Question 1

What is Intercontinental Exchange's P/FCF ratio?

Accepted Answer

Intercontinental Exchange (ICE) P/FCF ratio is 17.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Intercontinental Exchange?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Intercontinental Exchange specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Intercontinental Exchange's P/FCF ratio high or low?

Accepted Answer

Intercontinental Exchange's P/FCF ratio of 17.8× is below its own 5-year average of 22.5× and above the sector median of 12.0×. That places the current reading at the 3th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Intercontinental Exchange's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Intercontinental Exchange (ICE) P/FCF ratio has ranged from a low of 13.5× in 2011 to a high of 72.9× in 2007. The 5-year average is 22.5× and the 5-year median is 22.6×.

Question 7

What was Intercontinental Exchange's P/FCF ratio in 2025?

Accepted Answer

Intercontinental Exchange (ICE) P/FCF ratio at the end of 2025 was 21.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Intercontinental Exchange's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$92.5B	$4.29B	21.6×	-0.1×	Dec 31, 2025
2024	$85.5B	$3.94B	21.7×	-2.1×	Dec 31, 2024
2023	$72.6B	$3.05B	23.8×	+5.1×	Dec 31, 2023
2022	$57.3B	$3.07B	18.7×	-10.1×	Dec 31, 2022
2021	$76.9B	$2.67B	28.8×	+2.6×	Dec 31, 2021
2020	$64.7B	$2.47B	26.2×	+4.3×	Dec 31, 2020
2019	$51.5B	$2.35B	21.9×	+2.8×	Dec 31, 2019
2018	$42.9B	$2.25B	19.0×	-4.8×	Dec 31, 2018
2017	$41.2B	$1.73B	23.8×	+5.0×	Dec 31, 2017
2016	$33.6B	$1.78B	18.8×	-8.9×	Dec 31, 2016
2015	$28.6B	$1.03B	27.7×	+8.4×	Dec 31, 2015
2014	$24.3B	$1.26B	19.3×	-27.4×	Dec 31, 2014
2013	$25.9B	$554M	46.7×	+33.2×	Dec 31, 2013
2012	$9B	$665M	13.5×	-0.4×	Dec 31, 2012
2011	$8.68B	$625M	13.9×	-4.1×	Dec 31, 2011
2010	$8.72B	$486M	17.9×	-0.6×	Dec 31, 2010
2009	$8.21B	$442M	18.6×	+0.5×	Dec 31, 2009
2008	$5.89B	$326M	18.1×	-54.8×	Dec 31, 2008
2007	$13.4B	$183M	72.9×	+24.3×	Dec 31, 2007
2006	$6.13B	$126M	48.6×	—	Dec 31, 2006


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Intercontinental Exchange (ICE) 2006-2026

P/FCF Ratio daily chart for Intercontinental Exchange (ICE)

Historical P/FCF Ratio for Intercontinental Exchange (ICE) from 2006 to 2025

About P/FCF Ratio at Intercontinental Exchange (ICE)

Intercontinental Exchange P/FCF Ratio by Year

Intercontinental Exchange P/FCF Ratio 2025: 21.6×

Intercontinental Exchange P/FCF Ratio 2024: 21.7×

Intercontinental Exchange P/FCF Ratio 2023: 23.8×

Intercontinental Exchange P/FCF Ratio 2022: 18.7×

Intercontinental Exchange P/FCF Ratio 2021: 28.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Intercontinental Exchange (ICE) Key Financials