Intercontinental Exchange has diversified its revenue streams through a series of acquisitions to build its position in mortgage technology and fixed-income. Roughly half ICE’s revenue is recurring, reducing reliance on exchange fees, which is a positive, given the competition facing its equity trading business and the volatility of some of its mortgage technology revenue.
ICE has become increasingly less reliant on transactional revenue as it expands its data and service offerings organically and through acquisitions. If trading volume declines, we expect the firm to be less affected than in the past.
ICE's mortgage technology segment could continue to struggle if mortgage rates remain persistently high.
|
Metric
|
ICE
|
NDAQ
|
DB1
|
|---|---|---|---|
Price/Earnings (Normalized) | 19.75 | 23.69 | 24.62 |
Price/Book Value | 2.88 | 4.30 | 4.99 |
Price/Sales | 6.44 | 6.01 | 6.74 |
Price/Cash Flow | 15.19 | 19.62 | 17.66 |
|
Metric
|
ICE
|
NDAQ
|
DB1
|
|---|---|---|---|
Quick Ratio | 0.04 | 0.88 | 0.74 |
Current Ratio | 1.01 | 1.01 | 1.01 |
Interest Coverage | 7.50 | 8.20 | 20.79 |
|
Metric
|
ICE
|
NDAQ
|
DB1
|
|---|---|---|---|
Return on Assets (Normalized) | 2.82% | 7.56% | 0.66% |
Return on Equity (Normalized) | 15.06% | 18.47% | 20.88% |
Return on Invested Capital (Normalized) | 9.95% | 11.48% | 0.87% |
|
1-Day Chart
|
Name
|
Price
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|---|
| S&P Global Inc
SPGI
| LOCK|V$!v&d!j | LOCK|z>k | $114B | |||
| CME Group Inc Class A
CME
| LOCK|fy>&wNz | LOCK|mjS | $95B | |||
| Moodys Corp
MCO
| LOCK|^#pG@WJ | LOCK|%N> | $77B | |||
| Nasdaq Inc
NDAQ
| LOCK|^Sq?!H | LOCK|>Xs%% | $51B | |||
| Coinbase Global Inc Ordinary Shares - Class A
COIN
| LOCK|D%D&K^ | LOCK|BF | $50B | |||
| MSCI Inc
MSCI
| LOCK|<$?WRHv | LOCK|@Q! | $40B | |||
| Cboe Global Markets Inc
CBOE
| LOCK|!df?L&w | LOCK|@RZh | $29B | |||
| TransUnion
TRU
| LOCK|lwbL$j | LOCK|?<kk | $12B | |||
| FactSet Research Systems Inc
FDS
| LOCK|j?H%w! | LOCK|pS | $10B |
United States