ICON Public Limited Company (ICLR) 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

-15.9%

$173.16

vs $205.94 price

Levered DCF

$147.46

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.28

Grey zone

Rating

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	62.4×	21.84×	37.95×	31.33×	135.83×	31×	25.14×	21.68×
P/B	1.55×	1.82×	2.52×	1.86×	2.58×	5.57×	5.73×	5.16×
P/S	1.73×	2.09×	2.86×	2.05×	3.79×	3.68×	3.31×	2.69×
EV / EBITDA	20.88×	13.02×	17.62×	14.91×	36.99×	20.25×	18.35×	15.38×
Gross margin	26.4%	29.4%	29.6%	28.6%	27.5%	28.9%	29.6%	29.6%
Operating margin	12.3%	13.3%	11.8%	10.3%	6.9%	14.0%	15.4%	14.4%
Net margin	2.8%	9.6%	7.5%	6.5%	2.8%	11.7%	13.3%	12.4%
Current ratio	1.1×	1.26×	1.21×	1.2×	1.19×	1.87×	1.44×	2.18×
Debt / equity	0.39×	0.38×	0.43×	0.57×	0.7×	0.23×	0.28×	0.26×
Interest coverage	5.38×	4.63×	2.84×	3.46×	2.08×	30.07×	32.65×	27.65×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	8.3%	6.6%	5.9%	1.9%	17.7%	23.1%	23.8%
Return on invested capital	6.7%	7.1%	6.6%	4.9%	2.0%	14.7%	17.7%	18.8%
Return on assets	1.4%	4.7%	3.6%	2.9%	0.9%	9.5%	12.9%	13.7%
Free cash flow yield	6.0%	6.5%	4.4%	2.7%	3.5%	5.3%	3.9%	3.1%
Earnings yield	1.6%	4.6%	2.6%	3.2%	0.7%	3.2%	4.0%	4.6%
Enterprise value	$17.2B	$20.4B	$26.8B	$20.4B	$25.7B	$9.9B	$9.2B	$6.9B
Net debt / EBITDA	3.53×	1.96×	2.34×	3.32×	7.05×	-0.83×	-0.13×	-0.1×
Cash conversion cycle (days)	75	82	92	92	117	148	128	116