Intercontinental Exchange, Inc. (ICE) Stock

Intercontinental Exchange, Inc. (ICE) is a Financials stock trading at $139.84 (as of 2026-07-15), with a market capitalization of $79.08B and a trailing P/E of 20.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets, serving participants across the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada. It operates through exchanges, fixed income and data services, and mortgage technology, including trading and clearing marketplaces and related data and technology offerings.

Understand Intercontinental Exchange, Inc.: how it makes money

Intercontinental Exchange (ICE) operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets, and it makes money from transaction revenues tied to trading activity plus recurring revenues supported by its fixed income and data services and mortgage technology.

ICEs profit engine is the combination of transaction revenues driven by trading and clearing activity, and recurring revenues supported by its fixed income and data services and mortgage technology offerings.

Revenue by segment (latest quarter)
Exchanges	$2.5B
FixedIncomeData	$0.7B
MortgageTech	$0.5B

Business quality (Strong): ICE operates multiple regulated market infrastructure businesses (exchanges, clearing, listings, data services, and mortgage technology), with a reported operating margin of 45.4% (period 2026-03-31), but results can still be sensitive to market activity through transaction revenues.

Valuation: At 19× earnings, ICE trades 42% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Multiple market infrastructure businesses across exchanges, fixed income and data services, and mortgage technology: This broad mix can support both transaction-driven activity and recurring revenue streams.
High reported operating profitability: Operating margin was 45.4% for the period ending 2026-03-31.
Revenue KPIs explicitly distinguish transaction and recurring components: Investors can track whether trading activity (transaction revenues) or ongoing services (recurring revenues) are driving results.

Bear case

Transaction revenues can be pressured if trading and clearing volumes soften: Because transaction revenues are tied to market activity, weaker activity could reduce that revenue line.
Regulatory and market-structure uncertainty can affect exchange and clearing economics: ICE operates regulated exchanges and clearing houses, so changes to regulation or market rules could impact its business.

Valuation — source: SEC EDGAR (first-party)
Price	$139.84
Market Cap	$79.08B
P/E Ratio	20.1
EV / EBITDA	-2.9
Price / Book	2.68
Price / Sales	6.05
FCF Yield	5.9%
DCF Value (model)	$88.67
DCF Upside vs Price	-36.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$12.64B
Net Margin	26.2%
Revenue Growth (YoY)	13.5%
EPS Growth (YoY)	79.1%
FCF Growth (YoY)	43.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.87 (distress)

Valuation vs Sector & Industry
Stock P/E	20.1
Sector P/E (Financials)	15.3
Industry P/E (Trading)	33.8
vs Sector	31.9%
vs Industry	-40.4%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($8.77B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Financials
Industry	Trading
CEO	Jeffrey C. Sprecher
Employees	12,842
Country	US
IPO Date	2005-11-16

Related Companies (Business model: Exchange / Data & Analytics Toll Businesses; 8 closest by market cap)

Data as of 2026-07-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.