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 $141.27 per share. The share price was $154.31 on September 25, 2026, 9% 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% | $73.91 | -52% |
| Base | 9.0% | 9.0% | $141.27 | -8% |
| Bull | 14.0% | 8.0% | $266.95 | +73% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $190.65 | $205.83 | $224.40 | $247.61 | $277.44 |
| 8.0% | $153.71 | $163.56 | $175.20 | $189.17 | $206.24 |
| 9.0% | $126.76 | $133.50 | $141.27 | $150.33 | $161.05 |
| 10.0% | $106.27 | $111.06 | $116.48 | $122.69 | $129.85 |
| 11.0% | $90.18 | $93.69 | $97.61 | $102.03 | $107.03 |
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