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    Intercontinental Exchange (ICE) Could Be 16% Undervalued Following Private Credit Data Launch

    Simply Wall St·09/25/2026 07:30:53
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    Intercontinental Exchange (ICE) just rolled out a private credit reference data service that relies on its new ICE IDs and a large dataset contributed by Apollo, aiming to streamline how private credit information flows.

    Intercontinental Exchange’s latest product launch lands after a mixed run in the ticker, with the share price up 26.7% over the past 90 days but down 3% over 30 days, while the 3 year total shareholder return of 47% contrasts with a 4.9% decline over the past year.

    Scan beyond Intercontinental Exchange and compare other data driven finance platforms by running the curated list of solid balance sheet and fundamentals (24 results) that focuses on sturdier balance sheets and fundamentals.

    Intercontinental Exchange looks like a high quality data and trading infrastructure business, yet the share price has swung sharply this year. Are you paying a fair price today for that strength, or stretching for it?

    Most Popular Narrative: 16% Undervalued

    On the most followed view, Intercontinental Exchange is worth about $187 per share, which sits above the last close at $156.93. The gap between price and that fair value hinges on how well its data, fixed income and mortgage technology investments play out.

    The planned acquisition of MarketAxess and the build out of a combined electronic network for fixed income and private credit, including the new private credit reference data service, create scope to broaden execution and data fees across credit markets and to support recurring revenue and margin expansion over time.

    See why 37 investors see Intercontinental Exchange as 16% undervalued.

    Result: Fair Value of $187.29 (UNDERVALUED)

    Still, the Intercontinental Exchange story can crack if heavier data center and AI spending drags on cash generation, or if the MarketAxess deal brings tougher integration and leverage challenges.

    Find out about the key risks to this Intercontinental Exchange narrative.

    Another View On Intercontinental Exchange’s Valuation

    On price ratios, Intercontinental Exchange looks less clear cut. The stock trades on a P/E of 21.8x, which is lower than the US Capital Markets industry at 39.1x and below peers at 25.7x, yet above a fair ratio of 16.3x that the market could eventually gravitate toward.

    If the P/E moved closer to that fair ratio, the gap would indicate potential valuation risk rather than a straightforward bargain. The question for you is whether Intercontinental Exchange’s mix of data, exchanges and mortgage technology justifies staying nearer peer levels instead.

    See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:ICE P/E Ratio as at Sep 2026
    NYSE:ICE P/E Ratio as at Sep 2026

    Next Steps

    Mixed messages on Intercontinental Exchange so far. If you feel the push and pull between risk and upside, move quickly to check the 3 key rewards and 2 important warning signs.

    Looking for more Intercontinental Exchange sized ideas?

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.