ICF International, Inc. (ICFI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+104.0%

$201.02

vs $98.52 price

Levered DCF

$146.42

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.85

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.13×	20.27×	30.54×	29.05×	27.2×	25.46×	25.03×	19.81×
P/B	1.52×	2.27×	2.75×	2.18×	2.41×	1.87×	2.41×	1.84×
P/S	0.83×	1.11×	1.28×	1.05×	1.25×	0.93×	1.17×	0.91×
EV / EBITDA	11.92×	12.81×	16.03×	16.73×	18.13×	14.98×	15.8×	11.77×
Gross margin	34.1%	36.5%	35.6%	36.3%	36.9%	35.5%	35.5%	35.9%
Operating margin	8.1%	8.2%	6.7%	6.1%	7.1%	5.9%	6.9%	6.9%
Net margin	4.9%	5.5%	4.2%	3.6%	4.6%	3.6%	4.7%	4.6%
Current ratio	1.27×	1.1×	1.07×	1.12×	1.19×	1.11×	1.28×	1.41×
Debt / equity	0.56×	0.61×	0.7×	0.91×	0.81×	0.64×	0.44×	0.3×
Interest coverage	18.01×	5.6×	3.33×	4.67×	11.11×	6.5×	9.46×	10.59×
Dividend yield	0.7%	0.5%	0.4%	0.6%	0.5%	0.8%	0.6%	0.7%
Payout ratio	11.3%	9.5%	12.8%	16.4%	14.9%	19.2%	15.3%	12.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	11.2%	9.0%	7.5%	8.9%	7.4%	9.6%	9.3%
Return on invested capital	7.4%	8.1%	6.9%	4.8%	5.2%	5.1%	7.0%	7.3%
Return on assets	4.5%	5.3%	4.1%	3.1%	3.8%	3.3%	4.9%	5.1%
Free cash flow yield	7.7%	6.7%	5.2%	7.4%	4.7%	11.1%	3.7%	4.3%
Earnings yield	5.9%	4.9%	3.3%	3.4%	3.7%	3.9%	4.0%	5.0%
Enterprise value	$2.1B	$2.8B	$3.2B	$2.6B	$2.6B	$1.9B	$2B	$1.4B
Net debt / EBITDA	3.17×	2.7×	3.23×	4.87×	4.51×	3.71×	2.41×	1.58×
Cash conversion cycle (days)	50	36	37	41	51	55	50	56