Equitable vs Intercontinental Exchange
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The short version
- Intercontinental Exchange is the larger business, with $12.6B of revenue in fiscal 2025 against $11.7B for Equitable.
- Intercontinental Exchange grew revenue faster (7.5%, against β6.1%).
| Latest fiscal year | EQH Β· FY25 | ICE Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.7B | $92.1B |
| Revenue | $11.7B | $12.6B |
| Free cash flow | β | $4.3B |
| Net income | β$1.4B | $3.3B |
| Growth | ||
| Revenue growth | β6.1% | 7.5% |
| 5-year growth | β1.2% | 8.9% |
| Share count change | β8.2% | β0.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | 39.0% |
| Net margin | β11.8% | 26.2% |
| FCF margin | β | 33.9% |
| Return on capital | β | 7.7% |
| Return on equity | β | 11.7% |
| Balance sheet | ||
| Net debt | β$8.6B | $19.8B |
| Net debt / EBITDA | β | 3.1x |
| Dividends and buybacks | $1.8B | $2.4B |
| Valuation & quality | ||
| P/E | β | 23.0x |
| Piotroski F-score | β | 8 |
Revenue
FY16
EQH $11.8B
ICE $6.0B
FY17
EQH $12.5B
ICE $5.8B
FY18
EQH $12.1B
ICE $6.3B
FY19
EQH $9.6B
ICE $6.5B
FY20
EQH $12.4B
ICE $8.2B
FY21
EQH $7.6B
ICE $9.2B
FY22
EQH $12.6B
ICE $9.6B
FY23
EQH $10.5B
ICE $9.9B
FY24
EQH $12.4B
ICE $11.8B
FY25
EQH $11.7B
ICE $12.6B
EQH
ICE
Operating margin
FY16
EQH β
ICE 36.4%
FY17
EQH β
ICE 40.7%
FY18
EQH β
ICE 41.2%
FY19
EQH β
ICE 40.8%
FY20
EQH β
ICE 36.8%
FY21
EQH β
ICE 37.6%
FY22
EQH β
ICE 37.8%
FY23
EQH β
ICE 37.3%
FY24
EQH β
ICE 36.6%
FY25
EQH β
ICE 39.0%
EQH
ICE
Free cash flow
FY16
EQH β
ICE $1.9B
FY17
EQH β
ICE $1.9B
FY18
EQH β
ICE $2.4B
FY19
EQH β
ICE $2.5B
FY20
EQH β
ICE $2.7B
FY21
EQH β
ICE $2.9B
FY22
EQH β
ICE $3.3B
FY23
EQH β
ICE $3.4B
FY24
EQH β
ICE $4.2B
FY25
EQH β
ICE $4.3B
EQH
ICE
Return on capital
FY16
EQH β
ICE 6.7%
FY17
EQH β
ICE 10.2%
FY18
EQH β
ICE β
FY19
EQH β
ICE β
FY20
EQH β
ICE β
FY21
EQH β
ICE β
FY22
EQH β
ICE β
FY23
EQH β
ICE 7.0%
FY24
EQH β
ICE 6.7%
FY25
EQH β
ICE 7.7%
EQH
ICE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.