Intercontinental Exchange Inc (ICE) is slightly overvalued and S&P Global Inc (SPGI) is slightly overvalued.
Both trade above our estimate of their intrinsic value. ICE is the closer of the two: -8%, against -18% for SPGI.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $340.56; the price of $402.44 is 18% above that value, and 74% of that value comes from beyond year five.
Leak Score 51/100 on 9 of 12 signals
| Metric | ICE | SPGI |
|---|---|---|
| Verdict | Slightly overvalued | Slightly overvalued |
| Price | $152.93 | $402.44 |
| Intrinsic value | $141.52 | $340.56 |
| Margin of safety | -8% | -18% |
| Leak Score | 54/100 (10/12) | 51/100 (9/12) |
| Market cap | $85.9B | $118.6B |
| Revenue growth, 5 years | 9.9% | 15.6% |
| Operating margin | 46.1% | 44.6% |
| Net margin | 30.7% | 30.5% |
| Return on equity | 13.9% | 15.2% |
| Debt to equity | 0.69 | 0.50 |
| P/E | 21.6x | 24.5x |
| Forward P/E | 17.4x | 19.9x |
| P/B | 2.9x | 3.8x |
| Dividend yield | 1.4% | 1.0% |