Icon PLC key statistics and ratios

In fiscal 2025, Icon PLC had return on equity of 2.5%, an operating margin of 5.4%, debt equal to 37.2% of equity and a current ratio of 1.10. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Icon PLC: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%	—
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%
Return on equity	16.5%	14.0%	3.4%	7.7%	12.3%	18.5%	28.0%	30.7%	27.0%	25.8%	25.2%	19.2%	3.1%	6.1%	6.2%	7.9%	2.5%
Return on assets	10.4%	9.4%	2.3%	5.0%	7.8%	11.6%	14.8%	14.8%	14.2%	14.3%	14.2%	10.5%	1.5%	2.9%	3.3%	4.4%	1.4%
Asset turnover	0.98	0.97	0.96	1.00	1.01	1.01	0.97	0.94	0.89	1.15	1.07	0.88	0.53	0.45	0.47	0.49	0.50
Current ratio	1.79	2.32	1.83	1.61	1.70	1.52	1.51	1.94	1.95	2.18	1.44	1.87	1.19	1.20	1.20	1.24	1.10
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	45.6%	36.9%	30.5%	25.8%	21.6%	18.9%	68.9%	55.8%	42.5%	36.5%	37.2%
Interest cover (operating income ÷ interest)	30.4x	81.4x	17.9x	34.9x	94.1x	—	70.5x	24.0x	26.8x	27.7x	32.6x	30.1x	2.1x	3.5x	2.7x	4.4x	2.2x
Effective tax rate	9.9%	6.1%	21.1%	17.6%	14.9%	14.9%	14.1%	12.7%	14.2%	11.5%	12.0%	12.6%	21.0%	10.5%	3.2%	8.0%	9.2%
SG&A as % of revenue	26.0%	25.9%	27.1%	25.2%	23.5%	22.4%	20.7%	19.5%	18.4%	12.6%	11.9%	12.2%	10.7%	10.1%	9.5%	8.9%	9.5%
Capital spending as % of revenue	3.8%	3.4%	3.7%	2.8%	2.2%	2.2%	3.2%	2.6%	2.5%	1.9%	1.4%	1.5%	1.7%	1.8%	1.7%	2.1%	2.1%
Free cash flow ÷ net income	234.7%	64.9%	−66.0%	149.1%	186.5%	79.5%	95.7%	82.6%	120.2%	68.3%	99.9%	158.6%	480.1%	83.3%	184.1%	151.3%	375.9%
Dividends and buybacks ÷ free cash flow	—	—	—	18.9%	—	102.1%	199.7%	50.8%	39.3%	58.6%	39.3%	33.2%	0.0%	23.7%	0.0%	44.7%	87.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Icon PLC's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Icon PLC.