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ICON PLC

ICLR Healthcare Diagnostics & Research

ICON PLC’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 0.76% from fiscal 2024.

Revenue
−2.86%
EPS
+143.2%
Free cash flow
−8.01%
Total debt
−0.86%

Quarter to September 2026, against a year earlier

201.62 1.49 −0.73%
Market cap
$15.1B
P/E
34.5×
Fwd P/E
34.6×
Dividend yield
—
F-score
6/9
Altman Z
2.01
Beneish M
−2.62
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 6.23
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 9 3 1 4
Insider Ownership 3.64%

Capital & Financial Ratios $m

Size
Market Cap 15,110.00
Revenue ttm 8,234.76
Net income ttm 448.66
Free cash flow ttm 857.06
Net debt Q 2,570.12
Valuation
P/E 34.48
Forward P/E 34.60
Price / sales 1.88
Forward P/S Powerpack
Price / FCF 18.10
Price / book 1.70
Financial health
Current ratio Q 1.32
Debt / equity Q 0.37 (at or below 0.5: strong)
Interest coverage Q 3.00
Growth
Revenue growth Q −2.86% (below 0%: shrinking)
Operating income growth Q +189.20% (above 0%: growing)
EPS, this year −15.55% (below 0%: weak)
EPS, next year A +9.77%
Revenue, next year A −1.20% (below 0%: weak)
EPS, past 5 yrs −13.96% (below 0%: weak)
EPS, next 5 yrs A +1.70%

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 2.4×, against a ten-year median of 3.1×; over the ten years it ranged from 1.3× in 2026 to 6.4× in 2021.
P/E against its own 10 years 64.25%
10-year low 10-year high
P/S against its own 10 years 15.47%
10-year low 10-year high
P/B against its own 10 years 15.80%
10-year low 10-year high
EV/Sales against its own 10 years 16.28%
10-year low 10-year high
EV/FCF against its own 10 years 48.26%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 380 539 647 809
Receivables 1,947 1,556 1,652 1,693
Inventory — — — —
Other 952 1,040 1,097 1,023
3,411 3,275 3,502 3,641
2023 2024 2025 Q'26
Payables 132 173 192 86
ST’ Debt 110 30 530 —
Other 915 910 905 937
2,826 2,635 3,196 2,769

Compound Annual Growth %

10y 5y 3y
Sales 18.01% 24.15% 2.15%
Cash Flow 14.02% 12.78% 22.53%
Earnings (0.43%) (7.15%) (23.15%)
Book Value 28.26% 37.80% 2.66%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 2.64 Actual 2.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 3.28 3.31 Beat by 0.03
Mar 2026 2.46 2.50 Beat by 0.04
Jun 2026 2.57 2.56 Miss by 0.01
Sep 2026 2.64 2.66 Beat by 0.02
Dec 2026 2.84 — Reports 26 May 2027

EPS $

Mar Jun Sep Dec Year
’26 1.36 0.94 1.58 — —
’25 1.90 2.56 (3.67) 1.93 2.90
’24 2.25 1.76 2.36 2.53 8.90
’23 1.41 1.40 1.97 2.60 6.70
’22 1.36 1.41 1.94 1.42 6.13
’21 1.82 1.38 (1.17) 0.92 2.25
’20 1.62 0.90 1.72 1.90 6.15
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,034 2,063 2,025 — —
’25 2,015 2,039 2,084 2,113 8,251
’24 2,090 2,120 2,030 1,948 8,189
’23 1,979 2,020 2,055 2,066 8,120
’22 1,902 1,935 1,942 1,962 7,741
’21 858 871 1,866 1,885 5,481
’20 715 620 702 760 2,797
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 167 281 345 — —
’25 268 146 388 234 1,036
’24 327 219 403 338 1,287
’23 176 204 342 440 1,161
’22 227 182 214 (59) 563
’21 112 128 299 290 829
’20 143 118 112 195 568
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 136 239 307 — —
’25 239 114 334 175 862
’24 300 182 359 277 1,119
’23 149 172 312 387 1,020
’22 207 154 176 (116) 421
’21 103 115 275 242 735
’20 131 108 105 183 527
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.1
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 1,666 1,758 2,596 2,806 2,797 5,481 7,741 8,120 8,189 8,251 8,235 +19.5% 8,152 8,519 9,041 +3.1%
Gross margin, % 42.31 41.58 29.95 29.64 29.22 27.52 28.60 29.56 28.95 26.37 23.43 (15.9) pt
EBT 300 328 365 427 381 197 568 624 804 252 518 (1.9%)
EBT margin, % 18.01 18.66 14.05 15.22 13.63 3.59 7.34 7.69 9.82 3.06 6.29 (15.0) pt
Net income 262 281 323 376 333 153 505 612 739 229 449 (1.5%)
Per share, $
Per share, $ Revenue 30.16 32.49 47.96 52.10 52.92 81.67 94.95 98.90 99.28 105.21 107.04 +14.9%
Earnings 4.87 5.20 6.17 6.85 6.20 2.28 6.20 7.46 9.60 2.92 5.85 (5.5%)
Cash flow 4.69 7.08 4.96 7.66 10.75 12.36 6.91 14.14 15.60 13.21 13.36 +12.2%
Capex (0.77) (0.83) (0.89) (0.94) (0.77) (1.40) (1.74) (1.71) (2.04) (2.22) (2.22) +12.5%
Free cash flow 3.92 6.25 4.07 6.72 9.97 10.96 5.17 12.43 13.56 10.99 11.14 +12.1%
Book value 17.11 22.00 25.02 30.78 35.00 120.20 104.23 112.55 114.46 117.23 118.64 +23.8%
Shares, m 55 54 54 54 53 67 82 82 82 78 77 +4.0%
Valuation, ×
Valuation, × P/E 15.53 22.06 21.68 25.14 31.45 102.89 31.27 37.64 23.39 66.09 34.48 37.7
P/S 2.48 3.52 2.69 3.31 3.68 3.79 2.04 2.84 2.11 1.73 1.88 2.8
P/B 4.37 5.20 5.16 5.60 5.57 2.58 1.86 2.49 1.83 1.55 1.70 3.6
EV/Sales 2.74 3.72 2.79 3.26 3.52 4.65 2.60 3.26 2.46 2.07 2.35 3.1
EV/FCF 21.08 19.31 32.86 25.24 18.66 34.63 47.84 25.92 18.04 19.77 22.59 26.3
Cash, $m
Cash, $m Operating cash flow 259 383 269 413 568 829 563 1,161 1,287 1,036 1,028 +16.6%
Capex (43) (45) (48) (51) (41) (94) (142) (141) (168) (174) (171) +16.9%
Free cash flow 217 338 220 362 527 735 421 1,020 1,119 862 857 +16.6%
Balance, $m
Balance, $m Working capital 464 535 720 494 979 462 538 586 640 306 873 (4.5%)
Net debt 88 (12) (106) (143) (470) 4,682 4,364 3,396 2,887 2,755 2,570 +46.6%
Shareholders’ equity 945 1,191 1,354 1,658 1,850 8,067 8,498 9,241 9,441 9,193 9,127 +28.8%
Returns, %
Returns, % ROA 14.80 14.17 14.34 14.22 10.48 1.47 2.92 3.58 4.40 1.39 2.74 (13.4) pt
ROIC 18.86 17.93 18.70 17.89 17.72 1.86 3.86 4.73 5.23 2.32 3.84 (16.5) pt
ROE 30.70 26.35 25.35 24.83 18.95 3.09 6.10 6.90 7.91 2.46 4.86 (28.2) pt
People
People Employees 12,500 13,250 13,670 14,650 15,730 38,330 41,100 41,100 41,900 40,100 — +13.8%
Revenue/emp, $m 0.13 0.13 0.19 0.19 0.18 0.14 0.19 0.20 0.20 0.21 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

ICON PLC vs peers in Diagnostics & Research (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
ILMN Illumina, Inc. $31.5B 35.6× 46.4× +4.15% (above 0%: growing) +48.98% (above 0%: growing) +49.80% (above 0%: growing) 73.52% 27.02% Compare
LH Labcorp Holdings Inc. $29.5B 29.5× 26.7× +6.92% (above 0%: growing) +3.18% (above 0%: growing) +44.73% (above 0%: growing) 29.08% 10.55% Compare
DGX Quest Diagnostics Incorporated $28.0B 25.0× 24.4× +9.98% (above 0%: growing) +29.36% (above 0%: growing) +6.21% (above 0%: growing) 33.65% 15.47% Compare
GH Guardant Health, Inc. $20.6B — (loss-making) — (loss-making) +36.12% (above 0%: growing) n/m +18.74% (above 0%: growing) 65.42% (36.78%) Compare
MEDP Medpace Holdings, Inc. $17.8B 34.6× 35.8× +8.50% (above 0%: growing) +24.56% (above 0%: growing) −16.59% (below 0%: shrinking) 71.39% 23.12% Compare
RVTY Revvity Inc. $16.8B 71.9× 66.2× +4.29% (above 0%: growing) +2.17% (above 0%: growing) +26.97% (above 0%: growing) 57.43% 13.05% Compare
ICLR ICON PLC $15.1B 34.5× 34.6× −2.86% (below 0%: shrinking) n/m −8.01% (below 0%: shrinking) 24.29% 9.82%
CRL Charles River Laboratories International, Inc. $14.9B 300× 89.2× −2.20% (below 0%: shrinking) +530.30% (above 0%: growing) +16.29% (above 0%: growing) 36.42% 20.62% Compare
QGEN QIAGEN N.V. $10.5B 26.1× 26.0× +0.28% (above 0%: growing) +7.94% (above 0%: growing) +30.45% (above 0%: growing) 63.62% 24.75% Compare
Median of peers $19.2B 34.6× 35.8× +5.61% +24.56% +22.86% 60.53% 18.05%

All 49 Diagnostics & Research stocks →

ICON PLC (ICLR) Latest News

29 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

27 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks

22 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 3 · · Zacks

12 Oct

Impact 4 · · MT Newswires

22 Sep

Impact 3 · · Insider Monkey

6 Aug

Impact 3 ·
Impact 3 ·

5 Aug

Impact 4 ·
Impact 3 ·

4 Aug

Impact 4 ·

30 Jul

Impact 4 · · MarketBeat transcript
Impact 3 · transcript

29 Jul

Impact 4 ·
Impact 3 ·

28 Jul

Impact 4 · · InvestorsHub
Impact 4 ·

22 Jul

Impact 3 ·

15 Jul

Impact 3 ·

8 Jul

Impact 3 ·

25 Jun

Impact 3 · · MT Newswires

24 Jun

Impact 4 · · GuruFocus.com transcript
Impact 3 · · The Motley Fool
Impact 3 · · Moby transcript

23 Jun

Impact 3 · · Business Wire

22 Jun

Impact 4 · · Business Wire

ICLR metrics, ten years each

stockrow.com/ICLR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com