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ICE

Intercontinental Exchange Inc

US$151.47-0.37% (-US$0.56)
Day's range
US$150.57 – US$153.31
Day's volume
US$408.5m
52-week range
US$122.50 – US$173.31

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ICE in numbers

Market cap
US$85bn
P/E
21.06
P/B
2.88
Dividend yield (12m)
1.35%
Net debt/EBITDA
3.02

The 12-month dividend yield of ICE is 1.35%, above its 5-year average of 1.23%.

ICE price history

02/10/202501/10/2026
Compare with

ICE risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return-8.56%+43.44%+41.42%
Volatility (annualised)37.30%26.35%26.80%
Largest drawdown-28.66%-32.54%-33.89%
Positive months6/1219/3632/60

How much did investing in ICE return?

US$1,000.00 invested on 01/09/2021 would be worth US$1,414.18 today.

Value today in ICE
US$1,414.18
Return over the period
+41.42%
Return per year
+7.18%
In the S&P 500
US$1,776.31

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

ICE fundamentals

Valuation

  • P/E
    21.06
  • P/B
    2.88
  • EV/EBITDA
    15.14
  • EV/EBIT
    19.43
  • EV/Revenue
    7.91
  • P/EBIT
    15.55
  • P/S
    6.33
  • P/OCF
    15.42
  • P/FCF
    16.75
  • Earnings yield
    5.15%
  • PEG ratio
    —
  • Earnings per share
    US$7.19
  • Book value per share
    US$52.64

Debt

  • Net debt
    US$21.2bn
  • Net debt/EBITDA
    3.02
  • Net debt/Equity
    0.72
  • Debt/Equity
    0.75
  • Current ratio
    1.01
  • Quick ratio
    —
  • Cash ratio
    0.01

Efficiency

  • Gross margin
    —
  • EBITDA margin
    52.26%
  • Operating margin
    40.72%
  • Net margin
    30.08%
  • Asset turnover
    0.08

Profitability

  • ROE
    13.66%
  • ROA
    2.32%
  • ROIC
    8.28%
  • Payout
    28.36%

Growth

  • Revenue CAGR (5 years)
    9.00%
  • Earnings CAGR (5 years)
    7.49%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is ICE's fair price?

Two classic value formulas, with today's numbers. The current price is US$151.47.

Graham's fair price
US$92.30
39.07% below the price

√(22.50 × US$7.19 × US$52.64)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$27.47
81.87% below the price

US$1.65 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

ICE indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E27.7531.0931.0639.6518.9431.0026.5021.54
P/B3.183.102.862.523.383.322.972.49
EV/EBITDA17.3918.5920.2015.7820.7922.6018.6116.23
Dividend yield1.19%1.21%1.31%1.48%0.97%1.04%1.19%1.27%
Earnings per shareUS$5.84US$4.79US$4.14US$2.59US$7.22US$3.72US$3.49US$3.50
Book value per shareUS$50.92US$48.12US$44.91US$40.63US$40.42US$34.71US$31.18US$30.26
ROE11.46%9.96%9.21%6.37%17.87%10.71%11.20%11.56%
ROIC7.68%6.56%6.06%7.72%6.39%5.74%7.51%8.02%
EBITDA margin51.34%49.71%49.57%48.45%48.63%45.90%50.94%50.49%
Net margin26.23%23.42%23.91%15.01%44.26%25.34%29.52%31.68%
Net debt/EBITDA3.223.955.223.503.555.493.262.72

ICE financial statements

Line202520242023202220212020
Net revenueUS$12.6bnUS$11.8bnUS$9.9bnUS$9.6bnUS$9.2bnUS$8.2bn
Cost of sales——————
Gross profit——————
EBITDAUS$6.5bnUS$5.8bnUS$4.9bnUS$4.7bnUS$4.5bnUS$3.8bn
EBITUS$4.9bnUS$4.3bnUS$3.7bnUS$3.6bnUS$3.4bnUS$3bn
Net finance result-US$583m-US$681m-US$800m-US$1.8bnUS$2.2bn-US$267m
Profit before taxUS$4.3bnUS$3.6bnUS$2.9bnUS$1.8bnUS$5.7bnUS$2.8bn
Income tax-US$976m-US$826m-US$456m-US$310m-US$1.6bn-US$658m
Net incomeUS$3.3bnUS$2.8bnUS$2.4bnUS$1.4bnUS$4.1bnUS$2.1bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does ICE pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Dividend15/12/202631/12/2026US$0.52

Dividend yield per year

  • 1.13%2017
  • 1.27%2018
  • 1.19%2019
  • 1.04%2020
  • 0.97%2021
  • 1.48%2022
  • 1.31%2023
  • 1.21%2024
  • 1.19%2025
  • 1.03%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend15/09/202630/09/2026US$0.52
Dividend12/06/202630/06/2026US$0.52
Dividend16/03/202631/03/2026US$0.52
Dividend15/12/202531/12/2025US$0.48
Dividend15/09/202530/09/2025US$0.48
Dividend12/06/202530/06/2025US$0.48
Dividend14/03/202531/03/2025US$0.48
Dividend13/12/202431/12/2024US$0.45
Dividend13/09/202430/09/2024US$0.45
Dividend12/06/202428/06/2024US$0.45
Dividend13/03/202429/03/2024US$0.45
Dividend12/12/202329/12/2023US$0.42
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend13/09/202329/09/2023US$0.42
Dividend13/06/202330/06/2023US$0.42
Dividend15/03/202331/03/2023US$0.42
Dividend13/12/202230/12/2022US$0.38
Dividend14/09/202230/09/2022US$0.38
Dividend13/06/202230/06/2022US$0.38
Dividend15/03/202231/03/2022US$0.38
Dividend15/12/202131/12/2021US$0.33
Dividend14/09/202130/09/2021US$0.33
Dividend14/06/202130/06/2021US$0.33
Dividend15/03/202131/03/2021US$0.33
Dividend14/12/202031/12/2020US$0.30
Dividend14/09/202030/09/2020US$0.30
Dividend12/06/202030/06/2020US$0.30
Dividend13/03/202031/03/2020US$0.30
Dividend12/12/201931/12/2019US$0.28
Dividend12/09/201930/09/2019US$0.28
Dividend12/06/201928/06/2019US$0.28
Dividend13/03/201929/03/2019US$0.28
Dividend12/12/201831/12/2018US$0.24
Dividend11/09/201828/09/2018US$0.24
Dividend12/06/201829/06/2018US$0.24
Dividend13/03/201829/03/2018US$0.24
Dividend12/12/201729/12/2017US$0.20
Dividend13/09/201729/09/2017US$0.20
Dividend13/06/201730/06/2017US$0.20
Dividend13/03/201731/03/2017US$0.20
Dividend12/12/201630/12/2016US$0.17

About Intercontinental Exchange

Sector
Finance, insurance and real estate

Questions about ICE

How much is ICE today?

ICE is at US$151.47 (-0.37% on the day), last traded on 01/10/2026.

How much did ICE pay in dividends in 2025?

ICE paid US$1.92 per share in 2025, a dividend yield of 1.19%.

When is the next ICE dividend?

The next announced payment is US$0.52 per share on 31/12/2026.

What are the P/E and P/B of ICE?

ICE trades at a P/E of 21.06 and a P/B of 2.88.

How much did ICE return in 12 months?

ICE returned -8.56% in 12 months, with annualised volatility of 37.30% and a largest drawdown of -28.66%.