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Icf International
(NASDAQ:ICFI)
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Rating:74Outperform
Price Target:
$94.00
▲(6.36% Upside)
Action:Reiterated
Date:08/07/26
ICFI scores well primarily on solid financial quality (stronger cash flow and improving leverage) and a constructive earnings outlook (guidance reaffirmed with backlog support). Technicals are supportive with the stock trading above key moving averages, while valuation is only moderately attractive due to a low dividend yield and a mid-teens P/E.
Positive Factors
Strong cash generation
Strong operating and free cash flow support earnings quality and provide internally generated funding for debt reduction, investment, and shareholder returns. Because cash conversion has remained close to net income historically, the company appears better positioned to sustain operations through demand fluctuations.
Negative Factors
Persistent top-line contraction
Recent revenue contraction indicates that ICF’s growth engine has weakened after stronger performance in 2022–2024. Lower volume has also reduced earnings from the 2024 peak, suggesting limited operating leverage and less margin for execution errors if demand remains soft.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Strong operating and free cash flow support earnings quality and provide internally generated funding for debt reduction, investment, and shareholder returns. Because cash conversion has remained close to net income historically, the company appears better positioned to sustain operations through demand fluctuations.
Read all positive factors
Icf International (ICFI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.50B
Dividend Yield0.67%
Average Volume (3M)165.43K
Price to Earnings (P/E)17.1
Beta (1Y)0.73
Revenue Growth-7.89%
EPS Growth-16.13%
CountryUS
Employees7,686
SectorGeneral
Sector StrengthN/A
IndustryConsulting Services
Share Statistics
EPS (TTM)4.86
Shares Outstanding17,933,884
10 Day Avg. Volume204,561
30 Day Avg. Volume165,425
Financial Highlights & Ratios
PEG Ratio-1.12
Price to Book (P/B)1.52
Price to Sales (P/S)0.83
P/FCF Ratio13.00
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$101.67Price Target Upside15.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)7.09
Revenue Forecast (FY)$1.90B
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 makes money primarily by delivering contracted services to clients under professional services agreements, with a substantial portion of revenue historically derived from U.S. federal government agencies (and additional revenue from state/loca...
Icf International Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a constructive and improving picture: non-federal growth (commercial, international) and strong cash generation offset weakness in federal and some state/local activity. Profitability metrics (adjusted EBITDA margin expansion, Non-GAAP EPS growth), a growing $9.3B pipeline, reduced net debt and active shareholder returns underpin management’s confidence and the reaffirmation of full-year guidance. Near-term challenges include federal revenue year-over-year decline, higher subcontractor pass-through costs, and award timing variability, but management expects sequential revenue acceleration in H2 and a return to year-over-year growth.Positive Updates
Stable Total Revenue with Sequential Acceleration
Total revenue of $474.5M in Q2 FY26 was essentially flat versus $476.2M in Q2 FY25, and rose 8.5% sequentially from $437.5M in Q1 FY26, signaling momentum entering H2.
Negative Updates
Federal Revenue Year-over-Year Decline
Revenues from federal clients declined 9.5% year-over-year in Q2, driven by difficult comparisons and contract cancellations in H1 FY25; federal procurement timing remains uneven and protests are more common.
Read all updates
Q2-2026 Updates
Positive
Negative
Stable Total Revenue with Sequential Acceleration
Total revenue of $474.5M in Q2 FY26 was essentially flat versus $476.2M in Q2 FY25, and rose 8.5% sequentially from $437.5M in Q1 FY26, signaling momentum entering H2.
Read all positive updates
Company Guidance
ICF reaffirmed full‑year 2026 guidance with revenues of $1.89–$1.96 billion and GAAP EPS of $5.95–$6.25 (non‑GAAP EPS $6.95–$7.25), noting that >90% of the revenue needed to hit guidance is already in backlog; management expects sequential revenue growth in Q3 and Q4 (faster in Q4) and eventual year‑over‑year federal revenue growth in Q4. Key financial assumptions include adjusted EBITDA margin expansion of 10–20 bps (Q2 adjusted EBITDA margin was 11.2% on $53.4M adjusted EBITDA), a full‑year tax rate of ~20.5% (Q2 tax rate 17.8%), interest expense $26–$28M, depreciation & amortization $22–$24M, capex $23–$25M, operating cash flow $135–$150M excluding restricted cash, and a lowered weighted average share count of 18.2M; quarterly metrics cited in the call included Q2 revenue $474.5M, net income $20.9M ($1.49/share), non‑GAAP EPS $1.86 (up 12% Y/Y), operating cash flow $99.7M (core $56.7M), days sales outstanding 72, net debt $403M (adjusted leverage 2.06x; target <1.6x year‑end absent acquisitions), pipeline $9.3B (60% ≈ $5.5B in priority markets), >$200M of awards since quarter end, and H1 repurchases of ~435k shares.Icf International Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
74
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 | 649.05M | 637.87M | 737.77M | 698.22M | 645.54M | 573.48M |
| EBITDA | 175.82M | 178.56M | 221.12M | 196.97M | 157.18M | 142.04M |
| Net Income | 88.55M | 91.59M | 110.17M | 82.61M | 64.24M | 71.13M |
Balance Sheet | ||||||
| Total Assets | 2.10B | 2.05B | 2.07B | 2.01B | 2.09B | 1.85B |
| Cash, Cash Equivalents and Short-Term Investments | 4.62M | 5.30M | 4.96M | 9.45M | 11.26M | 8.25M |
| Total Debt | 564.75M | 571.34M | 602.27M | 642.67M | 776.39M | 648.31M |
| Total Liabilities | 1.05B | 1.02B | 1.08B | 1.09B | 1.24B | 1.05B |
| Stockholders Equity | 1.05B | 1.03B | 982.46M | 917.59M | 853.21M | 803.47M |
Cash Flow | ||||||
| Free Cash Flow | 198.55M | 120.21M | 150.11M | 130.05M | 137.73M | 90.27M |
| Operating Cash Flow | 219.52M | 141.87M | 171.54M | 152.38M | 162.21M | 110.20M |
| Investing Cash Flow | -21.23M | -21.51M | -74.81M | -3.67M | -258.84M | -194.48M |
| Financing Cash Flow | -115.82M | -84.31M | -86.90M | -152.59M | 90.37M | 23.23M |
Icf International Technical Analysis
Neutral
88.38
Price Trends
85.79
Negative
78.21
Positive
78.51
Positive
Market Momentum
-0.86
Positive
39.14
Neutral
13.71
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICFI, the sentiment is Neutral. The current price of 88.38 is above the 20-day moving average (MA) of 86.31, above the 50-day MA of 85.79, and above the 200-day MA of 78.51, indicating a neutral trend. The MACD of -0.86 indicates Positive momentum. The RSI at 39.14 is Neutral, neither overbought nor oversold. The STOCH value of 13.71 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.51B | 23.11 | 25.53% | ― | 13.60% | 14.77% | |
74 Outperform | $1.50B | 17.08 | 8.57% | 0.67% | -7.89% | -16.13% | |
73 Outperform | $8.77B | 10.99 | 71.90% | 3.30% | -7.27% | -22.00% | |
72 Outperform | $3.71B | 16.15 | 15.61% | ― | 7.12% | 15.93% | |
67 Neutral | $1.02B | 21.74 | 24.76% | 1.38% | 11.46% | -9.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | $131.34M | -3.13 | -21.44% | 7.45% | -18.02% | 79.32% |
* General Sector Average
ICFI
Icf International
83.00
-9.42
-10.19%
BAH
Booz Allen
70.25
-25.79
-26.86%
CRAI
Cra International
165.22
-37.21
-18.38%
FCN
FTI Consulting
132.28
-28.98
-17.97%
HURN
Huron Consulting
157.62
12.62
8.70%
RGP
Resources Connection
3.76
-0.97
-20.54%
Icf International Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
ICF International Declares Dividend, Reaffirms 2026 Outlook
Positive
Aug 6, 2026
ICF reported second-quarter 2026 revenue of $474.5 million, essentially flat year-on-year, with operating income of $39.9 million and net income rising to $26.9 million, or GAAP EPS of $1.49, aided by a lower tax rate. Non-GAAP EPS climbed to $1.8...
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.