INTERCONTINENTAL EXCHANGE, INC. vs MORGAN STANLEY, two Financial Services stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Intercontinental Exchange runs exchanges and data, a toll business that keeps 30.06% of revenue and yields 6.61% in free cash. Morgan Stanley runs a diversified investment bank and wealth arm at a 24.65% net margin, returning 15.7% on equity. On price the two land close: ICE at 18.03 times earnings and 2.39 times book, Morgan Stanley at 19.21 times and 2.90 times. ICE carries lighter leverage, 0.69 debt-to-equity against 3.15, and its higher margin reflects owning the marketplace rather than trading in it. Morgan Stanley pays a larger dividend, 1.82% against 1.55%. One collects fees on volume it hosts; the other earns across many desks.
Comparison updated 2026-07-11.
| Metric | ICE | MS |
|---|---|---|
| Price | $135.18 | $222.17 |
| Market cap | $77.1B | $350.1B |
| Sector | Financial Services | Financial Services |
| Stage | Mature | Growth |
| Implied growth (priced in) | +1.1% | — |
| P/E | 19.7 | 20.1 |
| P/B | 2.61 | 3.03 |
| P/S | 5.89 | 4.76 |
| EV/EBITDA | 13.9 | 811.8 |
| Revenue growth | +7.2% | +14.1% |
| Operating margin | 45.4% | — |
| Net margin | 30.1% | 24.6% |
| Return on equity | 13.3% | 15.7% |
| Return on assets | 2.2% | 1.1% |
| Dividend yield | 1.4% | 1.7% |
| Debt / equity | 0.69 | 3.15 |
| Current ratio | 1.01 | — |
| Altman Z (solvency) | 0.59 | 0.30 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.