ICE vs MCO vs CBOE Stock Comparison

Intercontinental Exchange, Moodys and Cboe Global Markets Prices as of Oct 26, 2026 Peers: Industry group
MCO Moodys Corp /De/
$484.68 +3.4% 1M -1.3% 1Y
Market cap
$81.78B
P/E
28.4x
Revenue (TTM)
$8.18B
Div. yield
0.01%
Financial Data and Analytics Financial Services
2 wins

Head to Head

12 decided of 12

Intercontinental Exchange leads on 5 of the 12 questions below (Intercontinental Exchange 5, Cboe Global Markets 5, Moodys 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionICEMCOCBOELeader
Larger companyMarket capitalisation $87.70B $81.78B $33.96B ICE
Cheaper on earningsLower P/E, profitable companies only 21.7x 28.4x 25.2x ICE
Cheaper on forward earningsLower price / next fiscal year consensus EPS 18.4x 27.0x 25.2x ICE
Faster revenue growthRevenue growth, trailing twelve months +6.9% +9.0% +11.7% CBOE
More profitableNet margin, trailing twelve months 30.1% 35.3% 26.6% MCO
Better return on capitalReturn on invested capital 8.5% 27.9% 18.1% MCO
Less leveragedLower net debt / EBITDA 2.6x 1.3x -0.5x CBOE
Higher dividend yieldTrailing dividend yield 0.01% 0.01% 0.01% ICE
Better 1-year returnPrice return, last 12 months +1.5% -1.3% +40.3% CBOE
Better 5-year returnAnnualised price return, 5 years +3.8%/yr +4.3%/yr +20.8%/yr CBOE
Less volatileAnnualised volatility, 1 year 25.7% 28.4% 36.0% ICE
Higher overall scoreMean of the five percentile scores vs peers 56/100 60/100 68/100 CBOE

Percentile Scorecard

ICEMCOCBOE

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisICEMCOCBOE
Valuation 59 #40 of 97 19 #768 of 947 53 #46 of 97
Growth 52 #33 of 68 73 #189 of 691 69 #22 of 68
Profitability 83 #12 of 67 96 #27 of 673 97 #3 of 67
Financial Health 35 #63 of 97 53 #352 of 754 82 #18 of 97
Shareholder Returns 49 #21 of 40 60 #288 of 713 41 #24 of 40
Overall 56 60 68
  • ICE ranked among 112 companies in Capital Markets
  • MCO ranked among 1,011 companies in Financial Services
  • CBOE ranked among 112 companies in Capital Markets

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodICEMCOCBOESPY
1 month +3.7%+3.4%+30.0% -0.8%
3 months +7.7%-0.3%+16.0% +3.5%
6 months +2.0%+5.2%+12.3% +7.0%
Year to date -1.2%-5.1%+33.5% +12.2%
1 year +1.5%-1.3%+40.3% +13.0%
3 years +52.8%+60.5%+107.8% +86.3%
3 years, per year +15.2%+17.1%+27.6% +23.1%
5 years +20.4%+23.4%+157.4% +68.6%
5 years, per year +3.8%+4.3%+20.8% +11.0%
10 years +200.5%+374.6%+427.5% +258.0%
10 years, per year +11.6%+16.9%+18.1% +13.6%

Risk

MeasureICEMCOCBOESPY
Volatility, 1Y 25.7%28.4%36.0% 12.7%
Downside volatility, 1Y 27.3%30.2%39.4% 12.7%
Beta vs S&P 500, 1Y 0.170.49-0.42 1.00
Return / volatility, 1Y 0.06-0.041.12 1.02
Max drawdown, 5Y -35.1%-42.2%-36.9% -25.4%
From 52-week high -8.6%-10.2%-8.6% -1.8%
52-week high $175.10$539.61$366.70 $779.14
52-week low $122.91$412.23$231.51 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleICEMCOCBOE
P/E now vs peer median 22.4xmedian 29.4x 29.1xmedian 13.1x 26.0xmedian 29.4x
P/S now vs peer median 6.7xmedian 2.9x 10.2xmedian 3.2x 6.9xmedian 2.9x
EV/EBITDA now vs peer median 15.3xmedian 13.7x 21.5xmedian 6.9x 18.2xmedian 13.7x
P/FCF now vs peer median 17.7xmedian 16.0x 28.1xmedian 10.9x 18.7xmedian 16.0x
P/B now vs peer median 3.0xmedian 2.3x 24.5xmedian 1.2x 6.2xmedian 2.3x
PEG now vs peer median 0.67median 0.52 1.10median 0.88 0.93median 0.52

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsICEMCOCBOE
Revenue $13.43B $8.18B $5.06B
Gross profit – $6.10B $2.74B
Operating income $5.47B $3.64B $1.76B
Net income $4.10B $2.89B $1.35B
Free cash flow $5.08B $2.98B $1.87B
EPS (diluted) $7.13 $16.64 $12.84
Cash & equivalents $1.07B $1.51B $2.28B
Total debt $19.85B $6.91B $1.44B
Shares (diluted) 566.00M 173.30M 104.90M
Enterprise value $81.43B $74.70B $25.61B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricICEMCOCBOE
P/E 22.4x 29.1x 26.0x
P/FCF 17.7x 28.1x 18.7x
P/Operating cash flow 16.3x 25.1x 17.8x
P/S 6.7x 10.2x 6.9x
P/B 3.0x 24.5x 6.2x
P/Tangible book 6.1x 48.6x 7.9x
EV/EBITDA 15.3x 21.5x 18.2x
EV/EBIT 19.7x 24.4x 19.4x
EV/Revenue 8.0x 10.9x 6.7x
EV/FCF 21.2x 29.8x 18.2x
EV/Operating cash flow 19.5x 26.7x 17.4x
PEG (3Y EPS CAGR) 0.67 1.10 0.93

Growth

14 metrics
MetricICEMCOCBOE
Revenue growth (1Y) 6.9% 9.0% 11.7%
Revenue CAGR (3Y) 11.9% 12.6% 9.1%
Gross profit growth (1Y) – 10.3% 23.9%
Gross profit CAGR (3Y) – 14.6% 14.2%
Operating income growth (1Y) 16.4% 16.0% 35.2%
Operating income CAGR (3Y) 13.9% 23.3% 21.5%
Net income growth (1Y) 34.1% 28.5% 50.2%
Net income CAGR (3Y) 33.1% 24.0% 27.6%
EPS growth (1Y) 36.6% 33.1% 50.5%
EPS CAGR (3Y) 33.3% 26.5% 28.1%
Operating cash flow growth (1Y) 13.1% 22.5% 4,740%
Operating cash flow CAGR (3Y) 14.9% 17.5% 52.5%
Free cash flow growth (1Y) 13.9% 24.1% 1,757%
Free cash flow CAGR (3Y) 14.1% 18.8% 55.8%

Profitability

14 metrics
MetricICEMCOCBOE
Gross margin – 74.6% 54.1%
EBITDA margin 52.3% 50.6% 37.1%
Operating margin 40.7% 44.6% 34.7%
Pretax margin 39.7% 45.2% 37.4%
Net margin 30.1% 35.3% 26.6%
FCF margin 37.8% 36.4% 37.0%
Operating cash flow margin 41.1% 40.7% 38.8%
Return on equity 13.9% 87.8% 24.6%
Return on assets 2.3% 19.6% 12.5%
Return on invested capital 8.5% 27.9% 18.1%
Return on capital employed 9.7% 31.8% 24.9%
Asset turnover 0.1x 0.6x 0.5x
Cash conversion (OCF / net income) 1.3x 1.2x 1.5x
Stock comp / revenue 2.0% 2.8% 1.1%

Financial Health

11 metrics
MetricICEMCOCBOE
Debt / assets 11.4% 46.6% 13.6%
Debt / equity 0.7x 2.0x 0.3x
Net debt / EBITDA 2.6x 1.3x -0.5x
Debt / FCF 3.9x 2.3x 0.8x
Liabilities / assets 83.0% 77.0% 47.0%
Equity / assets 17.0% 23.0% 53.0%
Interest coverage 6.8x – 33.1x
Current ratio 1.0x 1.3x 1.6x
Quick ratio 0.0x 1.3x 0.8x
Cash ratio 0.0x 0.5x 0.6x
Altman Z-score 0.74 7.68 6.03

Shareholder Returns

7 metrics
MetricICEMCOCBOE
Dividend yield 1.3% 0.8% 0.9%
Net buyback yield 2.2% 3.5% 0.2%
Shareholder yield 3.5% 4.4% 1.1%
Payout ratio (earnings) 27.8% 24.6% 22.4%
Payout ratio (FCF) 22.5% 23.8% 16.2%
Dividend growth (1Y) 6.1% 3.0% 14.1%
Dividend CAGR (3Y) 8.3% 8.8% –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusICEMCOCBOE
Forward P/E 18.4xFY2026 27.0xFY2026 25.2xFY2026
EPS, next fiscal year $8.69FY2026 $17.93FY2026 $13.28FY2026
EPS growth, next FY +25.0%FY2026 +20.0%FY2026 +24.5%FY2026
EPS growth, the year after -3.2% -1.5% +6.9%
Revenue, next fiscal year $10.54BFY2026 $8.69BFY2026 $2.99BFY2026
Revenue growth, next FY +6.1%FY2026 +12.6%FY2026 +23.2%FY2026
Revenue growth, the year after +16.0% -2.0% +4.9%
ICE estimates →MCO estimates →CBOE estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersICEMCOCBOE
Held by institutions 92.5% 90.8% 88.4%
Institutions holding 1,651 1,404 985
Change in shares held, QoQ +1.4% -1.6% +1.2%
Institutions buying 734 644 523
Institutions selling 694 522 342
Buyers to sellers 1.06 1.23 1.53
ICE holders →MCO holders →CBOE holders →

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

ICEMCOCBOE
ICE 1.00 0.56 0.32
MCO 0.56 1.00 0.08
CBOE 0.32 0.08 1.00

Add a Peer

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Frequently Asked Questions

Which is bigger, ICE, MCO and CBOE?

Intercontinental Exchange (ICE) is the largest by market capitalisation: Intercontinental Exchange (ICE) $87.70B, Moodys (MCO) $81.78B, Cboe Global Markets (CBOE) $33.96B.

Which stock is cheaper, ICE, MCO and CBOE?

Intercontinental Exchange (ICE) trades on the lowest price-to-earnings ratio (Intercontinental Exchange (ICE) 21.7x, Moodys (MCO) 28.4x, Cboe Global Markets (CBOE) 25.2x). On next year's consensus earnings, Intercontinental Exchange (ICE) is cheapest (Intercontinental Exchange (ICE) 18.4x, Moodys (MCO) 27.0x, Cboe Global Markets (CBOE) 25.2x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Cboe Global Markets (CBOE) grew revenue fastest over the trailing twelve months: Intercontinental Exchange (ICE) +6.9%, Moodys (MCO) +9.0%, Cboe Global Markets (CBOE) +11.7%.

Which company is more profitable?

Moodys (MCO) has the highest net margin (Intercontinental Exchange (ICE) 30.1%, Moodys (MCO) 35.3%, Cboe Global Markets (CBOE) 26.6%). On return on invested capital, Moodys (MCO) leads (Intercontinental Exchange (ICE) 8.5%, Moodys (MCO) 27.9%, Cboe Global Markets (CBOE) 18.1%).

Which stock has performed better?

Over the past year Cboe Global Markets (CBOE) returned the most: Intercontinental Exchange (ICE) +1.5%, Moodys (MCO) -1.3%, Cboe Global Markets (CBOE) +40.3%. Over five years, Cboe Global Markets (CBOE) compounded fastest (Intercontinental Exchange (ICE) +3.8%/yr, Moodys (MCO) +4.3%/yr, Cboe Global Markets (CBOE) +20.8%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Intercontinental Exchange (ICE) has the highest dividend yield: Intercontinental Exchange (ICE) 0.01%, Moodys (MCO) 0.01%, Cboe Global Markets (CBOE) 0.01%.

Which stock is riskier?

By one-year price volatility, Intercontinental Exchange (ICE) has been the steadiest (Intercontinental Exchange (ICE) 25.7%, Moodys (MCO) 28.4%, Cboe Global Markets (CBOE) 36.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ICE, MCO and CBOE?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Intercontinental Exchange (ICE) leads on 5. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.