Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 14.8x · ROE 11.7%. (2006–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76.3B | $92.5B | $85.8B | $72.6B | $57.6B | $77.3B | $64.0B | $52.3B | $43.6B | $41.9B | $33.8B |
| Enterprise Value | $95.7B | $111.9B | $105.7B | $94.6B | $74.1B | $90.8B | $80.3B | $59.5B | $50.3B | $47.5B | $39.8B |
| P/E Ratio → | 23.38 | 28.07 | 31.17 | 30.65 | 39.76 | 19.05 | 30.58 | 27.06 | 21.96 | 16.68 | 23.81 |
| P/S Ratio | 6.04 | 7.32 | 7.30 | 7.33 | 5.97 | 8.43 | 7.76 | 7.99 | 6.95 | 7.17 | 5.66 |
| P/B Ratio | 2.66 | 3.19 | 3.10 | 2.81 | 2.53 | 3.40 | 3.26 | 3.01 | 2.52 | 2.47 | 2.14 |
| P/FCF | 17.79 | 21.57 | 20.42 | 23.77 | 18.73 | 28.93 | 25.89 | 22.21 | 19.36 | 24.25 | 18.94 |
| P/OCF | 16.36 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 14.83 | 17.34 | 18.08 | 19.27 | 15.88 | 20.38 | 21.21 | 17.86 | 15.88 | 16.29 | 14.29 |
| EV / EBIT | 19.55 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.4% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 3.6% | 3.2% | 3.3% | 2.5% | 5.2% | 3.3% | 3.7% | 4.6% | 6.0% | 4.2% |
| FCF Yield | 5.6% | 4.6% | 4.9% | 4.2% | 5.3% | 3.5% | 3.9% | 4.5% | 5.2% | 4.1% | 5.3% |
| Buyback Yield | 1.8% | 1.5% | 0.1% | 0.1% | 1.2% | 0.4% | 2.1% | 2.9% | 2.9% | 2.5% | 0.3% |
| Total Shareholder Yield | 3.3% | 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 |
Mortgage market cyclicality
Based on current market data, ICE trades at a forward P/E of 15.26, which appears to discount the company's transition toward a recurring revenue model while acknowledging the cyclical headwinds inherent in its recent mortgage technology acquisitions compared to pure-play exchange peers like CME Group.
The valuation multiple suggests that investors are pricing ICE as a hybrid utility rather than a traditional transaction-based exchange. This premium is likely supported by the recurring nature of its data and mortgage technology segments, though the PEG ratio of 2.42 indicates that current growth expectations may be fully priced in.
As reported in recent financial statements, ICE's ROIC has remained in a narrow range between 1.4% and 2.5% over the last ten quarters, suggesting that the heavy integration of large-scale acquisitions continues to weigh on the company's ability to compound returns on invested capital efficiently.
The modest ROIC figures appear to be a direct consequence of the significant goodwill and intangible assets added to the balance sheet through aggressive M&A. While these acquisitions are strategically sound for long-term moat building, they currently dilute the return profile compared to more capital-light exchange operators.
According to quarterly filings, ICE has successfully managed its debt-to-EBITDA ratio, which improved from 17.57 in 2023Q4 to 10.24 in 2026Q1, indicating that the company's robust cash flow generation is effectively supporting its leverage profile despite the substantial debt load incurred from recent strategic deals.
The interest coverage ratio of 6.18x in the most recent quarter suggests a comfortable margin of safety for debt service. Investors should monitor whether this trend of deleveraging continues or if management's appetite for further large-scale acquisitions will necessitate a pause in balance sheet strengthening.
Based on the provided financial data, ICE maintains a consistent DSO profile near 48 days, which suggests that the company retains stable leverage over its customer base despite the integration of diverse revenue streams from its exchange, data, and mortgage technology business segments.
The stability in DSO indicates that the company's billing and collection processes remain disciplined even as the business model shifts toward more complex subscription-based contracts. This efficiency is critical for maintaining the high operating margins that characterize the firm's core exchange and data operations.
The most commonly misapplied metric for ICE is the simple P/E ratio, which fails to account for the significant non-cash amortization charges stemming from its acquisition-heavy strategy, thereby obscuring the company's true cash-generating capacity and its evolution into a recurring-revenue technology utility provider.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the underlying operational performance of the business. Relying on GAAP earnings can lead to an underestimation of the firm's value, as the amortization of acquired intangibles artificially depresses net income without impacting the actual cash flow available for reinvestment.
Includes 30+ ratios · 20 years · Updated daily
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Quick answers to the most common questions about buying ICE stock.
Intercontinental Exchange, Inc.'s current P/E ratio is 23.4x. The historical average is 29.6x. This places it at the 40th percentile of its historical range.
Intercontinental Exchange, Inc.'s current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
Intercontinental Exchange, Inc.'s return on equity (ROE) is 11.7%. The historical average is 13.6%.
Based on historical data, Intercontinental Exchange, Inc. is trading at a P/E of 23.4x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Intercontinental Exchange, Inc.'s current dividend yield is 1.43% with a payout ratio of 33.4%.
Intercontinental Exchange, Inc. has 61.9% gross margin and 38.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Intercontinental Exchange, Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.