Aureus
AExcellent

Intercontinental Exchange Inc.(ICE)

A

Financial data as of Dec 31, 2025Declining · Financials

FCF Margin30.6%Free Cash Flow / Revenue
Cash Conversion140.6%Operating CF / Net Income
Free Cash Flow$3.9B
Revenue$12.6B
Net Cash-$19.4BNet debt position
Debt / FCF5.2xElevated debt burden
Current Ratio1.02Adequate short-term liquidity
YoY FCF Growth-18.0%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-0.5Elevated debt-to-FCF ratio (5.2x)
→
+0.5Healthy FCF margin with manageable debt (30.6%, 5.2x)
→
-0.5Moderate decline but healthy margin (-18.0% YoY)
→
+0.5Highly consistent quarterly FCF
→
FinalA

Analysis Summary

Strengths

  • Exceptional FCF margin (30.6%)
  • Excellent cash conversion (141%)
  • Highly consistent quarterly FCF

Concerns

  • Heavy debt position ($19.4B)
  • High debt-to-FCF ratio (5.2x)
  • FCF trend declining (-18.0% YoY) but margin still healthy

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin30.6%
Net Margin26.2%
Operating CF Margin36.9%
CapEx Ratio6.3%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$19.4BNet debt position
Debt / FCF5.2xElevated debt burden
Current Ratio1.02Adequate liquidity
Debt / Equity0.70Low leverage

Quarterly FCF Trend

-18.0% YoYDeclining (-18.0%)

Free cash flow per quarter

Sector Comparison — Financials

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameIntercontinental Exchange Inc.
SectorFinancials
Free Cash Flow$3.9B
Revenue$12.6B
Net Income$3.3B
Operating Cash Flow$4.7B
Capital Expenditure$791.0M
FCF Margin30.6%
Cash Conversion Rate140.6%
Net Margin26.2%
Total Debt$20.3B
Total Cash$837.0M
Net Cash-$19.4B
Current Ratio1.02
Debt / Equity0.70
Debt / FCF5.2x
YoY FCF Growth-18.0%
Positive Quarters5 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeA
Data SourceYahoo Finance

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