Tearsheet

ICF International (ICFI)

Market Price (12/4/2025): $83.65 | Market Cap: $1.5 Bil
Sector: Industrials | Industry: Research & Consulting Services

ICF International (ICFI)

Market Price (12/4/2025): $83.65
Market Cap: $1.5 Bil
Sector: Industrials
Industry: Research & Consulting Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 8.2%	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -95%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg QQuarterly Revenue Change % is -10.0%
1	Low stock price volatility Vol 12M is 38%
2	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Cybersecurity. Themes include Smart Metering, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 8.2%
1	Low stock price volatility Vol 12M is 38%
2	Megatrend and thematic drivers Megatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Cybersecurity. Themes include Smart Metering, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -88%, 3Y Excs Rtn is -95%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.8%, Rev Chg QQuarterly Revenue Change % is -10.0%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$83.65	$118.64	$132.94	$97.76	$100.64
Market Cap CYE ($ Bil)	1.5	2.2	2.5	1.8	1.9
Total Debt ($ Bil)	0.6	0.6	0.6	0.8	0.6
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	2.2	2.8	3.1	2.6	2.5
Valuation Ratios
P/S TTM	0.9	1.1	1.3	1.1	1.2
P/EBIT TTM	11.3	13.3	18.5	17.4	17.6
P/E TTM	17.3	20.3	30.5	29.0	27.2
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$83.65	$118.64	$132.94
Market Cap CYE ($ Bil)	1.5	2.2	2.5
Total Debt ($ Bil)	0.6	0.6	0.6
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	2.2	2.8	3.1
Valuation Ratios
P/S TTM	0.9	1.1	1.3
P/EBIT TTM	11.3	13.3	18.5
P/E TTM	17.3	20.3	30.5
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	ICFI	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	1.9
Rev Chg Q	-10.0%	7.1%
Rev Chg LTM	-3.8%	6.1%
Rev Chg 3Y Avg	4.7%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	8.0%	18.8%
CFO/Rev LTM	8.4%	20.5%
Net Inc Mgn	5.1%	13.1%
VALUATION	LOW
P/S	0.9	3.2
P/CFO	10.6	15.8
P/FCF	12.1	20.5
P/E	17.3	23.5
STABILITY	POOR
Debt/Equity	0.36	0.20
Cash/Assets	0.00	0.07

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Metric	Value	Date	Source
Total Backlog	3.5 billion	9302025	Link
Funded Backlog	1.9 billion	9302025	Link
Book-to-Bill Ratio	1.53	9302025	Link
Business Development Pipeline	8.4 billion	9302025	Link
Contract Awards	714 million	9302025	Link

Upcoming
12/05/2025	Dividend	Amount: $0.14 Payment On: 1/09/2026
2/26/2026	Earnings Release	Rev: - EPS: -

ICFI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the stock movement for ICF International (ICFI) from approximately August 31, 2025, to December 4, 2025: 1. Disappointing Third Quarter 2025 Financial Results: ICF International reported third-quarter 2025 financial results on October 30, 2025, that missed analysts' expectations for both earnings per share and revenue. The company announced EPS of $1.67, falling short of the projected $1.74 to $1.75, and reported revenue of $465.41 million, below the forecasted $485.10 million to $487.46 million. This represented a 10% year-over-year decline in revenue, contributing to the stock falling 7.8% during the quarter and losing 28.2% year-to-date as of the report date.

2. Persistent Federal Government Headwinds and Contract Declines: Throughout the period, ICF International continued to experience significant headwinds from declining federal government contracts. U.S. federal government revenues had previously plunged 25.2% year-over-year in Q2 2025, particularly in the Health and Social Programs sector, a trend that persisted and posed a primary risk to the company's performance. The company's 2025 guidance acknowledged a potential revenue decline of up to 10% from 2024 levels, incorporating the impact of a government shutdown.

3. Shrinking Sales Pipeline and Reduced Revenue Visibility: Concerns among investors emerged due to reports of a shrinking sales pipeline and revised future guidance that projected lower revenue. This development raised questions about ICF International's ability to maintain growth momentum and highlighted risks associated with procurement slowdowns and contract delays, with the company's outlook anticipating a 0.9% yearly revenue decline by 2028.

4. Analyst Price Target Adjustment: On November 20, 2025, Barrington Research lowered its price target for ICFI from $107.00 to $102.00. This adjustment, despite maintaining an "Outperform" rating, reflected a more cautious outlook from the analyst community regarding the company's near-term valuation and future earnings potential, with FY2025 EPS estimates also being cut.

5. Overall Underperformance and "Rocky 2025" Characterization: The year 2025 was described by some as a "rocky" one for ICF International, with the stock experiencing a "relentless slump" since November 2024. By early December 2025, the stock was reported to be down 30.7% year-to-date and trading 39.7% below its 52-week high from December 2024, indicating a sustained period of underperformance in the market.

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Stock Movement Drivers

Fundamental Drivers

The -13.1% change in ICFI stock from 9/3/2025 to 12/3/2025 was primarily driven by a -5.8% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	96.17	83.61	-13.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1977.10	1925.50	-2.61%
Net Income Margin (%)	5.45%	5.13%	-5.81%
P/E Multiple	16.42	15.59	-5.07%
Shares Outstanding (Mil)	18.40	18.43	-0.16%
Cumulative Contribution			-13.06%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
ICFI	-13.1%
Market (SPY)	6.2%	20.9%
Sector (XLI)	2.9%	33.5%

Fundamental Drivers

The 1.0% change in ICFI stock from 6/4/2025 to 12/3/2025 was primarily driven by a 11.6% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	82.79	83.61	1.00%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2012.97	1925.50	-4.35%
Net Income Margin (%)	5.45%	5.13%	-5.81%
P/E Multiple	13.97	15.59	11.65%
Shares Outstanding (Mil)	18.51	18.43	0.40%
Cumulative Contribution			0.99%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
ICFI	1.0%
Market (SPY)	15.1%	19.6%
Sector (XLI)	7.6%	30.6%

Fundamental Drivers

The -37.9% change in ICFI stock from 12/3/2024 to 12/3/2025 was primarily driven by a -33.5% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	134.59	83.61	-37.88%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	2001.82	1925.50	-3.81%
Net Income Margin (%)	5.38%	5.13%	-4.65%
P/E Multiple	23.43	15.59	-33.45%
Shares Outstanding (Mil)	18.76	18.43	1.75%
Cumulative Contribution			-37.90%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
ICFI	-37.9%
Market (SPY)	14.3%	11.7%
Sector (XLI)	9.8%	19.4%

Fundamental Drivers

The -23.7% change in ICFI stock from 12/4/2022 to 12/3/2025 was primarily driven by a -49.0% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	109.55	83.61	-23.68%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1692.34	1925.50	13.78%
Net Income Margin (%)	3.99%	5.13%	28.81%
P/E Multiple	30.58	15.59	-49.02%
Shares Outstanding (Mil)	18.83	18.43	2.09%
Cumulative Contribution			-23.72%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
ICFI	-41.2%
Market (SPY)	53.2%	17.4%
Sector (XLI)	45.4%	24.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ICFI Return	-18%	39%	-3%	36%	-11%	-31%	-8%
Peers Return	-0%	42%	-6%	28%	5%	0%	78%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
ICFI Win Rate	50%	75%	50%	58%	50%	30%
Peers Win Rate	55%	68%	42%	53%	48%	46%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ICFI Max Drawdown	-44%	-2%	-17%	-3%	-12%	-36%
Peers Max Drawdown	-40%	-2%	-25%	-17%	-27%	-28%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: IDCC, CBZ, MGRC, KW, AMN. See ICFI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	ICFI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-21.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	26.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	169 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	84.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	413 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.9%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	36.8%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	178 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-56.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	128.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1836 days	1480 days

Compare to IDCC, CBZ, MGRC, KW, AMN

In The Past

ICF International's stock fell -21.1% during the 2022 Inflation Shock from a high on 11/23/2021. A -21.1% loss requires a 26.8% gain to breakeven.

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About ICF International (ICFI)

ICF International, Inc. provides management, marketing, technology, and policy consulting and implementation services to government and commercial clients in the United States and internationally. It researches critical policy, industry, stakeholder issues, trends, and behaviors; measures and evaluates results and their impact; and provides strategic planning and advisory services to its clients on how to navigate societal, market, business, communication, and technology challenges. The company also identifies, defines, and implements policies, plans, programs, and business tools through a range of standard and customized methodologies for its clients; conducts survey research; collects and analyzes various data to understand critical issues and options for its clients; and provides actionable business intelligence, as well as information and data management solutions that allow integrated and purpose-driven data usage. In addition, it provides solutions to optimize the customer and citizen experience; modernizes IT systems; and cyber security solutions that support the range of cyber security missions and protect IT infrastructures in the face of relentless threats, as well as designs, develops, and implements technology systems and business tools that are principal to its clients' mission or business performance. Further, the company informs and engages its clients' constituents, customers, and employees through public relations, branding and marketing, multichannel and strategic communications, and reputation issues management. It serves energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial markets. The company was formerly known as ICF Consulting Group Holdings, LLC and changed its name to ICF International, Inc. in 2006. ICF International, Inc. was founded in 1969 and is headquartered in Fairfax, Virginia.

AI Generated Analysis | Feedback

Analogy 1: "Accenture for government and public sector projects."

Analogy 2: "Similar to Deloitte Consulting, but with a strong specialization in areas like energy, environment, and social programs for government clients."

Analogy 3: "Booz Allen Hamilton for a wider array of government and commercial clients beyond defense and intelligence."

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Advisory and Consulting Services: ICF provides expert strategic guidance and specialized consulting across various sectors, helping clients navigate complex challenges and make informed decisions.
Digital Transformation and Technology Solutions: The company designs, develops, and implements advanced technology solutions, including IT modernization, cloud services, cybersecurity, and data management, to drive digital innovation.
Program Management and Implementation: ICF manages and executes large-scale government and commercial programs, ensuring efficient delivery of projects, policy implementation, and operational support.
Analytics and Data Science: ICF leverages data analytics, advanced modeling, and research to provide clients with actionable insights, evaluate program effectiveness, and support evidence-based decision-making.
Strategic Communications and Marketing: The company develops and executes integrated communication and marketing strategies, including public engagement, behavior change campaigns, and brand management, to reach target audiences and achieve client objectives.

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ICF International (ICFI) primarily provides consulting and technology services to other organizations, rather than directly to individuals. Its major customers are predominantly government entities and other businesses/organizations. As such, the company sells primarily to other companies/organizations.

The major customers of ICF International include:

U.S. Federal Government

This is ICF's largest customer, accounting for approximately 49% of its gross revenues in 2023. ICF serves a broad range of federal agencies, including but not limited to:
- U.S. Environmental Protection Agency (EPA)
- U.S. Department of Energy (DOE)
- U.S. Department of Health and Human Services (HHS)
- U.S. Department of Homeland Security (DHS)
- U.S. Department of Transportation (DOT)
- U.S. Department of Justice (DOJ)
(These are U.S. government agencies and do not have public company symbols.)
State and Local Government Agencies

ICF partners with numerous state and local government bodies across various sectors within the U.S.

(These are government agencies and do not have public company symbols.)
Commercial Companies (primarily large utility companies)

This segment includes a diverse set of private sector clients, with large utility companies being typical major commercial customers. While ICF has many commercial clients, no single commercial client accounted for more than 10% of its gross revenues in 2023. Therefore, specific names of major commercial customer companies that are publicly traded with symbols are not individually disclosed by ICF in its public filings, as no single commercial client constitutes a major portion of their revenue requiring specific identification.

(Specific publicly traded customer companies with symbols are not identified by ICF for this category.)
Multilateral Organizations

ICF also provides services to international bodies such as the European Commission and the World Bank.

(These are international organizations and do not have public company symbols.)

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John Wasson, Chair and CEO

John Wasson joined ICF in 1987 as an associate and has spent his entire 36-year career at the company. He was appointed CEO on October 1, 2019, and became board chair in 2020. Prior to his current role, he served as Chief Operating Officer and President. Wasson has led ICF through a period of significant growth, including a series of acquisitions, resulting in the company doubling in size every five years over the past two decades.

Barry Broadus, Chief Financial Officer

Barry Broadus joined ICF as Chief Financial Officer in February 2022. He brings over 35 years of financial, executive, and management experience, with more than 25 years in the U.S. federal government services sector. Before joining ICF, Broadus served as CFO for Dovel Technologies from 2019 to 2021, where he was part of the executive team that led the company's growth and subsequent sale to Guidehouse in October 2021. He also held CFO positions at SRI International, Constellis, and Alion Science and Technology, and senior financial roles at SAIC and EDS.

James Morgan, Chief Operating Officer

James Morgan has served as ICF's Chief Operating Officer since 2022. Prior to this, he was the company's Chief Financial Officer for eight years, from 2012 to 2020. Before joining ICF in 2012, Morgan was Executive Vice President and CFO of Serco, Inc. He also spent 18 years at Science Applications International Corporation (SAIC), where he held roles including Senior Vice President and Business Transformation Officer, and Senior Financial Officer for operational finance.

Jennifer Welham, Senior Vice President, Health, People, and Human Services

Jennifer Welham joined ICF in July 1990 as a research assistant and has been with the company for over 35 years. She currently leads ICF's health, people, and human services business, providing advisory, implementation, and evaluation services for U.S. federal health, organizational, and social programs. Welham previously led the environmental risk and toxicology business unit, which experienced significant growth under her leadership.

Sudhakar Kesavan, Executive Chairman

Sudhakar Kesavan joined ICF as an associate in 1983 and served as the company's Chairman and CEO from 1999 to 2020. In 1999, he led a leveraged buyout of the ICF Consulting Group division from Kaiser Engineers, establishing ICF as an independent firm. Under his leadership, ICF significantly expanded its annual revenue from $100 million to $1.5 billion and grew its team from 550 to 7,000 employees. He now serves as Executive Chairman, contributing to the company's strategy and mentoring new leaders.

AI Generated Analysis | Feedback

The rapid advancements in artificial intelligence (AI) and automation tools pose an emerging threat to traditional consulting models. These technologies can significantly automate tasks such as data analysis, research, report generation, and even some strategic planning, potentially reducing the need for human consultants in certain areas and putting downward pressure on billing rates. Firms that do not rapidly adopt and integrate these AI capabilities into their service delivery may find themselves outcompeted by more technologically agile firms offering faster, cheaper, and more data-driven solutions, fundamentally altering the competitive landscape for companies like ICF International.

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For ICF International (ICFI), the addressable market size for their IT modernization and digital transformation services within the U.S. federal government is estimated to reach $94.7 billion by 2027. This market is projected to grow at a compound annual growth rate (CAGR) of 8.6%. Within this larger market, ICF anticipates even faster growth for its key segments of consulting and application services, with projected CAGRs of 14% and 9.2%, respectively.

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ICF International (ICFI) Expected Drivers of Future Revenue Growth

Over the next 2-3 years, ICF International (NASDAQ: ICFI) is expected to drive revenue growth primarily through its robust commercial energy market, expansion in state and local government contracts, and the ramp-up of its international business. Strategic acquisitions and the introduction of new technology solutions, including AI, are also anticipated to contribute. Here are the key drivers: * Strong Demand in Commercial Energy Sector: ICF is experiencing consistent and robust demand from commercial clients for its energy and environment expertise, particularly in areas such as energy efficiency programs, grid resilience, electrification, decarbonization, and flexible load management. This segment was a significant contributor to revenue growth in 2024 and is expected to continue its strong performance, driven by regulation and the ongoing energy transition. The company's work with utility clients, addressing increased electricity demand from sources like data centers, highlights this growth area. * Growth in State and Local Government Engagements: While federal government revenue has faced headwinds, ICF has seen growth in its state and local government client base. This diversification outside of the federal sector is a deliberate strategy to offset uncertainties and leverage increasing spending priorities at the state and local levels. * International Market Expansion: ICF is actively growing its international government revenue, notably with new contract wins, especially with the UK government. This expansion is expected to continue contributing to overall revenue as these contracts ramp up. * IT Modernization and Digital Transformation: ICF's capabilities in IT modernization and digital transformation are key offerings across its client base. Demand for these services, particularly in areas like public health and digital transformation, supports high-margin contract wins and revenue stability. * Strategic Acquisitions and AI Solutions: Recent acquisitions, such as Applied Energy Group (AEG) in late 2024, are aimed at expanding ICF's capabilities in energy technology and advisory services for utility and state and local government clients, offering substantial growth prospects for 2025. Additionally, the launch of new AI solutions, such as ICF Fathom for federal agencies, presents a potential new revenue stream that could enhance profit margins and scale the company's offerings if it gains traction.

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Share Repurchases

On November 14, 2024, ICF International's Board of Directors approved an additional $100 million for its share repurchase program, raising the total authorization to $300 million, with no expiration date.
As of September 30, 2024, approximately $67 million remained under the previously authorized share repurchase program.
From mid-November 2024 to February 27, 2025, the company repurchased approximately 395,000 shares for $48 million.

Share Issuance

In 2023, 45,141 shares granted in 2020 through Performance Share Awards (PSAs) vested.
As of December 31, 2023, an additional 69,650 shares granted in 2021 and 2022 are expected to vest in the future based on performance goals.

Outbound Investments

In 2023, ICF acquired CMY Solutions for $32.6 million, enhancing its engineering solutions and automation capabilities for utility and commercial clients.
In 2022, the company completed two acquisitions: SemanticBits for $216 million to strengthen digital modernization solutions and Blanton & Associates for $22.9 million for environmental compliance and permitting expertise.
In 2021, ICF acquired Creative Systems for $157 million, focusing on digital modernization, and ESAC for $17.3 million, which specializes in analytics and research data management for federal health agencies.

Capital Expenditures

Full-year capital expenditures were $21.4 million in 2024, a slight decrease from $22.3 million in 2023.
The company's capital deployment strategy emphasizes investments in organic growth.

Better Bets than ICF International (ICFI)

	ICFI	Better Performance than ICFI
Metric	Value	INDUSTRY: Research & Consulting Services
Rev Chg LTM	-3.8%	TRU (8.3%), VRSK (7.3%), EFX (6.4%), BAH (2.4%), FCN (-0.9%)
Rev Chg 3Y Avg	4.7%	VRSK (13.4%), BAH (10.0%), FCN (8.2%), TRU (7.3%), EFX (4.8%)
Op Mgn LTM	8.0%	VRSK (44.4%), TRU (18.7%), EFX (18.5%), FCN (10.3%), BAH (9.5%)
CFO/Rev LTM	8.4%	VRSK (44.5%), EFX (24.7%), EXPO (23.1%), TRU (20.8%), HURN (12.5%)
FCF/Rev LTM	7.3%	VRSK (36.8%), EXPO (21.5%), EFX (16.8%), TRU (13.0%), HURN (10.6%)
Total Yield	6.4%	SBC (6.9%), BAH (6.7%)
P/S	0.9	RGP (0.3), FORR (0.5)
P/Op Inc	11.2	SBC (6.6), BAH (11.1)

	ICFI	Better Performance than ICFI
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-3.8%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Rev Chg 3Y Avg	4.7%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (5.8%)
Op Mgn LTM	8.0%	UNP (40.6%), GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%)
CFO/Rev LTM	8.4%	UBER (18.1%), CAT (18.0%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	7.3%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (12.3%)
Total Yield	6.4%	UPS (15.4%), UBER (8.1%), UNP (7.3%), HON (6.8%), CAT (6.7%)
P/S	0.9	UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6), UPS (0.8)
P/Op Inc	11.2	UAL (6.0), DAL (6.1), UPS (8.6), FDX (8.8), CNI (9.0)

	ICFI	Better Performance than ICFI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-3.8%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	4.7%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	8.0%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	8.4%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	7.3%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.4%	XOM (10.3%), JNJ (8.4%), BAC (7.7%), JPM (6.7%), HD (6.5%)
P/S	0.9	CVS (0.2), MCK (0.2), ELV (0.4), UNH (0.7), DELL (0.8)
P/Op Inc	11.2	VZ (5.9), BUD (7.7), T (8.3), MRK (9.4), PFE (9.4)

		Best Bets In Industrials Sector
	ICFI
What You Pay
P/E	17.3
P/EBIT	11.3
What You Get
Rev Chg Q	-10.0%
Rev Chg LTM	-3.8%
Rev Chg 3Y Avg	4.7%
FCF/Rev 3Y Avg	8.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Is ICF International Stock Built to Withstand a Pullback?	Return
2	Better Bet Than ICFI Stock: Pay Less Than ICF International To Get More From BAH	Actionable
3	ICFI Dip Buy Analysis
4	ICF International Earnings Notes
5	ICF International Total Shareholder Return (TSR): -10.1% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)
6	ICF International (ICFI) Operating Cash Flow Comparison	Financials
7	ICF International (ICFI) Net Income Comparison	Financials
8	ICF International (ICFI) Operating Income Comparison	Financials
9	ICF International (ICFI) Revenue Comparison	Financials
10	ICF International vs. S&P500 Correlation	Correlation
11	ARTICLES
12	Better Bet Than ICF International Stock: Pay Less To Get More From BAH		August 21st, 2025

	Title
0	DASHBOARDS
1	Is ICF International Stock Built to Withstand a Pullback?
2	Better Bet Than ICFI Stock: Pay Less Than ICF International To Get More From BAH
3	ICFI Dip Buy Analysis
4	ICF International Earnings Notes
5	ICF International Total Shareholder Return (TSR): -10.1% in 2024 and 6.2% 3-yr compounded annual returns (below peer average)
6	ICF International (ICFI) Operating Cash Flow Comparison
7	ICF International (ICFI) Net Income Comparison
8	ICF International (ICFI) Operating Income Comparison
9	ICF International (ICFI) Revenue Comparison
10	ICF International vs. S&P500 Correlation
11	ARTICLES
12	Better Bet Than ICF International Stock: Pay Less To Get More From BAH

Trade Ideas

Select past ideas related to ICFI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
ICFI_2282025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02282025	ICFI	ICF International	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	24.5%	3.5%	-3.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.3%	7.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.3%	2.3%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	4.8%	4.8%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	1.6%	1.6%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	2.2%	2.2%	0.0%
ICFI_2282025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02282025	ICFI	ICF International	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	24.5%	3.5%	-3.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for ICF International

Peers to compare with:

Financials

	ICFI	IDCC	CBZ	MGRC	KW	AMN	Median
Name	ICF Inte.	InterDig.	CBIZ	McGrath .	Kennedy-.	AMN Heal.
Mkt Price	83.61	341.84	51.42	104.42	9.76	16.69	67.52
Mkt Cap	1.5	8.8	3.2	2.6	1.3	0.6	2.1
Rev LTM	1,926	929	2,676	931	516	2,717	1,428
Op Inc LTM	153	576	213	233	63	45	183
FCF LTM	141	590	86	59	-40	223	114
FCF 3Y Avg	160	383	113	4	-102	254	136
CFO LTM	162	673	104	212	12	267	187
CFO 3Y Avg	182	441	131	235	41	334	209

Growth & Margins

	ICFI	IDCC	CBZ	MGRC	KW	AMN	Median
Name	ICF Inte.	InterDig.	CBIZ	McGrath .	Kennedy-.	AMN Heal.
Rev Chg LTM	-3.8%	28.8%	59.2%	4.8%	-3.8%	-11.4%	0.5%
Rev Chg 3Y Avg	4.7%	27.1%	27.2%	20.7%	-0.9%	-20.6%	12.7%
Rev Chg Q	-10.0%	28.0%	58.1%	-3.9%	-8.7%	-7.7%	-5.8%
QoQ Delta Rev Chg LTM	-2.6%	4.0%	10.5%	-1.1%	-2.1%	-1.9%	-1.5%
Op Mgn LTM	8.0%	62.0%	7.9%	25.0%	12.2%	1.7%	10.1%
Op Mgn 3Y Avg	7.4%	48.6%	9.4%	24.9%	11.7%	5.5%	10.5%
QoQ Delta Op Mgn LTM	-0.2%	1.6%	-0.5%	-0.6%	-1.4%	-0.5%	-0.5%
CFO/Rev LTM	8.4%	72.5%	3.9%	22.7%	2.3%	9.8%	9.1%
CFO/Rev 3Y Avg	9.3%	62.0%	7.2%	26.9%	7.6%	9.8%	9.5%
FCF/Rev LTM	7.3%	63.6%	3.2%	6.3%	-7.7%	8.2%	6.8%
FCF/Rev 3Y Avg	8.1%	54.2%	6.2%	0.0%	-18.7%	7.4%	6.8%

Valuation

	ICFI	IDCC	CBZ	MGRC	KW	AMN	Median
Name	ICF Inte.	InterDig.	CBIZ	McGrath .	Kennedy-.	AMN Heal.
Mkt Cap	1.5	8.8	3.2	2.6	1.3	0.6	2.1
P/S	0.9	9.6	1.2	3.1	2.2	0.3	1.7
P/EBIT	11.3	14.5	13.4	12.5	4.3	-2.8	11.9
P/E	17.3	17.9	31.7	19.9	139.9	-2.7	18.9
P/CFO	10.6	13.2	31.6	13.6	94.8	2.8	13.4
Total Yield	6.4%	6.2%	3.2%	6.7%	6.6%	-36.9%	6.3%
Dividend Yield	0.6%	0.6%	0.0%	1.6%	5.9%	0.0%	0.6%
FCF Yield 3Y Avg	7.1%	11.0%	3.7%	0.0%	-6.1%	16.6%	5.4%
D/E	0.4	0.1	0.6	0.2	4.0	1.2	0.5
Net D/E	0.4	-0.1	0.6	0.2	3.7	1.1	0.5

Returns

	ICFI	IDCC	CBZ	MGRC	KW	AMN	Median
Name	ICF Inte.	InterDig.	CBIZ	McGrath .	Kennedy-.	AMN Heal.
1M Rtn	5.9%	-13.8%	-6.7%	-4.3%	31.5%	-14.8%	-5.5%
3M Rtn	-13.1%	20.3%	-14.8%	-14.3%	14.6%	-15.9%	-13.7%
6M Rtn	1.0%	53.7%	-28.9%	-7.6%	55.3%	-16.8%	-3.3%
12M Rtn	-37.9%	72.6%	-37.1%	-12.5%	-8.1%	-38.5%	-24.8%
3Y Rtn	-23.7%	613.5%	2.5%	10.9%	-30.7%	-86.5%	-10.6%
1M Excs Rtn	5.9%	-13.8%	-6.6%	-4.3%	31.6%	-14.7%	-5.5%
3M Excs Rtn	-16.7%	13.6%	-19.6%	-21.9%	8.0%	-22.8%	-18.2%
6M Excs Rtn	-13.7%	38.9%	-43.7%	-22.4%	40.5%	-31.5%	-18.0%
12M Excs Rtn	-52.9%	62.7%	-51.3%	-26.4%	-24.2%	-49.4%	-37.9%
3Y Excs Rtn	-94.7%	566.6%	-68.1%	-58.5%	-101.5%	-159.2%	-81.4%

Comparison Analyses

	Title
0	BCO or ICFI - With 12% Return Forecast, ICFI Probably Deserves Your Money

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/28/2025	2/28/2024	3/1/2023	2/25/2022	2/26/2021	2/28/2020
Key Financials
Total Revenue	1,926	2,020	1,963	1,780	1,553	1,507	1,479
EBITDA	209	221	197	157	142	122	129
Operating Income	153	166	132	109	111	89	101
Net Income	99	110	83	64	71	55	69
EPS	5.34	5.88	4.39	3.41	3.77	2.92	3.66
Growth Rates
Total Revenue Growth	-3.8%	2.9%	10.3%	14.6%	3.1%	1.9%	10.5%
EBITDA Growth	-6.9%	12.3%	25.3%	10.7%	16.3%	-5.4%	8.7%
Operating Income Growth	-7.8%	25.3%	21.7%	-2.0%	24.5%	-12.1%	9.9%
Net Income Growth	-8.3%	33.4%	28.6%	-9.7%	29.4%	-20.3%	12.3%
Margins
EBITDA Margin	10.8%	10.9%	10.0%	8.8%	9.1%	8.1%	8.7%
Operating Income Margin	8.0%	8.2%	6.7%	6.1%	7.1%	5.9%	6.9%
Net Income Margin	5.1%	5.5%	4.2%	3.6%	4.6%	3.6%	4.7%
Cash & Debt
Total Cash	4	5	6	11	8	14	6
Total Debt	624	602	643	776	648	452	316
Net Debt / (Cash)	620	597	636	765	640	438	310
Cash Flows
Net Cash from Operations	162	172	152	162	110	173	91
Free Cash from Operations	141	150	130	138	90	155	65
Returns to Shareholders
Dividends	10	11	11	11	11	11	11
Share Repurchases	56	48	19	21	20	30	23

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	8/1/2025	5/2/2025	2/28/2025	11/1/2024	8/2/2024	5/2/2024	2/28/2024	11/3/2023	8/4/2023	5/10/2023	3/1/2023
Key Financials Quarterly
Total Revenue	465	476	488	496	517	512	494	478	502	500	483	476
Ebitda	53	53	52	51	58	56	56	54	49	47	46	37
Operating Income	38	40	38	36	46	42	41	37	32	32	31	23
Net Income	24	24	27	25	33	26	27	22	24	20	16	9
EPS	1.29	1.29	1.45	1.31	1.74	1.37	1.46	1.18	1.26	1.08	0.87	0.47
Key Financials TTM
Total Revenue TTM	1,926	1,977	2,013	2,020	2,002	1,986	1,974	1,963	1,960	1,927	1,850	1,780
Ebitda TTM	209	214	217	221	224	215	207	197	180	174	166	157
Operating Income TTM	153	161	163	166	166	152	142	132	118	115	113	109
Net Income TTM	99	108	110	110	108	99	94	83	69	65	63	64
Growth Rates Quarterly
Total Revenue Growth	-10.0%	-7.0%	-1.4%	3.8%	3.1%	2.4%	2.3%	0.6%	7.2%	18.2%	16.9%	22.6%
EBITDA Growth	-9.4%	-4.6%	-7.6%	-5.7%	18.4%	17.2%	21.6%	46.0%	14.3%	19.2%	24.1%	39.9%
Operating Income Growth	-16.5%	-5.7%	-6.2%	-1.2%	44.3%	32.3%	30.2%	60.2%	13.0%	7.6%	13.5%	24.0%
Net Income Growth	-27.3%	-7.6%	-1.7%	10.8%	37.7%	26.1%	66.6%	149.6%	24.3%	10.4%	-8.2%	-26.5%
Margins Quarterly
EBITDA Margin	11.3%	11.1%	10.7%	10.2%	11.3%	10.9%	11.4%	11.3%	9.8%	9.5%	9.6%	7.8%
Operating Income Margin	8.3%	8.4%	7.9%	7.3%	8.9%	8.3%	8.3%	7.7%	6.4%	6.4%	6.5%	4.8%
Net Income Margin	5.1%	5.0%	5.5%	4.9%	6.3%	5.0%	5.5%	4.6%	4.7%	4.1%	3.4%	1.9%
Cash & Debt
Total Cash	4	7	6	5	7	4	4	6	5	7	5	11
Total Debt	624	644	687	602	616	636	682	643	745	823	821	776
Net Debt / (Cash)	620	637	681	597	609	632	678	636	740	816	816	765
Cash Flows Quarterly
FCF from Operations	47	52	-33	95	26	61	-10	107	26	37	-17	156
Cash Flows TTM
FCF from Operations TTM	162	140	149	172	183	183	159	152	201	176	152	162
Returns to Shareholders Quarterly
Dividends	3	3	3	3	3	3	3	3	3	3	3	3
Share Repurchases	0	-0	39	17	0	0	30	-2	0	-2	23	0
Return on Invested Capital (ROIC) Quarterly
ROIC	19.2%	19.8%	20.2%	19.3%	26.0%	19.8%	19.2%	17.3%	17.0%	15.0%	11.8%	9.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	20.1%	21.1%	19.7%	22.2%	21.5%	19.3%	17.9%	17.8%	14.1%	11.9%	10.7%	10.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Single Segment	1,963	1,780	1,553	1,507	1,479
Total	1,963	1,780	1,553	1,507	1,479

Price Behavior

Price Behavior

Market Price	$83.61
Market Cap ($ Bil)	1.5
First Trading Date	09/28/2006
Distance from 52W High	-37.9%
	50 Days	200 Days
DMA Price	$85.26	$87.61
DMA Trend	down	down
Distance from DMA	-1.9%	-4.6%
	3M	1YR
Volatility	31.3%	37.6%
Downside Capture	118.13	54.68
Upside Capture	19.95	0.64
Correlation (SPY)	17.7%	11.5%

ICFI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.10	0.41	0.42	0.49	0.22	0.45
Up Beta	1.83	1.29	1.23	1.21	0.42	0.53
Down Beta	-1.22	-0.17	-0.11	-0.40	-0.11	0.28
Up Capture	-83%	-29%	-26%	31%	-5%	12%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	21	34	67	125	386
Down Capture	29%	94%	104%	93%	65%	83%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	21	29	59	124	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ICFI With Other Asset Classes (Last 1Y)
	ICFI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-38.5%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	37.5%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-1.21	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		19.7%	11.7%	12.7%	7.6%	22.0%	19.7%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of ICFI With Other Asset Classes (Last 5Y)
	ICFI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.2%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	29.4%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.11	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		39.7%	32.3%	4.6%	8.4%	33.2%	14.2%

Based On 10-Year Data

		Comparison of ICFI With Other Asset Classes (Last 10Y)
	ICFI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.5%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	31.0%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.36	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		46.7%	41.5%	-0.6%	17.3%	40.8%	12.8%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	584,421
Short Interest: % Change Since 10312025	14.5%
Average Daily Volume	207,077
Days-to-Cover Short Interest	2.82
Basic Shares Quantity	18,432,000
Short % of Basic Shares	3.2%

Returns Analyses

	Title
0	Is ICF International Stock Built to Withstand a Pullback?
1	ICF International Stock Return Comparison
2	[9/29/2021] ICF International (ICFI) Stock Price Forecast: AI Forecasts ICFI Stock Price To Be Around $90.9 In A Month (Up 1.7%)
3	ICF International Total Shareholder Return (TSR): -2.9% in 2022 and 3.3% 3-yr returns (below peer average)
4	ICF International (ICFI) Stock Return: AI Predicts ICFI Average and Excess Return After a Fall or Rise

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	8012025	10-Q 6/30/2025
3312025	5022025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11012024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5102023	10-Q 3/31/2023
12312022	3012023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Mehl Randall		11172025	Buy	78.20	346	27,057	1,549,924	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ICF International (ICFI)

Market Price (12/4/2025): $83.65 | Market Cap: $1.5 BilSector: Industrials | Industry: Research & Consulting Services

ICF International (ICFI)

Market Price (12/4/2025): $83.65Market Cap: $1.5 BilSector: IndustrialsIndustry: Research & Consulting Services

Valuation, Metrics & Events

ICFI Stock

Why The Stock Moved

Qualitative Assessment

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About ICF International (ICFI)

U.S. Federal Government

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Commercial Companies (primarily large utility companies)

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ICF International (ICFI) Expected Drivers of Future Revenue Growth

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Better Bets than ICF International (ICFI)

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Market Price (12/4/2025): $83.65 | Market Cap: $1.5 Bil
Sector: Industrials | Industry: Research & Consulting Services

Market Price (12/4/2025): $83.65
Market Cap: $1.5 Bil
Sector: Industrials
Industry: Research & Consulting Services