Intercontinental ExchangeSTU:IC2 -1.92%86 Operating Margin % is 46.54% as of Mar. 2026, which is 19% above its 10-year median of 39.14. GuruFocus rates STU:IC2 with a GF Score™ of 86/100 and a GF Value™ of €145.99 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 664 Capital Markets companies, Intercontinental Exchange ranks better than 77.56% on this metric.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Intercontinental Exchange Operating Margin % Related Terms
Intercontinental Exchange Operating Margin % Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
STU:IC2 vs MCO, CME, NDAQ: Operating Margin % Comparison
For the Financial Data & Stock Exchanges subindustry, Intercontinental Exchange's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Intercontinental Exchange Operating Margin % vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Intercontinental Exchange's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Intercontinental Exchange's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Intercontinental Exchange's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Intercontinental Exchange (STU:IC2) has a Operating Margin % of 46.54% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Intercontinental Exchange and its competitors. This is 19% above median its historical median of 39.14. Over the past decade, Intercontinental Exchange's Operating Margin % has ranged from 37.52 to 41.70. According to the industry distribution chart, Intercontinental Exchange ranks #149 out of 664 companies in the Capital Markets industry, placing it in the top 22.4%.
Is Intercontinental Exchange's Operating Margin % too high?
Intercontinental Exchange's current Operating Margin % of 46.54% is 19% above median its 10-year median of 39.14. Over the past 10 years, this metric has ranged from a low of 37.52 to a high of 41.70. The Capital Markets industry median Operating Margin % is 6.96. Intercontinental Exchange's value of 46.54% is 569.2% above this industry median. Based on the distribution chart, Intercontinental Exchange ranks #149 out of 664 companies in the Capital Markets industry, which is in the top quartile — a strong position relative to peers. Overall, Intercontinental Exchange has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Intercontinental Exchange's Operating Margin % compare to MCO and CME?
According to the Capital Markets industry distribution chart, Intercontinental Exchange ranks #149 out of 664 companies for Operating Margin %. This places Intercontinental Exchange in the top 22% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 6.96. Intercontinental Exchange's value of 46.54% is 569.2% above this benchmark. Historically, Intercontinental Exchange's own Operating Margin % has ranged from 37.52 to 41.70 over the past decade. While the company's 10-year median is 39.14 vs. the industry median of 6.96, Intercontinental Exchange has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Capital Markets company?
The median Operating Margin % among Capital Markets companies is 6.96, based on 664 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Intercontinental Exchange's current Operating Margin % of 46.54% is 569.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Intercontinental Exchange and its competitors. For the Capital Markets industry, the median Operating Margin % is 6.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Intercontinental Exchange's current Operating Margin % is 46.54%, which is 19% above median its own 10-year median of 39.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Intercontinental Exchange stock overvalued right now?
Based on GuruFocus' analysis, Intercontinental Exchange (STU:IC2) is currently considered Modestly Undervalued. The stock's GF Value™ is €145.99, compared to a current price of €114.70 — trading 21.4% below its estimated fair value. The current Operating Margin % is 46.54%, which is 19% above median its 10-year median of 39.14 and 569.2% above the Capital Markets industry median of 6.96. Intercontinental Exchange's overall GF Score™ is 86/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Intercontinental Exchange (STU:IC2), the current Operating Margin % is 46.54% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Intercontinental Exchange (STU:IC2) Overvalued in 2026?
Based on GuruFocus' analysis, Intercontinental Exchange stock appears to be undervalued.
The current stock price of €114.70 is trading 21.4% below its estimated GF Value™ of €145.99.
GuruFocus considers Intercontinental Exchange to be Modestly Undervalued.
Key valuation signals for STU:IC2:
Operating Margin %: 46.54% (19% above median its 10-year median of 39.14)
GF Value™: €145.99 vs. price of €114.70 (21.4% below fair value)
Industry Position: 569.2% above the Capital Markets median (#149 of 664)
No single metric tells the full story. See the STU:IC2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE operates a large derivatives exchange, too. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business, which is about 54% of net revenue, Intercontinental Exchange has used a series of acquisitions to create its mortgage technology business (22% of net revenue) and fixed-income and data-services segment (24% of net revenue).
86GF Score
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