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Intercontinental Exchange ICE

Intercontinental Exchange scores average on business quality (5.1 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$156.19Oct 9, 2026
Business qualityAverage
Next earningsOct 29, 2026, before the open
Insiders, 90 daysSelling

Why it matters

  1. What Intercontinental Exchange does

    Intercontinental Exchange operates global financial and commodity marketplaces, plus mortgage technology workflows, charging market participants trading and data fees. Growth relies on expanding digital mortgage networks and capturing electronic trading volume across energy and interest rate benchmarks.

  2. What it does best

    Operating high-margin global exchanges and data networks with sticky workflow integration. It delivers an operating margin of 41.3%, ranking in the top quartile of its sector at 84th percentile, easily outpacing NDAQ at 30.4%.

  3. The main risk

    Heavy debt loads create vulnerability if transaction volumes stall. Total debt sits at $19.6B against just $837M in cash, leaving interest coverage at a thin 6.9x.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityFair

Gross margin lands at 78.6% alongside an operating margin of 41.3%. Profitability remains strong and stable, driven by high-margin data feeds and scalable transaction volume.

MoatWeak

Network effects lock in institutional traders and mortgage lenders across dominant exchange rails. A mediocre moat score of 3.4 reflects intense exchange competition and low switching barriers in specific tech segments.

GrowthSteady

Revenue growth hit 7.5%, placing it in the middle of the pack at the 51st sector percentile. This rate marks a slight moderation compared to historical expansion phases.

Financial healthFair

Net debt stands at $18.8B with an interest coverage ratio of 6.9x, leaving limited room for error. Free cash flow reached $4.6B, getting softer relative to debt obligations.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

1 sold $1.1M outside pre-planned sales.

Our sealed record on ICE

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is ICE a good business?

Intercontinental Exchange scores average on the Cluenex quality check (5.1 of 10), measured against its own industry. Profitability is fair, moat weak, growth steady and financial health fair.

Are insiders buying ICE?

In the last 90 days of SEC Form 4 filings: 1 sold $1.1M outside pre-planned sales.

When does ICE report earnings?

Oct 29, 2026, before the open.

For members

See ICE today

  • Today's verdict on ICE, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
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Cite this page: Cluenex, “Intercontinental Exchange (ICE)”, https://cluenex.com/stocks/ice/, data as of Oct 10, 2026.