NYSE · Financial Services

Intercontinental Exchange, Inc.

ICE · Financial Data & Stock Exchanges

$156.55

▲ 1.8 (1.16%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Intercontinental Exchange, Inc. at $156.55.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 56.2%

Operating Margin 39.5%

Net Income Margin 26.2%

Fin. Health D

Years to Pay Off Debt 6.1 yrs

Working Capital vs Long-Term Debt -$16.9B

Working Capital $1.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 3.07x

Cash Flow B

Free Cash Flow $3.9B

CapEx % of Net Income 23.9%

Owner Earnings $5.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $88.7B

Enterprise Value $107.7B

P/E (TTM) 22.79

Dividend Yield 1.27%

Exchange NYSE

Key Margins

Gross Profit 56.2%

Operating Margin 39.5%

Net Margin 26.2%

Company Info

Sector Financial Services

Industry Financial Data & Stock Exchanges

Employees 12694

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Intercontinental Exchange, Inc. at $156.55.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $156.55, the stock trades at a 92% premium to its Graham Number of $81.41. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Intercontinental Exchange, Inc.

Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, and clearing of an array of derivatives contracts and financial securities, such as commodities, interest rates, foreign exchange and equities, and corporate and exchange-traded funds, as well as data and connectivity services related to its exchanges and clearing houses. The Fixed Income and Data Services segment provides fixed income pricing, reference data, indices, analytics, and execution services, as well as global CDS clearing and multi-asset class data delivery technology. The Mortgage Technology segment offers a technology platform that provides customers comprehensive and digital workflow tools to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing, and the secondary market. The company was founded in 2000 and is headquartered in Atlanta, Georgia.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022
Gross Profit %	56.2% ▲	55.5%	57.1%	54.0%
Operating Margin %	39.5% ▲	37.5%	40.0%	38.7%
Net Income %	26.2% ▲	23.4%	23.9%	15.0%
Diluted EPS	5.77 ▲	4.78	4.19	2.58

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$136.9B	$139.4B	$136.1B	$194.3B	N/A
Total Debt	$20.3B ↓	$20.7B	$22.9B	$18.4B	N/A
Working Capital	$1.7B ▲	-$458M	$347M	$7.8B	N/A
Years to Pay Debt	6.12	7.52	9.68	12.71	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.9B ▲	$3.9B	$3.1B	$3.1B	N/A
Owner Earnings	$5.7B	$5.0B	$4.1B	$3.0B	N/A
CapEx % of Net Income	23.9%	27.3%	20.7%	33.3%	N/A

Income Statement

	2025	2024	2023	2022
Tax Effect Of Unusual Items	-15,400	-23,920	-61,870	-15,810
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,779,000	6,179,000	5,186,000	3,548,000
Total Unusual Items	-70,000	-104,000	-269,000	-93,000
Total Unusual Items Excluding Goodwill	-70,000	-104,000	-269,000	-93,000
Net Income From Continuing Operation Net Minority Interest	3,315,000	2,754,000	2,368,000	1,446,000
Reconciled Depreciation	1,560,000	1,537,000	1,215,000	1,031,000
Reconciled Cost Of Revenue	5,542,000	5,239,000	4,244,000	4,434,000
EBITDA	6,709,000	6,075,000	4,917,000	3,455,000
EBIT	5,149,000	4,538,000	3,702,000	2,424,000
Net Interest Income	-684,000	-769,000	-489,000	-508,000
Interest Expense	803,000	910,000	808,000	616,000
Interest Income	119,000	141,000	319,000	108,000
Normalized Income	3,369,600	2,834,080	2,575,130	1,523,190
Net Income From Continuing And Discontinued Operation	3,315,000	2,754,000	2,368,000	1,446,000
Total Expenses	7,641,000	7,348,000	5,940,000	5,905,000
Rent Expense Supplemental	88,000	111,000	92,000	83,000
Total Operating Income As Reported	4,929,000	4,309,000	3,694,000	3,638,000
Diluted Average Shares	575,000	576,000	565,000	561,000
Basic Average Shares	572,000	573,000	564,000	559,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,315,000	2,754,000	2,368,000	1,446,000
Net Income Common Stockholders	3,315,000	2,754,000	2,368,000	1,446,000
Net Income	3,315,000	2,754,000	2,368,000	1,446,000
Minority Interests	-55,000	-48,000	-70,000	-52,000
Net Income Including Noncontrolling Interests	3,370,000	2,802,000	2,438,000	1,498,000
Net Income Continuous Operations	3,370,000	2,802,000	2,438,000	1,498,000
Tax Provision	976,000	826,000	456,000	310,000
Pretax Income	4,346,000	3,628,000	2,894,000	1,808,000
Other Income Expense	31,000	-16,000	-580,000	-1,415,000
Other Non Operating Income Expenses	101,000	88,000	-311,000	-1,322,000
Special Income Charges	-70,000	-104,000	-269,000	-93,000
Restructuring And Mergern Acquisition	70,000	104,000	269,000	93,000
Net Non Operating Interest Income Expense	-684,000	-769,000	-489,000	-508,000
Interest Expense Non Operating	803,000	910,000	808,000	616,000
Interest Income Non Operating	119,000	141,000	319,000	108,000
Operating Income	4,999,000	4,413,000	3,963,000	3,731,000
Operating Expense	2,099,000	2,109,000	1,696,000	1,471,000
Depreciation Amortization Depletion Income Statement	1,560,000	1,537,000	1,215,000	1,031,000
Depreciation And Amortization In Income Statement	1,560,000	1,537,000	1,215,000	1,031,000
Selling General And Administration	539,000	572,000	481,000	440,000
General And Administrative Expense	539,000	572,000	481,000	440,000
Other Gand A	451,000	461,000	389,000	357,000
Rent And Landing Fees	88,000	111,000	92,000	83,000
Gross Profit	7,098,000	6,522,000	5,659,000	5,202,000
Cost Of Revenue	5,542,000	5,239,000	4,244,000	4,434,000
Total Revenue	12,640,000	11,761,000	9,903,000	9,636,000
Operating Revenue	12,640,000	11,761,000	9,903,000	9,636,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	86,000	77,000	76,000	75,000
Ordinary Shares Number	567,000	574,176	573,000	559,000
Share Issued	653,000	651,176	649,000	634,000
Net Debt	18,807,000	19,524,000	21,714,000	16,323,000
Total Debt	20,279,000	20,703,000	22,912,000	18,376,000
Tangible Book Value	-17,084,000	-19,254,000	-22,153,000	-11,495,000
Invested Capital	48,559,000	48,015,000	48,330,000	40,828,000
Working Capital	1,662,000	-458,000	347,000	7,776,000
Net Tangible Assets	-17,084,000	-19,254,000	-22,153,000	-11,495,000
Capital Lease Obligations	635,000	335,000	299,000	254,000
Common Stock Equity	28,915,000	27,647,000	25,717,000	22,706,000
Total Capitalization	47,524,000	44,988,000	46,376,000	40,824,000
Total Equity Gross Minority Interest	28,991,000	27,720,000	25,786,000	22,761,000
Minority Interest	76,000	73,000	69,000	55,000
Stockholders Equity	28,915,000	27,647,000	25,717,000	22,706,000
Gains Losses Not Affecting Retained Earnings	-224,000	-338,000	-294,000	-331,000
Other Equity Adjustments	-224,000	-338,000	-294,000	-331,000
Treasury Stock	7,792,000	6,385,000	6,304,000	6,225,000
Retained Earnings	20,281,000	18,071,000	16,356,000	14,943,000
Additional Paid In Capital	16,643,000	16,292,000	15,953,000	14,313,000
Capital Stock	7,000	7,000	6,000	6,000
Common Stock	7,000	7,000	6,000	6,000
Total Liabilities Net Minority Interest	107,896,000	111,708,000	110,298,000	171,577,000
Total Non Current Liabilities Net Minority Interest	23,780,000	22,155,000	25,672,000	22,406,000
Other Non Current Liabilities	364,000	405,000	441,000	381,000
Employee Benefits	174,000	170,000	193,000	160,000
Non Current Deferred Liabilities	3,998,000	3,904,000	4,080,000	3,493,000
Non Current Deferred Taxes Liabilities	3,998,000	3,904,000	4,080,000	3,493,000
Long Term Debt And Capital Lease Obligation	19,244,000	17,676,000	20,958,000	18,372,000
Long Term Capital Lease Obligation	635,000	335,000	299,000	254,000
Long Term Debt	18,609,000	17,341,000	20,659,000	18,118,000
Current Liabilities	84,116,000	89,553,000	84,626,000	149,171,000
Other Current Liabilities	76,907,000	82,322,000	79,117,000	142,174,000
Current Deferred Liabilities	204,000	236,000	200,000	170,000
Current Deferred Revenue	204,000	236,000	200,000	170,000
Current Debt And Capital Lease Obligation	1,035,000	3,027,000	1,954,000	4,000
Current Debt	1,035,000	3,027,000	1,954,000	4,000
Other Current Borrowings				4,000	10,000
Commercial Paper	1,035,000	529,000	1,954,000	0
Current Notes Payable	0	2,498,000		0	499,000
Current Accrued Expenses	455,000	438,000	459,000	352,000
Payables	5,515,000	3,530,000	2,896,000	6,471,000
Other Payable	4,437,000	2,479,000	1,893,000	5,605,000
Accounts Payable	1,078,000	1,051,000	1,003,000	866,000
Total Assets	136,887,000	139,428,000	136,084,000	194,338,000
Total Non Current Assets	51,109,000	50,333,000	51,111,000	37,391,000
Other Non Current Assets	2,419,000	1,279,000	1,318,000	1,423,000
Goodwill And Other Intangible Assets	45,999,000	46,901,000	47,870,000	34,201,000
Other Intangible Assets	15,353,000	16,306,000	17,317,000	13,090,000
Goodwill	30,646,000	30,595,000	30,553,000	21,111,000
Net PPE	2,691,000	2,153,000	1,923,000	1,767,000
Accumulated Depreciation	-2,848,000	-2,539,000	-2,346,000	-2,098,000
Gross PPE	5,539,000	4,692,000	4,269,000	3,865,000
Leases	486,000	455,000	372,000	336,000
Other Properties	578,000	295,000	305,000	278,000
Machinery Furniture Equipment	3,760,000	3,326,000	3,023,000	2,744,000
Buildings And Improvements	519,000	436,000	389,000	352,000
Land And Improvements	196,000	180,000	180,000	155,000
Current Assets	85,778,000	89,095,000	84,973,000	156,947,000
Other Current Assets	786,000	713,000	703,000	458,000
Restricted Cash	78,166,000	83,885,000	80,191,000	148,139,000
Prepaid Assets				2,616,000	3,164,000
Receivables	3,210,000	3,129,000	2,950,000	3,935,000
Other Receivables	1,658,000	1,639,000	1,584,000	2,766,000
Accounts Receivable	1,552,000	1,490,000	1,366,000	1,169,000
Allowance For Doubtful Accounts Receivable	-21,000	-21,000	-21,000	-22,000
Gross Accounts Receivable	1,573,000	1,511,000	1,387,000	1,191,000
Cash Cash Equivalents And Short Term Investments	3,616,000	1,368,000	1,129,000	4,415,000
Other Short Term Investments	2,779,000	524,000	230,000	2,616,000
Cash And Cash Equivalents	837,000	844,000	899,000	1,799,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,871,000	3,857,000	3,053,000	3,072,000
Repurchase Of Capital Stock	-1,397,000	-81,000	-78,000	-705,000
Repayment Of Debt	-2,500,000	-3,024,000	-2,286,000	-3,717,000
Issuance Of Debt	1,740,000	739,000	4,354,000	7,891,000
Capital Expenditure	-791,000	-752,000	-489,000	-482,000
Interest Paid Supplemental Data	764,000	870,000	727,000	550,000
Income Tax Paid Supplemental Data	1,068,000	957,000	909,000	882,000
End Cash Position	78,614,000	84,503,000	80,750,000	150,343,000
Beginning Cash Position	84,503,000	80,750,000	150,343,000	147,976,000
Effect Of Exchange Rate Changes	32,000	-14,000	7,000	-23,000
Changes In Cash	-5,921,000	3,767,000	-69,600,000	2,390,000
Financing Cash Flow	-6,334,000	79,000	-64,345,000	-1,841,000
Cash Flow From Continuing Financing Activities	-6,334,000	79,000	-64,345,000	-1,841,000
Net Other Financing Charges	-3,072,000	3,484,000	-65,380,000	-4,457,000
Cash Dividends Paid	-1,105,000	-1,039,000	-955,000	-853,000
Common Stock Dividend Paid	-1,105,000	-1,039,000	-955,000	-853,000
Net Common Stock Issuance	-1,397,000	-81,000	-78,000	-705,000
Common Stock Payments	-1,397,000	-81,000	-78,000	-705,000
Net Issuance Payments Of Debt	-760,000	-2,285,000	2,068,000	4,174,000
Net Short Term Debt Issuance	506,000	-1,424,000	1,954,000	-1,012,000
Short Term Debt Payments		-1,424,000		-1,012,000	-2,639,000
Short Term Debt Issuance	506,000		1,954,000	7,891,000	0
Net Long Term Debt Issuance	-1,266,000	-861,000	114,000	4,174,000
Long Term Debt Payments	-2,500,000	-1,600,000	-2,286,000	-3,717,000
Long Term Debt Issuance	1,234,000	739,000	2,400,000	7,891,000
Investing Cash Flow	-4,249,000	-921,000	-8,797,000	677,000
Cash Flow From Continuing Investing Activities	-4,249,000	-921,000	-8,797,000	677,000
Net Other Investing Changes	-2,410,000	-177,000	1,711,000	548,000
Net Investment Purchase And Sale	-1,029,000	46,000	179,000	670,000
Sale Of Investment	0	75,000	187,000	743,000
Purchase Of Investment	-1,029,000	-29,000	-8,000	-73,000
Net Business Purchase And Sale	-19,000	-38,000	-10,198,000	-59,000
Sale Of Business					1,237,000
Purchase Of Business	-19,000	-38,000	-10,198,000	-59,000
Capital Expenditure Reported	-791,000	-752,000	-489,000	-482,000
Operating Cash Flow	4,662,000	4,609,000	3,542,000	3,554,000
Cash Flow From Continuing Operating Activities	4,662,000	4,609,000	3,542,000	3,554,000
Change In Working Capital	-504,000	63,000	-388,000	123,000
Change In Other Working Capital	-44,000	27,000	-16,000	-27,000
Change In Other Current Liabilities	-128,000	54,000	-116,000	160,000
Change In Other Current Assets	46,000	-106,000	-41,000	-196,000
Change In Payables And Accrued Expense	-316,000	237,000	-144,000	166,000
Change In Payable	-316,000	237,000	-144,000	166,000
Change In Account Payable	-316,000	237,000	-144,000	166,000
Change In Receivables	-62,000	-149,000	-71,000	20,000
Changes In Account Receivables	-62,000	-149,000	-71,000	20,000
Other Non Cash Items	50,000	55,000	223,000	41,000
Stock Based Compensation	238,000	231,000	257,000	155,000
Deferred Tax	82,000	-142,000	-329,000	-593,000
Deferred Income Tax	82,000	-142,000	-329,000	-593,000
Depreciation Amortization Depletion	1,560,000	1,537,000	1,215,000	1,031,000
Depreciation And Amortization	1,560,000	1,537,000	1,215,000	1,031,000
Amortization Cash Flow	994,000	1,012,000	749,000	610,000
Amortization Of Intangibles	994,000	1,012,000	749,000	610,000
Depreciation	566,000	525,000	466,000	421,000
Operating Gains Losses	-134,000	63,000	126,000	1,299,000
Earnings Losses From Equity Investments	-79,000	62,000	122,000	1,340,000
Gain Loss On Investment Securities	-55,000	1,000	4,000	-41,000
Gain Loss On Sale Of Business			0	0	-1,419,000
Net Income From Continuing Operations	3,370,000	2,802,000	2,438,000	1,498,000

These metrics estimate what Intercontinental Exchange, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$81.41

Margin of Safety

Market Cap ÷ Company Value

1.64

P/B Ratio

3.07

Warren's Owner Earnings

$5.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$12.6B

vs > $1.5B revenue

❌ Strong Financial Condition

1.02x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.27%

vs Uninterrupted dividends

✅ Earnings Growth

+123.6% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

22.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

3.07x P/B (P/E×P/B: 69.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-39.05

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$98.06

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	23.9%	27.3%	20.7%	33.3%	N/A
Repurchase of Capital Stock	-$1.4B	-$81M	-$78M	-$705M	N/A
Free Cash Flow	$3.9B ▲	$3.9B ▲	$3.1B ▼	$3.1B •	N/A •
Warren's Owner Earnings	$5.7B	$5.0B	$4.1B	$3.0B	N/A

Peers & Industry

No auto-detected peers for Financial Data & Stock Exchanges. You can manually compare ICE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.83%

Low — management has little skin in the game

Return on Equity (ROE)

11.5%

Adequate — returns are moderate

Return on Assets (ROA)

2.4%

Fair — average asset utilization

Share Buybacks (Latest Year)

$1.4B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-2.0% YoY

Debt is declining — management is deleveraging

Leadership Team

Jeffrey Sprecher

Founder, Chairman & CEO

Age 70

Pay: $5,466,833

0.165% of net income

Benjamin Jackson

President

Age 52

Pay: $2,846,936

0.086% of net income

Warren Gardiner

Chief Financial Officer

Age 44

Pay: $2,605,959

0.079% of net income

Christopher Scott Edmonds

President of ICE Fixed Income & Data Services

Age 56

Pay: $2,625,606

0.079% of net income

Lynn Martin

President of NYSE Group and Chair of ICE Fixed Income & Data Services

Age 48

Pay: $2,583,083

0.078% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.56%	54,153,170
Blackrock Inc.	9.48%	53,715,217
State Street Corporation	4.53%	25,653,952
Morgan Stanley	2.80%	15,875,593
Harris Associates L.P.	2.75%	15,584,531
Geode Capital Management, LLC	2.21%	12,501,742
Royal Bank of Canada	1.65%	9,322,199
NORGES BANK	1.55%	8,756,655

Risk Analysis

Beta (Market Risk)

0.96

Low volatility — more stable than the market

Short Interest

1.4% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.71x

Conservative balance sheet — low financial risk

Current Ratio

1.01x

Adequate liquidity

52-Week Price Range

Low: $143.17 Current: $156.55 High: $189.35

Currently at 29% of 52-week range

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