23.81 |
| P/S Ratio | 6.96 | 7.32 | 7.30 | 7.33 | 5.97 | 8.43 | 7.76 | 7.99 | 6.95 | 7.17 | 5.66 |
| P/B Ratio | 3.06 | 3.19 | 3.10 | 2.81 | 2.53 | 3.40 | 3.26 | 3.01 | 2.52 | 2.47 | 2.14 |
| P/FCF | 20.51 | 21.57 | 20.42 | 23.77 | 18.73 | 28.93 | 25.89 | 22.21 | 19.36 | 24.25 | 18.94 |
| P/OCF | 18.87 | 19.84 | 18.62 | 20.49 | 16.19 | 24.74 | 22.21 | 19.67 | 17.22 | 20.10 | 15.73 |
P/E links to full P/E history page with 30-year chart
ICE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Intercontinental Exchange, Inc.'s enterprise value stands at 16.6x EBITDA, 9% below its 5-year average of 18.2x. The Financial Services sector median is 11.4x, placing the stock at a 46% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.86 | 8.99 | 9.55 | 7.69 | 9.91 | 9.74 | 9.10 | 8.02 | 8.13 | 6.66 |
| EV / EBITDA | 16.64 | 17.34 | 18.08 | 19.27 | 15.88 | 20.38 | 21.21 | 17.86 | 15.88 | 16.29 | 14.29 |
| EV / EBIT | 21.94 | 22.02 | 23.29 | 25.55 | 30.58 | 14.84 | 25.70 | 21.53 | 18.21 | 17.50 | 17.90 |
| EV / FCF | — | 26.10 | 25.15 | 30.98 | 24.13 | 34.01 | 32.48 | 25.30 | 22.34 | 27.48 | 22.28 |
ICE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Intercontinental Exchange, Inc. earns an operating margin of 38.7%, significantly above the Financial Services sector average of 21.4%. Operating margins have expanded from 37.3% to 38.7% over the past 3 years, signaling improving operational efficiency. ROE of 11.7% is modest. ROIC of 7.5% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.9% | 61.9% | 55.5% | 57.1% | 54.0% | 54.7% | 52.1% | 56.4% | 56.6% | 56.4% | 53.3% |
| Operating Margin | 38.7% | 38.7% | 36.6% | 37.3% | 37.8% | 37.6% | 36.8% | 40.8% | 41.2% | 40.7% | 36.4% |
| Net Profit Margin | 26.1% | 26.1% | 23.4% | 23.9% | 15.0% | 44.3% | 25.3% | 29.5% | 31.7% | 43.2% | 23.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 10.3% | 9.8% | 6.4% | 19.2% | 11.3% | 11.2% | 11.6% | 15.4% | 9.3% |
| ROA | 2.4% | 2.4% | 2.0% | 1.4% | 0.7% | 2.5% | 1.9% | 2.1% | 2.3% | 3.2% | 1.8% |
| ROIC | 7.5% | 7.5% | 6.7% | 6.2% | 7.0% | 7.0% | 7.3% | 8.0% | 8.1% | 7.9% | 7.3% |
| ROCE | 9.5% | 9.5% | 8.5% | 7.6% | 8.5% | 8.8% | 9.5% | 10.2% | 10.2% | 10.0% | 9.3% |
ICE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Intercontinental Exchange, Inc. carries a Debt/EBITDA ratio of 3.1x, which is moderately leveraged (24% below the sector average of 4.1x). Net debt stands at $19.4B ($20.3B total debt minus $837M cash). Interest coverage of 6.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.75 | 0.89 | 0.81 | 0.62 | 0.86 | 0.47 | 0.43 | 0.36 | 0.40 |
| Debt / EBITDA | 3.14 | 3.14 | 3.54 | 4.67 | 3.94 | 3.18 | 4.45 | 2.43 | 2.35 | 2.09 | 2.29 |
| Net Debt / Equity | — | 0.67 | 0.72 | 0.85 | 0.73 | 0.60 | 0.83 | 0.42 | 0.39 | 0.33 | 0.38 |
| Net Debt / EBITDA | 3.01 | 3.01 | 3.40 | 4.48 | 3.55 | 3.04 | 4.30 | 2.18 | 2.12 | 1.91 | 2.14 |
| Debt / FCF | — | 4.53 | 4.72 | 7.21 | 5.40 | 5.08 | 6.59 | 3.08 | 2.98 | 3.22 | 3.34 |
| Interest Coverage | 6.51 | 6.51 | 4.99 | 4.58 | 3.94 | 14.47 | 8.75 | 9.71 | 11.33 | 14.51 | 12.48 |
ICE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.02x means Intercontinental Exchange, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 0.99 | 1.00 | 1.05 | 1.01 | 0.99 | 0.99 | 1.01 | 0.99 | 0.97 |
| Quick Ratio | 1.02 | 1.02 | 0.99 | 1.00 | 1.05 | 1.01 | 0.99 | 0.99 | 1.01 | 0.99 | 0.97 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.09 | 0.08 | 0.07 | 0.05 | 0.05 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ICE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Intercontinental Exchange, Inc. returns 2.8% to shareholders annually — split between a 1.2% dividend yield and 1.6% buyback yield. The payout ratio of 33.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.2% | 1.2% | 1.3% | 1.5% | 1.0% | 1.0% | 1.2% | 1.3% | 1.1% | 1.2% |
| Payout Ratio | 33.4% | 33.4% | 37.7% | 40.3% | 59.0% | 18.4% | 32.0% | 32.1% | 27.9% | 18.8% | 28.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.6% | 3.2% | 3.3% | 2.5% | 5.2% | 3.3% | 3.7% | 4.6% | 6.0% | 4.2% |
| FCF Yield | 4.9% | 4.6% | 4.9% | 4.2% | 5.3% | 3.5% | 3.9% | 4.5% | 5.2% | 4.1% | 5.3% |
| Buyback Yield | 1.6% | 1.5% | 0.1% | 0.1% | 1.2% | 0.4% | 2.1% | 2.9% | 2.9% | 2.5% | 0.3% |
| Total Shareholder Yield | 2.8% | 2.7% | 1.3% | 1.4% | 2.7% | 1.4% | 3.1% | 4.1% | 4.2% | 3.6% | 1.5% |
| Shares Outstanding | — | $571M | $576M | $565M | $561M | $565M | $555M | $565M | $579M | $594M | $599M |
Peer Comparison
Compare ICE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ICEYou | $88B | 26.9 | 16.6 | 20.5 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 CME | $104B | 25.7 | 23.0 | 24.8 | 86.1% | 64.9% | 14.6% | 10.2% | 0.8 |
 CBOE | $36B | 33.0 | 21.7 | 31.2 | 48.9% | 32.1% | 23.4% | 17.9% | 1.0 |
 NDAQ | $51B | 28.8 | 20.1 | 25.4 | 47.9% | 28.4% | 15.3% | 8.1% | 3.3 |
 MKTX | $6B | 20.8 | 12.2 | 15.0 | 68.9% | 41.7% | 20.4% | 18.0% | 0.2 |
 TW | $23B | 29.2 | 19.8 | 20.8 | 67.3% | 41.2% | 12.0% | 9.1% | 0.3 |
 MSCI | $42B | 37.3 | 24.9 | 27.3 | 82.4% | 54.7% | — | 34.9% | 3.3 |
 SPGI | $125B | 28.9 | 18.0 | 23.0 | 70.2% | 42.2% | 12.1% | 9.7% | 1.9 |
 MCO | $81B | 33.3 | 21.7 | 31.3 | 68.2% | 44.8% | 62.0% | 22.5% | 1.9 |
 FDS | $9B | 14.1 | 11.4 | 15.3 | 52.7% | 32.2% | 29.1% | 15.5% | 1.7 |
 BLK | $163B | 25.0 | 20.3 | 34.6 | 49.4% | 37.1% | 14.1% | 9.9% | 1.8 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonICE — Frequently Asked Questions
Quick answers to the most common questions about buying ICE stock.
What is Intercontinental Exchange, Inc.'s P/E ratio?
Intercontinental Exchange, Inc.'s current P/E ratio is 26.9x. The historical average is 29.6x. This places it at the 55th percentile of its historical range.
What is Intercontinental Exchange, Inc.'s EV/EBITDA?
Intercontinental Exchange, Inc.'s current EV/EBITDA is 16.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
What is Intercontinental Exchange, Inc.'s ROE?
Intercontinental Exchange, Inc.'s return on equity (ROE) is 11.7%. The historical average is 13.6%.
Is ICE stock overvalued?
Based on historical data, Intercontinental Exchange, Inc. is trading at a P/E of 26.9x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Intercontinental Exchange, Inc.'s dividend yield?
Intercontinental Exchange, Inc.'s current dividend yield is 1.25% with a payout ratio of 33.4%.
What are Intercontinental Exchange, Inc.'s profit margins?
Intercontinental Exchange, Inc. has 61.9% gross margin and 38.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Intercontinental Exchange, Inc. have?
Intercontinental Exchange, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.