Intercontinental Exchange vs S&P Global
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The short version
- S&P Global is the larger business, with $15.3B of revenue in fiscal 2025 against $12.6B for Intercontinental Exchange.
- S&P Global kept more of each dollar of sales as operating profit (42.2% operating margin, against 39.0%).
- S&P Global turned more of its sales into free cash flow (35.6% FCF margin, against 33.9%).
- S&P Global earned a higher return on the capital invested in it (11.7%, against 7.7%).
- Investors pay more for each dollar of S&P Global’s earnings: a P/E of 28.5x against 23.0x for Intercontinental Exchange.
| Latest fiscal year | ICE · FY25 | SPGI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $92.1B | $134.0B |
| Revenue | $12.6B | $15.3B |
| Free cash flow | $4.3B | $5.5B |
| Net income | $3.3B | $4.5B |
| Growth | ||
| Revenue growth | 7.5% | 7.9% |
| 5-year growth | 8.9% | 15.6% |
| Share count change | −0.2% | −2.2% |
| Profitability | ||
| Gross margin | — | 70.3% |
| Operating margin | 39.0% | 42.2% |
| Net margin | 26.2% | 29.2% |
| FCF margin | 33.9% | 35.6% |
| Return on capital | 7.7% | 11.7% |
| Return on equity | 11.7% | 13.9% |
| Balance sheet | ||
| Net debt | $19.8B | $11.3B |
| Net debt / EBITDA | 3.1x | 1.5x |
| Dividends and buybacks | $2.4B | $6.2B |
| Valuation & quality | ||
| P/E | 23.0x | 28.5x |
| Piotroski F-score | 8 | 7 |
FY16
ICE $6.0B
SPGI $5.7B
FY17
ICE $5.8B
SPGI $6.1B
FY18
ICE $6.3B
SPGI $6.3B
FY19
ICE $6.5B
SPGI $6.7B
FY20
ICE $8.2B
SPGI $7.4B
FY21
ICE $9.2B
SPGI $8.3B
FY22
ICE $9.6B
SPGI $11.2B
FY23
ICE $9.9B
SPGI $12.5B
FY24
ICE $11.8B
SPGI $14.2B
FY25
ICE $12.6B
SPGI $15.3B
ICE
SPGI
FY16
ICE 36.4%
SPGI 59.0%
FY17
ICE 40.7%
SPGI 42.6%
FY18
ICE 41.2%
SPGI 44.6%
FY19
ICE 40.8%
SPGI 48.2%
FY20
ICE 36.8%
SPGI 48.6%
FY21
ICE 37.6%
SPGI 50.9%
FY22
ICE 37.8%
SPGI 44.2%
FY23
ICE 37.3%
SPGI 32.2%
FY24
ICE 36.6%
SPGI 39.3%
FY25
ICE 39.0%
SPGI 42.2%
ICE
SPGI
FY16
ICE $1.9B
SPGI $1.4B
FY17
ICE $1.9B
SPGI $1.9B
FY18
ICE $2.4B
SPGI $2.0B
FY19
ICE $2.5B
SPGI $2.7B
FY20
ICE $2.7B
SPGI $3.5B
FY21
ICE $2.9B
SPGI $3.6B
FY22
ICE $3.3B
SPGI $2.5B
FY23
ICE $3.4B
SPGI $3.6B
FY24
ICE $4.2B
SPGI $5.6B
FY25
ICE $4.3B
SPGI $5.5B
ICE
SPGI
FY16
ICE 6.7%
SPGI 114.2%
FY17
ICE 10.2%
SPGI 114.2%
FY18
ICE —
SPGI 124.1%
FY19
ICE —
SPGI 126.8%
FY20
ICE —
SPGI —
FY21
ICE —
SPGI —
FY22
ICE —
SPGI 16.2%
FY23
ICE 7.0%
SPGI 7.0%
FY24
ICE 6.7%
SPGI 10.0%
FY25
ICE 7.7%
SPGI 11.7%
ICE
SPGI
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.