ICFI
ICF International, Inc.
Industrials • CIK: 0001362004
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Market Cap
$1.57B
P/E (TTM)
17.2x
Rev Growth (TTM)
-7.3%
Net Margin (TTM)
4.9%
FCF Yield (TTM)
7.7%
FCF Margin (TTM)
6.4%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$120M
Q4 '25
$69M+64%
Q3 '25
$42M-10%
FCF Margin
TTM6.4%
Q4 '2515.5%+73%
Sector: 5.4%Above Avg
OCF Margin7.6%
OCF/NI1.55x
CapEx Coverage6.6x
FCF Yield7.7%
FCF Growth (2Y)-4%
Cash Conversion Cycle
4 days
DSO: 45+DIO: 0−DPO: 41
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM4.2%
Div Yield0.7%
+Buyback (TTM)3.5%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.7%
FCF Payout Ratio8.6%
Free Cash Flow (TTM)$120.2M
Stock Repurchases (TTM)$55.3M
Capital Return / FCF54.6%
Est. Dividends Paid (TTM)$10.3M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
7.3%
Stable
-0.0% YoY-2.4%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
6.4%
8Q: 6.5%
Asset Turnover
0.90x
8Q: 0.96x
Leverage (1+D/E)
1.39x
D/E: 0.39x
DuPont: 8.0% ≈ 7.3% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
30.24x
8Q:29.21x
+398.3%
Invested Cap Turn
1.14x
8Q:1.24x
-22.4%
CapEx Intensity
1.3%
8Q:1.3%
CapEx/Depreciation
0.37x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $1.9B | $443.7M↓4.7% | $465.4M↓2.3% | $476.2M↓2.4% | $487.6M↓1.8% | $496.3M↓4.0% | $517.0M↑1.0% | $512.0M↑3.6% | $494.4M |
Operating Income | $145.5M | $28.6M↓25.5% | $38.4M↓3.9% | $40.0M↑4.2% | $38.4M↑5.3% | $36.5M↓20.8% | $46.0M↑8.5% | $42.4M↑3.6% | $40.9M |
Net Income | $91.6M | $17.3M↓27.2% | $23.8M↑0.4% | $23.7M↓11.9% | $26.9M↑9.3% | $24.6M↓24.8% | $32.7M↑27.6% | $25.6M↓6.2% | $27.3M |
Operating Cash Flow | $141.9M | $75.6M↑59.8% | $47.3M↓8.9% | $52.0M↑257.3% | $-33.0M↓134.6% | $95.4M↑273.2% | $25.5M↓57.9% | $60.6M↑706.3% | $-10.0M |
Free Cash Flow | $120.2M | $68.7M↑64.5% | $41.8M↓9.6% | $46.2M↑226.6% | $-36.5M↓140.8% | $89.5M↑339.1% | $20.4M↓63.3% | $55.5M↑464.3% | $-15.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
17.2x
Volatile
8Q: 90.9x-3267%
Valuation Lenses
Earnings
17.2x
vs – sector
Cash Flow
16.6x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
2.4P/E per %ROIC
ROIC: 7.3%
Shareholder Returns
Dividend
0.7%
Buyback
3.5%
Total Yield
4.2%
Market Cap$1.57B
EV$1.99B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
75/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
9.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
7.3%
8Q:–
-2.4%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 6.4%
Asset Turnover: 0.90x
Earnings Quality
Cash Conversion
1.55x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin37.2%
Capital Efficiency
Invested Capital Turnover1.14x
Working Capital
Cash Conversion Cycle4 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
41/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-7.3%
OpInc Growth YoY
-21.5%
EPS Growth YoY
-15.1%
FCF 3Y CAGR
-4.4%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
37.2%
Operating
7.8%
Below Avg in sector
Net
4.9%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.5 pts
FCF: 6.4% | Net: 4.9%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $345.03M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.39x
Balance sheet risk & solvency analysis