# Intercontinental Exchange  Inc. (ICE) — Stock CV

Intercontinental Exchange  Inc. is a $87.7B financial services company. Revenue grew 6.9% over the last year, and it keeps 30¢ of every dollar of sales as profit. It trades at 21.7× earnings — in the cheapest third of its own history.

> Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE operates a large derivatives exchange, too.

## Identity

- **Ticker**: ICE
- **Sector**: Financial Services
- **Industry**: Security & Commodity Brokers, Dealers, Exchanges & Services
- **Headquarters**: ATLANTA, GA
- **Employees**: 12 725
- **Website**: https://www.theice.com
- **Market cap**: $87.7B
- **Last price**: $156.19
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $13.4B
- **Net income**: $4.04B
- **Free cash flow**: $5.08B
- **Net debt**: $17.8B
- **P/E**: 21.7
- **Revenue growth (YoY)**: 6.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 44 |
| Profitability | 67 |
| Health | 42 |
| Quality | 97 |
| Moat | 75 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +6.9% YoY
- [x] Profitable — $4.04B TTM
- [x] Profit growing — +30.8% YoY
- [x] Generates cash — $5.08B TTM
- [x] Debt under control — ~3.5y of cash flow to repay
- [x] Established company — $87.7B market cap
- [x] Not printing shares — +3.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 30/100
- [x] Pays a dividend — yield 1.30%
- [x] Valuation not extreme — P/E 21.7

## Experience (career milestones)

- **FY2024** — Revenue crossed $10B: $11.8B for the year
- **2023** — ICE announced that they had entered into an Agreement Containing Consent Orders (the “ACCO”) with…
- **2022** — ICE announced that it had entered into a definitive agreement to acquire Black Knight, Inc., a…
- **FY2021** — Best year on record: $4.06B net income
- **2020** — ICE announced that it had entered into a definitive agreement to acquire Ellie Mae, a cloud-based…
- **2019** — Furthermore, in August 2019, it announced it had entered into an agreement to acquire a family of fixed income…
- **2018** — ICE announced that it had entered into an agreement to acquire the Chicago Stock Exchange (CHX), a…
- **2017** — ICE announced it had entered an agreement to acquire TMX Atrium, an extranet and wireless services…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.96B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — ICE announced that it had entered into a definitive agreement to acquire Interactive Data…
- **2008** — ICE announced that it had entered into a definitive merger agreement to acquire Creditex Group Inc
- **2007** — ICE made an unsuccessful $9.9 billion bid for the Chicago Board of Trade
- **2005** — Exchange-traded emissions products were first offered by the European Climate Exchange (ECX)

## Strengths

- High gross margin (78.6%)
- Strongly profitable — 30.1% net margin
- Strong cash conversion — FCF is 37.8% of revenue
- Interest covered 6.8× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $9.17B | $4.06B | $2.94B |
| FY2022 | $9.64B | $1.45B | $3.33B |
| FY2023 | $9.90B | $2.37B | $3.35B |
| FY2024 | $11.8B | $2.75B | $4.20B |
| FY2025 | $12.6B | $3.31B | $4.29B |

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Source: https://stockcv.com/ICE — derived from company filings; may be delayed or incomplete. Information, not investment advice.