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ICF International, Inc. (ICFI) stock

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NASDAQ: ICFI Nasdaq Research & Consulting Services Next results ~November 5, 2026

C+ Fundamentals grade

ICF International, Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$89–$180 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $98.52, November 2, 2026

ICF International, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 2 selling6 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds134 adding, 110 cuttingOf 46 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter ICF International files

Where ICF International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.82bn, down 7.9% on a year earlier, a smaller fall than the 9.5% decline a quarter earlier. That puts it 10 of 10 for growth among the research & consulting services companies we cover. Free-cash-flow margin rose to 10.9% from 6.0% a year earlier. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $118 a share, against a share price of $95.91. At that price, our model says the market is pricing in cash flow shrinking about 1.0% a year for five years, slower than the 3.2% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

ICF International, Inc.'s trailing-twelve-month revenue fell 7.9% year on year, with a free-cash-flow margin of 10.9%. Where it stands out: stock pay as % of revenue of 1.2% ranks 6 of 30 research & consulting services companies we cover. Where it lags: revenue growth of -7.9% ranks 27 of 33 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$89–$180 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 66.0% while net income fell 17.8%: a 84pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $98.52 is 29% below our value per share of $130.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 7.9% over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.86 against an average estimate of $1.65: beat by 13.0%
Revenue
$474m, down 0.3% on a year earlier
Share reaction
-0.1% in the first session after the results on September 24, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $1.92

ICF International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.2%
  • 1 week+3.1%
  • 1 month+20.4%
  • This year+16.2%
  • 1 year+23.6%
  • 5 years-3.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.8B
Operating margin
7.8%
Net margin
4.9%
EPS (TTM, diluted)
$4.83

Growth

Revenue growth
−7.9%
Change in growth rate
+1.6 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$199M
FCF margin
10.9%
Stock pay % of revenue
1.2%

Earnings

Last results
September 24, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ICF International, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 1.1% a year for five years.That is close to the 3.2% a year revenue growth ICF International has delivered.

  • Priced in-1.1%
  • Last 12 months-7.9%
  • 3 years a year-1.9%
  • 5 years a year3.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($95.82, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$95.82close November 3, 2026
Implied change
▲ +33%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of ICF International, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($154M, FY2026 Q2 TTM), growing 5.6% and 3.1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$89–~$180 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of ICF International, Inc.'s free cash flow after stock-based pay ( $154M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value ICF International, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.8 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$89–$180 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$91 ~$110–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$66 ~$44–$100 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$67 ~$57–$82 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$96 ~$66–$130 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ICF International, Inc. with Research & Consulting Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −28%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▲ +82%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $100$145$204$281$382$512
8.5% $71$103$146$201$273$366
10% $54$79$111$154$208$279

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$33.64$52.22$49.67$61.78$88.00$71.98$99.91$97.04$131.96$117.77$84.81$98.52
Market value$661m$1.0bn$956m$1.2bn$1.7bn$1.4bn$1.9bn$1.8bn$2.5bn$2.2bn$1.6bn$1.8bn
+ Net debt (− = net cash)$304m$253m$194m$189m$159m$302m$415m$550m$428m$409m$397m$403m
Enterprise value$965m$1.3bn$1.2bn$1.4bn$1.9bn$1.7bn$2.3bn$2.4bn$2.9bn$2.6bn$2.0bn$2.2bn
Multiples
Price / sales 0.6x0.9x0.8x0.9x1.1x0.9x1.2x1.0x1.3x1.1x0.8x1.0x
Price / earnings 16.8x21.8x15.2x19.5x24.5x25.1x26.9x28.7x30.3x20.2x17.1x20.4x
Price / free cash flow 10.4x15.3x9.3x22.6x26.2x8.9x21.2x13.4x19.3x14.8x13.1x9.1x
EV / EBITDA 8.9x11.3x10.4x11.6x14.3x13.7x16.3x15.1x15.2x12.0x9.7x11.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard ICF International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Cash operating profit has been a median 9.1% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 36.4%, moving by 0.7 percentage points (standard deviation) across 10 years.

  • Durability 11 / 20

    Operating margin has been a median 7.0%; its worst year was 6.0%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.9% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.9% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (66 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $491m and EPS of $1.92 (range $1.87 to $2.00) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.11 +5% $1.9bn +2%
Next $7.71 +9% $2.0bn +6%

Next year's EPS estimate has moved +0.4% in 90 days, across 5 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.65 $1.86 +13.0%
Mar 2026 $1.55 $1.50 −3.2%
Dec 2025 $1.49 $1.47 −1.5%
Sept 2025 $1.73 $1.67 −3.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 24, 2026

No numeric guidance in ICF International, Inc.'s latest earnings release (filed September 24, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows ICF International, Inc.'s revenue by +5.6% next year and +3.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.7%, weight 64%) and the company's own record (+2.0%, weight 36%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy480%
Hold120%
Sell00%

Monthly trend

  1. Oct 20261315
  2. Sep 20261315
  3. Aug 20261315

Counts of recommendations published by analysts covering ICF International, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
4.13
at average volume
Short interest, 1 month
+22%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.9%
of shares
Employees
6,972
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.6%

$79.69 on October 31, 2025 to $98.52

ThenNowEffect
Revenue (last 12 months) $2.0bn $1.8bn −7.9%
Net margin 5.5% 4.9% −10.8%
P/E multiple 13.9x 20.4x +47.3%
Share count 19m 18m +2.2%

Biggest factor: p/e multiple.

Last 3 years −20.1%

$123.37 on November 3, 2023 to $98.52

ThenNowEffect
Revenue (last 12 months) $1.9bn $1.8bn −5.5%
Net margin 3.4% 4.9% +44.8%
P/E multiple 36.2x 20.4x −43.7%
Share count 19m 18m +3.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ICFI+39%−3%+36%−11%−28%+16%
Industry peers (median)+34%−22%+10%+2%−15%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ICFI75%50%58%50%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ICFI−11%−20%−12%−33%−42%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 66% from October 16, 2024 to May 13, 2026. Getting back needed a 191% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$59.69 – $98.52
From 52-week high
0.0%
vs 50-day average
+12.0%
vs 200-day average
+25.3%
Volatility (1 year)
40%
Beta vs S&P 500
0.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.0%
After a week
7 up, 5 down
typical move ±5.3%
After a month
5 up, 7 down
typical move ±10.0%
Results releasedNext dayS&P 500 next day5 days21 days
September 24, 2026 −0.1% +0.5% +1.5% +12.8%
August 6, 2026 +12.0% +0.5% +5.3% +3.9%
June 24, 2026 −3.7% +0.1% +7.2% +17.6%
May 7, 2026 −5.4% +0.5% −17.3% −3.6%
March 26, 2026 −1.9% −3.5% +1.6% +0.3%
February 26, 2026 +10.6% −1.0% −0.3% −13.6%
January 15, 2026 +1.9% +0.2% +2.4% −19.9%
October 30, 2025 −6.2% −0.8% −4.8% −9.0%
September 17, 2025 −2.8% +0.3% −5.7% −13.9%
July 31, 2025 +6.8% −2.0% +11.5% +18.7%
June 17, 2025 −2.0% −0.9% −2.6% −3.0%
May 1, 2025 −6.0% +2.2% +2.9% −3.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How ICF International, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

ICF International, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ICF International, Inc.
$1.8B $1.9B $1.9B $2B $2B $2.1B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2B Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.8B Revenue (TTM), FY26 Q2: $1.8B $1.8B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2B
FY23 Q4 $2B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $2B
FY24 Q4 $2B
FY25 Q1 $2B
FY25 Q2 $2B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.8B
FY26 Q2 $1.8B
Revenue growth, TTM YoY ICF International, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 15.8% Revenue growth, TTM YoY, FY23 Q4: 10.3% Revenue growth, TTM YoY, FY24 Q1: 6.7% Revenue growth, TTM YoY, FY24 Q2: 3.1% Revenue growth, TTM YoY, FY24 Q3: 2.1% Revenue growth, TTM YoY, FY24 Q4: 2.9% Revenue growth, TTM YoY, FY25 Q1: 2.0% Revenue growth, TTM YoY, FY25 Q2: -0.5% Revenue growth, TTM YoY, FY25 Q3: -3.8% Revenue growth, TTM YoY, FY25 Q4: -7.3% Revenue growth, TTM YoY, FY26 Q1: -9.5% Revenue growth, TTM YoY, FY26 Q2: -7.9% -7.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 15.8%
FY23 Q4 10.3%
FY24 Q1 6.7%
FY24 Q2 3.1%
FY24 Q3 2.1%
FY24 Q4 2.9%
FY25 Q1 2.0%
FY25 Q2 -0.5%
FY25 Q3 -3.8%
FY25 Q4 -7.3%
FY26 Q1 -9.5%
FY26 Q2 -7.9%
Operating margin (TTM) ICF International, Inc.
6% 7% 8% 9% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 6.0% Operating margin (TTM), FY23 Q4: 6.7% Operating margin (TTM), FY24 Q1: 7.2% Operating margin (TTM), FY24 Q2: 7.7% Operating margin (TTM), FY24 Q3: 8.3% Operating margin (TTM), FY24 Q4: 8.2% Operating margin (TTM), FY25 Q1: 8.1% Operating margin (TTM), FY25 Q2: 8.1% Operating margin (TTM), FY25 Q3: 8.0% Operating margin (TTM), FY25 Q4: 7.8% Operating margin (TTM), FY26 Q1: 7.8% Operating margin (TTM), FY26 Q2: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 6.0%
FY23 Q4 6.7%
FY24 Q1 7.2%
FY24 Q2 7.7%
FY24 Q3 8.3%
FY24 Q4 8.2%
FY25 Q1 8.1%
FY25 Q2 8.1%
FY25 Q3 8.0%
FY25 Q4 7.8%
FY26 Q1 7.8%
FY26 Q2 7.8%
FCF margin (TTM) ICF International, Inc.
6% 8% 10% 12% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 9.0% FCF margin (TTM), FY23 Q4: 6.6% FCF margin (TTM), FY24 Q1: 7.0% FCF margin (TTM), FY24 Q2: 8.2% FCF margin (TTM), FY24 Q3: 8.1% FCF margin (TTM), FY24 Q4: 7.4% FCF margin (TTM), FY25 Q1: 6.4% FCF margin (TTM), FY25 Q2: 6.0% FCF margin (TTM), FY25 Q3: 7.3% FCF margin (TTM), FY25 Q4: 6.4% FCF margin (TTM), FY26 Q1: 8.3% FCF margin (TTM), FY26 Q2: 10.9% 10.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 9.0%
FY23 Q4 6.6%
FY24 Q1 7.0%
FY24 Q2 8.2%
FY24 Q3 8.1%
FY24 Q4 7.4%
FY25 Q1 6.4%
FY25 Q2 6.0%
FY25 Q3 7.3%
FY25 Q4 6.4%
FY26 Q1 8.3%
FY26 Q2 10.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar ICF International took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.9B
  2. Cost of revenue $1.2B · 62.8%
  3. Gross profit $696M · 37.2%
  4. Selling, general and admin $492M · 26.3%
  5. Other operating costs $58.1M · 3.1%
  6. Operating income $145M · 7.8%
  7. Income tax $20.4M · 1.1%
  8. Interest and other $33.5M · 1.8%
  9. Net income $91.6M · 4.9%

Shares of revenue. Source: ICF International's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 674 765 841 937 949 1,050 1,132 1,185 1,229 1,338 1,479 1,507 1,553 1,780 1,963 2,020 1,873 1,821
Gross profit 263 289 320 354 358 395 438 440 457 480 525 534 573 646 698 738 696 677
EBITDA 60 70 79 90 85 93 109 112 111 119 130 123 143 159 193 219 204 197
Operating income 39 47 59 66 65 69 75 83 82 92 101 89 111 109 132 166 145 142
Net income 22 27 35 38 39 40 39 47 63 61 69 55 71 64 83 110 92 89
Diluted EPS $1.40 $1.38 $1.75 $1.91 $1.95 $2.00 $2.00 $2.40 $3.27 $3.18 $3.59 $2.87 $3.72 $3.38 $4.35 $5.82 $4.95 $4.83
Growth (year on year)
Revenue — +13.4% +9.9% +11.5% +1.3% +10.6% +7.8% +4.7% +3.7% +8.9% +10.5% +1.9% +3.1% +14.6% +10.3% +2.9% −7.3% −7.9%
EBITDA — +17.4% +13.2% +13.6% −5.2% +9.1% +16.6% +3.0% −0.8% +7.6% +8.5% −5.2% +16.3% +11.0% +21.7% +13.6% −7.2% −9.1%
Operating income — +20.0% +26.8% +11.3% −2.3% +7.2% +8.5% +10.1% −0.5% +12.0% +9.9% −12.1% +24.5% −2.0% +21.7% +25.3% −12.3% −11.9%
Net income — +21.5% +28.3% +9.2% +3.3% +1.8% −1.7% +18.3% +35.0% −2.3% +12.3% −20.3% +29.4% −9.7% +28.6% +33.4% −16.9% −17.8%
Diluted EPS — −1.4% +26.8% +9.1% +2.1% +2.6% 0.0% +20.0% +36.3% −2.8% +12.9% −20.1% +29.6% −9.1% +28.7% +33.8% −14.9% −16.1%
Margins
Gross margin 39.0% 37.7% 38.1% 37.8% 37.7% 37.6% 38.7% 37.1% 37.2% 35.9% 35.5% 35.5% 36.9% 36.3% 35.6% 36.5% 37.2% 37.2%
EBITDA margin 8.8% 9.2% 9.4% 9.6% 9.0% 8.9% 9.6% 9.4% 9.0% 8.9% 8.8% 8.2% 9.2% 8.9% 9.8% 10.9% 10.9% 10.8%
Operating margin 5.8% 6.1% 7.1% 7.1% 6.8% 6.6% 6.6% 7.0% 6.7% 6.9% 6.9% 5.9% 7.1% 6.1% 6.7% 8.2% 7.8% 7.8%
Net margin 3.3% 3.6% 4.1% 4.1% 4.1% 3.8% 3.5% 3.9% 5.1% 4.6% 4.7% 3.6% 4.6% 3.6% 4.2% 5.5% 4.9% 4.9%
Free-cash-flow margin 6.0% 8.0% 5.9% 7.9% 7.3% 6.5% 5.6% 5.6% 8.4% 4.0% 4.4% 10.3% 5.8% 7.7% 6.6% 7.4% 6.4% 10.9%
Cash flow
Cash from operations 49 68 60 88 81 79 76 80 117 75 91 173 110 162 152 172 142 220
Capital spending 8 7 10 14 12 11 13 14 15 22 27 18 20 24 22 21 22 21
Free cash flow 40 61 49 74 69 69 64 66 103 53 65 155 90 138 130 150 120 199
Stock-based pay 7 8 7 9 9 11 11 9 10 12 16 18 13 13 15 17 18 21
Free cash flow after stock pay 33 53 43 65 60 58 53 57 92 41 49 138 77 125 115 133 103 177
Balance sheet
Cash 2 3 4 15 9 12 8 6 12 12 6 14 8 11 6 5 5 5
Total debt 0 85 145 105 40 350 312 259 206 200 165 316 424 561 434 414 403 408
Net debt (negative = net cash) −2 82 141 90 31 338 304 253 194 189 159 302 415 550 428 409 397 403
Diluted shares 16m 20m 20m 20m 20m 20m 20m 19m 19m 19m 19m 19m 19m 19m 19m 19m 19m 18m
Returned to shareholders
Dividends — — — — — — — — — 8 11 11 11 11 11 11 10 10
Buybacks — — — — — — — — 32 17 23 30 20 21 19 48 55 46
Total returned — — — — — — — — 32 25 34 40 31 32 30 58 66 56

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $2.1bn
Short-term assets $579mLonger-term assets $1.5bn
What it owes, and who funded it · $2.1bn
Short-term liabilities $418mLonger-term liabilities $630mShareholders' equity $1.0bn
  • Short-term assets cover short-term liabilities $579m of assets due within a year against $418m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $579m short-term assets against $630m of longer-dated liabilities.
  • More cash than debt $5m of cash against $408m of debt.
  • Debt below 40% of shareholders' equity Debt is 39% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 51% to 39% over five years.
  • A year's operating cash flow covers at least 20% of debt $220m of operating cash flow against $408m of debt.
  • Operating profit covers interest at least five times over Operating income of $142m against $29m of interest.

From ICF International, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$46.2M
Dividends (TTM)
$10.3M
Returned to shareholders
28%
of free cash flow
Buybacks, last 3 fiscal years
$122M
Diluted share count
−2.1%
year over year
Total shareholder yield
3.2%
dividends 0.6% + buybacks 2.6% of market value
Dividend payout ratio
12%
of net income paid out
Sales & admin spending
26.3%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated ICFI HURN CLVT VRSK ULS FCN Median
Revenue, last 12 months $1.8bn $1.8bn $2.4bn $3.1bn $3.1bn $4.0bn $632m
Revenue growth, last 12 months −7.9% 13.6% −3.5% 5.0% 6.6% 7.8% 4.8%
Revenue growth, 3-year average −1.9% 11.8% −2.6% 6.9% — 6.0% 6.8%
Revenue growth, latest quarter −0.3% 15.4% −5.5% 4.4% 5.2% 5.9% 4.4%
Gross margin 37.2% 28.6% 66.8% 70.2% 50.3% 32.2% 43.9%
Operating margin 7.8% 10.3% −3.5% 43.9% 17.9% 8.8% 6.1%
Operating margin, 3-year average 7.9% 10.3% −13.9% 43.2% 16.3% 9.8% 6.0%
Net margin 4.9% 6.4% −13.8% 28.2% 16.1% 5.9% 3.1%
Cash from operations / revenue 12.1% 9.9% 23.8% 47.9% 21.6% 9.9% 9.6%
Free-cash-flow margin 10.9% 8.9% 13.6% 39.4% 13.9% 8.9% 7.4%
Free-cash-flow margin, 3-year average 8.4% 9.6% 14.3% 34.9% 12.1% 7.2% 8.6%
Stock pay / revenue 1.2% 2.5% 2.6% 1.8% 2.0% 1.1% 2.5%
Change in share count −2.1% −5.2% −6.8% −3.6% 0.6% −14.5% 0.5%

Median of all 33 companies we cover in research & consulting services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth -7.9% 4.8% 27 of 33
Change in growth rate Growth +1.6pp +0.6pp 10 of 33
Gross margin Profitability 37.2% 45.2% 18 of 25
Operating margin Profitability 7.8% 6.1% 12 of 31
Net margin Profitability 4.9% 3.1% 15 of 33
Free-cash-flow margin Cash generation 10.9% 7.4% 10 of 33
Stock pay as % of revenue Cash generation 1.2% 2.6% 6 of 30
Long-term debt as % of assets Balance sheet 19.4% 22.7% 10 of 21
Change in share count Balance sheet -2.1% 0.6% 11 of 30
Days sales outstanding Balance sheet 48 days 63 days 11 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
US State and International Government $1.3B 66.8% ▼ 17.4%
US Federal Government $809M 64.7% ▼ 25.7%
US State and Local Government $323M 25.8% ▲ 2.2%
International Government $119M 9.5% ▲ 7.6%
Commercial $622M 33.2% ▲ 23.2%
Products and services
Line of business Revenue Share YoY
Energy Environment Infrastructure and Disaster Recovery $979M 52.3% ▲ 4.8%
Health and Social Programs $621M 33.1% ▼ 18.9%
Security and Other Civilian and Commercial $273M 14.6% ▼ 14.8%
Geography
Region Revenue Share YoY
United States $1.7B 91.5% ▼ 8.3%
Outside the US $159M 8.5% ▲ 5.5%

From ICF International, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.3B
Institutions reporting
231
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
37 / 52

Top buyers and sellers, Q2 2026: 134 institutions bought and 110 sold ; the biggest buyer was Alliancebernstein L.P (+1.4M shares) and the biggest seller Capital Research Global Investors (−1.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $132M 1.8M 10.0% ▲ 10.7%
Alliancebernstein L.P. $92.5M 1.4M 7.0% ▲ 7058.1%
FMR LLC $84.3M 1.2M 6.4% ▲ 409.2%
Dimensional Fund Advisors LP $73.2M 1.0M 5.5% ▲ 2.7%
Vanguard Capital Management LLC $58.7M 805K 4.4% ▼ 1.1%
Wasatch Advisors LP $42.1M 578K 3.2% ▼ 50.8%
AQR Capital Management LLC $41.5M 569K 3.1% ▲ 453.1%
Estuary Capital Management LP $39.3M 539K 3.0% ▲ 19.1%
Geode Capital Management, LLC $35.5M 488K 2.7% ▲ 5.8%
State Street Corp $35.5M 486K 2.7% ▲ 6.8%
Two Sigma Investments, LP $35.2M 483K 2.7% ▲ 86.3%
Silvercrest Asset Management Group LLC $32.8M 450K 2.5% ▲ 8.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ICF International, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $650,419 6 trades by 2 insiders, last 12 months Insider sales History → $1.7M 4 trades by 2 insiders · 90% under pre-set plans
Net ▼ $1.1M net selling
Insider Date Trade Shares Price Value
Wasson John CEO & President September 1, 2026 Sell pre-set plan 5,815 $88.18 $512,767
Wasson John CEO & President September 1, 2026 Sell pre-set plan 585 $89.68 $52,463
Ostria Sergio J Executive Vice President August 26, 2026 Sell 2,000 $88.59 $177,180
Wasson John CEO & President July 13, 2026 Sell pre-set plan 12,411 $80.08 $993,873
Van Handel Michael J Director May 15, 2026 Buy 4,000 $61.20 $244,800
Van Handel Michael J Director May 15, 2026 Buy 4,000 $61.58 $246,320
Mehl Randall Director March 6, 2026 Buy 1,100 $74.30 $81,730
Mehl Randall Director November 17, 2025 Buy 500 $77.00 $38,500
Mehl Randall Director November 14, 2025 Buy 346 $78.20 $27,057
Mehl Randall Director November 14, 2025 Buy 154 $78.00 $12,012

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 11 trades and filings

No trades in ICF International, Inc. disclosed in the last 12 months; 11 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded February 20, 2025, filed March 6, 2025
  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded February 19, 2025, filed March 6, 2025
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded February 3, 2025, filed February 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • September 24, 2026
  • August 6, 2026
  • June 24, 2026
  • May 7, 2026
  • March 26, 2026
  • February 26, 2026

Recent SEC filings

Data status

When each part of this page on ICF International, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ICF International, Inc. in brief

What does ICF International, Inc. do?
ICF International, Inc. is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is ICF International, Inc.'s stock ticker?
ICF International, Inc. trades under the ticker ICFI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ICF International, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, ICF International, Inc. reported revenue of $1.8B, 7.9% lower than a year earlier, according to its SEC filings.
What is ICF International, Inc.'s free cash flow?
ICF International, Inc.'s free-cash-flow margin is 10.9% of revenue over the trailing twelve months, ranking 10 of the 33 research & consulting services companies we cover.
What is ICF International, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of ICF International, Inc.'s free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$89–$180 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are ICF International, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Alliancebernstein L.P. and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ICF International, Inc. buying back stock, and does it pay a dividend?
ICF International, Inc. spent $46.2M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is ICF International, Inc.'s market cap?
On November 2, 2026, ICF International, Inc.'s market capitalisation was about $1.8B, with a price-to-earnings ratio of 20.4 and net debt of $403M. Market figures come from third-party market data and may be delayed.
Does ICF International, Inc. pay a dividend?
Yes: ICF International, Inc. paid $10.3M in dividends over the trailing twelve months, a dividend yield of 0.58% and a payout ratio of 11.6%.
How much debt does ICF International, Inc. have?
ICF International, Inc.'s debt-to-equity ratio is 38.8%, from its latest balance sheet (51.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are ICF International, Inc.'s competitors?
In our Research & Consulting Services peer group, the companies closest to ICF International, Inc. are Huron Consulting Group Inc., Clarivate PLC, Verisk Analytics, Inc., UL Solutions Inc. and FTI Consulting, Inc. The side-by-side comparison below sets their revenue, margins and growth against ICF International, Inc.'s.
Are insiders buying or selling ICF International, Inc. stock?
Over the last 12 months, ICF International, Inc.'s directors and officers reported 6 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is ICF International, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ICF International, Inc. announces its own schedule.