ICE Value Scorecard - Intercontinental Exchange

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

43/60

moderate value score

Earnings & returns

EPS Trend

5/5

Diluted EPS: $2.58 (2022), $4.19 (2023), $4.78 (2024), $5.77 (2025). It rose every year; the framework scores that as 5.

ROE Trend

2/5

ROE (net income / common equity): 6.4% (2022), 9.2% (2023), 10.0% (2024), 11.5% (2025). Median 9.6%, lowest 6.4%; the framework scores a median 5-10% as 2.

ROIC

2/5

ROIC of 9.3%: operating income of $4.93B divided by $52.77B of capital (total assets $136.89B minus current liabilities $84.12B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 5-10% as 2.

Profit Margins

5/5

Net margin of 38.2%; the framework scores above 20% as 5; gross margin 100.0%, operating margin 52.6%.

Balance sheet & cash

Debt-to-Equity

4/5

Debt-to-equity of 0.69; the framework scores 0.3-0.8 as 4 (total debt $20.53B, total cash $1.07B).

Free Cash Flow

4/5

Free cash flow (operating cash flow minus capital expenditure): $3.07B (2022), $3.05B (2023), $3.86B (2024), $3.87B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $14.94B (2022), $16.36B (2023), $18.07B (2024), $20.28B (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

5/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $7.09 x (8.5 + 2 x 17.3) x (4.4 / 4.5) = $298.79. Current price $161.56; price is 45.9% below the model value.

DCF Value

2/5

FCF/share = $6.472, stage 1 growth = 13.0% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $35.11, PV of terminal value = $108.95, DCF value = $144.06. Current price $161.56; price is 12.1% above the model value.

Margin of Safety

3/5

Graham value $298.79 (price is 45.9% below the model value); DCF value $144.06 (price is 12.1% above the model value).

Price-to-Book

2/5

P/B of 3.07; the framework scores 3.0-5.0 as 2.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 0 of 10 years (2016-2025); lowest 7.2%, highest 10.4%.

Gross margin, each year

Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.

Competition, in the company’s own words · 10-K filed Feb 5, 2026

We believe that we compete favorably based on numerous factors, and that our deep, liquid markets, technology offerings, breadth of product offerings, new product development, highly differentiated proprietary data, customer relationships, efficient, secure settlement, clearing and other support services and our reputation distinguish us from our competitors. We believe that to maintain our competitive position, we

The opening of the company’s “Our Competitive Strengths” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

4/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $6.21B paid out against $13.85B of free cash flow (pass); total debt $18.38B to $20.28B, up 10.4%, 3.0x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.56B to 0.57B, up 1.4% (pass). 3 of 4 tests passed; the framework scores that as 4.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated

  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $7.09, g = 17.3%, Y = 4.5
    IV = $298.79
    Current price $161.56 vs Graham value $298.79 — price is 45.9% below the model value.

  DCF:
    FCF/share = $6.472
    Stage 1 growth = 13.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $7.314 → PV $6.649
      Y2: $8.265 → PV $6.830
      Y3: $9.339 → PV $7.017
      Y4: $10.553 → PV $7.208
      Y5: $11.925 → PV $7.405
    Stage 1 PV sum = $35.11
    Terminal value at end of Y5 = $175.47
    PV of terminal value = $108.95
    DCF value = $144.06
    Current price $161.56 vs DCF value $144.06 — price is 12.1% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $161.56. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

Loading headlines...

The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.

ICE · Intercontinental Exchange

ICE price