Is ICE or NDAQ more undervalued in 2026?

CirclFi compares Intercontinental Exchange Inc. (ICE) and Nasdaq, Inc. (NDAQ) using 13 institutional-grade valuation models. ICE has a Quality of Company score of 9.1/10 while NDAQ scores 7.3/10.

Which is a better buy — ICE or NDAQ?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do ICE and NDAQ valuations compare?

ICE at $148.30 and NDAQ at $91.00 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

ICE vs NDAQ Valuation Comparison 2026 — Intrinsic Value Analysis

ICE

Financial Data & Stock Exchanges

Intercontinental Exchange Inc.

Quality

9.1

out of 10

Value Trap

SAFE

Price

$148.30

Last close

Models

12/13

Active

NDAQ

Financial Data & Stock Exchanges

Nasdaq, Inc.

Quality

7.3

out of 10

Value Trap

WARN

Price

$91.00

Last close

Models

12/13

Active

Model-by-Model Comparison

Model	Type	ICE Fair Value	ICE Upside	NDAQ Fair Value	NDAQ Upside
Bayesian DCF	Intrinsic	$117.59	-20.7%	$65.26	-28.3%
Earnings Power Value	Intrinsic	$43.21	-70.9%	$10.14	-88.9%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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ICE vs NDAQ — Which Stock Is More Undervalued?

ICE scores higher with a 9.1/10 quality rating vs NDAQ's 7.3/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Intercontinental Exchange Inc. (ICE) and Nasdaq, Inc. (NDAQ) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

ICE currently trades at $148.30 with a QOC of 9.1/10, while NDAQ trades at $91.00 with a QOC of 7.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).