ICE · Intrinsic value
Is Intercontinental Exchange, Inc. (ICE) overvalued or undervalued?
Intercontinental Exchange, Inc. (ICE) trades at the delayed market price of $159.33 a share. That price already implies revenue growth of 16.4% a year for 5 years. TickerWorth's fair value is $95.99 a share (66% above fair value), as of Oct 19, 2026. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from SEC filings and market data · Updated Oct 19, 2026 · How these pages are made
Is ICE overvalued?
- Fair value
- $95.99
- Market price
- $159.33
- Downside to fair value
- 39.8%
- Verdict
- 66% above fair value
Reverse DCF: Today's price implies revenue growth of 16.4% a year for 5 years; our model assumes 5.8% a year on average over the same horizon.
What is ICE's TickerWorth Score?
Expensive vs our estimate — the business scores well
Compared with Financial Services companies in US
Its strongest point: a profitable, high-quality business. Its weakest: trades above our estimate of what it's worth.
- Value · 33 of 100
Cheaper than 33% of Financial Services companies in US
- Price vs worth · 18 of 100
- Quality · 80 of 100
More profitable than 80% of Financial Services companies in US
- Financial health · 25 of 100
Financially stronger than 25% of Financial Services companies in US
- Growth · 40 of 100
Growing faster than 40% of Financial Services companies in US
- Momentum · 73 of 100
Outperformed 73% of Financial Services companies in US over the past year
Confidence: High confidence · Scored
Get the Undervalued Company of the Week.
ICE DCF valuation: what the price assumes
At a recent price of $159.32, Intercontinental Exchange, Inc. (ICE) trades 66% above TickerWorth's blended fair value of $95.99 per share — a discounted-cash-flow model cross-checked against peer multiples and asset value — meaning the market currently prices ICE overvalued vs our estimate of what the business is intrinsically worth. Our fair value sits below the market, an implied -39.8% move to close the gap if the business performs in line with our assumptions. This is an educational model, not a price target or a recommendation — the value moves with the inputs, which you can test yourself using the WACC slider below.
Read the full reasoning
One of the lenses behind that blended figure is a discounted-cash-flow model, which on its own values ICE at about $90.58 per share. The rest of this page walks through that DCF — its assumptions, reverse-DCF and discount-rate sensitivity — because it is the auditable anchor of the blend.
The valuation discounts Intercontinental Exchange, Inc.'s projected free cash flows at a weighted-average cost of capital (WACC) of 8.9%, with a long-run terminal growth rate of 2.5%. About 75% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — the market is implying roughly 16.4% annual revenue growth for ICE. Our base case instead compounds to about 5.8% a year over the same forecast, so the market is pricing in materially faster growth than our base case. The reverse-DCF is a quick sanity check: it reframes 'is this stock cheap?' as 'do I believe the growth the price requires?' rather than arguing over a single point estimate of fair value.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, ICE's modeled DCF value ranges from about $58.63 to $162.82 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what Intercontinental Exchange, Inc. would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of ICE's intrinsic value. Figures update as new filings and prices come in.
Every input behind ICE's DCF
| Input | Value |
|---|---|
| Base-year revenueIntercontinental Exchange, Inc. FY2025 10-K (accession 0001571949-26-000004): us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, FY2025 full year. | $12,640,000,000 |
| Base EBIT marginIntercontinental Exchange, Inc. FY2025 10-K (accession 0001571949-26-000004): us-gaap:OperatingIncomeLoss 4,929,000,000 / revenue 12,640,000,000 = 39.00%, FY2025. | 39.0% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 8% → 7% → 6% → 5% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 5.2% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 0.94 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesIntercontinental Exchange, Inc. FY2025 10-K (accession 0001571949-26-000004): WeightedAverageNumberOfDilutedSharesOutstanding = 575,000,000 shares, FY2025. | 575M |
| Market priceBackup price feed · as of 2026-10-19 15:21 UTC | $159.32 |
Change ICE's assumptions
The discount-rate dial and the editable model
ProChange growth, margin and WACC yourself — Pro (7-day free trial, card required).
What does Intercontinental Exchange, Inc. do?
What does it do?
Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. It operates in the Financial Data & Stock Exchanges industry (Financial Services sector), headquartered in United States. The company employs roughly 12,725 people.
How does it make money?
The business turns $10.6B in annual revenue into profit. Out of every $100 of sales, about $53 is left as operating profit (operating margin of 52.6%), after a 100% gross margin on the products/services it sells. After all costs, taxes and interest, 38.2% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks mixed: carries modest debt (0.7× equity), can just cover its short-term bills (1.0× current ratio), and is currently profitable.
Who at ICE filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| Foley Douglas | SVP, HR & Administration | Open-market sale | $256,000.00 | Form 4 for Foley Douglas (opens sec.gov in a new tab) | |
| Edmonds Christopher Scott | President, Fixed Income & Data | Option exercise | $286,550.00 | Form 4 for Edmonds Christopher Scott (opens sec.gov in a new tab) | |
| Edmonds Christopher Scott | President, Fixed Income & Data | Open-market sale | $802,950.00 | Form 4 for Edmonds Christopher Scott (opens sec.gov in a new tab) | |
| Jackson Benjamin | President | Option exercise | $368,560.61 | Form 4 for Jackson Benjamin (opens sec.gov in a new tab) | |
| Jackson Benjamin | President | Option exercise | $368,560.61 | Form 4 for Jackson Benjamin (opens sec.gov in a new tab) | |
| Jackson Benjamin | President | Open-market sale | $801,611.17 | Form 4 for Jackson Benjamin (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans
Common questions
What is ICE's intrinsic value?
TickerWorth's blended fair value for Intercontinental Exchange, Inc. (ICE) is $95.99 per share, versus a market price of $159.32 (66% above fair value).
Is ICE overvalued or undervalued?
On our blended fair value ICE looks overvalued vs fair value at $159.32. This is an educational estimate, not advice.
What discount rate is used for ICE?
A WACC of 8.9% and a terminal growth rate of 2.5%.
Is Intercontinental Exchange stock undervalued?
TickerWorth's fair value for Intercontinental Exchange, Inc. (ICE) is $95.99 against a market price of $159.33. Our read: 66% above fair value. This is a model estimate, not investment advice.
Intercontinental Exchange (ICE) DCF valuation and fair value
Our fair value for Intercontinental Exchange, Inc. (ICE) is $95.99, built on a 8.9% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into Intercontinental Exchange stock?
Today's price implies revenue growth of 16.4% a year for 5 years; our model assumes 5.8% a year on average over the same horizon. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $159.33. A model estimate, not investment advice.
Intercontinental Exchange (ICE) insider trading
The most recent insider filing (SEC Form 4) for Intercontinental Exchange, Inc. (ICE): Foley Douglas, SVP, HR & Administration, open-market sale on 2026-09-14. The latest filings are listed on this page. A disclosure, not a signal to trade.
Stocks below our fair value instead
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.