Icon Plc (ICLR)
NASDAQ:ICLR
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Rating:60Neutral
Price Target:
$151.00
▲(26.17% Upside)
Action:Reiterated
Date:06/18/26
Overall score is weighed down primarily by 2025 profitability compression and weaker cash-flow conversion, reinforced by earnings-call risks around restatements/control weaknesses and margin deterioration. Partially offsetting these are a relatively resilient balance sheet, constructive (but not fully long-term) technical trend, and moderate valuation (P/E ~23) despite no dividend yield support.
Positive Factors
Commercial momentum / Bookings
A sustained book-to-bill >1 and large quarterly net bookings provide durable revenue visibility and backlog conversion over multiple quarters. This pipeline strength supports steadier top-line realization, cushions near-term cancellations, and underpins medium-term capacity planning and resource allocation.
Negative Factors
Accounting restatements & control weaknesses
Restatements and disclosed material weaknesses materially weaken financial reporting credibility, increasing audit, remediation and compliance costs. This impairs investor and client confidence, can delay filings, and may constrain strategic actions (M&A, large contracts) until controls are fully remediated.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial momentum / Bookings
A sustained book-to-bill >1 and large quarterly net bookings provide durable revenue visibility and backlog conversion over multiple quarters. This pipeline strength supports steadier top-line realization, cushions near-term cancellations, and underpins medium-term capacity planning and resource allocation.
Read all positive factors
Icon (ICLR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.18B
Dividend YieldN/A
Average Volume (3M)1.06M
Price to Earnings (P/E)23.4
Beta (1Y)1.11
Revenue Growth-0.37%
EPS Growth-70.42%
CountryUS
Employees41,250
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)6.20
Shares Outstanding76,567,320
10 Day Avg. Volume923,357
30 Day Avg. Volume1,055,577
Financial Highlights & Ratios
PEG Ratio-0.90
Price to Book (P/B)1.55
Price to Sales (P/S)1.73
P/FCF Ratio16.58
Enterprise Value/Market Cap1.24
Enterprise Value/Revenue1.70
Enterprise Value/Gross Profit6.75
Enterprise Value/Ebitda10.67
Forecast
1Y Price Target
$147.55Price Target Upside23.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)10.55
Revenue Forecast (FY)$8.02B
Icon Business Overview & Revenue Model
Company Description
ICON Public Limited Company operates as a global clinical research organization (CRO), delivering outsourced development and commercialization services across Ireland, continental Europe, the United States, and various other international regions....
How the Company Makes Money
ICON makes money primarily by providing fee-based outsourced research and development services to life-sciences customers. Its core revenue stream is clinical development services, where sponsors pay ICON to design, manage, and execute clinical tr...
Icon Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Neutral
Mixed: the call highlighted clear commercial momentum (bookings up 19%, improved win rates and book‑to‑bill of 1.36x), strong cash generation and strategic investments, and management provided conservative yet constructive 2026 guidance with expected margin progression. However, the independent investigation, identified material weaknesses in controls, restatements, significant cost‑to‑complete adjustments (> $50M) and notable margin and earnings deterioration (adjusted EBITDA and EPS declines; GAAP EPS down sharply) are material negatives that temper the outlook.Positive Updates
Strong bookings and commercial momentum
Net bookings of $2.9B in Q4, up 19% year‑over‑year; gross bookings of $3.2B; direct‑fee book‑to‑bill of 1.36x. RFP flow increased in the low double digits and biotech win rates improved by ~5 percentage points sequentially. Cancellations fell to $365M in the quarter, meaningfully lower than elevated levels earlier in the year.
Negative Updates
Investigation findings, restatements and control weaknesses
Independent investigation found improper adjustments affecting revenue timing (not quantum) and errors in inputs (estimated cost‑to‑complete, realizable value, manual adjustments). Overstatements identified of $65M (0.8% of 2023 revenue) and $93M (1.1% of 2024 revenue). Company disclosed material weaknesses in internal controls over financial reporting and is implementing a comprehensive remediation plan.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong bookings and commercial momentum
Net bookings of $2.9B in Q4, up 19% year‑over‑year; gross bookings of $3.2B; direct‑fee book‑to‑bill of 1.36x. RFP flow increased in the low double digits and biotech win rates improved by ~5 percentage points sequentially. Cancellations fell to $365M in the quarter, meaningfully lower than elevated levels earlier in the year.
Read all positive updates
Company Guidance
ICON guided 2026 revenue of $7.85–$8.15 billion and adjusted EPS of $10.00–$11.00; the Symphony Health divestiture reduces full‑year revenue by ~2%, and the midpoint (~$8.0B) implies adjusted EBITDA of roughly $1.3 billion (~16.5% EBITDA margin). Management said this reflects a prudent view given a challenging bookings backdrop (elevated cancellations through 2024–early‑2025) and expects a nominal revenue decline of ~3% at the midpoint (≈4% on a constant‑currency basis), with roughly half the reduction from the Symphony sale and half organic. Pass‑through revenue is expected to be similar to 2025, Q1 awards/cancels should be broadly in line with Q4, and the company expects margins to be roughly Q4‑comparable at the start of the year (Q4 2025 revenue $2.1B, Q4 adjusted EBITDA margin 15.5%, Q4 adjusted EBITDA ~$327M, Q4 adjusted EPS $2.52; FY‑2025 adjusted EBITDA $1,530.7M and adjusted EPS $12.53) with sequential margin and EPS improvement through 2026 driven by mix (FSO/FSP dynamics), pricing conversion, automation/AI efficiency gains and cost/location optimization, exiting the year at a higher run rate than the ~16.5% full‑year average.Icon Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.25B | 8.28B | 8.12B | 7.74B | 5.48B |
| Gross Profit | 2.18B | 2.44B | 2.40B | 2.21B | 1.51B |
| EBITDA | 823.57M | 1.56B | 1.52B | 1.41B | 739.43M |
| Net Income | 229.34M | 791.47M | 612.34M | 505.30M | 153.19M |
Balance Sheet | |||||
| Total Assets | 16.27B | 16.88B | 16.99B | 17.19B | 17.39B |
| Cash, Cash Equivalents and Short-Term Investments | 647.29M | 538.78M | 380.06M | 290.48M | 753.92M |
| Total Debt | 3.56B | 3.60B | 3.94B | 4.83B | 5.65B |
| Total Liabilities | 7.08B | 7.35B | 7.75B | 8.69B | 9.32B |
| Stockholders Equity | 9.19B | 9.52B | 9.24B | 8.50B | 8.07B |
Cash Flow | |||||
| Free Cash Flow | 861.99M | 1.12B | 1.02B | 421.15M | 735.39M |
| Operating Cash Flow | 1.04B | 1.29B | 1.16B | 563.32M | 829.14M |
| Investing Cash Flow | -187.53M | -266.79M | -226.65M | -145.87M | -6.02B |
| Financing Cash Flow | -771.26M | -837.18M | -844.04M | -864.17M | 5.11B |
Icon Technical Analysis
Positive
119.68
Price Trends
125.17
Positive
120.63
Positive
149.52
Negative
Market Momentum
6.25
Positive
54.29
Neutral
20.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICLR, the sentiment is Positive. The current price of 119.68 is below the 20-day moving average (MA) of 140.48, below the 50-day MA of 125.17, and below the 200-day MA of 149.52, indicating a neutral trend. The MACD of 6.25 indicates Positive momentum. The RSI at 54.29 is Neutral, neither overbought nor oversold. The STOCH value of 20.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICLR.
Icon Risk Analysis
Icon disclosed 66 risk factors in its most recent earnings report. Icon 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
Icon Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $13.14B | 28.43 | 120.89% | ― | 24.19% | 20.19% | |
70 Outperform | $21.59B | 20.95 | 14.11% | 1.80% | 11.03% | 14.34% | |
68 Neutral | $28.00B | 20.40 | 22.46% | ― | 7.33% | 9.79% | |
63 Neutral | $11.16B | 46.43 | 3.28% | 0.29% | 4.79% | -16.36% | |
60 Neutral | $11.18B | 23.43 | 5.20% | ― | -0.37% | -70.42% | |
57 Neutral | $8.91B | -49.04 | -5.74% | ― | 0.11% | -492.25% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
ICLR
Icon
140.73
-6.57
-4.46%
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4.61%
DGX
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193.58
17.04
9.65%
IQV
IQVIA Holdings
167.81
12.64
8.15%
MEDP
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455.66
147.02
47.63%
Icon Corporate Events
ICON Sets Dates for First-Quarter 2026 Earnings Release and Conference Call
Jun 17, 2026
ICON plc announced in Dublin on June 17, 2026 that it will release its financial results for the first quarter of 2026 after the U.S. market closes on Tuesday, June 23, 2026. The company will host a conference call and webcast on Wednesday, June 2...
ICON Unveils 2025 Results, Restates Prior Years After Audit Probe Finds Revenue Overstatement
May 27, 2026
ICON plc, a leading clinical research organization, reported its fourth-quarter and full-year 2025 results on May 27, 2026, showing modest top-line growth but weaker profitability. Revenue rose 2.5% year-on-year in the fourth quarter to $2.11 bill...
ICON Faces Nasdaq Deficiency Notice as It Delays 2025 Annual Report Filing
May 26, 2026
ICON plc disclosed that it has delayed filing its Annual Report on Form 20-F for the year ended December 31, 2025, requiring additional time to review and finalize the information. As a result of this delay, the company has fallen out of complianc...
ICON to Restate 2023–2025 Results After Audit Flags Revenue Recognition Issues
Apr 29, 2026
On April 27, 2026, ICON plc’s audit committee concluded that investors should no longer rely on the company’s audited 2023 and 2024 financial statements and unaudited quarterly results from March 31, 2023 through September 30, 2025, du...
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.