Intercontinental Exchange

ICE

Financial - Data & Stock Exchanges · Financial Services

Also trades as: 0JC3.L

Price

$161.25

+2.64 (+1.66%)

Market Cap

$90.52B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Strong

Stability

Strong

Valuation

Strong

Dividends

Mixed

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Share count rising — dilution

+1.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 565.0M (2021) → 571.1M (2025)

Winston Score History

The full picture

Intercontinental Exchange, Inc. (ICE) runs financial marketplaces where traders buy and sell things like oil contracts, interest rates, and stocks. Its most famous asset is the New York Stock Exchange (NYSE), the largest stock exchange in the world by the value of companies listed on it. ICE also sells financial data and technology tools to banks, brokers, and other institutions.

ICE makes money through transaction fees when trades happen on its exchanges, plus recurring fees for data subscriptions and technology services. It operates primarily in the United States but has exchanges and data businesses across Europe and beyond, generating roughly $9 billion in annual revenue. Its ownership of the NYSE and deep integration into financial market infrastructure give it strong competitive advantages, since customers face high switching costs. The key growth driver is its mortgage technology segment, which aims to digitize the largely paper-based U.S. home loan process, though rising interest rates and slower housing activity have weighed on that business recently.

Politician Trades

34 trades / 12mo

16 Congressional buys and 18 sells on ICE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+10.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+14.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$1.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Intercontinental Exchange is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

78.2%

Premium pricing power — 78.2% gross margin

Profit after running costs

Operating Margin

38.5%

Excellent — 38.5% operating margin

Return on the money invested

ROCE

10.8%

Below par — 10.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+6.9%

Slow sales growth (+6.9% YoY)

Profit growth

EPS YoY

+35.4%

Earnings growing fast (+35.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

87%

Modest — 87% of profit becomes cash

Spare cash per sale

FCF Margin

23.2%

Converts sales into free cash efficiently (23.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.69

Moderate — manageable debt (0.69)

Covers its interest

Interest Cover

14.61x

Comfortably covers interest (14.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

22.7x

Growth-priced — P/E 22.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+6.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (22.7 → 15.8)

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Dividends

Dividend

Dividend Yield

1.30%

Small dividend — 1.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+8.3%

Dividend growing modestly (8.3% YoY)

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