Intercontinental Exchange has continued to diversify its revenue streams by using a series of acquisitions to build its position in mortgage technology and fixed-income data. Roughly half of ICE’s revenue is recurring, reducing reliance on exchange fees, which is a positive given the competition facing its equity trading business.
Intercontinental Exchange has become increasingly less reliant on transactional revenue as it expands its data and service offerings both organically and through acquisitions.
ICE's mortgage technology segment is facing major headwinds that will not resolve until mortgage rates decline.
|
Metric
|
ICE
|
CME
|
NDAQ
|
|---|---|---|---|
Price/Earnings (Normalized) | 23.26 | 22.45 | 21.23 |
Price/Book Value | 2.92 | 2.82 | 3.19 |
Price/Sales | 7.47 | 13.51 | 5.04 |
Price/Cash Flow | 18.83 | 21.24 | 18.43 |
|
Metric
|
ICE
|
CME
|
NDAQ
|
|---|---|---|---|
Quick Ratio | 0.05 | 0.04 | 0.17 |
Current Ratio | 1.00 | 1.02 | 1.01 |
Interest Coverage | 4.19 | 27.06 | 5.73 |
|
Metric
|
ICE
|
CME
|
NDAQ
|
|---|---|---|---|
Return on Assets (Normalized) | 2.10% | 2.25% | 5.78% |
Return on Equity (Normalized) | 13.14% | 12.26% | 19.99% |
Return on Invested Capital (Normalized) | 8.05% | 11.30% | 9.86% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
SPGI
| S&P Global Inc | Llwltwynf | Hpr | $132.4 Bil | |
CME
| CME Group Inc Class A | Vwdrcvdms | Rrx | $75.5 Bil | |
MCO
| Moody's Corporation | Gstrcncmrw | Prjqp | $68.4 Bil | |
LNSTY
| London Stock Exchange Group PLC ADR | — | Zcbcs | $60.3 Bil | |
LDNXF
| London Stock Exchange Group PLC | — | Kby | $60.3 Bil | |
COIN
| Coinbase Global Inc Ordinary Shares - Class A | Dmdryvb | Cqjnt | $52.8 Bil | |
MSCI
| MSCI Inc | Bxrzklcq | Srj | $40.1 Bil | |
NDAQ
| Nasdaq Inc | Nxntfnhst | Msswh | $34.6 Bil | |
FDS
| FactSet Research Systems Inc | Hxmfwwzjg | Sgyxr | $16.4 Bil |
