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ICF International, Inc.

ICFI Industrials Consulting Services

ICF International, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 7.27% from fiscal 2024.

Revenue
+1.09%
EPS
+37.2%
Free cash flow
−29.1%
Total debt
−14.0%

Quarter to September 2026, against a year earlier

95.25 1.66 −1.71%
Market cap
$1.7B
P/E
17.8×
Fwd P/E
16.2×
Dividend yield
0.59%
F-score
7/9
Altman Z
2.79
Beneish M
−2.63
Dividend safety
84/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.57
Sold, $m 1.74
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — 1 — — — — — —
Sell — — — — — — — 1 1 1 — —
Insider Ownership 1.83%

Capital & Financial Ratios $m

Size
Market Cap 1,710.00
Revenue ttm 1,826.16
Net income ttm 96.51
Free cash flow ttm 186.38
Net debt Q (95.09)
Valuation
P/E 17.84
Forward P/E 16.20
Price / sales 0.94
Forward P/S Powerpack
Price / FCF 9.17
Price / book 1.57
Financial health
Current ratio Q 1.40
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 0.00
Growth
Revenue growth Q +1.09% (above 0%: growing)
Operating income growth Q +13.57% (above 0%: growing)
EPS, this year +5.08%
EPS, next year A +8.05%
Revenue, next year A +1.66%
EPS, past 5 yrs +11.52%
EPS, next 5 yrs A +6.60%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.1×, against a ten-year median of 1.2×; over the ten years it ranged from 0.8× in 2016 to 1.8× in 2024.
P/E against its own 10 years 22.00%
10-year low 10-year high
P/S against its own 10 years 43.23%
10-year low 10-year high
P/B against its own 10 years 20.98%
10-year low 10-year high
EV/Sales against its own 10 years 37.37%
10-year low 10-year high
EV/FCF against its own 10 years 5.57%
10-year low 10-year high

Dividends

Yield
0.59%
Annual rate
0.56
Payout ratio
10.6%
Growth, 2018–26
−3.53%/yr
  1. 0.56 ’18
  2. 0.56 ’19 +0
  3. 0.56 ’20 +0
  4. 0.56 ’21 +0
  5. 0.56 ’22 +0
  6. 0.56 ’23 +0
  7. 0.56 ’24 +0
  8. 0.56 ’25 +0
  9. 0.42 ’26 −25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9 19 53 95
Receivables 208 263 256 250
Inventory — — — —
Other 202 189 187 213
447 492 514 587
2023 2024 2025 Q'26
Payables 135 160 124 91
ST’ Debt 26 — — —
Other 22 25 43 39
418 449 404 418

Compound Annual Growth %

10y 5y 3y
Sales 5.16% 4.44% 1.71%
Cash Flow 6.41% (3.91%) (4.37%)
Earnings 8.81% 10.75% 12.55%
Book Value 6.99% 6.61% 6.43%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.69 Actual 1.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.75 1.67 Miss by 0.08
Q4 FY25 1.53 1.47 Miss by 0.06
Q1 FY26 1.55 1.50 Miss by 0.05
Q2 FY26 1.69 1.86 Beat by 0.17
Q3 FY26 1.89 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.12 1.49 1.76 — —
’25 1.44 1.28 1.28 0.94 4.95
’24 1.44 1.36 1.73 1.30 5.82
’23 0.87 1.07 1.25 1.16 4.35
’22 0.94 0.97 1.01 0.47 3.38
’21 0.96 1.07 1.07 0.63 3.72
’20 0.55 0.72 0.94 0.67 2.87
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 438 474 470 — —
’25 488 476 465 444 1,873
’24 494 512 517 496 2,020
’23 483 500 502 478 1,963
’22 413 423 468 476 1,780
’21 378 393 394 388 1,553
’20 358 354 360 434 1,507
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) 100 35 — —
’25 (33) 52 47 76 142
’24 (10) 61 26 95 172
’23 (17) 37 26 107 152
’22 (7) 13 0 156 162
’21 5 1 58 45 110
’20 (15) 26 84 78 173
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (6) 94 30 — —
’25 (36) 46 42 69 120
’24 (15) 55 20 89 150
’23 (23) 30 21 102 130
’22 (14) 9 (6) 148 138
’21 1 (2) 54 38 90
’20 (20) 22 80 73 155
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,185 1,229 1,338 1,479 1,507 1,553 1,780 1,963 2,020 1,873 1,826 +5.2% 1,904 2,016 2,183 +5.2%
Gross margin, % 37.12 37.22 35.91 35.53 35.47 36.93 36.27 35.56 36.53 37.16 37.29 0.0 pt
EBT 75 74 83 90 75 100 84 97 138 112 119 +4.6%
EBT margin, % 6.29 6.02 6.19 6.10 4.96 6.44 4.72 4.92 6.84 5.98 6.51 (0.3) pt
Net income 47 63 61 69 55 71 64 83 110 92 97 +7.8%
Per share, $
Per share, $ Revenue 62.41 65.50 71.18 78.58 79.98 82.31 94.59 104.42 107.74 101.71 101.80 +5.6%
Earnings 2.45 3.35 3.27 3.66 2.92 3.77 3.41 4.39 5.88 4.97 5.34 +8.2%
Cash flow 4.22 6.24 3.97 4.86 9.19 5.84 8.62 8.10 9.15 7.70 11.56 +6.9%
Capex (0.73) (0.77) (1.16) (1.43) (0.94) (1.06) (1.30) (1.19) (1.14) (1.18) (1.17) +5.5%
Free cash flow 3.49 5.47 2.81 3.43 8.25 4.78 7.32 6.92 8.01 6.53 10.39 +7.2%
Book value 29.81 32.83 35.13 37.98 39.65 42.58 45.34 48.80 52.41 55.85 60.56 +7.2%
Shares, m 19 19 19 19 19 19 19 19 19 18 18 (0.3%)
Valuation, ×
Valuation, × P/E 22.12 16.01 19.87 25.03 25.46 27.20 29.45 30.68 20.27 17.13 17.84 23.3
P/S 0.87 0.82 0.91 1.17 0.93 1.25 1.06 1.29 1.11 0.84 0.94 1.0
P/B 1.82 1.64 1.84 2.41 1.87 2.41 2.22 2.76 2.27 1.53 1.57 2.1
EV/Sales 1.08 0.97 1.05 1.30 1.08 1.50 1.38 1.51 1.31 1.03 1.11 1.2
EV/FCF 19.35 11.62 26.61 29.67 10.50 25.88 17.78 22.81 17.67 16.08 10.91 19.8
Cash, $m
Cash, $m Operating cash flow 80 117 75 91 173 110 162 152 172 142 207 +6.6%
Capex (14) (15) (22) (27) (18) (20) (24) (22) (21) (22) (21) +5.1%
Free cash flow 66 103 53 65 155 90 138 130 150 120 186 +6.8%
Balance, $m
Balance, $m Working capital 107 107 114 96 49 73 51 29 43 110 169 +0.4%
Net debt 253 183 189 191 231 401 559 435 404 357 (95) +3.9%
Shareholders’ equity 566 616 660 715 747 803 853 918 982 1,028 1,086 +6.9%
Returns, %
Returns, % ROA 4.30 5.73 5.28 5.28 3.59 4.05 3.26 4.03 5.40 4.45 4.58 +0.2 pt
ROIC 6.32 6.44 6.79 7.00 5.69 5.76 4.81 6.11 7.47 6.56 9.27 +0.2 pt
ROE 8.55 10.64 9.62 10.03 7.52 9.18 7.76 9.33 11.60 9.11 9.15 +0.6 pt
People
People Employees 5,000 5,500 6,000 7,000 7,500 7,700 9,000 9,000 9,300 8,400 — +5.9%
Revenue/emp, $m 0.24 0.22 0.22 0.21 0.20 0.20 0.20 0.22 0.22 0.22 — (0.7%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

ICF International, Inc. vs peers in Consulting Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BAH Booz Allen Hamilton Holding Corporation $10.6B 13.8× 14.9× −3.88% (below 0%: shrinking) +5.63% (above 0%: growing) −33.42% (below 0%: shrinking) 52.02% 8.82% Compare
FCN FTI Consulting, Inc. $5.3B 24.1× 23.1× +5.90% (above 0%: growing) −9.79% (below 0%: shrinking) −2.69% (below 0%: shrinking) 34.64% 8.87% Compare
HURN Huron Consulting Group Inc. $2.8B 25.7× 25.7× +11.37% (above 0%: growing) +1.98% (above 0%: growing) −42.44% (below 0%: shrinking) 32.24% 11.97% Compare
ICFI ICF International, Inc. $1.7B 17.8× 16.2× +1.09% (above 0%: growing) +37.21% (above 0%: growing) −29.12% (below 0%: shrinking) 38.08% 0.00%
CRAI Charles River Associates $1.3B 24.9× 24.2× +15.61% (above 0%: growing) +27.49% (above 0%: growing) +103.95% (above 0%: growing) 29.10% 11.12% Compare
SBC SBC Medical Group Holdings Incorporated $516.3M 10.7× 11.3× +13.44% (above 0%: growing) +400.00% (above 0%: growing) +396.07% (above 0%: growing) 73.14% 38.55% Compare
ROMA Roma Green Finance Limited $373.5M — — — — +20.80% (above 0%: growing) — — Compare
PPHC Public Policy Holding Company, Inc. $342.7M — (loss-making) — (loss-making) +7.32% (above 0%: growing) n/m −69.72% (below 0%: shrinking) 21.77% (7.45%) Compare
FORR Forrester Research, Inc. $165.6M — (loss-making) — (loss-making) −8.68% (below 0%: shrinking) n/m −197.82% (below 0%: shrinking) 59.95% 2.77% Compare
Median of peers $893.2M 24.1× 23.1× +7.32% +5.63% −18.05% 34.64% 8.87%

All 23 Consulting Services stocks →

Pay and ownership Proxy statement filed 22 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.86m 4.89m 117.82
2024 7.17m 4.74m 163.61
2023 5.66m 9.34m 183.33
2022 4.85m 4.60m 134.81
2021 4.40m 6.39m 138.79

Ownership

Directors and executive officers, together 1.71%
Capital Research Global Investors 8.70%
Wasatch Advisors LP 6.40%
Dimensional Fund Advisors LP 5.40%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ICF International, Inc. (ICFI) Latest News

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stockrow.com/ICFI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com