ICEIntercontinental Exchange, Inc.

Security & Commodity Brokers, Dealers, Exchanges & Services

Revenue: $12.6B; 7.5% YoY
Operating margin: 39.0%; 6.4% YoY
EBITDA: $6.5B; 11% YoY
Market cap: $94.2B
Employees: 12,844; $984K revenue each
Net debt / EBITDA: 3.4×; $22.4B net debt
AI in 10-K: 3.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
141% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
51% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
17% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$984K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.4 per 10K words · 73rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$94.2B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$91M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$9.2B	$9.6B	$9.9B	$11.8B	$12.6B	7.5%
Operating income	$3.4B	$3.6B	$3.7B	$4.3B	$4.9B	14%
Net income	$4.1B	$1.4B	$2.4B	$2.8B	$3.3B	20%
Operating cash flow	$3.1B	$3.6B	$3.5B	$4.6B	$4.7B	1.1%
Capex	$179M	$225M	$190M	$406M	$373M	8.1%
Stock-based comp	$188M	$155M	$257M	$231M	$238M	3.0%
Buybacks	$250M	$632M	$0	$0	$1.3B
Dividends	$747M	$853M	$955M	$1.0B	$1.1B	6.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $91M · 64
Net: −$91M

Pay vs performance

No pay-versus-performance disclosure yet.