Latest Ratios: P/E Ratio 15.6x · EV/EBITDA 9.3x · 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 → | 15.55 | 17.23 | 20.48 | 30.83 | 29.30 | 27.57 | 25.90 | 25.52 | 20.37 | 16.06 | 23.00 |
| P/S Ratio | 0.74 | 0.84 | 1.12 | 1.30 | 1.06 | 1.26 | 0.94 | 1.19 | 0.94 | 0.82 | 0.90 |
| P/B Ratio | 1.38 | 1.53 | 2.30 | 2.78 | 2.21 | 2.44 | 1.90 | 2.46 | 1.90 | 1.64 | 1.89 |
| P/FCF | 11.59 | 13.07 | 15.03 | 19.58 | 13.69 | 21.72 | 9.15 | 27.29 | 23.70 | 9.84 | 16.30 |
| P/OCF | 9.82 | 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 | 9.34 | 10.19 | 13.01 | 16.49 | 16.70 | 18.20 | 15.63 | 16.14 | 12.06 | 10.85 | 11.84 |
| EV / EBIT | 12.92 | 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 | 3.94 | 2.46 | 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 | 3.83 | 2.41 | 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 | — | 46.38 | 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 | 6.4% | 5.8% | 4.9% | 3.2% | 3.4% | 3.6% | 3.9% | 3.9% | 4.9% | 6.2% | 4.3% |
| FCF Yield | 8.6% | 7.7% | 6.7% | 5.1% | 7.3% | 4.6% | 10.9% | 3.7% | 4.2% | 10.2% | 6.1% |
| Buyback Yield | 4.0% | 3.5% | 2.1% | 0.7% | 1.1% | 1.0% | 2.1% | 1.3% | 1.4% | 3.2% | 1.3% |
| Total Shareholder Yield | 4.7% | 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 |
Federal budget priority shifts
Based on current market data, ICFI trades at a forward P/E of 10.18, which appears to discount the recent revenue contraction while signaling investor skepticism regarding the company's ability to return to historical growth rates compared to higher-multiple peers like CACI International or FTI Consulting.
The valuation gap relative to peers suggests that the market is pricing in a permanent shift in the company's growth trajectory rather than a temporary cyclical downturn. Investors should monitor whether the forward P/E compression reflects a value opportunity or a justified response to the lack of organic expansion in the core federal consulting business.
As reported in recent financial statements, ICFI's ROIC has hovered at a modest 1.7% in 2026Q1, indicating that the company is struggling to generate meaningful returns on its invested capital base compared to the double-digit ROIC figures typically observed in higher-margin professional services firms.
The persistent low ROIC suggests that the company's heavy reliance on pass-through revenue and labor-intensive consulting models limits its ability to compound capital effectively. This trend warrants further investigation into whether the current M&A strategy is actually diluting shareholder value by acquiring low-margin assets that fail to improve overall capital productivity.
According to historical data, ICFI's DSO has fluctuated significantly, reaching 94 days in 2025Q3, which highlights a lack of consistency in collection cycles and suggests that the company may be experiencing difficulty in managing its working capital efficiency relative to its federal government client base.
The variability in DSO implies that the company's cash conversion cycle is highly sensitive to the billing and payment rhythms of specific government agencies. This inefficiency may be exacerbating the company's liquidity constraints, as delayed payments from clients directly impact the firm's ability to fund its own operations without relying on external financing.
Based on the most recent quarterly filings, ICFI's cash position of $5.3 million against a $1.87 billion revenue base indicates a vulnerable liquidity profile that leaves little room for error during periods of working capital volatility or unexpected operational disruptions in the federal contracting environment.
The current ratio of 1.48, while seemingly adequate, masks the reality that the company's cash reserves are exceptionally low relative to its scale. This lack of a cash buffer suggests that any further deterioration in project-based cash flows could force the company to rely more heavily on debt, potentially compromising its currently conservative leverage profile.
Investors frequently misapply the headline revenue growth metric to ICFI, failing to adjust for the significant impact of low-margin pass-through expenditures that inflate the top line without contributing to the company's actual profitability or long-term competitive positioning within the federal consulting sector.
Focusing on gross revenue obscures the underlying health of the service-based business, which is the true driver of margin expansion. Analysts should instead prioritize 'Net Revenue' or 'Service Revenue' to better assess the company's organic growth and its ability to scale high-value advisory work independently of subcontractor-heavy contract vehicles.
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 15.6x. 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 9.3x. 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 15.6x. 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 0.73% 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.