{
  "id": 15775868,
  "title": "ICE vs. Nasdaq: valuation edge goes to ICE, growth edge to NDAQ",
  "url": "https://urgent.news/2026/10/20/ice-vs-nasdaq-valuation-edge-goes-to-ice-growth-edge-to-ndaq",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-20T17:39:30.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/stock-market-news/ice-vs-nasdaq-valuation-edge-goes-to-ice-growth-edge-to-ndaq-93CH-4960814"
  },
  "original_language": "en",
  "account": "Intercontinental Exchange Inc (ICE) emerges as the stronger value option, while Nasdaq Inc (NDAQ) showcases faster growth, albeit at a higher valuation.\n\nICE is priced at $157.25 as of October 20, 2026, with a market capitalization of $88.92 billion. Its price-to-earnings (P/E) ratio stands at 21.8x, with a forward P/E of 19.4x. The fair value upside, based on current estimates, is 15.4% as of the same date.\n\nNDAQ, on the other hand, trades at $94.74 per share, with a market capitalization of $52.10 billion. Its P/E ratio is higher at 26.8x, while its forward P/E is 22.4x. The fair value upside for NDAQ stands at a slight negative 1.1% as of October 20, 2026.\n\nICE generated $7.15 billion in revenue in 2021, increasing to $9.93 billion in 2025, marking a 9.0% revenue growth as of June 30, 2026. NDAQ experienced a more substantial growth trajectory, expanding its revenue from $3.42 billion in 2021 to $5.25 billion in 2025. The company's latest revenue growth rate stands at 14.2% as of June 30, 2026.\n\nIn terms of cash flow valuation, ICE demonstrates a better yield with a free cash flow (FCF) yield of 5.8% compared to NDAQ's 3.7% as of June 30, 2026. This valuation disparity suggests that there is more room for error if ICE's execution falls short. Conversely, NDAQ boasts a stronger reported return on equity (ROE) at 16.5%, compared to ICE's 13.9% as of June 30, 2026. However, NDAQ carries a higher debt-to-equity ratio of 77.7% versus ICE's 69.5%.\n\nWhen considering the bullish outlook for both companies, ICE's strength lies in its record trading activity and expanding derivatives volumes, which can potentially offset any weaknesses in mortgage and technology sectors. Recent coverage has highlighted record open interest and strong activity in agriculture and metals markets.\n\nConversely, NDAQ's growth story focuses on recurring revenue from its solutions, index licensing, and financial technology offerings. The company has reported an 11% annualized recurring revenue growth and 17% growth in its Solutions segment. However, NDAQ's valuation risk may increase if its faster growth slows down.\n\nWhile both companies face unique risks, ICE's exposure to mortgage and fixed-income markets presents potential headwinds. Meanwhile, NDAQ's valuation could be vulnerable if its growth trajectory falters. Overall, the analysis suggests that ICE holds a stronger valuation and quality comparison across these metrics. For investors seeking a balanced valuation and quality profile, ICE emerges as the preferred choice. However, those prioritizing aggressive growth and willing to accept a richer multiple may find NDAQ to be the more favorable option. Historical data for this comparison is limited to the past ten years on a Pro+ plan.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}