NAS10028,142+0.54%S&P7,563+0.29%GOLD$3,929−1.02%BTC$77,513+1.09%VIX20.95−0.95%latest tape · as of 20:14 UTC
The Screen · Financials · Financial Data & Stock Exchanges
Intercontinental Exchange
ICE · a US exchange · USD · Market cap $91.5B · 12,694 employees
Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union,…
FAIL · Does not pass the screen
172.28 USD
Price as of 2 Nov 2026Daily close, not a live quote
Screened 2026-11-02 · the tape above runs as of 20:14 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price172.28 USD at the 2 Nov 2026 close
Our value readFair vs our fair value, as of 2 Nov 2026
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.12, read 2026-11-01
Ethical does not pass the values gate
Price172.28 USD
Fair value158.13
Ethical score10.0/100
Value readFairas of 2 Nov 2026
Our investment reviews on this name
2026-10-16Read Markup158.41+8.8% to today ✓Distribution gives way to Markup first Markup read since August
2026-10-02Read Distribution154.31+11.6% to today Markup gives way to Distribution first Distribution read since July
2026-08-30Read Markup158.61+8.6% to today ✓Distribution gives way to Markup after a 12% rise in 8 weeks
2026-07-02Read Distribution141.50+21.8% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Intercontinental Exchange holds its Markup at $172.28. Consolidating, no directional conviction, held for 3 days.
As held on the ledger · 2026-11-02
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 3 days
Price at the screen
$172.28
Valuation
23.00 trailing · 18.35 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.94
The Workings
Five Screens, Shown in Full
Does not pass. Business activity screen
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Business activity: Financials sector
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Intercontinental Exchange does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-02. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ICE's ethical verdict changes
Today ICE does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 2 Nov 2026: it trades above our $158.13 fair value estimate, moderate competitive moat, 4.80% revenue growth.
Fair value range in USD, drawn from the 2026-11-02 screen. The gold marker is the market price at the same screen. The price runs 8.9% above the base estimate.
Third-party analyst targets: 15 covering, consensus Buy. The average target sits +6% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $158.13, with a range of $144.00 to $181.85, dated to the 2026-11-02 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
The Quiet Engine Behind Global Trading Floors
Every futures contract or equity trade that clears in New York or London runs across pipes built by a handful of exchange groups. Intercontinental Exchange sits at the centre of that network, posting 20% revenue growth, 38% profit margins and a 14% return on equity while the market prices it at 16 times forward earnings with an 11% margin of safety to our fair value.
We pass for one reason that has nothing to do with the numbers. The business fails our ethical screen on activity grounds. This is exactly what the screen is for.
The moderate moat and strong buy analyst chorus do not change the outcome. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ICE trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Markup$162.74+2.7%Entry 21
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Markup$158.41+0.0%Entry 20
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Markup$158.41+0.0%Entry 19
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Markup$158.41+0.0%Entry 18
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markup$158.41+0.0%Entry 17
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$158.41+0.0%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Markup$158.41+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Markup$158.41+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-16Markup · changed$158.41+2.7%Entry 13
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 10%. The street (15 analysts) rates it strong buy, with a mean price target of $200.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
