ICF International's reported profit rose 43% since 2022, but the cash its operations generate changed −13%. When profit and cash diverge like this, it's worth understanding why (for example, customers paying more slowly or gains that aren't cash).ICF International's reported profit rose 43% since 2022, but the cash its operations generate changed −13%. When profit and cash diverge like this, it's worth understanding why.
Profits growing faster than sales. Since 2022: revenue +5.2%, operating profit +34%.
Since 2022, ICF International's revenue grew 5.2% while operating profit grew 34%: each extra dollar of sales is adding more profit.
Share count shrinking. Shares outstanding down 5.0% from December 2022 to July 2026.
ICF International had 5.0% fewer shares at July 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Cash flow well above reported profit. Free cash flow is 2.2× reported profit.
Free cash flow is 2.2× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 71 → 69
Share price +2.4%-1
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about ICF International
Is ICF International getting weaker?
Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 49/100 since Oct 28, 2026.
How is ICF International valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 69/100 against 2,459 industrials peers.Free cash flow yield 11.3% vs a peer median of 3.7% (stronger than 85% of peers).Free cash flow yield 11.3% vs peers 3.7% (stronger than 85% of peers).
Is ICF International growing?
More slowly than most of its peers. Growth scores 20/100 against 2,459 industrials peers.Revenue growth -7.9% vs a peer median of 4.4% (weaker than 83% of peers).Revenue growth -7.9% vs peers 4.4% (weaker than 83% of peers).
How profitable is ICF International?
About as profitable as its peers. Profitability scores 51/100 against 2,459 industrials peers.Return on assets 4.2% vs a peer median of 3.1% (stronger than 62% of peers).Return on assets 4.2% vs peers 3.1% (stronger than 62% of peers).
How risky is ICF International?
Moderate risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings.Beta 0.53 vs a peer median of 0.64 (stronger than 63% of peers).Beta 0.53 vs peers 0.64 (stronger than 63% of peers).Current ratio 1.39× vs a peer median of 1.62× (weaker than 62% of peers).Current ratio 1.39× vs peers 1.62× (weaker than 62% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.8B USD
1.8B USD
−0.1%
Net income (12 months)
85.7M USD
89.0M USD
+3.8%
Operating margin
7.8%
7.8%
+0.0 pts
Free cash flow (12 months)
150.7M USD
198.5M USD
+31.7%
Debt
439.2M USD
407.6M USD
−7.2%
Cash
3.9M USD
4.6M USD
+18.9%
Shares outstanding
18.1M
17.9M
−0.9%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Industrials · 318 companies
Valuations in Industrials are near the top of their range since 2016.
85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
ICF International looks cheaper than most of its peers on our valuation measures, while the Industrials sector as a whole is valued high by its own standards since 2016. Both can be true at once.
Shown for Industrials: too few Consulting Services companies have a long enough history of their own.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
36.9%
36.3%
35.6%
36.5%
37.2%
▲ 0.6 pts
Operating margin
7.1%
6.1%
6.7%
8.2%
7.8%
▼ 0.4 pts
Net margin
4.6%
3.6%
4.2%
5.5%
4.9%
▼ 0.6 pts
Return on assets (ROA)
3.8%
3.1%
4.1%
5.3%
4.5%
▼ 0.9 pts
Return on equity (ROE)
8.9%
7.5%
9.0%
11.2%
8.9%
▼ 2.3 pts
Free cash flow margin
5.8%
7.7%
6.6%
7.4%
6.4%
▼ 1.0 pts
Current ratio
1.19×
1.12×
1.07×
1.10×
1.27×
▲ 16%
Debt to equity
0.52×
0.65×
0.47×
0.42×
0.39×
▼ 6.9%
Interest coverage
10.82×
4.62×
3.31×
5.55×
4.65×
▼ 16%
ICFI price history
Price history is added with the daily price update and will appear after the next one.