Intercontinental Exchange Inc. — Earnings Quality Grade F
ICE · Financial Services
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 45 days, change -1 days YoY
AR growth 4.2% vs revenue growth 7.5%
Revenue 7.5%, CFFO 1.1%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 5.2% vs revenue 7.5%. Normal
SG&A/Gross Profit = 7.6%, excellent (<30%)
Gross margin 56.2%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 1.41. Profits backed by cash
FCF $3.9B, FCF/NI = 1.17
Accruals ratio = -1.0%. Low accruals
Cash $3.6B covers only 18% of debt $20.3B
Balance Sheet Health
Goodwill+Intangibles $46.0B = 159% of equity. Over 50%
Debt/EBITDA = 3.0x. Healthy
Other assets grew 89.1% vs revenue 7.5%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.44 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Intercontinental Exchange Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09