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CIK 1571949 · Financial Data & Exchange Roll-Ups
Intercontinental Exchange, Inc. is a public company in Financial - Data & Stock Exchanges, tracked in the financial data and exchange rollups sub-sector, with $13B TTM revenue and $6.6B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, ICE filings, SEC EDGAR
$88,118
Market cap ($MM)
$107,609
Enterprise value ($MM)
$13,075
Revenue · LTM ($MM)
$6,633
EBITDA · LTM ($MM)
51%
EBITDA margin
8.2x
EV / revenue
16.2x
EV / EBITDA
3.2x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 3.2x net debt / EBITDA with EBITDA of $6.6B.
$863
Cash & equiv. ($MM)
$22,121
Total debt ($MM)
$21,258
Net debt ($MM)
3.2x
Net debt / EBITDA
Valuation
ICE versus the scaled public Financial Data & Exchange Roll-Ups comparables.
EV / EBITDA distribution · peer set
ICE 16.2x
Indexed share-price performance
ICE versus available Financial Data & Exchange Roll-Ups peers and SPY.
+34%
ICE
+26%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Intercontinental Exchange, Inc. | ICE | $13,075 | $6,633 | 51% | $88,118 | $107,609 | 8.2x | 16.2x | 3.2x |
| Moody’s Corporation | MCO | $7,873 | $3,950 | 50% | $78,846 | $84,690 | 10.8x | 21.4x | 1.4x |
| S&P Global Inc. | SPGI | $15,730 | $7,830 | 50% | $124,356 | $136,322 | 8.7x | 17.4x | 1.5x |
| Factset Research Systems Inc. | FDS | $2,401 | $937 | 39% | $8,146 | $9,432 | 3.9x | 10.1x | 1.2x |
| Msci Inc. | MSCI | $3,239 | $1,988 | 61% | $42,619 | $48,781 | 15.1x | 24.5x | 3.0x |
| Fair Isaac Corp | FICO | $2,256 | $1,163 | 52% | $26,113 | $29,550 | 13.1x | 25.4x | 2.9x |
| Financial Data & Exchange Roll-Ups median | $5,556 | $2,969 | 50% | $60,732 | $66,735 | 9.7x | 19.4x | 2.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
ICE's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
57
Active years
13
Named deals
10
Avg / active year
4.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
ICE count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
1 / 2
Last three years is down 50% vs prior three.
Peak count year
FY14
4 disclosed acquisitions in the peak visible year.
Recent spend
$10B
is broadly steady vs prior three; peak FY23 at $10B.
Named evidence
10 rows
18% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| May 4, 2022 | Black Knight, Inc. | Financial data and exchange rollups | $13,100 | On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves t... | 10-K† |
| May 4, 2022 | Black Knight, Inc. | Financial data and exchange rollups | $13,100 | On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves t... | 10-K† |
| Sep 5, 2023 | Black Knight, Inc. | Financial data and exchange rollups | $11,838 | On September 5, 2023, we acquired 100% of the equity interests in Black Knight, Inc., or Black Knight, for aggregate transaction consideration of approximately $11.8 billion. Th... | 10-K† |
| Sep 5, 2023 | Black Knight, Inc. | Financial data and exchange rollups | $11,838 | On September 5, 2023, we acquired 100% of Black Knight for aggregate transaction consideration of approximately $11.8 billion, or $76 per share of Black Knight common stock, wit... | 10-K† |
| Jan 1, 2023 | Black Knight | Financial data and exchange rollups | $11,800 | There were no material business combinations individually or in aggregate in 2025 and 2024 subject to the critical accounting estimates described above. In 2023, we acquired Bla... | 10-K† |
| Sep 4, 2020 | Ellie Mae Intermediate Holdings I, Inc. and its indirect wholly owned subsidiary, Ellie Mae, Inc. | Financial data and exchange rollups | $11,400 | On September 4, 2020, we acquired Ellie Mae for aggregate consideration of $11.4 billion from private equity firm Thoma Bravo. The purchase price consisted of $9.5 billion in ca... | 10-K† |
| Sep 4, 2020 | Ellie Mae | Financial data and exchange rollups | $11,400 | On September 4, 2020, we acquired Ellie Mae for aggregate consideration of $11.4 billion from private equity firm Thoma Bravo. Ellie Mae is a cloud-based technology solution pro... | 10-K† |
| Nov 13, 2013 | NYSE | Financial data and exchange rollups | $11,100 | On November 13, 2013, we acquired 100% of NYSE in a stock and cash transaction. The total purchase price was $11.1 billion comprised of cash consideration of $2.7 billion and 42... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 6 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
13
Named deal filings
6
Recent SEC filings
10
Evidence clips
6
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 5, 2026 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | N/A | $19.0MM | N/A | SEC filing |
| FY2024 | Feb 6, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | $38.0MM | N/A | SEC filing |
| FY2023 | Feb 8, 2024 | Annual M&A 10-K | quarantined (1 issue) | 1 | $11B | $11B | SEC filing |
| FY2022 | Feb 2, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $59.0MM | N/A | SEC filing |
| FY2021 | Feb 3, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $66.0MM | N/A | SEC filing |
| FY2020 | Feb 4, 2021 | Annual M&A 10-K | quarantined (1 issue) | 2 | $9.5B | $11B | SEC filing |
| FY2019 | Feb 6, 2020 | Annual M&A 10-K | accepted | 1 | $352MM | $338MM | SEC filing |
| FY2018 | Feb 7, 2019 | Annual M&A 10-K | warning (1 warn) | 4 | $1.3B | N/A | SEC filing |
| FY2017 | Feb 7, 2018 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | 4 | $423MM | N/A | SEC filing |
| FY2016 | Feb 7, 2017 | Annual M&A 10-K | accepted | 1 | $431MM | $431MM | SEC filing |
| FY2015 | Feb 4, 2016 | Annual M&A 10-K | accepted | 2 | $3.8B | $6.2B | SEC filing |
| FY2014 | Feb 5, 2015 | Annual M&A 10-K | quarantined (1 issue) | 4 | $577MM | $12B | SEC filing |
| FY2013 | Feb 14, 2014 | Annual M&A 10-K | quarantined (1 issue) | 2 | $2.7B | $11B | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 5, 2026 | 10-K | Black Knight, Inc.; Black Knight | FinancialsAnnual M&ANamed deals | SEC filing |
| Feb 8, 2024 | 10-K | Black Knight, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 2, 2023 | 10-K | Black Knight, Inc.; Ellie Mae Intermediate Holdings I, Inc. and its indirect wholly owned subsidiary, Ellie Mae, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 4, 2021 | 10-K | Ellie Mae | Annual M&ANamed deals | SEC filing |
| Feb 4, 2016 | 10-K | NYSE | Annual M&ANamed deals | SEC filing |
| Feb 14, 2014 | 10-K | NYSE Euronext | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 5, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsRecent SEC | SEC filing |
| Apr 30, 2026 | 8-K | 2.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Apr 30, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 31, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 31, 2026 | DEF 14A | N/A | DEF 14A | Recent SEC | SEC filing |
| Feb 5, 2026 | 8-K | 2.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Nov 17, 2025 | 8-K | 8.01,9.01 | 8-K | Recent SEC | SEC filing |
| Oct 30, 2025 | 8-K | 2.02,9.01 | FORM 8-K | Recent SEC | SEC filing |
Pending Acquisition of Black Knight, Inc.
10-K - Feb 2, 2023
On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves the housing finance continuum, including re…
Black Knight acquisition
10-K - Feb 2, 2023
On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves the housing finance continuum, including re…
Black Knight, Inc. Acquisition
10-K - Feb 5, 2026
On September 5, 2023, we acquired 100% of the equity interests in Black Knight, Inc., or Black Knight, for aggregate transaction consideration of approximately $11.8 billion. This transaction has built on our position a…
Black Knight, Inc.
10-K - Feb 8, 2024
On September 5, 2023, we acquired 100% of Black Knight for aggregate transaction consideration of approximately $11.8 billion, or $76 per share of Black Knight common stock, with cash comprising 90% of the value of the…
Black Knight acquisition
10-K - Feb 5, 2026
There were no material business combinations individually or in aggregate in 2025 and 2024 subject to the critical accounting estimates described above. In 2023, we acquired Black Knight which is described in Note 3 to…
Ellie Mae Acquisition
10-K - Feb 2, 2023
On September 4, 2020, we acquired Ellie Mae for aggregate consideration of $11.4 billion from private equity firm Thoma Bravo. The purchase price consisted of $9.5 billion in cash, as adjusted for ...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.