Intercontinental Exchange, Inc. (ICE) Key Metrics
ICE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $90.70B
- Enterprise value
- $105.68B
- P/E (TTM)
- 22.8 10-yr median 27.5
- Forward P/E
- 18.1
- PEG ratio
- 2.16
- Price / sales
- 8.6 10-yr median 7.3
- Price / book
- 3.0 10-yr median 2.9
- EV / EBITDA
- 13.8 10-yr median 16.9
- Dividend yield
- 1.29% $2.08 a year
- Beta
- 0.94
ICE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsICE valuation Price multiples at each fiscal year-end price.
ICE returns How much profit the business earns on the capital it uses.
ICE per-share figures Results divided by the shares outstanding at year-end.
ICE financial health Debt, liquidity and how easily interest is covered.
ICE efficiency & capital use Working capital cycle and where the cash goes.
ICE valuation history
ICE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ICE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ICE cash returned to shareholders
ICE price vs earnings per share
ICE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $92.50B | $85.83B | $72.56B | $57.55B | $77.28B | $63.99B | $52.29B | $43.62B | $41.91B | $33.80B |
| Enterprise value | $109.16B | $105.16B | $94.35B | $67.98B | $90.84B | $80.26B | $59.55B | $50.33B | $47.48B | $42.22B |
| P/E ratio | 28.0 | 31.2 | 30.6 | 39.8 | 19.0 | 30.6 | 27.1 | 21.9 | 16.6 | 23.6 |
| Price / sales | 7.3 | 7.3 | 7.3 | 6.0 | 8.4 | 7.8 | 8.0 | 6.9 | 7.2 | 5.7 |
| Price / book | 3.2 | 3.1 | 2.8 | 2.5 | 3.4 | 3.3 | 3.0 | 2.5 | 2.5 | 2.1 |
| Price / free cash flow | 21.6 | 20.4 | 21.6 | 18.7 | 28.9 | 25.9 | 22.2 | 19.4 | 24.3 | 18.9 |
| Price / operating cash flow | 19.8 | 18.6 | 20.5 | 16.2 | 24.7 | 22.2 | 19.7 | 17.2 | 20.1 | 15.7 |
| EV / sales | 8.6 | 8.9 | 9.5 | 7.1 | 9.9 | 9.7 | 9.1 | 8.0 | 8.1 | 7.1 |
| EV / EBITDA | 16.4 | 17.3 | 19.2 | 19.7 | 12.7 | 20.7 | 17.4 | 15.0 | 14.6 | 14.9 |
| EV / free cash flow | 25.5 | 25.0 | 28.1 | 22.1 | 34.0 | 32.5 | 25.3 | 22.3 | 27.5 | 23.7 |
| Earnings yield | 3.6% | 3.2% | 3.3% | 2.5% | 5.3% | 3.3% | 3.7% | 4.6% | 6.0% | 4.2% |
| Free cash flow yield | 4.6% | 4.9% | 4.6% | 5.3% | 3.5% | 3.9% | 4.5% | 5.2% | 4.1% | 5.3% |
| Dividend yield | 1.2% | 1.2% | 1.3% | 1.5% | 1.0% | 1.0% | 1.2% | 1.3% | 1.1% | 1.2% |
| Shareholder yield (dividends + buybacks) | 2.7% | 1.3% | 1.4% | 2.7% | 1.4% | 3.1% | 4.1% | 4.2% | 3.6% | 1.5% |
| Share price at fiscal year-end | $161.96 | $149.01 | $128.43 | $102.59 | $136.77 | $115.29 | $92.55 | $75.33 | $70.56 | $56.42 |
| Per share | ||||||||||
| Revenue per share | $22.13 | $20.42 | $17.53 | $17.18 | $16.23 | $14.85 | $11.59 | $10.84 | $9.84 | $9.97 |
| Earnings per share | $5.78 | $4.78 | $4.19 | $2.58 | $7.18 | $3.76 | $3.42 | $3.43 | $4.25 | $2.39 |
| Operating cash flow per share | $8.16 | $8.00 | $6.27 | $6.34 | $5.53 | $5.19 | $4.71 | $4.37 | $3.51 | $3.59 |
| Free cash flow per share | $7.51 | $7.30 | $5.93 | $5.48 | $4.73 | $4.45 | $4.17 | $3.89 | $2.91 | $2.98 |
| Cash per share | $6.33 | $2.38 | $2.00 | $14.17 | $1.07 | $1.05 | $1.49 | $1.25 | $0.90 | $0.72 |
| Book value per share | $50.63 | $48.00 | $45.52 | $40.47 | $40.19 | $35.13 | $30.54 | $29.71 | $28.49 | $26.36 |
| Tangible book value per share | −$29.91 | −$33.43 | −$39.21 | −$20.49 | −$21.50 | −$29.19 | −$11.23 | −$10.96 | −$9.36 | −$11.55 |
| Dividends per share | $1.93 | $1.80 | $1.69 | $1.52 | $1.32 | $1.21 | $1.10 | $0.96 | $0.80 | $0.68 |
| Capex per share | $0.65 | $0.70 | $0.34 | $0.86 | $0.80 | $0.74 | $0.54 | $0.48 | $0.60 | $0.61 |
| Debt per share | $35.51 | $35.94 | $40.55 | $32.76 | $25.08 | $30.37 | $14.34 | $12.85 | $10.27 | $14.79 |
| Shares outstanding | 571.1M | 576.0M | 565.0M | 561.0M | 565.0M | 555.0M | 565.0M | 579.0M | 594.0M | 599.0M |
| Change in shares outstanding | −0.8% | +1.9% | +0.7% | −0.7% | +1.8% | −1.8% | −2.4% | −2.5% | −0.8% | +7.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.7% | 10.3% | 9.8% | 6.4% | 19.2% | 11.4% | 11.2% | 11.7% | 15.4% | 9.3% |
| Return on invested capital (ROIC) | 8.2% | 7.0% | 7.7% | 8.7% | 6.8% | 7.7% | 8.7% | 8.9% | 10.2% | 6.4% |
| Return on assets (ROA) | 2.4% | 2.0% | 1.4% | 0.7% | 2.5% | 1.9% | 2.1% | 2.3% | 3.2% | 1.8% |
| Return on tangible assets | 3.6% | 3.0% | 2.7% | 0.9% | 2.6% | 2.3% | 2.7% | 2.9% | 4.5% | 2.4% |
| Free cash flow margin | 33.9% | 35.7% | 33.8% | 31.9% | 29.1% | 30.0% | 36.0% | 35.9% | 29.6% | 29.9% |
| Income quality (OCF / net income) | 1.41 | 1.67 | 1.50 | 2.46 | 0.77 | 1.38 | 1.38 | 1.27 | 0.83 | 1.50 |
| Financial health | ||||||||||
| Total debt | $20.28B | $20.70B | $22.91B | $18.38B | $14.17B | $16.86B | $8.10B | $7.44B | $6.10B | $8.86B |
| Cash & short-term investments | $3.62B | $1.37B | $1.13B | $7.95B | $607.0M | $583.0M | $841.0M | $724.0M | $535.0M | $430.0M |
| Net debt | $16.66B | $19.34B | $21.78B | $10.43B | $13.56B | $16.27B | $7.26B | $6.72B | $5.57B | $8.43B |
| Debt / equity | 0.70 | 0.75 | 0.89 | 0.81 | 0.62 | 0.86 | 0.47 | 0.43 | 0.36 | 0.56 |
| Debt / assets | 0.15 | 0.15 | 0.17 | 0.09 | 0.07 | 0.13 | 0.09 | 0.08 | 0.08 | 0.11 |
| Net debt / EBITDA | 2.51 | 3.18 | 4.43 | 3.02 | 1.90 | 4.20 | 2.12 | 2.01 | 1.71 | 2.98 |
| Current ratio | 1.02 | 0.99 | 1.00 | 1.05 | 1.01 | 0.99 | 0.99 | 1.01 | 0.99 | 0.97 |
| Quick ratio | 1.02 | 0.99 | 0.06 | 0.02 | 0.05 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 |
| Interest coverage | 6.3 | 4.7 | 4.6 | 5.9 | 8.2 | 8.5 | 9.4 | 10.6 | 12.7 | 12.2 |
| Working capital | $1.66B | −$458.0M | $347.0M | $7.78B | $889.0M | −$780.0M | −$837.0M | $584.0M | −$609.0M | −$1.48B |
| Invested capital | $45.58B | $46.98B | $47.50B | $33.13B | $36.27B | $35.77B | $24.51B | $23.92B | $22.49B | $24.22B |
| Tangible asset value | −$17.01B | −$19.18B | −$22.08B | −$11.44B | −$12.11B | −$16.07B | −$6.24B | −$6.25B | −$5.53B | −$6.92B |
| Net current asset value | −$22.12B | −$22.61B | −$25.32B | −$14.63B | −$16.45B | −$19.35B | −$9.15B | −$8.80B | −$7.75B | −$9.08B |
| Graham number | $81.18 | $71.86 | $65.52 | $48.45 | $80.59 | $54.55 | $48.49 | $47.91 | $52.21 | $37.63 |
| Graham net-net per share | −$178.37 | −$187.49 | −$118.34 | −$149.59 | −$169.48 | −$112.66 | −$75.37 | −$71.96 | −$57.41 | −$62.25 |
| Capital allocation | ||||||||||
| Dividends paid | $1.10B | $1.04B | $955.0M | $853.0M | $747.0M | $669.0M | $621.0M | $555.0M | $476.0M | $409.0M |
| Share buybacks (net) | $1.39B | $81.0M | $78.0M | $705.0M | $320.0M | $1.32B | $1.52B | $1.28B | $1.04B | $104.0M |
| Dividend payout ratio | 33.4% | 37.7% | 40.3% | 59.0% | 18.4% | 32.0% | 32.1% | 27.9% | 18.8% | 28.6% |
| Dividends + buybacks / free cash flow | 58.1% | 26.6% | 30.8% | 50.7% | 39.9% | 80.5% | 91.2% | 81.4% | 87.6% | 28.8% |
| Capex / revenue | 3.0% | 3.5% | 1.9% | 5.0% | 4.9% | 5.0% | 4.7% | 4.5% | 6.1% | 6.1% |
| Capex / operating cash flow | 8.0% | 8.8% | 5.4% | 13.6% | 14.5% | 14.2% | 11.5% | 11.1% | 17.1% | 17.0% |
| Capex / depreciation | 0.24 | 0.26 | 0.16 | 0.47 | 0.45 | 0.55 | 0.46 | 0.48 | 0.67 | 0.60 |
| Stock-based compensation / revenue | 1.9% | 2.0% | 2.6% | 1.6% | 2.1% | 1.7% | 2.1% | 2.1% | 2.3% | 2.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 13.5% | 7.1% | 7.0% | 4.6% | 5.0% | 5.0% | 5.4% | 5.6% | 5.9% | 5.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 91.5 | 94.3 | 126.9 | 97.4 | 48.5 | 49.1 | 54.1 | 54.0 | 52.5 | 45.1 |
| Days of inventory on hand | — | — | 10,050.1 | 12,368.0 | 10,204.8 | 6,986.0 | 8,352.0 | 7,825.7 | 7,722.6 | 7,052.1 |
| Days payables outstanding | 80.7 | 71.6 | 80.4 | 64.6 | 59.0 | 52.9 | 65.6 | 65.9 | 60.9 | 51.5 |
| Cash conversion cycle (days) | 10.9 | 22.8 | 10,096.6 | 12,400.8 | 10,194.3 | 6,982.2 | 8,340.5 | 7,813.8 | 7,714.2 | 7,045.7 |
| Receivables turnover | 3.99 | 3.87 | 2.88 | 3.75 | 7.52 | 7.43 | 6.75 | 6.76 | 6.96 | 8.09 |
| Payables turnover | 4.53 | 5.10 | 4.54 | 5.65 | 6.18 | 6.90 | 5.57 | 5.54 | 6.00 | 7.09 |
| Inventory turnover | — | — | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 |
| Asset turnover | 0.09 | 0.09 | 0.06 | 0.05 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Average receivables | $3.17B | $3.04B | $3.44B | $2.57B | $1.22B | $1.11B | $970.5M | $928.0M | $840.0M | $738.5M |
| Average payables | $1.06B | $1.03B | $934.5M | $784.5M | $671.0M | $572.0M | $513.0M | $491.5M | $425.0M | $393.0M |
| Average inventory | — | — | $116.86B | $150.25B | $116.03B | $75.51B | $65.35B | $58.38B | $53.91B | $53.83B |
| Intangibles / total assets | 33.6% | 33.6% | 35.2% | 17.6% | 18.0% | 28.3% | 25.0% | 25.4% | 28.7% | 27.7% |
Computed from ICE's annual financial statements (latest annual report filed February 5, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ICE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Intercontinental Exchange traded at 28.0 times earnings, against a 10-year median of 27.5. Based on the latest twelve months, the trailing P/E is 22.8 and the forward P/E is 18.1. Intercontinental Exchange earned a return on equity of 11.7% and a return on invested capital of 8.2% in fiscal 2025. It ended the year with $20.3 billion of debt and $3.6 billion in cash and short-term investments, net debt of $16.7 billion. It returned $2.5 billion to shareholders: $1.1 billion in dividends and $1.4 billion in share buybacks, 58% of free cash flow. The share count fell 4.7% from 599.0M to 571.1M over 9 years.
See the ICE income statement, the ICE chart for price history, or the ICE stock overview for the latest quote and news.
ICE key metrics FAQ
What is Intercontinental Exchange's P/E ratio?
Intercontinental Exchange's trailing P/E ratio is 22.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 18.1. At the end of fiscal 2025 it was 28.0, compared with a 10-year median of 27.5.
What is Intercontinental Exchange's EV/EBITDA?
Intercontinental Exchange's enterprise value was 16.4 times EBITDA at the end of fiscal 2025 (enterprise value $109.2 billion, EBITDA $6.6 billion); the current EV/EBITDA is 13.8.
What is Intercontinental Exchange's return on equity?
Intercontinental Exchange's return on equity (ROE) was 11.7% in fiscal 2025: net income of $3.3 billion on average shareholders' equity of $28.3 billion.
What is Intercontinental Exchange's ROIC?
Intercontinental Exchange's return on invested capital was 8.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Intercontinental Exchange have?
Intercontinental Exchange had total debt of $20.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.70 and $16.7 billion of net debt (2.51 times EBITDA).
What is Intercontinental Exchange's dividend yield?
Intercontinental Exchange's forward dividend yield is 1.29%. Intercontinental Exchange paid $1.1 billion in dividends in fiscal 2025 ($1.93 per share), a payout ratio of 33.4%.
Does Intercontinental Exchange buy back its shares?
Yes. Intercontinental Exchange spent $1.4 billion on net share repurchases in fiscal 2025 Shares outstanding changed −0.8% over the year, to 571.1M..
What is Intercontinental Exchange's free cash flow yield?
Intercontinental Exchange generated $4.3 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.6% on its market value at year-end ($92.5 billion).
What is Intercontinental Exchange's current ratio?
Intercontinental Exchange's current ratio was 1.02 at the end of fiscal 2025: current assets were 1.02 times current liabilities.