Intercontinental Exchange vs S&P Global
S&P Global is the larger business, with $15.34bn of revenue in fiscal 2025 against $12.64bn for Intercontinental Exchange (1.2 times as much). S&P Global grew faster (7.9% against 7.5%). S&P Global kept more of each dollar of sales as profit: a net margin of 29.2% against 26.2%. S&P Global carries less debt relative to equity (42.0% against 71.5%).
| Latest fiscal year | Intercontinental ExchangeICE, 2025 | S&P GlobalSPGI, 2025 |
|---|---|---|
| Revenue | $12.64bn | $15.34bn |
| Revenue growth | 7.5% | 7.9% |
| Net income | $3.31bn | $4.47bn |
| Operating margin | 39.0% | 42.2% |
| Net margin | 26.2% | 29.2% |
| Return on equity | 11.7% | 13.9% |
| Free cash flow | $4.29bn | $5.46bn |
| Cash | $837m | $1.71bn |
| Total debt | $20.68bn | $13.09bn |
| Debt to equity | 71.5% | 42.0% |
| Dividend per share | $1.92 | $3.84 |
| Dividend yield | 1.2% | 0.8% |
| Share buybacks | $1.29bn | $5.00bn |
| Employees | 12,844 | 44,500 |
| Market value | $95.21bn | $134.89bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 66 (Moderate) | 84 (Strong) |
| Insider trades, 12 months | 0 buys, 65 sales | 6 buys, 0 sales |