Latest Ratios: P/E Ratio 14.9x · EV/EBITDA 9.9x · ROE 9.1%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.6B | $2.3B | $2.5B | $1.9B | $2.0B | $1.4B | $1.8B | $1.3B | $1.0B | $1.1B |
| Enterprise Value | $2.0B | $2.1B | $2.9B | $3.2B | $2.7B | $2.6B | $1.9B | $2.1B | $1.4B | $1.2B | $1.3B |
| P/E Ratio → | 14.91 | 17.23 | 20.48 | 30.83 | 29.30 | 27.57 | 25.90 | 25.52 | 20.37 | 16.06 | 23.00 |
| P/S Ratio | 0.79 | 0.84 | 1.12 | 1.30 | 1.06 | 1.26 | 0.94 | 1.19 | 0.94 | 0.82 | 0.90 |
| P/B Ratio | 1.43 | 1.53 | 2.30 | 2.78 | 2.21 | 2.44 | 1.90 | 2.46 | 1.90 | 1.64 | 1.89 |
| P/FCF | 7.74 | 13.07 | 15.03 | 19.58 | 13.69 | 21.72 | 9.15 | 27.29 | 23.70 | 9.84 | 16.30 |
| P/OCF | 10.17 | 11.08 | 13.15 | 16.71 | 11.62 | 17.80 | 8.21 | 19.26 | 16.77 | 8.62 | 13.47 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.14 | 1.41 | 1.62 | 1.49 | 1.67 | 1.25 | 1.40 | 1.08 | 0.98 | 1.12 |
| EV / EBITDA | 9.91 | 10.19 | 13.01 | 16.49 | 16.70 | 18.20 | 15.33 | 15.98 | 12.06 | 10.85 | 11.84 |
| EV / EBIT | 13.24 | 17.75 | 17.02 | 23.37 | 24.71 | 23.63 | 20.80 | 20.60 | 15.75 | 14.62 | 16.01 |
| EV / FCF | — | 17.78 | 19.01 | 24.48 | 19.24 | 28.82 | 12.12 | 32.09 | 27.27 | 11.73 | 20.15 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.1% | 34.1% | 36.5% | 35.6% | 36.3% | 36.9% | 35.5% | 35.5% | 35.9% | 37.2% | 37.1% |
| Operating Margin | 8.1% | 8.1% | 8.2% | 6.7% | 6.1% | 7.1% | 5.9% | 6.9% | 6.9% | 6.7% | 7.0% |
| Net Profit Margin | 4.9% | 4.9% | 5.5% | 4.2% | 3.6% | 4.6% | 3.6% | 4.7% | 4.6% | 5.1% | 3.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.1% | 9.1% | 11.6% | 9.3% | 7.8% | 9.2% | 7.5% | 10.0% | 9.6% | 10.6% | 8.6% |
| ROA | 4.4% | 4.4% | 5.4% | 4.0% | 3.3% | 4.0% | 3.6% | 5.2% | 5.3% | 5.7% | 4.3% |
| ROIC | 7.2% | 7.2% | 7.9% | 6.3% | 5.3% | 6.3% | 6.0% | 8.1% | 8.3% | 7.6% | 7.5% |
| ROCE | 9.3% | 9.3% | 10.3% | 8.1% | 6.9% | 8.2% | 7.7% | 10.1% | 10.1% | 9.3% | 9.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 0.61 | 0.70 | 0.91 | 0.81 | 0.64 | 0.44 | 0.30 | 0.33 | 0.46 |
| Debt / EBITDA | 2.72 | 2.72 | 2.75 | 3.33 | 4.89 | 4.54 | 3.87 | 2.44 | 1.68 | 1.86 | 2.32 |
| Net Debt / Equity | — | 0.55 | 0.61 | 0.69 | 0.90 | 0.80 | 0.62 | 0.43 | 0.29 | 0.32 | 0.45 |
| Net Debt / EBITDA | 2.70 | 2.70 | 2.72 | 3.30 | 4.82 | 4.48 | 3.76 | 2.39 | 1.58 | 1.75 | 2.26 |
| Debt / FCF | — | 4.71 | 3.98 | 4.89 | 5.56 | 7.09 | 2.97 | 4.80 | 3.57 | 1.89 | 3.85 |
| Interest Coverage | 14.30 | 14.30 | 5.67 | 3.43 | 4.61 | 11.03 | 6.61 | 9.38 | 10.51 | 9.64 | 8.74 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.10 | 1.07 | 1.12 | 1.19 | 1.11 | 1.28 | 1.41 | 1.48 | 1.52 |
| Quick Ratio | 1.27 | 1.27 | 1.10 | 1.07 | 1.12 | 1.19 | 1.11 | 1.28 | 1.41 | 1.43 | 1.52 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.03 | 0.02 | 0.04 | 0.05 | 0.03 |
| Asset Turnover | — | 0.91 | 0.98 | 0.98 | 0.85 | 0.84 | 0.90 | 1.04 | 1.10 | 1.11 | 1.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 68.96 | — |
| Days Sales Outstanding | — | 86.29 | 81.70 | 76.16 | 84.70 | 90.81 | 89.19 | 101.42 | 99.34 | 88.23 | 86.66 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.7% | 0.5% | 0.4% | 0.6% | 0.5% | 0.7% | 0.6% | 0.6% | — | — |
| Payout Ratio | 11.3% | 11.3% | 9.5% | 12.8% | 16.4% | 14.9% | 19.2% | 15.3% | 12.9% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 5.8% | 4.9% | 3.2% | 3.4% | 3.6% | 3.9% | 3.9% | 4.9% | 6.2% | 4.3% |
| FCF Yield | 12.9% | 7.7% | 6.7% | 5.1% | 7.3% | 4.6% | 10.9% | 3.7% | 4.2% | 10.2% | 6.1% |
| Buyback Yield | 3.8% | 3.5% | 2.1% | 0.7% | 1.1% | 1.0% | 2.1% | 1.3% | 1.4% | 3.2% | 1.3% |
| Total Shareholder Yield | 4.5% | 4.2% | 2.6% | 1.2% | 1.7% | 1.6% | 2.8% | 1.9% | 2.0% | 3.2% | 1.3% |
| Shares Outstanding | — | $18M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M | $19M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying ICFI stock.
ICF International, Inc.'s current P/E ratio is 14.9x. The historical average is 19.6x. This places it at the 25th percentile of its historical range.
ICF International, Inc.'s current EV/EBITDA is 9.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
ICF International, Inc.'s return on equity (ROE) is 9.1%. The historical average is 10.1%.
Based on historical data, ICF International, Inc. is trading at a P/E of 14.9x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ICF International, Inc.'s current dividend yield is 0.71% with a payout ratio of 11.3%.
ICF International, Inc. has 34.1% gross margin and 8.1% operating margin.
ICF International, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Trailing revenue contraction unresolved
Metrics are mathematically derived from official filings.
Discounted Multiples Price Recovery Skepticism
Based on reported figures, ICFI trades at 14.91x trailing earnings and 9.91x EV/EBITDA, a discount to CACI and FCN that suggests investors are pricing in limited growth until the trailing revenue decline is reversed.
The forward P/E of 11.21 and PEG of 1.29 indicate the market is assigning modest growth credit despite management's second-half recovery narrative. Relative to SAIC at 16.48x and CACI at 25.19x, ICFI's lower multiple appears to reflect the -7.3% trailing revenue contraction rather than a clear mispricing of its margin profile. Investors should monitor whether the discount narrows as sequential revenue growth becomes visible across additional quarters.
Margin Recovery Driven by Mix Shift
As reported in quarterly statements, gross margin expanded from 32.4% in Q4 2025 to 38.1% in Q3 2026, while net margin reached 6.7%, suggesting improvement stems from mix and pass-through management.
Gross margin recovery to 38.1% sits near the top of the ten-quarter range, implying better labor utilization or reduced pass-through dilution rather than pricing power alone. Net margin of 6.7% in Q3 2026 exceeds the 3.9% reported in Q4 2025, though it remains below the 6.3% peak posted in Q3 2024 on the same basis. The gap between EPS growth and revenue growth warrants scrutiny before treating margin expansion as durable.
Low Returns Reflect Goodwill-Heavy Capital Base
Based on EDBL-reported figures, ROIC of 2.0% and ROE of 3.0% in Q3 2026 remain well below the 15.8% ROIC posted by FCN, indicating that capital deployed in acquisitions has not yet compounded at attractive rates.
ROIC has oscillated between 1.5% and 2.2% across the ten quarters, showing no sustained compounding trend despite the recent margin recovery. The large goodwill balance inflates invested capital relative to operating earnings, which likely depresses returns even when operations improve. Investors should view the low ROIC as a possible structural issue of acquisition-driven capital intensity rather than a temporary cyclical dip.
Deleveraging Strengthens Coverage Profile
According to reported quarterly balance sheets, debt-to-equity fell from 0.71 in Q1 2025 to 0.48 in Q3 2026, while interest coverage improved to 6.86x, suggesting debt service has become more comfortable.
The steady decline in leverage alongside rising interest coverage points to debt reduction outpacing any new borrowing. Debt/EBITDA of 9.83x remains elevated on a gross basis, which suggests EBITDA headroom is thinner than the low D/E ratio alone implies. Refinancing risk appears contained, though the metric warrants continued monitoring given the reported revenue volatility.
Thin Cash Cushion Against Large Revenue Base
As reported in financial statements, ICFI held roughly $5.1M in cash in Q3 2026 against annualized revenue near $1.9B, with a current ratio of 1.40 that depends heavily on receivables rather than cash on hand.
The current ratio of 1.40 is adequate, but the near-zero cash balance means liquidity rests almost entirely on collecting receivables on schedule. Under a stress scenario in which DSO lengthened from roughly 88 days, working capital could tighten quickly. This suggests the company's flexibility to absorb unexpected working capital swings or fund small acquisitions may be limited, though revolver access is not disclosed in the supplied data.
Low Debt/Equity Masks Goodwill Risk
Based on reported figures, the 0.48 debt-to-equity ratio looks conservative, yet a goodwill balance of roughly $1.3B against $1.1B of equity means a modest impairment could sharply erode book value.
Debt/Equity is the ratio most often cited as evidence of a fortress balance sheet, but it obscures that equity itself is largely goodwill. Price-to-book of 1.43 and ROE of 3.0% look less reassuring once tangible book value is considered. Investors should instead track tangible equity, goodwill-to-equity, and impairment testing outcomes to judge balance sheet resilience.