Intercontinental Exchange, Inc., together with its subsidiaries, provides technology and data to financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Canada, Asia Pacific, and the Middle East. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology. The Exchanges segment operates regulated marketplace technology for the listing, trading, …
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Competitive advantage assessment
Key strengths
Sticky AUM BaseRevenue stickiness is high (stability score 0.69).
Consistent Fee StructureFee margin stability is solid (score 1.00).
Key risks
Margin Erosion TrendMargin trend is deteriorating (score 0.38).
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Where ICE ranks in Financial Data & Stock Exchanges
Intercontinental Exchange Inc. ranks #3 of 15
scored companies in Financial Data & Stock Exchanges by moat score — the top 20%.
The widest moat in the group is CME Group Inc. (CME)
at 82/100.
Moat scores for companies ranked near ICE in Financial Data & Stock Exchanges
How ICE scores on the Asset Management Specialized defenses
Fee Revenue Quality
Score 88
· 20% of the moat score
Fee revenue quality is the ability to charge above the industry's falling average and keep charging it.
Client Retention & Revenue Stickiness
Score 67
· 18% of the moat score
Assets under management leave far more easily than they arrive, and the fee leaves with them.
Compensation Discipline
Score 51
· 18% of the moat score
Compensation is the largest expense in asset management and the one that decides whether a good year ever reaches shareholders.
Capital Efficiency
Score 65
· 20% of the moat score
Asset managers are asset-light: with little capital employed, a healthy business should earn a very high return on equity, and a merely average one is a real warning.
Earnings Quality & Cash Conversion
Score 76
· 14% of the moat score
Reported profits here can be flattered by performance fees, seed-capital gains and consolidated fund accounting, none of which recur reliably.
Balance Sheet Strength
Score 65
· 10% of the moat score
Because the business needs so little capital, an asset manager carrying meaningful debt has usually borrowed to buy another manager or to fund distributions.
What is Intercontinental Exchange Inc.'s moat score?
Intercontinental Exchange Inc. (ICE) scores 69 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #3 of 15 scored companies in Financial Data & Stock Exchanges, the top 20%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 14 companies in Financial Data & Stock Exchanges. Its strongest defense is Fee Revenue Quality (88/100) and its weakest is Compensation Discipline (51/100).
How does Intercontinental Exchange Inc. compare with other Financial Data & Stock Exchanges companies?
Intercontinental Exchange Inc. ranks #3 of 15 scored companies in Financial Data & Stock Exchanges by moat score. The widest moat in Financial Data & Stock Exchanges is CME Group Inc. (CME) at 82/100. The companies ranked closest are FactSet Research Systems Inc. (FDS) at 69 just above it and MSCI Inc. (MSCI) at 69 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Asset Management Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 14 companies in Financial Data & Stock Exchanges. The defenses are then weighted to produce the overall score out of 100.
Why is Intercontinental Exchange Inc. scored with the Asset Management Specialized template?
An asset manager owns almost nothing. It charges a fee on someone else's money, pays much of that fee out in compensation, and keeps the remainder — so its economics turn on the fee rate it can defend, whether client money stays, and how much revenue survives the bonus pool. The Asset Management template scores those questions rather than the balance sheet, which in this industry is largely beside the point.
Which competitive defenses are measured for Intercontinental Exchange Inc.?
The Asset Management Specialized template measures 6 defenses, and ICE scores: Fee Revenue Quality (88), Client Retention & Revenue Stickiness (67), Compensation Discipline (51), Capital Efficiency (65), Earnings Quality & Cash Conversion (76), Balance Sheet Strength (65). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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