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Icon PLC (ICLR) stock

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NASDAQ: ICLR Nasdaq Life Sciences Tools & Services

C+ Fundamentals grade

Icon PLC is a US-listed company in the life sciences tools & 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

~$210

Cash-flow model

Base case. Range ~$150–$290 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 4% below our base value.

Price used: $205.14, November 2, 2026

Icon PLC 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.

Value diary

Our note on each quarter Icon files

Where Icon PLC stands after its latest Filing

Revenue for the twelve months was $8.25bn, up 0.8% on a year earlier, slower than the 1.7% growth a quarter earlier. Free-cash-flow margin fell to 10.4% from 13.4% a year earlier. The diluted share count is down 4.9% 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 3 of our 7 financial-health checks. Our cash-flow model value is $213 a share, against a share price of $211. At that price, our model says the market is pricing in about 1.9% a year of cash-flow growth for five years, slower than the 24.2% a year revenue growth it has delivered.

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

Icon PLC's trailing-twelve-month revenue grew 0.8% year on year, with a free-cash-flow margin of 10.4%. Where it stands out: change in share count of -4.9% ranks 2 of 46 life sciences tools & services companies we cover. Where it lags: gross margin of 28.6% ranks 39 of 45 life sciences tools & services companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$150–$290 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 22.9% while net income fell 69.0%: a 46pp 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

  • Shrinking share count. Diluted shares fell 4.9% in a year, so each share owns more of the business.

Things to watch

  • Margins narrowing. Operating margin is down 7.2 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 68% and a beta of 1.3 against the S&P 500.
  • Below peers: gross margin. Gross margin of 28.6% ranks 39 of 45 life sciences tools & services companies we cover (median 52.0%).
  • Below peers: revenue growth. Revenue growth of 0.8% ranks 42 of 54 life sciences tools & services companies we cover (median 6.9%).

Latest results

Earnings per share
$2.66 against an average estimate of $2.63: beat by 1.2%
Next report
October 27, 2026; average EPS estimate $2.82

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

Price chart

  • 1 day-2.9%
  • 1 week+11.6%
  • 1 month+26.6%
  • This year+12.6%
  • 1 year+19.4%
  • 5 years-25.6%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.3B
Operating margin
5.4%
Net margin
2.8%
EPS (TTM, diluted)
$2.90

Growth

Revenue growth
+0.8%
Change in growth rate
−0.9 pts
Share count change
−4.9%

Cash

Free cash flow (TTM)
$862M
FCF margin
10.4%
Stock pay % of revenue
1.2%

News & updates

Updated October 31, 2026

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

No recent updates are available for ICLR from the sources we follow. See filings →

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

Icon PLC valuation models and calculator

What the price is pricing in

The share price implies about 1.5% a year of cash-flow growth for five years.That is slower than the 24.2% a year revenue growth Icon has delivered.

  • Priced in1.5%
  • Last 12 months0.8%
  • 3 years a year2.1%
  • 5 years a year24.2%

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 ($206.13, 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
~$210
Price used
$206.13close November 3, 2026
Implied change
▲ +3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Icon PLC's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2025 Q4 TTM), growing 2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$150–~$290 ; 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 Icon PLC's free cash flow after stock-based pay ( $1.1B, FY2025 Q4 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 Icon PLC as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 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. ~$210 ~$150–$290 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. ~$270 ~$220–$370 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$61 ~$39–$97 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$40 ~$34–$47 Left out: out of range vs price (0.19x)
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. ~$230 ~$210–$270 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Icon PLC with Life Sciences Tools & 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 ▼ −30%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▼ −24%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $180$257$360$495$671$899
8.5% $129$185$259$356$482$643
10% $99$142$199$273$369$491

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$77.70$75.20$112.15$129.21$172.23$194.98$309.70$194.25$283.07$209.71$182.22
Market value$4.7bn$4.2bn$6.2bn$7.1bn$9.4bn$10.4bn$21.1bn$16.0bn$23.4bn$17.4bn$14.4bn
+ Net debt (− = net cash)$244m$156m$66m−$47m−$171m−$490m$4.8bn$4.5bn$3.5bn$2.9bn$2.8bn
Enterprise value$4.9bn$4.4bn$6.2bn$7.0bn$9.2bn$9.9bn$25.9bn$20.5bn$27.0bn$20.3bn$17.2bn
Multiples
Price / sales 3.0x2.5x3.5x2.7x3.3x3.7x3.8x2.1x2.9x2.1x1.7x
Price / earnings 19.6x16.2x21.9x21.9x25.0x31.3x137.6x31.7x42.2x23.6x62.7x
Price / free cash flow 20.4x19.6x18.2x32.1x25.0x19.7x28.7x38.0x22.9x15.6x16.7x
EV / EBITDA 14.5x11.8x15.6x16.0x18.6x21.6x37.3x15.0x18.1x13.4x20.8x

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

52 /100

Moderate moat

How hard Icon's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 7.1% of total assets over 5 years.

  • Pricing power 8 / 20

    Gross margin has been a median 35.6%, moving by 6.3 percentage points (standard deviation) across 5 years.

  • Durability 10 / 20

    Operating margin has been a median 9.1%; its worst year was 5.4%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 5 of 5 years, at a median 14.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (57 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

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.58 −16% $8.2bn −1%
Next $11.59 +10% $8.5bn +5%

Next year's EPS estimate has moved −2.3% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.1% on 90 days ago. In the last 30 days, 1 analyst raised Icon PLC's forecast and 4 cut it.

Consensus EPS forecast Icon PLC, last 90 days
$10.50 $11.00 $11.50 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.59 Current fiscal year, 60 days ago: $10.59 Current fiscal year, 30 days ago: $10.58 Current fiscal year, 7 days ago: $10.56 Current fiscal year, Now: $10.58 $10.58 Next fiscal year, 90 days ago: $11.86 Next fiscal year, 60 days ago: $11.88 Next fiscal year, 30 days ago: $11.80 Next fiscal year, 7 days ago: $11.77 Next fiscal year, Now: $11.59 $11.59

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.59$11.86
60 days ago $10.59$11.88
30 days ago $10.58$11.80
7 days ago $10.56$11.77
Now $10.58$11.59

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.63 $2.66 +1.2%
Jun 2026 $2.52 $2.56 +1.7%
Mar 2026 $2.43 $2.50 +3.0%
Dec 2025 $3.11 $2.52 −18.9%

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

Analyst recommendations

18 analysts, Oct 2026
Buy1056%
Hold739%
Sell16%

Monthly trend

  1. Oct 20269718
  2. Sep 20269718
  3. Aug 20269617
  4. Jul 20269617

Counts of recommendations published by analysts covering Icon PLC, 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
4.5%
of tradable shares
Days to cover
3.06
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
40,250
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

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ICLR+59%−37%+46%−26%−13%+13%
Industry peers (median)+4%−53%−3%−13%−2%+16%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ICLR75%33%58%33%33%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ICLR−22%−44%−25%−46%−43%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 77% from July 16, 2024 to February 12, 2026. Getting back needed a 332% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$80.08 – $215.48
From 52-week high
−4.8%
vs 50-day average
+18.8%
vs 200-day average
+40.6%
Volatility (1 year)
69%
Beta vs S&P 500
1.32

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.

Options strategies

All options ideas

How Icon PLC’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.

Icon PLC 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) Icon PLC
$0 $5B $10B FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue (TTM), FY14 Q4: $1.5B Revenue (TTM), FY15 Q4: $1.6B Revenue (TTM), FY16 Q4: $1.7B Revenue (TTM), FY17 Q4: $1.8B Revenue (TTM), FY18 Q4: $2.6B Revenue (TTM), FY19 Q4: $2.8B Revenue (TTM), FY20 Q4: $2.8B Revenue (TTM), FY21 Q4: $5.5B Revenue (TTM), FY22 Q4: $7.7B Revenue (TTM), FY23 Q4: $8.1B Revenue (TTM), FY24 Q4: $8.2B Revenue (TTM), FY25 Q4: $8.3B $8.3B

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue (TTM)
FY14 Q4 $1.5B
FY15 Q4 $1.6B
FY16 Q4 $1.7B
FY17 Q4 $1.8B
FY18 Q4 $2.6B
FY19 Q4 $2.8B
FY20 Q4 $2.8B
FY21 Q4 $5.5B
FY22 Q4 $7.7B
FY23 Q4 $8.1B
FY24 Q4 $8.2B
FY25 Q4 $8.3B
Revenue growth, TTM YoY Icon PLC
-50% 0% 50% 100% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Revenue growth, TTM YoY, FY14 Q4: 12.5% Revenue growth, TTM YoY, FY15 Q4: 4.8% Revenue growth, TTM YoY, FY16 Q4: 5.8% Revenue growth, TTM YoY, FY17 Q4: 5.5% Revenue growth, TTM YoY, FY18 Q4: 47.6% Revenue growth, TTM YoY, FY19 Q4: 8.1% Revenue growth, TTM YoY, FY20 Q4: -0.3% Revenue growth, TTM YoY, FY21 Q4: 95.9% Revenue growth, TTM YoY, FY22 Q4: 41.2% Revenue growth, TTM YoY, FY23 Q4: 4.1% Revenue growth, TTM YoY, FY24 Q4: 1.7% Revenue growth, TTM YoY, FY25 Q4: 0.8% 0.8%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Revenue growth, TTM YoY
FY14 Q4 12.5%
FY15 Q4 4.8%
FY16 Q4 5.8%
FY17 Q4 5.5%
FY18 Q4 47.6%
FY19 Q4 8.1%
FY20 Q4 -0.3%
FY21 Q4 95.9%
FY22 Q4 41.2%
FY23 Q4 4.1%
FY24 Q4 1.7%
FY25 Q4 0.8%
Operating margin (TTM) Icon PLC
0% 5% 10% 15% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 Operating margin (TTM), FY14 Q4: 13.5% Operating margin (TTM), FY15 Q4: 17.9% Operating margin (TTM), FY16 Q4: 18.7% Operating margin (TTM), FY17 Q4: 19.2% Operating margin (TTM), FY18 Q4: 14.4% Operating margin (TTM), FY19 Q4: 15.4% Operating margin (TTM), FY20 Q4: 14.0% Operating margin (TTM), FY21 Q4: 6.9% Operating margin (TTM), FY22 Q4: 10.3% Operating margin (TTM), FY23 Q4: 11.2% Operating margin (TTM), FY24 Q4: 12.6% Operating margin (TTM), FY25 Q4: 5.4% 5.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period Operating margin (TTM)
FY14 Q4 13.5%
FY15 Q4 17.9%
FY16 Q4 18.7%
FY17 Q4 19.2%
FY18 Q4 14.4%
FY19 Q4 15.4%
FY20 Q4 14.0%
FY21 Q4 6.9%
FY22 Q4 10.3%
FY23 Q4 11.2%
FY24 Q4 12.6%
FY25 Q4 5.4%
FCF margin (TTM) Icon PLC
0% 5% 10% 15% 20% FY14 Q4 FY17 Q4 FY20 Q4 FY25 Q4 FCF margin (TTM), FY14 Q4: 9.1% FCF margin (TTM), FY15 Q4: 14.6% FCF margin (TTM), FY16 Q4: 13.0% FCF margin (TTM), FY17 Q4: 19.2% FCF margin (TTM), FY18 Q4: 8.5% FCF margin (TTM), FY19 Q4: 13.3% FCF margin (TTM), FY20 Q4: 18.8% FCF margin (TTM), FY21 Q4: 13.4% FCF margin (TTM), FY22 Q4: 5.4% FCF margin (TTM), FY23 Q4: 12.7% FCF margin (TTM), FY24 Q4: 13.7% FCF margin (TTM), FY25 Q4: 10.4% 10.4%

Source: SEC EDGAR filings. Retrieved Invalid Date.

View chart data
Period FCF margin (TTM)
FY14 Q4 9.1%
FY15 Q4 14.6%
FY16 Q4 13.0%
FY17 Q4 19.2%
FY18 Q4 8.5%
FY19 Q4 13.3%
FY20 Q4 18.8%
FY21 Q4 13.4%
FY22 Q4 5.4%
FY23 Q4 12.7%
FY24 Q4 13.7%
FY25 Q4 10.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Icon 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 $8.3B
  2. Selling, general and admin $780M · 9.5%
  3. Other operating costs $7B · 85.2%
  4. Operating income $443M · 5.4%
  5. Interest and other $190M · 2.3%
  6. Net income $229M · 2.8%

Shares of revenue. Source: Icon'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
Income
Revenue 888 900 946 1,115 1,336 1,503 1,575 1,666 1,758 2,596 2,806 2,797 5,481 7,741 8,055 8,189 8,251
Gross profit 380 359 334 397 491 600 666 705 731 778 832 817 1,508 2,214 2,335 2,344 —
EBITDA 140 126 68 111 168 255 339 371 400 439 495 458 694 1,365 1,491 1,521 826
Operating income 107 92 29 68 121 202 282 312 338 373 433 392 379 795 905 1,032 443
Net income 94 87 23 55 103 172 240 262 281 323 374 332 153 505 554 739 229
Diluted EPS $1.57 $1.44 $0.37 $0.92 $1.65 $2.73 $3.97 $4.65 $5.13 $5.89 $6.79 $6.15 $2.25 $6.13 $6.70 $8.90 $2.90
Growth (year on year)
Revenue +2.6% +1.4% +5.1% +17.9% +19.8% +12.5% +4.8% +5.8% +5.5% +47.6% +8.1% −0.3% +95.9% +41.2% +4.1% +1.7% +0.8%
EBITDA +10.1% −10.1% −45.9% +62.7% +51.3% +52.0% +33.1% +9.5% +7.6% +9.9% +12.7% −7.5% +51.5% +96.8% +9.2% +2.0% −45.7%
Operating income +8.0% −14.3% −68.0% +131.0% +78.1% +67.0% +39.1% +10.7% +8.5% +10.4% +16.1% −9.7% −3.3% +110.1% +13.8% +14.1% −57.1%
Net income +20.7% −7.7% −73.7% +142.2% +85.5% +67.8% +38.9% +9.5% +7.4% +14.6% +15.9% −11.1% −53.9% +229.9% +9.7% +33.4% −69.0%
Diluted EPS +20.8% −8.3% −74.3% +148.6% +79.3% +65.5% +45.4% +17.1% +10.3% +14.8% +15.3% −9.4% −63.4% +172.4% +9.3% +32.8% −67.4%
Margins
Gross margin 42.8% 39.8% 35.3% 35.6% 36.7% 39.9% 42.3% 42.3% 41.6% 30.0% 29.6% 29.2% 27.5% 28.6% 29.0% 28.6% —
EBITDA margin 15.8% 14.0% 7.2% 9.9% 12.6% 17.0% 21.5% 22.3% 22.7% 16.9% 17.6% 16.4% 12.7% 17.6% 18.5% 18.6% 10.0%
Operating margin 12.1% 10.2% 3.1% 6.1% 9.1% 13.5% 17.9% 18.7% 19.2% 14.4% 15.4% 14.0% 6.9% 10.3% 11.2% 12.6% 5.4%
Net margin 10.6% 9.7% 2.4% 5.0% 7.7% 11.5% 15.2% 15.7% 16.0% 12.4% 13.3% 11.9% 2.8% 6.5% 6.9% 9.0% 2.8%
Free-cash-flow margin 24.9% 6.3% −1.6% 7.4% 14.4% 9.1% 14.6% 13.0% 19.2% 8.5% 13.3% 18.8% 13.4% 5.4% 12.7% 13.7% 10.4%
Cash flow
Cash from operations 255 87 20 113 221 170 279 259 383 269 413 568 829 563 1,161 1,287 1,036
Capital spending 34 31 35 31 29 33 50 43 45 48 39 41 94 142 141 168 174
Free cash flow 221 56 −15 83 192 137 229 217 338 220 374 527 735 421 1,020 1,119 862
Stock-based pay 7 7 9 12 14 23 33 40 31 32 27 26 134 71 56 46 102
Free cash flow after stock pay 214 49 −24 71 178 114 196 176 308 189 347 501 602 351 965 1,073 760
Balance sheet
Cash 145 256 119 114 183 119 104 193 283 396 520 840 752 289 378 539 647
Total debt 0 0 0 0 0 0 348 349 349 349 350 350 5,556 4,756 3,916 3,446 3,417
Net debt (negative = net cash) −145 −256 −119 −114 −183 −119 244 156 66 −47 −171 −490 4,804 4,468 3,538 2,908 2,769
Diluted shares 60m 61m 61m 60m 62m 63m 60m 56m 55m 55m 54m 53m 68m 82m 83m 83m 79m
Returned to shareholders
Buybacks — — 9 16 — 140 458 110 133 129 147 175 0 100 0 500 750
Total returned — — 9 16 — 140 458 110 133 129 147 175 0 100 0 500 750

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

3 of 7 checks passed · December 31, 2025
What it owns · $16.3bn
Short-term assets $3.5bnLonger-term assets $12.8bn
What it owes, and who funded it · $16.3bn
Short-term liabilities $3.2bnLonger-term liabilities $3.9bnShareholders' equity $9.2bn
  • Short-term assets cover short-term liabilities $3.5bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.5bn short-term assets against $3.9bn of longer-dated liabilities.
  • More cash than debt $647m of cash against $2.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 31% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 19% to 31% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $2.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $443m against $197m of interest.

From Icon PLC'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

FY2025 Q4 TTM
Buybacks (TTM)
$750M
Returned to shareholders
87%
of free cash flow
Buybacks, last 3 fiscal years
$1.2B
Diluted share count
−4.9%
year over year
Total shareholder yield
4.8%
dividends 0.0% + buybacks 4.8% of market value
Sales & admin spending
9.5%
of revenue
Days sales outstanding
65 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in life sciences tools & services
Last 12 months unless stated ICLR A AVTR WAT ILMN MTD Median
Revenue, last 12 months $8.3bn $7.4bn $6.6bn $4.6bn $4.5bn $4.1bn $229m
Revenue growth, last 12 months 0.8% 8.6% 0.9% 52.5% 5.8% 6.9% 6.9%
Revenue growth, 3-year average 83.5% 1.8% −1.9% 15.8% 0.5% 1.5% 2.9%
Revenue growth, latest quarter — 8.1% 4.6% 113.3% 4.2% 4.5% 8.5%
Gross margin 28.6% 53.8% 31.6% 59.3% 67.9% 60.3% 51.9%
Operating margin 5.4% 22.2% 7.3% 7.1% 21.2% — −14.3%
Operating margin, 3-year average 10.5% 22.1% 6.9% 20.5% 4.2% — −22.4%
Net margin 2.8% 19.5% 5.1% 3.6% 19.7% 21.9% −16.1%
Cash from operations / revenue 12.6% 21.8% 8.8% 11.8% 27.1% 23.6% 1.3%
Free-cash-flow margin 10.4% 17.2% 6.6% 9.4% 23.3% 20.9% −2.2%
Free-cash-flow margin, 3-year average 14.4% 18.3% 8.5% 17.5% 19.7% 22.3% 0.6%
Stock pay / revenue 1.2% 1.8% 0.7% 1.6% 5.9% 0.6% 4.4%
Change in share count −4.9% −0.9% −0.6% 25.7% −2.1% −3.0% 1.0%

Median of all 54 companies we cover in life sciences tools & 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

54 life sciences tools & services companies
Measure Company Peer median Rank
Revenue growth Growth 0.8% 6.9% 42 of 54
Change in growth rate Growth -0.9pp +0.4pp 38 of 54
Gross margin Profitability 28.6% 52.0% 39 of 45
Operating margin Profitability 5.4% -14.3% 13 of 52
Net margin Profitability 2.8% -12.2% 15 of 54
Free-cash-flow margin Cash generation 10.4% -1.3% 15 of 54
Stock pay as % of revenue Cash generation 1.2% 4.4% 7 of 53
Long-term debt as % of assets Balance sheet 17.7% 26.3% 12 of 35
Change in share count Balance sheet -4.9% 1.0% 2 of 46
Days sales outstanding Balance sheet 65 days 62 days 31 of 48

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

Who owns it

Funds buying and selling
Reported value
$13.9B
Institutions reporting
421
Shares held vs prior quarter
▲ 5.5%
Positions opened / closed
80 / 75

Top buyers and sellers, Q2 2026: 226 institutions bought and 214 sold ; the biggest buyer was Invesco Ltd (+1.4M shares) and the biggest seller Madison Avenue Partners, LP (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Artisan Partners Limited Partnership $1.5B 8.6M 10.8% ▲ 4.3%
Wellington Management Group LLP $924M 5.3M 6.7% ▼ 10.0%
FMR LLC $916M 5.3M 6.6% ▲ 26.3%
Invesco Ltd. $914M 5.3M 6.6% ▲ 35.7%
Harris Associates L P $776M 4.5M 5.6% ▲ 2.7%
Brave Warrior Advisors, LLC $548M 3.2M 4.0% ▲ 5.2%
Greenhaven Associates Inc $539M 3.1M 3.9% ▲ 54.8%
Principal Financial Group Inc $513M 3.0M 3.7% ▼ 10.9%
Massachusetts Financial Services Co $369M 2.1M 2.7% ▼ 22.8%
Ruane, Cunniff & Goldfarb L.P. $356M 2.0M 2.6% ▲ 25.3%
Boston Partners $281M 1.6M 2.0% ▲ 94.1%
Trinity Street Asset Management LLP $267M 1.5M 1.9% ▲ 27.1%

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 Icon PLC'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 → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.1M 42 trades by 10 insiders · 0% under pre-set plans
Net ▼ $4.1M net selling
Insider Date Trade Shares Price Value
Lyons Emer Chief Accounting Officer October 23, 2026 Sell 54 $184.29 $9,952
Lyons Emer Chief Accounting Officer October 23, 2026 Sell 52 $183.42 $9,538
Lyons Emer Chief Accounting Officer October 23, 2026 Sell 43 $182.30 $7,839
Lyons Emer Chief Accounting Officer October 23, 2026 Sell 81 $181.39 $14,693
Lyons Emer Chief Accounting Officer October 23, 2026 Sell 42 $180.54 $7,583
Murphy Ronan Martin Director September 17, 2026 Sell 5,005 $175.00 $875,875
Mccague Eugene Pacelli Director September 17, 2026 Sell 3,255 $175.00 $569,625
Climax John Dr Director September 16, 2026 Sell 5,005 $175.00 $875,875
Clerkin Nigel Bernard John Chief Financial Officer August 11, 2026 Sell 259 $163.77 $42,416
Clerkin Nigel Bernard John Chief Financial Officer August 11, 2026 Sell 237 $162.72 $38,565
Clerkin Nigel Bernard John Chief Financial Officer August 11, 2026 Sell 1,591 $164.47 $261,672
Clerkin Nigel Bernard John Chief Financial Officer August 11, 2026 Sell 180 $165.51 $29,792

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 12 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 3 sales of Icon PLC shares.

  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded August 14, 2026, filed September 1, 2026
  • Kevin Hern(R-OK 1):Sale (full), $100,001 - $250,000, traded March 5, 2026, filed April 3, 2026
  • Julia Letlow(R-LA 5):Sale (full), $1,001 - $15,000, traded February 12, 2026, filed March 12, 2026

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

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Icon PLC was last updated.

DataLast updatedSource
Share priceExchange closing prices
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.

Icon PLC in brief

What does Icon PLC do?
Icon PLC is a US-listed company in the life sciences tools & services industry. Its financial year ends in December.
What is Icon PLC's stock ticker?
Icon PLC trades under the ticker ICLR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Icon PLC's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Icon PLC reported revenue of $8.3B, 0.8% higher than a year earlier, according to its SEC filings.
What is Icon PLC's free cash flow?
Icon PLC's free-cash-flow margin is 10.4% of revenue over the trailing twelve months, ranking 15 of the 54 life sciences tools & services companies we cover.
What is Icon PLC's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Icon PLC's free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$150–$290 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Icon PLC's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Artisan Partners Limited Partnership, Wellington Management Group LLP and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Icon PLC buying back stock, and does it pay a dividend?
Icon PLC spent $750M on share repurchases over the trailing twelve months, and its diluted share count fell 4.9% over the year.
What is Icon PLC's market cap?
On December 31, 2025, Icon PLC's market capitalisation was about $14.4B, with a price-to-earnings ratio of 62.7 and net debt of $2.8B. Market figures come from third-party market data and may be delayed.
How much debt does Icon PLC have?
Icon PLC's debt-to-equity ratio is 31.2%, from its latest balance sheet (18.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Icon PLC's competitors?
In our Life Sciences Tools & Services peer group, the companies closest to Icon PLC are Agilent Technologies, Avantor, Inc., Waters Corporation, Illumina, Inc. and Mettler Toledo. The side-by-side comparison below sets their revenue, margins and growth against Icon PLC's.
Are insiders buying or selling Icon PLC stock?
Over the last 12 months, Icon PLC's directors and officers reported 0 open-market purchases and 42 sales on Form 4. The insider trading page charts every trade.