--- title: Intercontinental Exchange (ICE) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ice ticker: ICE as_of: 2026-10-17 sector: Financial Services industry: Financial - Data & Stock Exchanges --- # Intercontinental Exchange (ICE) Intercontinental Exchange (ICE) closed at $161.56 on Oct 16, 2026, overvalued by 39% vs its model value of $116.55 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $161.56 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $116.55 | | Price vs model | overvalued by 39% vs model | | Range of that model | $65.22 – $311.91 | | Market value | $90.7B | | P/E (fiscal 2025) | 28.0 | | Net margin (fiscal 2025) | 26.1% | | Free cash flow (fiscal 2025) | $4.3B | | Dividend yield (trailing twelve months) | 1.26% | | Beta | 0.94 | | Cost of capital (WACC) | 8.12% | | Business classification | Mature & Stable (Moderate growth (~13% recent), High profitability (26% net margin), Pays dividends, Highly cyclical earnings) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 1.26% | | Dividends per share, last 12 months | $2.04 | | Dividends / free cash flow (fiscal 2025) | 25.8% | | Raised | 11 years in a row | | Growth over 5 years | 9.6% a year | | Latest payment | $0.52, ex-date Sep 16, 2026, paid Sep 30, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Sep 15, 2021 | $1.29 | | To Sep 15, 2022 | $1.47 | | To Sep 14, 2023 | $1.64 | | To Sep 16, 2024 | $1.77 | | To Sep 16, 2025 | $1.89 | | Trailing twelve months (to Sep 16, 2026) | $2.04 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $116.55 | $65.22 | $311.91 | | DCF · Perpetuity growth · 10y | cross check | $127.41 | $74.91 | $323.91 | | DCF · EBITDA exit · 5y | cross check | $118.08 | $76.31 | $167.26 | | DCF · EBITDA exit · 10y | cross check | $128.76 | $83.55 | $188.94 | | P/E · peers | cross check | $162.87 | $148.62 | $181.05 | | P/E · own history | cross check | $230.71 | $184.54 | $265.18 | | PEG | sanity check | $151.26 | $151.26 | $151.26 | | EV/EBITDA · peers | cross check | $185.53 | $155.04 | $245.51 | | EV/Revenue · peers | cross check | $177.50 | $149.40 | $285.92 | | Earnings power value | cross check | $51.62 | $38.19 | $71.13 | | Dividend discount | cross check | $45.37 | $31.18 | $74.39 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 15 open-market sales ($6.5M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Sep 14, 2026 | Foley Douglas | SVP, HR & Administration | Open-market sell (10b5-1 plan) | 1,600 | $256,000 | | Sep 1, 2026 | Edmonds Christopher Scott | President, Fixed Income & Data | Option/RSU exercise (10b5-1 plan) | 5,000 | $286,550 | | Sep 1, 2026 | Edmonds Christopher Scott | President, Fixed Income & Data | Open-market sell (10b5-1 plan) | 5,000 | $802,950 | | Sep 1, 2026 | Edmonds Christopher Scott | President, Fixed Income & Data | Option/RSU exercise (10b5-1 plan) | 5,000 | $0 | | Sep 1, 2026 | Jackson Benjamin | President | Option/RSU exercise (10b5-1 plan) | 6,431 | $368,560.6 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Aug 28, 2026 | 8-K | 5.03 Amendment to Articles/Bylaws; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1571949/000110465926103230/tm2624234d1_8k.htm | | Aug 21, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1571949/000119312526359930/d369319d8k.htm | | Aug 20, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1571949/000119312526359229/d124897d8k.htm | | Aug 13, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1571949/000119312526349174/d949580d424b5.htm | | Aug 11, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1571949/000119312526343522/d949580d424b5.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bill Nygren | 2026-06-30 | 18,050,700 | $2.2B | | Viking Global | 2026-06-30 | 2,777,138 | $341.9M | | Ruane Cunniff | 2026-06-30 | 2,560,747 | $315.3M | | AKO Capital | 2026-06-30 | 1,003,510 | $123.5M | 7 tracked managers in all. ## About Intercontinental Exchange, Inc. (ICE) manages a global network of regulated financial venues, encompassing exchanges, clearing houses, and listing platforms. These operations serve diverse markets, including commodities, financial instruments, fixed income products, and equities, with a geographical footprint spanning key financial centers such as the United States, United Kingdom, European Union, Singapore, Israel, and Canada. The company's business is segmented into three core areas: Exchanges, Fixed Income and Data Services, and Mortgage Technology. Within its Exchanges segment, ICE oversees a robust network comprising 13 regulated exchanges and 6 clearing houses. These extensive marketplaces enable the listing, trading, and clearing of a wide spectrum of derivatives contracts and financial securities. This includes futures and options across diverse sectors such as energy, agricultur… --- Source: https://sweetvaluelab.com/stocks/ice (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.