BLND vs ICE: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BLND and ICE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BLND and ICE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Blend Labs is a cloud-based software company that powers digital-first consumer experiences for financial institutions in the United States and select international markets. Its platform lets banks, credit unions, and non-bank lenders originate and service a range of products through a single system, including mortgages, home equity loans and lines of credit, vehicle and personal loans, credit cards, and deposit accounts. Blend reports in two suites: the Mortgage Suite, historically its largest business, and the Consumer Banking Suite, which spans the broader deposit and non-mortgage lending products. The model is largely software subscription and usage revenue, supplemented by a smaller professional services line.

Full BLND guide

Intercontinental Exchange operates through three segments: Exchanges (which includes the NYSE, energy and interest-rate derivatives, and clearing houses), Fixed Income and Data Services (pricing, reference data, indices, analytics, and execution), and Mortgage Technology (digital workflow tools spanning the US residential mortgage lifecycle from application through closing, servicing, and the secondary market). In 2025 the Exchanges business was roughly 54% of net revenue, Fixed Income and Data Services about 24%, and Mortgage Technology about 22%, giving ICE a mix of transaction-based and recurring subscription revenue.

Full ICE guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BLND drivers: Mortgage Suite recovery; Consumer Banking diversification.
• ICE drivers: Diversified exchange and clearing franchise; Recurring fixed-income and data revenue.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is cyclicality: a large share of Blend's revenue is tied to mortgage origination, so a fresh downturn in housing or a jump in rates can quickly pressure its biggest suite. For ICE, mortgage Technology revenue is sensitive to US housing activity, mortgage rates, and refinancing volumes, so a prolonged slow-origination environment weighs on that segment.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BLND if you believe its drivers more; ICE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BLND and ICE guides.

BLND. Figures are approximate and tied to the asOf date; verify live numbers before acting. Blend is mid-turnaround, so headline revenue and margins can shift quarter to quarter, and non-GAAP operating income excludes items such as stock-based compensation that still affect GAAP results. Treat any valuation multiple as a bet on the profitability path rather than a reflection of steady current earnings, and check the latest filings for updated revenue, margin, and cash figures.

ICE. ICE reported record Q1 2026 results, with net revenues around $3.0 billion (up about 18% year over year) and adjusted EPS up sharply. The stock trades at roughly 19x to 22x trailing earnings, below the broader capital-markets industry average, after a share-price decline from its 2025 peak. Figures are approximate and drawn from company reports and market data; the company is scheduled to report Q2 2026 results in late July 2026.

Headline figures (approximate, Jul 2026): BLND shows revenue trend Roughly $30 million in Q1 2026, back to modest year-over-year growth after a deep mortgage-driven downturn, gross margin Elevated for software, in the high-70s to around 80 percent on a non-GAAP basis, and expanding year over year, gaap profitability Still an operating loss, though the loss has narrowed materially, non-gaap operating income Modestly positive in recent quarters, a key part of the turnaround thesis; ICE shows net revenue (2025) ~$9.9B, net revenue (q1 2026) ~$3.0B, net income (q1 2026) ~$1.4B, adjusted diluted eps (q1 2026) ~$2.35.

BLND and ICE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BLND and ICE exposure against your real portfolio. It is not an investment adviser.