Intercontinental Exchange, Inc. (ICE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-11.8%

$151.91

vs $172.16 price

Levered DCF

$123.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.77

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.92×	31.04×	30.58×	39.61×	18.94×	30.42×	26.9×	21.77×
P/B	3.2×	3.09×	2.82×	2.53×	3.38×	3.26×	3.01×	2.52×
P/S	7.32×	7.26×	7.31×	5.95×	8.38×	7.72×	7.93×	6.9×
EV / EBITDA	16.85×	17.32×	19.21×	21.4×	12.68×	20.63×	17.26×	14.93×
Gross margin	61.9%	55.5%	57.1%	54.0%	54.7%	52.1%	56.4%	56.6%
Operating margin	38.7%	36.6%	37.3%	37.8%	37.6%	36.8%	40.8%	41.2%
Net margin	26.1%	23.4%	23.9%	15.0%	44.3%	25.3%	29.5%	31.7%
Current ratio	1.02×	0.99×	1×	1.05×	1.01×	0.99×	0.99×	1.01×
Debt / equity	0.7×	0.75×	0.89×	0.81×	0.62×	0.86×	0.47×	0.43×
Interest coverage	6.27×	4.74×	4.57×	5.91×	8.15×	8.5×	9.38×	10.59×
Dividend yield	1.2%	1.2%	1.3%	1.5%	1.0%	1.1%	1.2%	1.3%
Payout ratio	33.4%	37.7%	40.3%	59.0%	18.4%	32.0%	32.1%	27.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	10.0%	9.2%	6.4%	17.9%	10.7%	11.2%	11.6%
Return on invested capital	7.0%	6.3%	5.8%	6.7%	5.9%	5.7%	7.5%	7.5%
Return on assets	2.4%	2.0%	1.7%	0.7%	2.1%	1.7%	2.0%	2.1%
Free cash flow yield	4.6%	4.9%	4.6%	5.4%	3.5%	3.9%	4.5%	5.2%
Earnings yield	3.6%	3.2%	3.3%	2.5%	5.3%	3.3%	3.7%	4.6%
Enterprise value	$111.9B	$105.2B	$94.4B	$73.9B	$90.4B	$79.9B	$59.2B	$50B
Net debt / EBITDA	2.93×	3.27×	4.48×	4.8×	1.9×	4.2×	2.12×	2.01×
Cash conversion cycle (days)	11	24	22	78	-14	-5	-9	-14