What is Intercontinental Exchange, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Intercontinental Exchange, Inc.'s reported free cash flow gives $135.03 per share. The share price was $176.36 on November 10, 2026, 31% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 4.0% | 10.0% | $67.67 | -62% |
| Base | 9.0% | 9.0% | $135.03 | -23% |
| Bull | 14.0% | 8.0% | $260.70 | +48% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $184.40 | $199.59 | $218.16 | $241.36 | $271.20 |
| 8.0% | $147.47 | $157.32 | $168.96 | $182.93 | $200.00 |
| 9.0% | $120.52 | $127.26 | $135.03 | $144.09 | $154.81 |
| 10.0% | $100.03 | $104.81 | $110.24 | $116.45 | $123.60 |
| 11.0% | $83.94 | $87.45 | $91.37 | $95.79 | $100.79 |
Where the presets come from
Base: years 1 to 5 grow at Intercontinental Exchange, Inc.'s revenue growth rate over the last 5 fiscal years (8.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions