ICE vs MORN vs TW Stock Comparison

Intercontinental Exchange, Morningstar and Tradeweb Markets Prices as of Nov 2, 2026 Peers: Industry group
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MORN Morningstar, Inc.
$238.73 +30.1% 1M +12.4% 1Y
Market cap
$8.86B
P/E
20.0x
Revenue (TTM)
$2.62B
Div. yield
0.84%
Financial Data and Analytics Financial Services
4 wins
TW Tradeweb Markets Inc.
$124.02 +21.3% 1M +17.7% 1Y
Market cap
$29.04B
P/E
29.0x
Revenue (TTM)
$2.28B
Div. yield
0.44%
Exchanges Financial Services
4 wins

Head to Head

12 decided of 12

Intercontinental Exchange leads on 4 of the 12 questions below (Intercontinental Exchange 4, Morningstar 4, Tradeweb Markets 4). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionICEMORNTWLeader
Larger companyMarket capitalisation $96.65B $8.86B $29.04B ICE
Cheaper on earningsLower P/E, profitable companies only 23.3x 20.0x 29.0x MORN
Cheaper on forward earningsLower price / next fiscal year consensus EPS 19.8x 18.9x 29.5x MORN
Faster revenue growthRevenue growth, trailing twelve months +12.1% +9.4% +14.4% TW
More profitableNet margin, trailing twelve months 29.6% 17.0% 39.8% TW
Better return on capitalReturn on invested capital 8.5% 17.8% — MORN
Less leveragedLower net debt / EBITDA 2.9x 1.4x — MORN
Higher dividend yieldTrailing dividend yield 1.18% 0.84% 0.44% ICE
Better 1-year returnPrice return, last 12 months +17.8% +12.4% +17.7% ICE
Better 5-year returnAnnualised price return, 5 years +4.7%/yr -5.2%/yr +6.0%/yr TW
Less volatileAnnualised volatility, 1 year 26.0% 41.9% 31.0% ICE
Higher overall scoreMean of the five percentile scores vs peers 54/100 63/100 74/100 TW

Percentile Scorecard

ICEMORNTW

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

AxisICEMORNTW
Valuation 56 #43 of 96 37 #595 of 939 50 #49 of 96
Growth 46 #37 of 68 81 #153 of 814 64 #25 of 68
Profitability 83 #13 of 70 76 #198 of 828 97 #3 of 70
Financial Health 36 #64 of 99 46 #487 of 898 98 #3 of 99
Shareholder Returns 50 #21 of 41 77 #166 of 725 60 #17 of 41
Overall 54 63 74
  • ICE ranked among 110 companies in Capital Markets
  • MORN ranked among 1,003 companies in Financial Services
  • TW ranked among 110 companies in Capital Markets

Price Performance

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

Returns

PeriodICEMORNTWSPY
1 month +14.7%+30.1%+21.3% -2.3%
3 months +13.5%+20.0%+22.8% -0.7%
6 months +10.1%+42.4%+10.2% +4.8%
Year to date +6.4%+9.9%+15.3% +10.3%
1 year +17.8%+12.4%+17.7% +10.3%
3 years +59.7%-9.0%+34.9% +73.0%
3 years, per year +16.9%-3.1%+10.5% +20.1%
5 years +25.6%-23.2%+33.6% +61.9%
5 years, per year +4.7%-5.2%+6.0% +10.1%
10 years +224.8%+248.7%— +258.6%
10 years, per year +12.5%+13.3%— +13.6%

Risk

MeasureICEMORNTWSPY
Volatility, 1Y 26.0%41.9%31.0% 12.8%
Downside volatility, 1Y 27.1%43.4%31.2% 12.8%
Beta vs S&P 500, 1Y 0.090.01-0.27 1.00
Return / volatility, 1Y 0.680.300.57 0.80
Max drawdown, 5Y -34.8%-60.5%-48.8% -25.4%
From 52-week high -1.6%0.0%-2.0% -3.5%
52-week high $175.10$238.73$126.57 $779.14
52-week low $122.91$141.84$91.50 $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.

MultipleICEMORNTW
P/E now vs peer median 23.3xmedian 29.1x 20.0xmedian 13.6x 29.0xmedian 29.1x
P/S now vs peer median 6.9xmedian 2.5x 3.4xmedian 3.3x 12.7xmedian 2.5x
EV/EBITDA now vs peer median 16.2xmedian 13.6x 11.8xmedian 6.0x 21.5xmedian 13.6x
P/FCF now vs peer median 18.3xmedian 16.8x 18.0xmedian 11.0x 25.1xmedian 16.8x
P/B now vs peer median 3.2xmedian 2.2x 8.6xmedian 1.2x 4.0xmedian 2.2x
PEG now vs peer median 1.18median 0.52 0.22median 0.92 0.81median 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 monthsICEMORNTW
Revenue $14.05B $2.62B $2.28B
Gross profit – $1.65B –
Operating income $5.70B $643.50M $1.01B
Net income $4.23B $445.50M $1.03B
Free cash flow $5.28B $492.80M $1.15B
EPS (diluted) $7.35 $11.79 $4.27
Cash & equivalents $936.00M $496.70M $2.11B
Total debt $23.30B $1.68B –
Shares (diluted) 566.00M 37.80M 212.80M
Enterprise value $89.60B $6.75B $21.55B

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
MetricICEMORNTW
P/E 23.3x 20.0x 29.0x
P/FCF 18.3x 18.0x 25.1x
P/Operating cash flow 16.8x 13.8x 24.2x
P/S 6.9x 3.4x 12.7x
P/B 3.2x 8.6x 4.0x
P/Tangible book 6.3x 18.6x 4.6x
EV/EBITDA 16.2x 11.8x 21.5x
EV/EBIT 20.7x 15.6x 26.7x
EV/Revenue 8.4x 3.8x 11.8x
EV/FCF 22.4x 20.3x 23.3x
EV/Operating cash flow 20.5x 15.6x 22.4x
PEG (3Y EPS CAGR) 1.18 0.22 0.81

Growth

14 metrics
MetricICEMORNTW
Revenue growth (1Y) 12.1% 9.4% 14.4%
Revenue CAGR (3Y) 13.5% 9.9% 21.9%
Gross profit growth (1Y) – 13.3% –
Gross profit CAGR (3Y) – 13.1% –
Operating income growth (1Y) 19.6% 20.2% 25.4%
Operating income CAGR (3Y) 16.2% 55.3% 30.3%
Net income growth (1Y) 31.3% 18.5% 44.5%
Net income CAGR (3Y) 19.3% 84.5% 35.5%
EPS growth (1Y) 33.5% 32.6% 45.8%
EPS CAGR (3Y) 19.7% 92.5% 35.8%
Operating cash flow growth (1Y) 17.7% 19.1% 9.8%
Operating cash flow CAGR (3Y) 16.3% 31.5% 19.2%
Free cash flow growth (1Y) 17.5% 25.0% 10.2%
Free cash flow CAGR (3Y) 15.1% 46.4% 18.9%

Profitability

14 metrics
MetricICEMORNTW
Gross margin – 63.1% –
EBITDA margin 51.7% 32.4% 54.8%
Operating margin 40.6% 24.5% 44.1%
Pretax margin 39.1% 22.6% 57.8%
Net margin 29.6% 17.0% 39.8%
FCF margin 37.6% 18.8% 50.6%
Operating cash flow margin 41.0% 24.5% 52.6%
Return on equity 14.2% 43.5% 14.1%
Return on assets 2.4% 11.3% 12.4%
Return on invested capital 8.5% 17.8% –
Return on capital employed 10.5% 21.9% –
Asset turnover 0.1x 0.7x 0.3x
Cash conversion (OCF / net income) 1.4x 1.4x 1.2x
Stock comp / revenue 2.0% 2.5% 4.8%

Financial Health

11 metrics
MetricICEMORNTW
Debt / assets 13.2% 42.5% –
Debt / equity 0.8x 1.6x –
Net debt / EBITDA 2.9x 1.4x –
Debt / FCF 4.4x 3.4x –
Liabilities / assets 83.1% 74.0% 13.0%
Equity / assets 16.9% 26.0% 87.0%
Interest coverage 6.8x – 490.2x
Current ratio 1.0x 1.0x –
Quick ratio 0.0x 0.9x –
Cash ratio 0.0x 0.5x –
Altman Z-score 0.78 3.91 –

Shareholder Returns

7 metrics
MetricICEMORNTW
Dividend yield 1.2% 0.8% 0.4%
Net buyback yield 2.1% 10.1% 1.9%
Shareholder yield 3.3% 10.9% 2.3%
Payout ratio (earnings) 27.4% – 11.1%
Payout ratio (FCF) 21.9% – 9.9%
Dividend growth (1Y) 6.2% – 16.7%
Dividend CAGR (3Y) 7.7% – 15.9%

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.

ConsensusICEMORNTW
Forward P/E 19.8xFY2026 18.9xFY2026 29.5xFY2026
EPS, next fiscal year $8.69FY2026 $12.66FY2026 $4.20FY2026
EPS growth, next FY +25.0%FY2026 +28.4%FY2026 +21.0%FY2026
EPS growth, the year after -3.2% +7.8% +17.1%
Revenue, next fiscal year $10.54BFY2026 $2.50BFY2026 $2.30BFY2026
Revenue growth, next FY +6.1%FY2026 +1.9%FY2026 +12.1%FY2026
Revenue growth, the year after +16.0% +19.2% +21.0%
ICE estimates →MORN estimates →TW estimates →

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersICEMORNTW
Held by institutions 92.5% 64.1% 100.0%
Institutions holding 1,655 421 563
Change in shares held, QoQ +1.4% +2.1% +0.3%
Institutions buying 736 199 302
Institutions selling 695 169 211
Buyers to sellers 1.06 1.18 1.43
ICE holders →MORN holders →TW 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.

ICEMORNTW
ICE 1.00 0.51 0.44
MORN 0.51 1.00 0.38
TW 0.44 0.38 1.00

Add a Peer

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ICE · Exchanges
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Frequently Asked Questions

Which is bigger, ICE, MORN and TW?

Intercontinental Exchange (ICE) is the largest by market capitalisation: Intercontinental Exchange (ICE) $96.65B, Morningstar (MORN) $8.86B, Tradeweb Markets (TW) $29.04B.

Which stock is cheaper, ICE, MORN and TW?

Morningstar (MORN) trades on the lowest price-to-earnings ratio (Intercontinental Exchange (ICE) 23.3x, Morningstar (MORN) 20.0x, Tradeweb Markets (TW) 29.0x). On next year's consensus earnings, Morningstar (MORN) is cheapest (Intercontinental Exchange (ICE) 19.8x, Morningstar (MORN) 18.9x, Tradeweb Markets (TW) 29.5x). A lower multiple can reflect slower expected growth, so read it next to the growth figures.

Which company is growing faster?

Tradeweb Markets (TW) grew revenue fastest over the trailing twelve months: Intercontinental Exchange (ICE) +12.1%, Morningstar (MORN) +9.4%, Tradeweb Markets (TW) +14.4%.

Which company is more profitable?

Tradeweb Markets (TW) has the highest net margin (Intercontinental Exchange (ICE) 29.6%, Morningstar (MORN) 17.0%, Tradeweb Markets (TW) 39.8%). On return on invested capital, Morningstar (MORN) leads (Intercontinental Exchange (ICE) 8.5%, Morningstar (MORN) 17.8%).

Which stock has performed better?

Over the past year Intercontinental Exchange (ICE) returned the most: Intercontinental Exchange (ICE) +17.8%, Morningstar (MORN) +12.4%, Tradeweb Markets (TW) +17.7%. Over five years, Tradeweb Markets (TW) compounded fastest (Intercontinental Exchange (ICE) +4.7%/yr, Morningstar (MORN) -5.2%/yr, Tradeweb Markets (TW) +6.0%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Intercontinental Exchange (ICE) has the highest dividend yield: Intercontinental Exchange (ICE) 1.18%, Morningstar (MORN) 0.84%, Tradeweb Markets (TW) 0.44%.

Which stock is riskier?

By one-year price volatility, Intercontinental Exchange (ICE) has been the steadiest (Intercontinental Exchange (ICE) 26.0%, Morningstar (MORN) 41.9%, Tradeweb Markets (TW) 31.0%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ICE, MORN and TW?

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 4. 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.