Intercontinental Exchange, Inc. (ICE) intrinsic value & 10-year financials
Intercontinental Exchange, Inc. (ICE) has a Graham intrinsic value of $145.76 per share. At $161.56 on Oct 17, 2026, the stock trades 11% above that value. Over the last 10 fiscal years revenue grew 12.2% a year to $12.6B, with an average return on invested capital of 8.0%.
- Graham intrinsic value
- $145.76
- Share price (Oct 17, 2026)
- $161.56
- Price vs Graham value
- 11% above
- Market cap
- $92.9B
- Revenue (FY2025)
- $12.6B
- Revenue growth (10-yr CAGR)
- 12.2%
- ROIC (10-yr avg)
- 8.0%
- Free cash flow (FY2025)
- $4.3B
ICE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.6B | $3.3B | $5.77 | $4.3B | 39.0% | 7.9% |
| FY2024 | $11.8B | $2.8B | $4.78 | $4.2B | 36.6% | 7.0% |
| FY2023 | $9.9B | $2.4B | $4.19 | $3.4B | 37.3% | 7.1% |
| FY2022 | $9.6B | $1.4B | $2.58 | $3.3B | 37.8% | 7.9% |
| FY2021 | $9.2B | $4.1B | $7.18 | $2.9B | 37.6% | 6.8% |
| FY2020 | $8.2B | $2.1B | $3.77 | $2.7B | 36.8% | 7.7% |
| FY2019 | $6.5B | $1.9B | $3.42 | $2.5B | 40.8% | 8.7% |
| FY2018 | $6.3B | $2.0B | $3.43 | $2.4B | 41.2% | 9.1% |
| FY2017 | $4.6B | $2.5B | $4.23 | $1.9B | 51.4% | 11.0% |
| FY2016 | $4.5B | $1.4B | $2.37 | $1.9B | 48.2% | 7.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Intercontinental Exchange is a consistent compounder, expanding top-line revenue at 12.2% annually over the past decade.
Intercontinental Exchange returns on capital have been average, hovering around 8.0% ROIC over the decade.
Over the decade, Intercontinental Exchange shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Intercontinental Exchange is modeled at 10.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $145.76 per share.