Intercontinental Exchange, Inc.
$138.45
-2.8%Intercontinental 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.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is mid-range (P/E 23.9).
Valuation inputs: P/E 23.9, earnings yield +4.2%, momentum -2.8%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is acceptable (ROE +11.4%, ROIC +7.0%).
Profitability stack: net margin +26.1%, ROE +11.4%, ROIC +7.0%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +78.8%, momentum -2.8%, net margin +26.1%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Intercontinental Exchange, Inc. Market vs Earnings Trajectory
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Intercontinental Exchange, Inc. Fair Value Envelope
Intercontinental Exchange, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.
Operating Margin
Outstanding operational efficiency. The company generates substantial profit from core operations.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Moderate tax rate typical for most corporations. Represents standard tax burden on profits.
Profitability Insight
Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.
Intercontinental Exchange, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.
Intercontinental Exchange, Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Acceptable liquidity, but monitor closely. Current assets just barely cover current liabilities.
Debt-to-Equity Ratio
High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.
Working Capital
Positive working capital, but relatively tight. The company should monitor cash flow carefully.
Asset Composition
Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.
Intercontinental Exchange, Inc. Street Expectations Map
Wall Street analysts project that ICE stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 196.43, with estimates ranging from a low of 180.00 to a high of 211.00.
The consensus 1-year price target stands at 196.43, with estimates ranging from a low of 180.00 to a high of 211.00.
Analyst Consensus Analysis
Upside Potential
Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.
Analyst Agreement
High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.
Analyst Conviction
Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.
Market Sentiment Insight
Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.
Intercontinental Exchange, Inc. Insider Positioning
During the last 12 months, insiders have sold $30.98M worth of ICE shares, with no buying activity reported.
3 Months
0
0.00
9.6K
1.50M
-1.5M
-$1.50M
3-6 Months
0
0.00
33.2K
5.35M
-5.4M
-$5.35M
6-9 Months
0
0.00
73.0K
11.21M
-11.2M
-$11.21M
9-12 Months
0
0.00
71.9K
12.91M
-12.9M
-$12.91M
Top Buyers
No buying activity
Top Sellers
Sprecher Jeffrey C
Director, Officer: Chief Executive Officer
$19.59M
Jackson Benjamin
Officer: President
$2.76M
Surdykowski Andrew J
Officer: General Counsel
$2.44M
Kapani Mayur
Officer: Chief Technology Officer
$1.19M
Foley Douglas
Officer: Svp, Hr & Administration
$1.09M
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $30.98M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
5 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Multiple red flags: Heavy selling, numerous sellers, and continued recent selling create a concerning pattern. Investigate fundamental drivers and consider whether company guidance or industry conditions have deteriorated.
ice Dividend History
Learning Layer
Related Guides
Build conviction on ICE by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.