ICE
Intercontinental Exchange
Platform / Network
★ Quality 36/100Price today
$161.26
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See what it is worthcharlieapp.co
A monopoly position
This company has a competitive advantage so strong that its rivals find it practically impossible to replicate.
What this business is made of
The business
ICE is the playground where liquidity plays with itself.
ICE collects tolls on three fronts: exchanges and derivatives (NYSE, energy and rate futures), recurring market data, and mortgage technology after swallowing Ellie Mae and Black Knight for ~$25B combined. Of the $12.6B in revenue, a growing share is recurring subscription, not just transaction volume.
Liquidity concentrates where liquidity already is — traders come to ICE because everyone else is there, and that reinforces itself. In mortgages, its software is embedded in the lender's workflow; switching is expensive and risky. You can't replicate thirty years of proprietary data with capital.
Revenue history
From $9.0B to $12.6B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $12.6B · FY2025
Of every $100 in sales, $74 goes to costs and operations; $26 is left as net profit (26% margin).
Catalysts and risks
Synergies from the Black Knight integration ($11.7B, closed 2023); target of >$200M in costs.
Growth in recurring data revenue, today half the business and less cyclical.
Rate and energy volatility pushing record futures volumes during 2025-2026.
$18.6B in debt against just $0.8B in cash — leverage inherited from the acquisitions.
The mortgage business suffers when high rates freeze originations and refinancings.
Regulators and competitors watch closely the dominance in exchanges and control of data.
Charlie's note
“A toll machine disguised as a tech company. It collects every time someone trades, pulls a data point, or closes a mortgage — the kind of business I'd rather own while I sleep. The debt is the only thing I'd keep an eye on.”
Analysis · June 2026
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