ICON Public Limited Company (ICLR) 10-Year Financial Performance & Capital Metrics

ICLR • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesClinical Research Organizations

AboutICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It offers clinical development services, including early development, patient recruitment and retention, strategy and analytics, late phase research, data and technology solution, and consulting and analytics services. The company's clinical development services also comprise medical imaging, clinical research and laboratory services, project management, site monitoring and management services, data management, biostatistics and programming, medical writing and publishing, medical affair, endpoint adjudication/data monitoring committees, pharmacovigilance, interactive response technologies, clinical supplies management, strategic regulatory, medical communication, and consulting and advisory services. It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations. The company was incorporated in 1990 and is headquartered in Dublin, Ireland.Show more

Revenue $8.28B +2.0%
EBITDA $1.59B +2.9%
Net Income $791M +29.3%
EPS (Diluted) 9.53 +28.8%
Gross Margin 29.42% -0.5%
EBITDA Margin 19.15% +0.9%
Operating Margin 13.26% +12.6%
Net Margin 9.56% +26.7%
ROE 8.44% +22.2%
ROIC 6.49% +16.9%
Debt/Equity 0.38 -11.2%
Interest Coverage 4.63 +63.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 16.2%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 24.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.61%

5Y24.17%

3Y14.75%

TTM-2.46%

Profit (Net Income) CAGR

10Y16.46%

5Y16.18%

3Y72.88%

TTM-19.84%

EPS CAGR

10Y13.32%

5Y7.01%

3Y61.8%

TTM-17.61%

ROCE

10Y Avg16.47%

5Y Avg8.68%

3Y Avg6.62%

Latest7.77%

Peer Comparison

Clinical Research Organizations

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEDPMedpace Holdings, Inc.	17.41B	618.04	48.93	11.84%	18.36%	147.46%	3.29%	0.18
IQVIQVIA Holdings Inc.	41.09B	241.28	32.21	2.81%	8.07%	20.4%	5.14%	2.33
ICLRICON Public Limited Company	13.94B	182.56	19.16	1.99%	7.4%	6.42%	8.02%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.57B	1.67B	1.76B	2.6B	2.81B	2.8B	5.48B	7.74B	8.12B	8.28B
Revenue Growth %	0.05%	0.06%	0.06%	0.48%	0.08%	-0%	0.96%	0.41%	0.05%	0.02%
Cost of Goods Sold+	908.98M	961.33M	1.03B	1.83B	1.97B	1.99B	3.97B	5.53B	5.72B	5.85B
COGS % of Revenue	0.58%	0.58%	0.59%	0.7%	0.7%	0.71%	0.72%	0.71%	0.7%	0.71%
Gross Profit+	666M	705.15M	726.96M	769.49M	831.7M	808.03M	1.51B	2.21B	2.4B	2.44B
Gross Margin %	0.42%	0.42%	0.41%	0.3%	0.3%	0.29%	0.28%	0.29%	0.3%	0.29%
Gross Profit Growth %	0.11%	0.06%	0.03%	0.06%	0.08%	-0.03%	0.87%	0.47%	0.08%	0.02%
Operating Expenses+	384.46M	393.46M	392.79M	392.37M	398.3M	416.06M	1.13B	1.42B	1.44B	1.34B
OpEx % of Revenue	0.24%	0.24%	0.22%	0.15%	0.14%	0.15%	0.21%	0.18%	0.18%	0.16%
Selling, General & Admin	326.79M	325.73M	323.74M	325.79M	336.75M	341.69M	585.33M	778.75M	776.36M	728.35M
SG&A % of Revenue	0.21%	0.2%	0.18%	0.13%	0.12%	0.12%	0.11%	0.1%	0.1%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	57.68M	67.73M	69.05M	66.58M	61.55M	74.38M	544.36M	640.35M	667.72M	610.2M
Operating Income+	281.54M	311.69M	338.34M	373.36M	433.41M	391.5M	378.53M	795.24M	956.15M	1.1B
Operating Margin %	0.18%	0.19%	0.19%	0.14%	0.15%	0.14%	0.07%	0.1%	0.12%	0.13%
Operating Income Growth %	0.39%	0.11%	0.09%	0.1%	0.16%	-0.1%	-0.03%	1.1%	0.2%	0.15%
EBITDA+	339.21M	371.27M	399.59M	439.27M	525.33M	486.11M	738.86M	1.41B	1.54B	1.59B
EBITDA Margin %	0.22%	0.22%	0.23%	0.17%	0.19%	0.17%	0.13%	0.18%	0.19%	0.19%
EBITDA Growth %	0.33%	0.09%	0.08%	0.1%	0.2%	-0.07%	0.52%	0.91%	0.09%	0.03%
D&A (Non-Cash Add-back)	57.68M	59.58M	61.25M	65.92M	91.92M	94.61M	360.33M	614.73M	585.95M	488.5M
EBIT	281.54M	319.85M	340.68M	378.12M	440.26M	394.22M	379.1M	797.58M	935.49M	1.08B
Net Interest Income+	-2.69M	-11.52M	-10.28M	-8.74M	-6.42M	-10.29M	-181.85M	-227.39M	-331.69M	-228.63M
Interest Income	1.31M	1.48M	2.35M	4.76M	6.86M	2.72M	574K	2.35M	5.01M	8.61M
Interest Expense	3.99M	13.01M	12.63M	13.5M	13.28M	13.02M	182.42M	229.73M	336.7M	237.24M
Other Income/Expense	-2.69M	-11.52M	-10.28M	-8.74M	-6.42M	-10.66M	-184.01M	-230.52M	-331.69M	-228.63M
Pretax Income+	278.85M	300.17M	327.67M	368.38M	426.99M	380.84M	194.52M	564.72M	624.08M	869.18M
Pretax Margin %	0.18%	0.18%	0.19%	0.14%	0.15%	0.14%	0.04%	0.07%	0.08%	0.1%
Income Tax+	39.31M	37.99M	46.57M	45.56M	51.13M	47.88M	41.33M	59.41M	11.75M	77.71M
Effective Tax Rate %	0.86%	0.87%	0.86%	0.88%	0.88%	0.86%	0.79%	0.89%	0.98%	0.91%
Net Income+	239.54M	262.18M	281.49M	322.82M	373.99M	327.81M	153.19M	505.3M	612.34M	791.47M
Net Margin %	0.15%	0.16%	0.16%	0.12%	0.13%	0.12%	0.03%	0.07%	0.08%	0.1%
Net Income Growth %	0.39%	0.09%	0.07%	0.15%	0.16%	-0.12%	-0.53%	2.3%	0.21%	0.29%
Net Income (Continuing)	239.54M	262.18M	281.49M	322.66M	375.86M	332.96M	153.19M	505.3M	612.34M	791.47M
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)+	3.97	4.65	5.13	5.90	6.79	6.24	2.25	6.13	7.40	9.53
EPS Growth %	0.45%	0.17%	0.1%	0.15%	0.15%	-0.08%	-0.64%	1.72%	0.21%	0.29%
EPS (Basic)	4.08	4.75	5.20	5.96	6.85	6.29	2.28	6.20	7.46	9.60
Diluted Shares Outstanding	60.29M	56.41M	54.87M	54.74M	54.33M	53.28M	68.07M	82.47M	82.72M	83.03M
Basic Shares Outstanding	58.75M	55.25M	54.13M	54.12M	53.86M	52.86M	67.11M	81.53M	82.1M	82.48M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

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+	864.43M	957.96M	1.1B	1.33B	1.62B	2.1B	2.94B	3.23B	3.41B	3.53B
Cash & Short-Term Investments	189.9M	260.59M	360.45M	455.76M	569.94M	842.03M	753.92M	290.48M	380.06M	538.78M
Cash Only	103.91M	192.54M	282.86M	395.85M	520.31M	840.3M	752.21M	288.77M	378.1M	538.78M
Short-Term Investments	85.99M	68.05M	77.59M	59.91M	49.63M	1.73M	1.71M	1.71M	1.95M	0
Accounts Receivable	636.71M	662.2M	706.19M	837.62M	1.01B	1.21B	2.07B	2.8B	2.9B	2.85B
Days Sales Outstanding	147.56	145.04	146.58	117.78	131.85	157.55	138.05	132.09	130.32	125.66
Inventory	1.8M	2.4M	2.2M	2.3M	3.2M	0	0	7.06M	0	0
Days Inventory Outstanding	0.72	0.91	0.78	0.46	0.59	-	-	0.47	-	-
Other Current Assets	-106K	-2.4M	0	0	-3.2M	0	0	130.03M	132.1M	140.44M
Total Non-Current Assets+	854.47M	867.88M	1.07B	1.02B	1.28B	1.33B	14.45B	13.96B	13.58B	13.35B
Property, Plant & Equipment	150.22M	148.97M	105.1M	103.71M	270.06M	258.9M	534.57M	504.15M	501.52M	530.48M
Fixed Asset Turnover	10.48x	11.19x	16.73x	25.03x	10.39x	10.80x	10.25x	15.36x	16.19x	15.61x
Goodwill	588.43M	616.09M	783.07M	770.27M	883.17M	936.26M	9.04B	8.97B	9.02B	9.05B
Intangible Assets	66.13M	56.61M	129.58M	109.01M	67.89M	66.46M	4.71B	4.28B	3.86B	3.56B
Long-Term Investments	0	0	0	6.96M	10.05M	20.3M	24.96M	32.63M	46.8M	57.95M
Other Non-Current Assets	22.95M	26.53M	22.36M	2.45M	34.67M	38M	89.19M	92.17M	78.47M	72.8M
Total Assets+	1.72B	1.83B	2.19B	2.35B	2.91B	3.44B	17.39B	17.19B	16.99B	16.88B
Asset Turnover	0.92x	0.91x	0.80x	1.10x	0.97x	0.81x	0.32x	0.45x	0.48x	0.49x
Asset Growth %	0.13%	0.06%	0.2%	0.08%	0.24%	0.18%	4.06%	-0.01%	-0.01%	-0.01%
Total Current Liabilities+	571.8M	494.41M	566.06M	610.62M	1.13B	1.12B	2.48B	2.69B	2.83B	2.8B
Accounts Payable	7.02M	8.7M	18.59M	13.29M	24.05M	51.11M	226.98M	611.4M	595.47M	704.59M
Days Payables Outstanding	2.82	3.3	6.58	2.66	4.45	9.38	20.85	40.38	38	44
Short-Term Debt	0	0	0	0	349.64M	0	55.15M	55.15M	110.15M	29.76M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	231.84M	190.67M	233.47M	317.1M	350.18M	375.39M	439.82M	24.82M	415.06M	355.22M
Current Ratio	1.51x	1.94x	1.95x	2.18x	1.44x	1.87x	1.19x	1.20x	1.21x	1.26x
Quick Ratio	1.51x	1.93x	1.94x	2.17x	1.43x	1.87x	1.19x	1.20x	1.21x	1.26x
Cash Conversion Cycle	145.46	142.65	140.78	115.58	127.99	-	-	92.18	-	-
Total Non-Current Liabilities+	382.31M	607.91M	389.56M	389.35M	158.21M	461.43M	6.84B	6B	4.92B	4.56B
Long-Term Debt	348.31M	348.51M	348.89M	349.26M	0	348.48M	5.38B	4.6B	3.67B	3.4B
Capital Lease Obligations	0	221.65M	0	0	76.59M	60.8M	159.48M	131.64M	126.32M	140.09M
Deferred Tax Liabilities	4.64M	4.63M	7.72M	8.21M	9.48M	10.41M	1.09B	988.59M	899.1M	812.49M
Other Non-Current Liabilities	28.4M	32.23M	31.99M	31M	71.32M	40.91M	213.97M	277.45M	232.65M	209.3M
Total Liabilities	954.71M	880.67M	955.62M	999.97M	1.29B	1.59B	9.32B	8.69B	7.75B	7.35B
Total Debt+	350M	348.51M	348.89M	349.26M	454.55M	433.61M	5.65B	4.83B	3.94B	3.6B
Net Debt	246.09M	155.97M	66.03M	-46.59M	-65.76M	-406.69M	4.89B	4.54B	3.56B	3.06B
Debt / Equity	0.46x	0.37x	0.28x	0.26x	0.28x	0.23x	0.70x	0.57x	0.43x	0.38x
Debt / EBITDA	1.03x	0.94x	0.87x	0.80x	0.87x	0.89x	7.64x	3.43x	2.55x	2.27x
Net Debt / EBITDA	0.73x	0.42x	0.17x	-0.11x	-0.13x	-0.84x	6.62x	3.22x	2.31x	1.93x
Interest Coverage	70.53x	23.97x	26.79x	27.65x	32.65x	30.07x	2.08x	3.46x	2.84x	4.63x
Total Equity+	764.2M	945.17M	1.23B	1.35B	1.62B	1.85B	8.07B	8.5B	9.24B	9.52B
Equity Growth %	-0.2%	0.24%	0.3%	0.1%	0.19%	0.14%	3.36%	0.05%	0.09%	0.03%
Book Value per Share	12.68	16.76	22.42	24.74	29.78	34.72	118.51	103.05	111.71	114.69
Total Shareholders' Equity	764.2M	945.17M	1.19B	1.35B	1.62B	1.85B	8.07B	8.5B	9.24B	9.52B
Common Stock	4.68M	4.61M	4.66M	4.66M	4.63M	4.58M	6.64M	6.65M	6.7M	6.59M
Retained Earnings	435.94M	587.85M	742.8M	888.33M	1.11B	1.26B	1.42B	1.82B	2.43B	2.72B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-61.64M	-86.3M	-37.8M	-69.33M	-75.82M	-35.48M	-90.94M	-171.54M	-142.34M	-228.63M
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+	279.53M	259.2M	383.08M	264.01M	412.54M	594.72M	829.14M	563.32M	1.16B	1.29B
Operating CF Margin %	0.18%	0.16%	0.22%	0.1%	0.15%	0.21%	0.15%	0.07%	0.14%	0.16%
Operating CF Growth %	0.64%	-0.07%	0.48%	-0.31%	0.56%	0.44%	0.39%	-0.32%	1.06%	0.11%
Net Income	239.54M	262.18M	24.23M	322.82M	375.86M	331.43M	153.19M	505.3M	612.34M	791.47M
Depreciation & Amortization	57.68M	59.58M	191K	65.92M	61.55M	95.07M	314.99M	569.51M	585.95M	528.29M
Stock-Based Compensation	33.32M	40.34M	21.63M	28.06M	26.82M	26.27M	133.84M	70.52M	55.67M	45.87M
Deferred Taxes	3.16M	1.54M	10.73M	45.56M	-1.54M	50.75M	-60.62M	-124.98M	-85.4M	0
Other Non-Cash Items	67K	-1.12M	323.61M	-20.68M	32.6M	-23.51M	152.75M	93.18M	107.3M	-22.47M
Working Capital Changes	-54.23M	-103.31M	2.69M	-177.65M	-82.74M	114.71M	135M	-550.22M	-114.82M	-56.51M
Change in Receivables	-62.47M	2.53M	57.75M	-37.56M	-101.55M	-175.04M	95.86M	-753.29M	-78.58M	9.39M
Change in Inventory	0	-62.11M	-45.19M	-38K	-69.7M	-1.63M	0	0	0	0
Change in Payables	3.12M	1.18M	2.53M	-5.07M	3.44M	26.49M	0	0	0	0
Cash from Investing+	-204.77M	-74.81M	-177.81M	-37.3M	-162.03M	-46.58M	-6.02B	-145.87M	-226.65M	-266.79M
Capital Expenditures	-49.73M	-42.6M	-28K	-48.4M	-50.65M	-51.05M	-93.75M	-142.16M	-140.69M	-168.06M
CapEx % of Revenue	0.03%	0.03%	0%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-458K	0	-258.97M	0	0	0	-10M	1.91M	0	0
Cash from Financing+	-81.39M	-93.71M	-119.28M	-108.4M	-125.41M	-235.02M	5.11B	-864.17M	-844.04M	-837.18M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	26.51M	16.29M	13.83M	20.56M	21.52M	-60.02M	-30.33M	35.81M	0	23.1M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	229.8M	216.6M	48.71M	215.62M	361.9M	543.67M	735.39M	421.15M	1.02B	1.12B
FCF Margin %	0.15%	0.13%	0.03%	0.08%	0.13%	0.19%	0.13%	0.05%	0.13%	0.14%
FCF Growth %	0.68%	-0.06%	-0.78%	3.43%	0.68%	0.5%	0.35%	-0.43%	1.42%	0.1%
FCF per Share	3.81	3.84	0.89	3.94	6.66	10.20	10.80	5.11	12.34	13.47
FCF Conversion (FCF/Net Income)	1.17x	0.99x	1.36x	0.82x	1.10x	1.81x	5.41x	1.11x	1.90x	1.63x
Interest Paid	2.17M	13.62M	13.09M	13.06M	13.06M	13.06M	106.2M	210.92M	317.98M	0
Taxes Paid	14.83M	10.21M	12.3M	18.56M	29.84M	27.6M	55.1M	116.32M	163.78M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	27.94%	30.68%	25.88%	24.98%	25.16%	18.9%	3.09%	6.1%	6.9%	8.44%
Return on Invested Capital (ROIC)	22.93%	22.14%	21.17%	21.51%	22.73%	19.6%	3.94%	4.59%	5.55%	6.49%
Gross Margin	42.29%	42.31%	41.34%	29.64%	29.64%	28.89%	27.52%	28.6%	29.56%	29.42%
Net Margin	15.21%	15.73%	16.01%	12.44%	13.33%	11.72%	2.79%	6.53%	7.54%	9.56%
Debt / Equity	0.46x	0.37x	0.28x	0.26x	0.28x	0.23x	0.70x	0.57x	0.43x	0.38x
Interest Coverage	70.53x	23.97x	26.79x	27.65x	32.65x	30.07x	2.08x	3.46x	2.84x	4.63x
FCF Conversion	1.17x	0.99x	1.36x	0.82x	1.10x	1.81x	5.41x	1.11x	1.90x	1.63x
Revenue Growth	4.77%	5.81%	5.52%	47.62%	8.09%	-0.3%	95.93%	41.24%	4.89%	1.99%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	650.94M	763.82M	791.54M	894.98M	892.5M	925.56M	2.58B	3.57B	3.28B	2.99B
UNITED STATES Growth	-	17.34%	3.63%	13.07%	-0.28%	3.70%	178.86%	38.50%	-8.14%	-9.09%
IRELAND	429.63M	410.57M	424.29M	1.07B	-	-	1.37B	1.98B	2.38B	2.79B
IRELAND Growth	-	-4.44%	3.34%	151.29%	-	-	-	45.29%	19.78%	17.50%
Rest Of Europe	-	-	-	379.88M	388.92M	-	-	-	1.57B	1.56B
Rest Of Europe Growth	-	-	-	-	2.38%	-	-	-	-	-0.89%
Other Countries	163.92M	178.91M	-	254.72M	271.59M	273.55M	-	-	884.5M	942.64M
Other Countries Growth	-	9.14%	-	-	6.63%	0.72%	-	-	-	6.57%

Frequently Asked Questions

Valuation & Price

ICON Public Limited Company (ICLR) has a price-to-earnings (P/E) ratio of 19.2x. This is roughly in line with market averages.

Growth & Financials

ICON Public Limited Company (ICLR) reported $8.10B in revenue for fiscal year 2024. This represents a 757% increase from $945.7M in 2011.

ICON Public Limited Company (ICLR) grew revenue by 2.0% over the past year. Growth has been modest.

Yes, ICON Public Limited Company (ICLR) is profitable, generating $599.5M in net income for fiscal year 2024 (9.6% net margin).

Dividend & Returns

ICON Public Limited Company (ICLR) has a return on equity (ROE) of 8.4%. This is below average, suggesting room for improvement.

ICON Public Limited Company (ICLR) generated $995.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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