Icf International (ICFI)
NASDAQ:ICFI
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Icf International
(NASDAQ:ICFI)
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Rating:67Neutral
Price Target:
$75.00
▲(6.34% Upside)
Action:Reiterated
Date:06/06/26
ICFI’s score is driven primarily by solid financial quality—strong and improving free cash flow and manageable leverage—tempered by recent revenue decline and margin/return compression. Technically, the stock shows neutral near-term momentum but remains in a longer-term downtrend. Valuation is reasonable at ~14.7x earnings, while the earnings call supports a cautious stabilization/recovery narrative with reaffirmed guidance but clear near-term headwinds.
Positive Factors
Strong free cash flow
Sustained FCF generation (TTM ~$151M, +25% YoY) that converts closely to earnings (FCF ≈0.88x net income) provides durable internal funding for dividends, buybacks, M&A and debt paydown, supporting financial flexibility and long‑term capital allocation.
Negative Factors
Revenue decline and margin compression
A multi‑quarter revenue slowdown and recent margin erosion undermine return metrics and reinvestment capacity. Persistent top‑line weakness compresses operating leverage in a labor‑intensive consulting model, challenging sustainable margin expansion without stronger demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Sustained FCF generation (TTM ~$151M, +25% YoY) that converts closely to earnings (FCF ≈0.88x net income) provides durable internal funding for dividends, buybacks, M&A and debt paydown, supporting financial flexibility and long‑term capital allocation.
Read all positive factors
Icf International (ICFI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.20B
Dividend Yield0.65%
Average Volume (3M)160.18K
Price to Earnings (P/E)14.2
Beta (1Y)0.55
Revenue Growth-9.45%
EPS Growth-20.88%
CountryUS
Employees9,000
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)4.65
Shares Outstanding18,104,180
10 Day Avg. Volume169,607
30 Day Avg. Volume160,182
Financial Highlights & Ratios
PEG Ratio-1.11
Price to Book (P/B)1.52
Price to Sales (P/S)0.83
P/FCF Ratio13.00
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit2.93
Enterprise Value/Ebitda9.72
Forecast
1Y Price Target
$99.00Price Target Upside40.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)7.01
Revenue Forecast (FY)$1.91B
Icf International Business Overview & Revenue Model
Company Description
ICF International, Inc. is a prominent global consultancy offering a wide array of management, marketing, technology, and policy advisory and implementation services to both government and commercial entities worldwide. The firm specializes in in-...
How the Company Makes Money
ICF primarily makes money by delivering contracted professional services and technology solutions, with revenue recognized as work is performed under client contracts. A significant portion of its revenue is generated from U.S. federal government ...
Icf International Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful operational positives—stabilizing federal revenue (sequential +8.6%), strong international growth (+~17.5%), solid commercial energy momentum, a healthy $8.5B pipeline, $3.4B backlog, resilient margins, and improved leverage and cash metrics—against notable near-term weaknesses including a 10.3% year-over-year revenue decline in Q1, lower EPS and a Q1 tax-rate headwind, and timing-related revenue shifts totaling ~$12M. Management reiterated full-year guidance, emphasized margin and cost initiatives, and signaled opportunistic M&A and continued investment in growth areas. Overall the narrative is one of stabilization and cautious recovery with material short-term headwinds that management expects to recover over the year.Positive Updates
Federal Revenue Stabilization
Sequential federal revenues rose 8.6% to $182.3M in Q1, management indicates the federal business has stabilized with expected sequential improvement in Q2 and Q3 and year-over-year federal growth anticipated in Q4 2026.
Negative Updates
Q1 Revenue Decline
Total Q1 revenue was $437.5M, down 10.3% year-over-year. Management attributed approximately $12M of the shortfall to timing shifts ($8M commercial energy, $4M international) but the YoY decline remains material.
Read all updates
Q1-2026 Updates
Positive
Negative
Federal Revenue Stabilization
Sequential federal revenues rose 8.6% to $182.3M in Q1, management indicates the federal business has stabilized with expected sequential improvement in Q2 and Q3 and year-over-year federal growth anticipated in Q4 2026.
Read all positive updates
Company Guidance
ICF reaffirmed full‑year 2026 guidance of $1.89–$1.96 billion in revenues (midpoint ≈ +3% y/y), GAAP EPS $5.95–$6.25 and non‑GAAP EPS $6.95–$7.25 (midpoint ≈ +5%), with a full‑year tax rate of ~20.5% (Q2 ≈ 23%, significant reduction expected in Q3); management also expects depreciation & amortization of $22M, amortization of intangibles of $24M, interest expense of $27–$29M, capex of $24–$26M, and adjusted EBITDA margin expansion of 10–20 bps (Q1 adjusted EBITDA $48.9M, 11.2% margin). They noted Q1 revenue of $437.5M (-10.3% y/y) with federal revenue of $182.3M (+8.6% sequential), backlog of $3.4B (≈51% funded), a business‑development pipeline of $8.5B, book‑to‑bill of 1.21, net debt of $436M (adjusted leverage 2.23x), DSO 74 days, Q1 repurchases of ~217.5k shares and an announced $0.14 quarterly dividend, and reiterated that commercial/state & local/international revenues should grow double‑digits (>60% of 2026 revenue) while federal revenues should sequentially improve in Q2–Q3 and turn y/y positive in Q4 on the path back to mid‑ to high‑single‑digit organic growth in 2027.Icf International Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
70
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.82B | 1.87B | 2.02B | 1.96B | 1.78B | 1.55B |
| Gross Profit | 650.14M | 637.87M | 737.77M | 698.22M | 645.54M | 573.48M |
| EBITDA | 196.12M | 178.56M | 221.12M | 196.97M | 157.18M | 142.04M |
| Net Income | 85.26M | 91.59M | 110.17M | 82.61M | 64.24M | 71.13M |
Balance Sheet | ||||||
| Total Assets | 2.05B | 2.05B | 2.07B | 2.01B | 2.09B | 1.85B |
| Cash, Cash Equivalents and Short-Term Investments | 3.88M | 5.30M | 4.96M | 9.45M | 11.26M | 8.25M |
| Total Debt | 602.30M | 571.34M | 602.27M | 642.67M | 776.39M | 648.31M |
| Total Liabilities | 1.02B | 1.02B | 1.08B | 1.09B | 1.24B | 1.05B |
| Stockholders Equity | 1.03B | 1.03B | 982.46M | 917.59M | 853.21M | 803.47M |
Cash Flow | ||||||
| Free Cash Flow | 150.72M | 120.21M | 150.11M | 130.05M | 137.73M | 90.27M |
| Operating Cash Flow | 171.76M | 141.87M | 171.54M | 152.38M | 162.21M | 110.20M |
| Investing Cash Flow | -20.89M | -21.51M | -74.81M | -3.67M | -258.84M | -194.48M |
| Financing Cash Flow | -110.19M | -84.31M | -86.90M | -152.59M | 90.37M | 23.23M |
Icf International Technical Analysis
Negative
70.53
Price Trends
69.11
Negative
72.44
Negative
80.19
Negative
Market Momentum
0.69
Positive
40.44
Neutral
50.24
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICFI, the sentiment is Negative. The current price of 70.53 is above the 20-day moving average (MA) of 70.02, above the 50-day MA of 69.11, and below the 200-day MA of 80.19, indicating a bearish trend. The MACD of 0.69 indicates Positive momentum. The RSI at 40.44 is Neutral, neither overbought nor oversold. The STOCH value of 50.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICFI.
Icf International Risk Analysis
Icf International disclosed 31 risk factors in its most recent earnings report. Icf International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Icf International Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $4.39B | 17.19 | 15.14% | ― | 5.60% | 14.32% | |
67 Neutral | $1.20B | 14.23 | 8.35% | 0.65% | -9.45% | -20.88% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $1.47B | 14.82 | 21.83% | ― | 11.79% | -13.03% | |
60 Neutral | $896.42M | 18.85 | 23.64% | 0.97% | 10.50% | -3.09% | |
51 Neutral | $145.21M | -1.44 | -49.24% | 6.74% | -13.38% | 9.50% | |
50 Neutral | $130.06M | -2.37 | -39.22% | ― | -7.06% | 38.03% |
* Industrials Sector Average
ICFI
Icf International
66.51
-16.68
-20.05%
CRAI
Cra International
138.70
-42.49
-23.45%
FORR
Forrester Research
6.70
-2.96
-30.64%
FCN
FTI Consulting
145.58
-15.54
-9.64%
HURN
Huron Consulting
90.56
-43.31
-32.35%
RGP
Resources Connection
4.23
-0.69
-14.01%
Icf International Corporate Events
Executive/Board ChangesShareholder Meetings
ICF Shareholders Approve Directors, Pay and Incentive Plan
Positive
Jun 5, 2026
At its 2026 Annual Meeting of Stockholders held on June 2, 2026, ICF International shareholders elected three directors, Marilyn Crouther, Michael J. Van Handel, and Michelle A. Williams, to serve terms expiring at the 2029 annual meeting. The vot...
Business Operations and StrategyDividendsFinancial Disclosures
ICF International Declares Dividend Amid Stable Q1 Performance
Positive
May 7, 2026
ICF’s board declared on May 7, 2026, a quarterly dividend of $0.14 per share payable July 10, 2026 to shareholders of record on June 5, 2026, underscoring ongoing capital returns alongside its operational performance. For the first quarter e...
Business Operations and StrategyPrivate Placements and Financing
ICF International Amends and Expands Long-Term Credit Facility
Positive
Apr 16, 2026
On April 10, 2026, ICF International, Inc. and its wholly owned subsidiary ICF Consulting Group, Inc. entered into an amended and restated credit agreement with a syndicate of lenders led by PNC Bank, which replaces their May 6, 2022 facility and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.