Intercontinental Exchange: Current Multiples Outpace Earnings Growth

2026-03-06 08:10:31 ET

Analysis

Intercontinental Exchange, Inc. ( ICE ) currently trades at a price-to-earnings ratio of 28x on a TTM basis. The return on equity on an unadjusted basis is around 11%, however, the interesting aspect is that this figure comes after taking into account roughly $30 billion of goodwill on the books. When adjusting for that, the return on equity metric would change altogether to a very high number. Nevertheless, on the basis of the current earnings profile—ICE at the current price of $164 with EPS of $5.77 doesn't look attractive as an investment allocation....

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