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Friday 6 November 2026 Export ICE’s income statement to Excel — free account

Intercontinental Exchange Inc.

ICE Financial Financial Data & Stock Exchanges

Intercontinental Exchange Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.9 billion, up 7.03% from fiscal 2024.

Revenue
+14.7%
EPS
+19.2%
Free cash flow
+25.5%
Total debt
+17.2%

Quarter to September 2026, against a year earlier

172.88 1.12 −0.64%
Market cap
$97.2B
P/E
23.6×
Fwd P/E
22.7×
Dividend yield
1.17%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Intercontinental Exchange Inc. (ICE) valuation and DCF model

What the price implies · reverse DCF

At $172.88 the price implies 25.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 12.5% a year over the last ten years, 9.8% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 11.6% over ten years; the price implies 23.6% for good.

In December 2017 the price assumed 26.0% a year; Intercontinental Exchange Inc. went on to grow the dividend a share 10.9% a year to FY2025.

Price implies
25.0%
Last 5 years, reported
9.8%
Last 10 years, reported
12.5%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
25.0% a year for ten years
$172.88
today’s price
Its base case
12.5% a year for five years, then 7.5%
$57.73
66.6% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Intercontinental Exchange Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 25.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Intercontinental Exchange Inc.’s own cost of capital: risk-free 4.3% + beta 0.84 × equity premium 4.5% = 8.1% cost of equity; weighted, 8.1%.

Use 8.1%
Base case value per share $57.73 ten years discounted, and what follows
Current price $172.88 market price per share
Below today’s price 66.6% downside at the base case’s assumptions

How we got there$22.65 10 years of dividends+$35.09 terminal value=$57.73 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 23.56× 30.49× 26.67× 12% below 24.85× 5% below
P/FCF 20.23× 21.69× 22.81× 11% below 20.23× 0% above
P/B 3.26× 2.97× 2.94× 11% above 4.56× 28% below
EV/EBITDA — 17.61× 17.08× — 3.38× —
EV/Sales — 11.12× 10.78× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
18.90×22.13×25.37×28.60×10Y avg 22.81×2017201820192020202120222023202420252026

ICE trades at 20.23× P/FCF, against a 10-year average of 22.81× (range 18.78×–28.78×). That is cheaper than 78% of the last 9 year-end readings; re-rating to the average implies $194.88 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.