Coinbase Global Inc (COIN) is overvalued and Intercontinental Exchange Inc (ICE) is slightly overvalued.
Both trade above our estimate of their intrinsic value. ICE is the closer of the two: -8%, against -159% for COIN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.5% (average of 2 methods) values the shares at $77.60; the price of $201.07 is 159% above that value, and 77% of that value comes from beyond year five.
Leak Score 25/100 on 6 of 12 signals
Discounting its cash flows at 8.9% (average of 3 methods) values the shares at $141.52; the price of $152.93 is 8% above that value, and 76% of that value comes from beyond year five.
Leak Score 54/100 on 10 of 12 signals
| Metric | COIN | ICE |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $201.07 | $152.93 |
| Intrinsic value | $77.60 | $141.52 |
| Margin of safety | -159% | -8% |
| Leak Score | 25/100 (6/12) | 54/100 (10/12) |
| Market cap | $53.0B | $85.9B |
| Revenue growth, 5 years | 41.2% | 9.9% |
| Operating margin | -37.6% | 46.1% |
| Net margin | -20.6% | 30.7% |
| Return on equity | -7.8% | 13.9% |
| Debt to equity | 0.51 | 0.69 |
| P/E | — | 21.6x |
| Forward P/E | 78.2x | 17.4x |
| P/B | 4.1x | 2.9x |
| Dividend yield | — | 1.4% |