ICF International, Inc. (ICFI) 10-Year Financial Performance & Capital Metrics

ICFI • • Industrial / General

IndustrialsConsulting ServicesManagement & Strategy ConsultingGeneral Management Consultants

AboutICF International, Inc. provides management, marketing, technology, and policy consulting and implementation services to government and commercial clients in the United States and internationally. It researches critical policy, industry, stakeholder issues, trends, and behaviors; measures and evaluates results and their impact; and provides strategic planning and advisory services to its clients on how to navigate societal, market, business, communication, and technology challenges. The company also identifies, defines, and implements policies, plans, programs, and business tools through a range of standard and customized methodologies for its clients; conducts survey research; collects and analyzes various data to understand critical issues and options for its clients; and provides actionable business intelligence, as well as information and data management solutions that allow integrated and purpose-driven data usage. In addition, it provides solutions to optimize the customer and citizen experience; modernizes IT systems; and cyber security solutions that support the range of cyber security missions and protect IT infrastructures in the face of relentless threats, as well as designs, develops, and implements technology systems and business tools that are principal to its clients' mission or business performance. Further, the company informs and engages its clients' constituents, customers, and employees through public relations, branding and marketing, multichannel and strategic communications, and reputation issues management. It serves energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial markets. The company was formerly known as ICF Consulting Group Holdings, LLC and changed its name to ICF International, Inc. in 2006. ICF International, Inc. was founded in 1969 and is headquartered in Fairfax, Virginia.Show more

Revenue $2.02B +2.9%
EBITDA $219M +13.6%
Net Income $110M +33.4%
EPS (Diluted) 5.82 +33.8%
Gross Margin 36.53% +2.7%
EBITDA Margin 10.86% +10.4%
Operating Margin 8.21% +21.8%
Net Margin 5.45% +29.6%
ROE 11.6% +24.3%
ROIC 7.94% +26.9%
Debt/Equity 0.61 -12.5%
Interest Coverage 5.60 +68.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.76%

5Y6.44%

3Y9.15%

TTM-3.81%

Profit (Net Income) CAGR

10Y10.65%

5Y9.83%

3Y15.7%

TTM-8.28%

EPS CAGR

10Y11.27%

5Y10.15%

3Y16.09%

TTM-6.85%

ROCE

10Y Avg8.83%

5Y Avg8.24%

3Y Avg8.44%

Latest10.33%

Peer Comparison

General Management Consultants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ICFIICF International, Inc.	1.79B	96.92	16.65	2.88%	5.13%	9.65%	8.4%	0.61
RGPResources Connection, Inc.	156.12M	4.66	-0.80	-12.87%	-35.25%	-91.33%	10.37%	0.12
FORRForrester Research, Inc.	158.29M	8.33	-27.77	-10.05%	-21.53%	-55.61%		0.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.13B	1.19B	1.23B	1.34B	1.48B	1.51B	1.55B	1.78B	1.96B	2.02B
Revenue Growth %	0.08%	0.05%	0.04%	0.09%	0.11%	0.02%	0.03%	0.15%	0.1%	0.03%
Cost of Goods Sold+	694.44M	745.14M	771.73M	857.51M	953.19M	972.41M	979.57M	1.13B	1.27B	1.28B
COGS % of Revenue	0.61%	0.63%	0.63%	0.64%	0.64%	0.65%	0.63%	0.64%	0.64%	0.63%
Gross Profit+	437.8M	439.96M	457.44M	480.46M	525.34M	534.47M	573.48M	645.54M	698.22M	737.77M
Gross Margin %	0.39%	0.37%	0.37%	0.36%	0.36%	0.35%	0.37%	0.36%	0.36%	0.37%
Gross Profit Growth %	0.11%	0%	0.04%	0.05%	0.09%	0.02%	0.07%	0.13%	0.08%	0.06%
Operating Expenses+	362.56M	357.17M	375.02M	388.19M	423.94M	445.36M	462.54M	536.78M	565.9M	571.93M
OpEx % of Revenue	0.32%	0.3%	0.31%	0.29%	0.29%	0.3%	0.3%	0.3%	0.29%	0.28%
Selling, General & Admin	329.16M	328.05M	346.44M	360.99M	395.76M	411.61M	430.57M	486.86M	496.56M	518.45M
SG&A % of Revenue	0.29%	0.28%	0.28%	0.27%	0.27%	0.27%	0.28%	0.27%	0.25%	0.26%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-1.56M	1.18M	121K	-735K	28.18M	33.75M	31.97M	49.92M	69.34M	53.48M
Operating Income+	75.23M	82.79M	82.42M	92.27M	101.39M	89.11M	110.94M	108.76M	132.32M	165.84M
Operating Margin %	0.07%	0.07%	0.07%	0.07%	0.07%	0.06%	0.07%	0.06%	0.07%	0.08%
Operating Income Growth %	0.08%	0.1%	-0%	0.12%	0.1%	-0.12%	0.24%	-0.02%	0.22%	0.25%
EBITDA+	108.64M	111.91M	111M	119.48M	128.33M	120.55M	142.91M	158.68M	193.06M	219.32M
EBITDA Margin %	0.1%	0.09%	0.09%	0.09%	0.09%	0.08%	0.09%	0.09%	0.1%	0.11%
EBITDA Growth %	0.17%	0.03%	-0.01%	0.08%	0.07%	-0.06%	0.19%	0.11%	0.22%	0.14%
D&A (Non-Cash Add-back)	33.41M	29.12M	28.58M	27.21M	26.93M	31.44M	31.97M	49.92M	60.74M	53.48M
EBIT	75.23M	82.79M	82.42M	91.54M	100.5M	90.6M	110.07M	107.26M	136.23M	167.65M
Net Interest Income+	-10.07M	-9.47M	-8.55M	-8.71M	-10.72M	-13.71M	-9.98M	-23.28M	-39.68M	-29.59M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	10.07M	9.47M	8.55M	8.71M	10.72M	13.71M	9.98M	23.28M	39.68M	29.59M
Other Income/Expense	-11.63M	-8.29M	-8.43M	-9.45M	-11.22M	-14.44M	-10.85M	-24.78M	-35.77M	-27.78M
Pretax Income+	63.6M	74.51M	73.99M	82.83M	90.17M	74.67M	100.09M	83.98M	96.55M	138.06M
Pretax Margin %	0.06%	0.06%	0.06%	0.06%	0.06%	0.05%	0.06%	0.05%	0.05%	0.07%
Income Tax+	24.23M	27.92M	11.11M	21.43M	21.23M	19.71M	28.96M	19.74M	13.94M	27.89M
Effective Tax Rate %	0.62%	0.63%	0.85%	0.74%	0.76%	0.74%	0.71%	0.76%	0.86%	0.8%
Net Income+	39.37M	46.58M	62.88M	61.4M	68.94M	54.96M	71.13M	64.24M	82.61M	110.17M
Net Margin %	0.03%	0.04%	0.05%	0.05%	0.05%	0.04%	0.05%	0.04%	0.04%	0.05%
Net Income Growth %	-0.02%	0.18%	0.35%	-0.02%	0.12%	-0.2%	0.29%	-0.1%	0.29%	0.33%
Net Income (Continuing)	39.37M	46.58M	62.88M	61.4M	68.94M	54.96M	71.13M	64.24M	82.61M	110.17M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.00	2.40	3.27	3.18	3.59	2.87	3.72	3.38	4.35	5.82
EPS Growth %	0%	0.2%	0.36%	-0.03%	0.13%	-0.2%	0.3%	-0.09%	0.29%	0.34%
EPS (Basic)	2.04	2.45	3.35	3.27	3.66	2.92	3.77	3.41	4.39	5.88
Diluted Shares Outstanding	19.66M	19.42M	19.24M	19.34M	19.22M	19.14M	19.12M	19.03M	18.99M	18.93M
Basic Shares Outstanding	19.34M	18.99M	18.77M	18.8M	18.82M	18.84M	18.87M	18.82M	18.8M	18.75M
Dividend Payout Ratio	-	-	-	0.13%	0.15%	0.19%	0.15%	0.16%	0.13%	0.1%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	277.61M	299.13M	331.44M	392.11M	434.72M	475.68M	449.16M	466.72M	447.16M	492.07M
Cash & Short-Term Investments	7.75M	6.04M	11.81M	11.69M	6.48M	13.84M	8.25M	11.26M	9.45M	4.96M
Cash Only	7.75M	6.04M	11.81M	11.69M	6.48M	13.84M	8.25M	11.26M	6.36M	4.96M
Short-Term Investments	0	0	0	0	0	0	0	0	3.09M	0
Accounts Receivable	256.96M	281.37M	297.11M	364.16M	410.83M	368.2M	386.38M	413.04M	409.65M	452.12M
Days Sales Outstanding	82.84	86.66	88.23	99.34	101.42	89.19	90.81	84.7	76.16	81.7
Inventory	0	0	11.19M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	5.29	-	-	-	-	-	-	-
Other Current Assets	0	0	11.19M	0	17.4M	68.15M	12.18M	42.42M	28.05M	34.99M
Total Non-Current Assets+	805.55M	786.44M	778.82M	821.76M	985.41M	1.19B	1.4B	1.63B	1.56B	1.57B
Property, Plant & Equipment	45.42M	40.48M	38.05M	48.1M	192.2M	189.57M	229.47M	234.47M	208.75M	183.65M
Fixed Asset Turnover	24.93x	29.27x	32.30x	27.81x	7.69x	7.95x	6.77x	7.59x	9.40x	11.00x
Goodwill	687.4M	683.68M	686.11M	715.64M	719.93M	909.91M	1.05B	1.21B	1.22B	1.25B
Intangible Assets	58.9M	46.13M	35.3M	35.49M	25.83M	59.89M	79.64M	126.54M	94.9M	88.26M
Long-Term Investments	1.36M	1.84M	-33.35M	-40.16M	0	-34.33M	0	0	398K	0
Other Non-Current Assets	-18.47M	-19.35M	19.35M	22.51M	23.35M	32.25M	44.5M	51.64M	41.08M	51.91M
Total Assets+	1.08B	1.09B	1.11B	1.21B	1.42B	1.67B	1.85B	2.09B	2.01B	2.07B
Asset Turnover	1.05x	1.09x	1.11x	1.10x	1.04x	0.90x	0.84x	0.85x	0.98x	0.98x
Asset Growth %	-0.02%	0%	0.02%	0.09%	0.17%	0.17%	0.11%	0.13%	-0.04%	0.03%
Total Current Liabilities+	193.86M	196.72M	224.37M	278.06M	339.05M	427.03M	376.63M	415.99M	418.23M	449.18M
Accounts Payable	63.74M	70.59M	75.07M	102.6M	134.58M	91.36M	105.65M	135.78M	134.5M	159.52M
Days Payables Outstanding	33.5	34.58	35.51	43.67	51.53	34.29	39.37	43.69	38.81	45.42
Short-Term Debt	0	0	0	0	32.5M	33.35M	10M	23.25M	26M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	73.52M	52.63M	65.08M	97.86M	82.43M	156.4M	47.98M	34.09M	124.77M	32.35M
Current Ratio	1.43x	1.52x	1.48x	1.41x	1.28x	1.11x	1.19x	1.12x	1.07x	1.10x
Quick Ratio	1.43x	1.52x	1.43x	1.41x	1.28x	1.11x	1.19x	1.12x	1.07x	1.10x
Cash Conversion Cycle	-	-	58.01	-	-	-	-	-	-	-
Total Non-Current Liabilities+	366.03M	322.85M	269.86M	275.39M	366.52M	493.3M	669.43M	823.05M	675.96M	634.71M
Long-Term Debt	311.53M	259.39M	206.25M	200.42M	164.26M	303.21M	411.61M	533.08M	404.41M	411.74M
Capital Lease Obligations	0	0	0	0	119.25M	115.61M	191.81M	198.37M	189.33M	167.2M
Deferred Tax Liabilities	25.32M	39.11M	33.35M	40.16M	61.71M	34.33M	41.91M	68.04M	26.18M	0
Other Non-Current Liabilities	29.17M	63.46M	63.6M	74.96M	21.3M	40.14M	24.11M	23.57M	56.05M	55.77M
Total Liabilities	559.88M	519.57M	494.23M	553.45M	705.58M	920.33M	1.05B	1.24B	1.09B	1.08B
Total Debt+	311.53M	259.39M	206.25M	200.42M	316.01M	475.53M	648.31M	776.39M	642.67M	602.27M
Net Debt	303.79M	253.35M	194.44M	188.73M	309.53M	461.69M	640.06M	765.13M	636.31M	597.31M
Debt / Equity	0.60x	0.46x	0.33x	0.30x	0.44x	0.64x	0.81x	0.91x	0.70x	0.61x
Debt / EBITDA	2.87x	2.32x	1.86x	1.68x	2.46x	3.94x	4.54x	4.89x	3.33x	2.75x
Net Debt / EBITDA	2.80x	2.26x	1.75x	1.58x	2.41x	3.83x	4.48x	4.82x	3.30x	2.72x
Interest Coverage	7.47x	8.74x	9.64x	10.59x	9.46x	6.50x	11.11x	4.67x	3.33x	5.60x
Total Equity+	523.28M	566M	616.03M	660.42M	714.55M	746.96M	803.47M	853.21M	917.59M	982.46M
Equity Growth %	0.05%	0.08%	0.09%	0.07%	0.08%	0.05%	0.08%	0.06%	0.08%	0.07%
Book Value per Share	26.61	29.15	32.01	34.16	37.17	39.04	42.01	44.83	48.31	51.91
Total Shareholders' Equity	523.28M	566M	616.03M	660.42M	714.55M	746.96M	803.47M	853.21M	917.59M	982.46M
Common Stock	21K	22K	22K	22K	23K	23K	23K	23K	24K	24K
Retained Earnings	325.31M	371.89M	434.77M	486.44M	544.84M	588.73M	649.3M	703.03M	775.1M	874.77M
Treasury Stock	-74.67M	-88.69M	-121.54M	-139.7M	-164.96M	-196.75M	-219.8M	-243.67M	-267.15M	-320.05M
Accumulated OCI	-7.49M	-9.64M	-5.04M	-12.55M	-12.14M	-14.11M	-11.04M	-8.13M	-11.88M	-15.75M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	76.32M	79.56M	117.19M	74.67M	91.44M	173.15M	110.2M	162.21M	152.38M	171.54M
Operating CF Margin %	0.07%	0.07%	0.1%	0.06%	0.06%	0.11%	0.07%	0.09%	0.08%	0.08%
Operating CF Growth %	-0.04%	0.04%	0.47%	-0.36%	0.22%	0.89%	-0.36%	0.47%	-0.06%	0.13%
Net Income	39.37M	46.58M	62.88M	61.4M	68.94M	54.96M	71.13M	64.24M	82.61M	110.17M
Depreciation & Amortization	33.41M	29.12M	28.58M	27.21M	28.18M	33.75M	31.97M	49.92M	60.74M	53.48M
Stock-Based Compensation	10.85M	9.08M	10.29M	11.51M	15.82M	17.55M	13.23M	13.17M	14.86M	16.72M
Deferred Taxes	2.11M	6.54M	-7.39M	5.1M	-123K	-1.86M	8.82M	7.43M	-17.63M	-24.34M
Other Non-Cash Items	3.06M	4.01M	3.73M	4.21M	2.77M	8.54M	20.23M	10.93M	1.87M	4.31M
Working Capital Changes	-12.47M	-15.77M	19.11M	-34.75M	-24.14M	60.21M	-35.17M	16.52M	9.94M	11.2M
Change in Receivables	-2.71M	-29.02M	-7.23M	-60.1M	-31.3M	54.38M	-19.02M	19.73M	30.22M	-49.54M
Change in Inventory	-18.22M	7.96M	20.06M	13.25M	0	0	0	0	0	0
Change in Payables	-2.37M	8.94M	3.63M	28.31M	31.95M	-51.18M	13.48M	30M	-1.49M	24.15M
Cash from Investing+	-14.5M	-13.89M	-14.6M	-56.39M	-30.47M	-270.95M	-194.48M	-258.84M	-3.67M	-74.81M
Capital Expenditures	-12.68M	-13.79M	-14.51M	-21.81M	-26.9M	-17.68M	-19.93M	-24.48M	-22.34M	-21.43M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-14.5M	-13.89M	-14.51M	-21.81M	0	0	0	0	0	-353K
Cash from Financing+	-64.45M	-66.97M	-87.3M	-28.77M	-67.64M	169.96M	23.23M	90.37M	-152.59M	-86.9M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-7.92M	-10.54M	-10.55M	-10.56M	-10.55M	-10.54M	-10.51M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.07M	-1.01M	-1.7M	-9.57M	1.29M	59.9M	-53.94M	-15.68M	-133K	-4.43M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	63.64M	65.77M	102.68M	52.86M	64.54M	155.46M	90.27M	137.73M	130.05M	150.11M
FCF Margin %	0.06%	0.06%	0.08%	0.04%	0.04%	0.1%	0.06%	0.08%	0.07%	0.07%
FCF Growth %	-0.04%	0.03%	0.56%	-0.49%	0.22%	1.41%	-0.42%	0.53%	-0.06%	0.15%
FCF per Share	3.24	3.39	5.34	2.73	3.36	8.12	4.72	7.24	6.85	7.93
FCF Conversion (FCF/Net Income)	1.94x	1.71x	1.86x	1.22x	1.33x	3.15x	1.55x	2.52x	1.84x	1.56x
Interest Paid	9.85M	8.94M	7.92M	9.89M	10.42M	14.34M	10.33M	22.78M	34.09M	30.05M
Taxes Paid	16.32M	21.09M	21.66M	14.87M	26.59M	15.95M	34.13M	16.48M	26.19M	60.22M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.69%	8.55%	10.64%	9.62%	10.03%	7.52%	9.18%	7.76%	9.33%	11.6%
Return on Invested Capital (ROIC)	6.77%	7.54%	7.59%	8.34%	8.12%	5.99%	6.27%	5.33%	6.26%	7.94%
Gross Margin	38.67%	37.12%	37.22%	35.91%	35.53%	35.47%	36.93%	36.27%	35.56%	36.53%
Net Margin	3.48%	3.93%	5.12%	4.59%	4.66%	3.65%	4.58%	3.61%	4.21%	5.45%
Debt / Equity	0.60x	0.46x	0.33x	0.30x	0.44x	0.64x	0.81x	0.91x	0.70x	0.61x
Interest Coverage	7.47x	8.74x	9.64x	10.59x	9.46x	6.50x	11.11x	4.67x	3.33x	5.60x
FCF Conversion	1.94x	1.71x	1.86x	1.22x	1.33x	3.15x	1.55x	2.52x	1.84x	1.56x
Revenue Growth	7.82%	4.67%	3.72%	8.85%	10.5%	1.92%	3.06%	14.61%	10.3%	2.88%

Revenue by Segment

	2012	2018	2019	2020	2021	2022	2023	2024
Health Education And Social Programs	-	535.31M	552.6M	670.62M	678.05M	906.08M	814.45M	-
Health Education And Social Programs Growth	-	-	3.23%	21.36%	1.11%	33.63%	-10.11%	-
Energy Environmental And Infrastructure	-	565.13M	665.18M	616.3M	654.49M	665M	-	-
Energy Environmental And Infrastructure Growth	-	-	17.71%	-7.35%	6.20%	1.61%	-	-
Safety And Security	-	111.07M	120.08M	117.98M	115.27M	129.36M	-	-
Safety And Security Growth	-	-	8.11%	-1.75%	-2.30%	12.22%	-	-
Consumer And Financial	-	126.46M	140.66M	101.98M	105.25M	79.53M	-	-
Consumer And Financial Growth	-	-	11.23%	-27.50%	3.20%	-24.43%	-	-
Health and Human Service	180.1M	-	-	-	-	-	-	-
Health and Human Service Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2012	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	-	-	1.87B
UNITED STATES Growth	-	-	-	-	-	-	-	-
Non-US	-	-	-	-	-	-	-	150.68M
Non-US Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

ICF International, Inc. (ICFI) has a price-to-earnings (P/E) ratio of 16.7x. This is roughly in line with market averages.

Growth & Financials

ICF International, Inc. (ICFI) reported $1.93B in revenue for fiscal year 2024. This represents a 129% increase from $840.8M in 2011.

ICF International, Inc. (ICFI) grew revenue by 2.9% over the past year. Growth has been modest.

Yes, ICF International, Inc. (ICFI) is profitable, generating $98.8M in net income for fiscal year 2024 (5.5% net margin).

Dividend & Returns

Yes, ICF International, Inc. (ICFI) pays a dividend with a yield of 0.57%. This makes it attractive for income-focused investors.

ICF International, Inc. (ICFI) has a return on equity (ROE) of 11.6%. This is reasonable for most industries.

ICF International, Inc. (ICFI) generated $141.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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