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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. 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.

170.18 4.95 −2.83%
Market cap
$13.5B
P/E
254×
Fwd P/E
23.8×
Dividend yield
—
F-score
6/9
Altman Z
2.01
Beneish M
−2.62
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 4.04
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 9 3 —
Insider Ownership 0.65%

Capital & Financial Ratios $m

Market Cap 13,510.00
Revenue 8,294.42
Net Income 42.34
Free Cash Flow 883.82
Net Debt 2,462.16
Current Ratio 0.95 (below 1: weak)
Debt/Equity 0.36 (at or below 0.5: strong)
P/E ratio 254.23 (above 35: high)
Fwd P/E 23.80
P/S ratio 1.58
P/B ratio 1.39
Past 5Y EPS Growth (13.96%) (below 0%: weak)
This Y EPS Growth (15.53%) (below 0%: weak)
Next Y EPS Growth 11.90%
Next Y revenue growth (1.36%) (below 0%: weak)
Next 5Y EPS Growth 2.02%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, 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 99.30%
10-year low 10-year high
P/S against its own 10 years 9.10%
10-year low 10-year high
P/B against its own 10 years 9.62%
10-year low 10-year high
EV/Sales against its own 10 years 8.33%
10-year low 10-year high
EV/FCF against its own 10 years 17.91%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 380 539 647 928
Receivables 1,947 1,556 1,652 1,651
Inventory — — — —
Other 952 1,040 1,097 1,054
3,411 3,275 3,502 3,749
2023 2024 2025 Q'26
Payables 132 173 192 118
ST’ Debt 110 30 530 1,280
Other 915 910 905 917
2,826 2,635 3,196 3,935

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%

Revenue $m

Mar Jun Sep Dec Year
’26 2,034 2,063 — — —
’25 2,015 2,039 2,043 2,154 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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.36 0.94 — — —
’25 1.90 2.30 0.03 (1.67) 2.90
’24 2.25 1.76 2.36 2.53 9.53
’23 1.41 1.40 1.97 2.60 7.40
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 62.31 74.30 101.22 118.10 104.28 168.76 171.43 181.92 183.38 125.10

Analyst estimates 2026–2028

Powerpack
High 85.74 124.48 155.33 172.45 215.29 313.00 312.28 288.50 347.72 228.29
People
People Employees 12,500 13,250 13,670 14,650 15,730 38,330 41,100 41,100 41,900 40,100
Revenue/emp, $m 0.13 0.13 0.19 0.19 0.18 0.14 0.19 0.20 0.20 0.21
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
Gross margin, % 42.31 41.58 29.95 29.64 29.22 27.52 28.60 29.56 28.95 26.37
EBT 300 328 365 427 381 197 568 624 804 252
EBT margin, % 18.01 18.66 14.05 15.22 13.63 3.59 7.34 7.69 9.82 3.06
Net income 262 281 323 376 333 153 505 612 739 229
Depreciation 60 61 66 92 66 315 570 586 489 383
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
Earnings 4.87 5.20 6.17 6.85 6.20 2.28 6.20 7.46 9.60 2.92
Cash flow 4.69 7.08 4.96 7.66 10.75 12.36 6.91 14.14 15.60 13.21
Capex (0.77) (0.83) (0.89) (0.94) (0.77) (1.40) (1.74) (1.71) (2.04) (2.22)
Free cash flow 3.92 6.25 4.07 6.72 9.97 10.96 5.17 12.43 13.56 10.99
Book value 17.11 22.00 25.02 30.78 35.00 120.20 104.23 112.55 114.46 117.23
Shares, m 55 54 54 54 53 67 82 82 82 78
Valuation, ×
Valuation, × P/E 15.53 22.06 21.68 25.14 31.45 102.89 31.27 37.64 23.39 70.64
P/S 2.48 3.52 2.69 3.31 3.68 3.79 2.04 2.84 2.11 1.73
P/B 4.37 5.20 5.16 5.60 5.57 2.58 1.86 2.49 1.83 1.55
EV/Sales 2.74 3.72 2.79 3.26 3.52 4.65 2.60 3.26 2.46 2.07
EV/FCF 21.08 19.31 32.86 25.24 18.66 34.63 47.84 25.92 18.04 19.77
Cash, $m
Cash, $m Operating cash flow 259 383 269 413 568 829 563 1,161 1,287 1,036
Capex (43) (45) (48) (51) (41) (94) (142) (141) (168) (174)
Free cash flow 217 338 220 362 527 735 421 1,020 1,119 862
Balance, $m
Balance, $m Working capital 464 535 720 494 979 462 538 586 640 306
Total debt 349 349 349 427 372 5,436 4,654 3,776 3,426 3,402
Net debt 88 (12) (106) (143) (470) 4,682 4,364 3,396 2,887 2,755
Shareholders’ equity 945 1,191 1,354 1,658 1,850 8,067 8,498 9,241 9,441 9,193
Returns, %
Returns, % ROA 14.80 14.17 14.34 14.22 10.48 1.47 2.92 3.58 4.40 1.39
ROIC 18.86 17.93 18.70 17.89 17.72 1.86 3.86 4.73 5.23 2.32
ROE 30.70 26.35 25.35 24.83 18.95 3.09 6.10 6.90 7.91 2.46
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
DGX Quest Diagnostics Incorporated $26.4B 24.6× 20.8× +10.21% (above 0%: growing) +14.74% (above 0%: growing) +5.28% (above 0%: growing) 33.75% 15.08% Compare
LH Labcorp Holdings Inc. $26.4B 26.2× 19.0× +5.78% (above 0%: growing) +28.42% (above 0%: growing) −42.01% (below 0%: shrinking) 29.80% 12.10% Compare
GH Guardant Health, Inc. $22.3B — (loss-making) — (loss-making) +44.33% (above 0%: growing) n/m −5.46% (below 0%: shrinking) 65.39% (38.55%) Compare
MEDP Medpace Holdings, Inc. $17.6B 35.6× 26.7× +17.24% (above 0%: growing) +36.39% (above 0%: growing) −3.03% (below 0%: shrinking) 71.36% 20.76% Compare
RVTY Revvity Inc. $17.3B 72.7× 37.5× +1.31% (above 0%: growing) +2.17% (above 0%: growing) +59.29% (above 0%: growing) 57.13% 12.24% Compare
CRL Charles River Laboratories International, Inc. $14.6B — (loss-making) 29.6× −2.72% (below 0%: shrinking) n/m −12.22% (below 0%: shrinking) 36.19% 11.94% Compare
ICLR ICON PLC $13.5B 254× 23.8× +1.20% (above 0%: growing) −59.31% (below 0%: shrinking) +109.66% (above 0%: growing) 23.23% 6.68%
QGEN QIAGEN N.V. $9.5B 23.6× 17.5× +0.28% (above 0%: growing) +7.94% (above 0%: growing) +30.45% (above 0%: growing) 63.62% 24.75% Compare
TWST Twist Bioscience Corporation $9.5B — (loss-making) — (loss-making) +23.24% (above 0%: growing) n/m −7.23% (below 0%: shrinking) 52.76% (30.65%) Compare
Median of peers $17.4B 26.2× 23.8× +8.00% +14.74% −4.24% 54.95% 12.17%

All 52 Diagnostics & Research stocks →

ICON PLC (ICLR) key facts

  • Strength: ICON PLC’s revenue for fiscal 2025 (year ended December 2025) was $8.3 billion, up 0.76% from fiscal 2024.
  • ICON PLC (ICLR) is a Diagnostics & Research company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, ICLR traded at $170.18, a market capitalization of $13.5 billion.
  • Return on equity was 2.46% and debt-to-equity 0.36.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.01 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

ICON PLC (ICLR) Latest News

12 Feb

Impact 5 ·
stockrow.com/ICLR · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com