Icon PLC (ICLR) intrinsic value & 10-year financials
Icon PLC (ICLR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 19.4% a year to $8.3B, with an average return on invested capital of 16.9%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $8.3B
- Revenue growth (10-yr CAGR)
- 19.4%
- ROIC (10-yr avg)
- 16.9%
- Free cash flow (FY2025)
- $862.0M
ICLR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $8.3B | $229.3M | $2.90 | $862.0M | 5.4% | 3.3% |
| FY2024 | $8.3B | $791.5M | $9.53 | $1.1B | 13.3% | 7.9% |
| FY2023 | $8.1B | $612.3M | $7.40 | $1.0B | 11.8% | 7.3% |
| FY2022 | $7.7B | $505.3M | $6.13 | $421.2M | 10.3% | 5.5% |
| FY2021 | $5.5B | $153.2M | $2.25 | $735.4M | 6.9% | 4.2% |
| FY2020 | $2.8B | $332.3M | $6.15 | $517.0M | 14.0% | 26.4% |
| FY2019 | $2.8B | $374.0M | $6.79 | $361.9M | 15.4% | 32.5% |
| FY2018 | $2.6B | $322.7M | $5.89 | $220.2M | 14.4% | 26.0% |
| FY2017 | $1.8B | $281.5M | $5.13 | $338.4M | 19.2% | 27.2% |
| FY2016 | $1.7B | $262.2M | $4.65 | $216.6M | 18.7% | 28.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ICON PLC is a consistent compounder, expanding top-line revenue at 19.5% annually over the past decade.
ICON PLC returns on capital have been average, hovering around 12.5% ROIC over the decade.
ICON PLC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ICON PLC is modeled at -5.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-4.30 per share.