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. In the quarter to June 2026, revenue grew 1.20%, EPS fell 59.3%, free cash flow grew 109.7% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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ICON PLC (ICLR) Altman Z-score
ICON PLC's Altman Z-score for fiscal 2025 is 2.01, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.01 | (0.39) |
| FY2024 | 2.41 | (0.30) |
| FY2023 | 2.71 | 0.82 |
| FY2022 | 1.88 | 0.01 |
| FY2021 | 1.87 | (4.08) |
| FY2020 | 5.95 | (0.70) |
| FY2019 | 6.65 | (0.07) |
| FY2018 | 6.72 | 0.78 |
| FY2017 | 5.93 | 0.87 |
| FY2016 | 5.06 | 0.17 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.02 | — | 0.02 | |
| Retained earnings / total assets | 0.13 | — | 0.18 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 2.02 | — | 1.21 | |
| Sales / total assets | 0.51 | — | 0.51 | |
| Altman Z-score | Grey zone | 2.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.10 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MEDP Medpace Holdings, Inc. compare | 8.0× |
| QGEN QIAGEN N.V. compare | 3.8× |
| TWST Twist Bioscience Corporation compare | 3.4× |
| DGX Quest Diagnostics Incorporated compare | 3.1× |
| LH Labcorp Holdings Inc. compare | 3.0× |
| RVTY Revvity Inc. compare | 2.5× |
| CRL Charles River Laboratories International, Inc. compare | 2.4× |
| GH Guardant Health, Inc. compare | 2.0× |
| ICLR ICON PLC | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets