Icon vs Waters
Icon is the larger business, with $8.25bn of revenue in fiscal 2025 against $3.17bn for Waters (2.6 times as much). Waters grew faster (7.0% against 0.8%). Waters kept more of each dollar of sales as profit: a net margin of 20.3% against 2.8%.
| Latest fiscal year | IconICLR, 2025 | WatersWAT, 2025 |
|---|---|---|
| Revenue | $8.25bn | $3.17bn |
| Revenue growth | 0.8% | 7.0% |
| Net income | $229m | $643m |
| Operating margin | 5.4% | — |
| Net margin | 2.8% | 20.3% |
| Return on equity | 2.5% | 29.3% |
| Free cash flow | $862m | $540m |
| Cash | $647m | $588m |
| Total debt | $3.42bn | $1.87bn |
| Debt to equity | 37.2% | — |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $750m | $14.7m |
| Employees | — | 8,200 |
| Market value | $15.75bn | $45.35bn |
| Price vs our value range | Within our value range | Above our value range |
| Moat score | 52 (Moderate) | 78 (Strong) |
| Insider trades, 12 months | 0 buys, 42 sales | 2 buys, 1 sales |