One-glance verdict
Undervalued
$142.42 our estimate vs market $84.97
Wall Street consensus: $107.25 (-24.7% lower than our fair-value estimate)
40% below our estimate, below the bear case
Fundamentals snapshot
ICF International, Inc.
ICFI · NMS · Industrials · Consulting Services
Current price
$84.97
52-week range
$58.83 - $98.03
Market cap
$1.52B
Balance sheet
Watch
4.72x Stretched
Net debt $559.83M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
1 Risk
2 rewards · 1 risks
- Reward Free cash flow was positive in 10/10 years.
- Reward Dividend yield is 0.7% with 9-year payout history.
- Risk Insider ownership is only 1.9% (peer median: 2.2%).
What this company does
ICF International, Inc.
ICF International is a consulting firm that helps governments and businesses solve complex problems in areas like energy, climate, and public health. Since most of its money comes from advising the U.S. government, it often earns recurring revenue (predictable income from long-term contracts), which means its success is closely tied to government spending on major projects.
How the company got here
ICF began in 1969 as the Inner City Fund, a firm created to invest in minority-owned businesses in Washington, D.C. [5, 7]. The founders soon realized their expertise was more valuable in providing advice, so in 1972, they shifted to become a consulting firm. [5, 7]. Over the decades, the company grew by helping the government tackle complex issues like energy and environmental policy. [5]. A major turning point was in 2006 when the company went public on the stock market, which provided money to grow even faster by acquiring (buying) other companies to add new skills in areas like cybersecurity, disaster recovery, and digital marketing. [4, 5, 7]
What it actually does
ICF is a large team of experts, including scientists, researchers, and technology specialists, that governments and businesses hire to solve complex problems. [3]. Think of them as professional problem-solvers for big organizations. For example, a city might hire ICF to create a plan to be more energy-efficient, or a government agency might use them to modernize their computer systems or manage a public health program. [1, 12]. They provide a mix of advice, technology services, and hands-on help to carry out large projects. [1]. Their work touches on areas that affect many people, such as environmental protection, public health, and infrastructure (the basic systems a country needs, like power and transportation). [12]
U.S. Federal Government
This is ICF's largest business area, making up a significant portion of its revenue. [2]. Various departments of the U.S. government, like those for health, energy, and defense, pay ICF for a wide range of services. [7]. This can include helping agencies upgrade their technology, providing research on policy issues, managing large federal programs, and offering cybersecurity (protecting computer systems from attack) services. [11]. For example, ICF might help the Environmental Protection Agency (EPA) with climate research or assist the Department of Health and Human Services with public health data. [5, 7]
Commercial
This segment serves private companies rather than the government and is a large and growing part of ICF's business. [2, 8]. A major focus is working with utility companies (your local power and gas providers) on energy efficiency programs, which help homes and businesses save energy. [8, 15]. They also help these energy clients with grid modernization (upgrading the electrical system) and integrating renewable energy. [15]. Beyond energy, this group provides marketing and digital services to companies in industries like travel and finance. [5]
U.S. State & Local Government
This part of the company works with governments at the state, city, and county level, representing a smaller but important slice of the business. [2]. These clients hire ICF for help with challenges specific to their communities. [1]. This could involve planning for infrastructure projects like roads and public transit, managing disaster recovery efforts after a hurricane or flood, or implementing local environmental and health programs. [4, 12]. For instance, a state might hire ICF to help it run a program that encourages residents to use less electricity. [8]
International Government
This is the smallest part of ICF's business, focused on serving governments outside of the United States. [2]. They provide similar types of consulting and program management services as they do for the U.S. government. [1]. This includes working with international bodies like the European Commission on strategic communications (managing an organization's public messages) and helping other countries with policy issues in areas like health, social programs, and the environment. [5, 7]. This segment expands ICF's reach and allows them to apply their expertise to global challenges.
What management is betting on now
The company's leadership is focused on growing its work with commercial clients, especially in the energy sector, to help utilities with energy efficiency and updating the power grid. [8, 15]. They are also heavily investing in technology services, such as helping government agencies with IT modernization (upgrading outdated computer systems) and using artificial intelligence to analyze data. [6, 20]. Finally, ICF continues its long-standing strategy of making strategic acquisitions (buying smaller, specialized companies) to quickly gain new expertise and enter new markets. [7, 20]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$20.38M
FY2024 Q4
$104.72M
FY2025 Q1
$-36.49M
FY2025 Q2
$46.21M
FY2025 Q3
$41.78M
FY2025 Q4
$68.71M
FY2026 Q1
$-5.97M
FY2026 Q2
$94.03M
Revenue
$474.50M
Net income
$26.95M
Diluted EPS
1.49
Operating cash flow
$99.72M
Free cash flow
$94.03M
Fetching…
Sources
Revenue
$437.50M
Net income
$20.52M
Diluted EPS
1.12
Operating cash flow
$-3.14M
Free cash flow
$-5.97M
Fetching…
Sources
Revenue
$443.67M
Net income
$17.31M
Diluted EPS
0.95
Operating cash flow
$75.63M
Free cash flow
$68.71M
Fetching…
Sources
Revenue
$465.40M
Net income
$23.77M
Diluted EPS
1.28
Operating cash flow
$47.32M
Free cash flow
$41.78M
Fetching…
Sources
Revenue
$476.15M
Net income
$23.66M
Diluted EPS
1.28
Operating cash flow
$51.96M
Free cash flow
$46.21M
Fetching…
Sources
Revenue
$487.62M
Net income
$26.85M
Diluted EPS
1.44
Operating cash flow
$-33.03M
Free cash flow
$-36.49M
Fetching…
Sources
Revenue
$496.32M
Net income
$24.56M
Diluted EPS
1.29
Operating cash flow
$105.36M
Free cash flow
$104.72M
Fetching…
Sources
Revenue
$517.00M
Net income
$32.68M
Diluted EPS
1.73
Operating cash flow
$25.55M
Free cash flow
$20.38M
Fetching…
Sources
Is it cheap or expensive?
Fair value $142.42 vs current price $84.97
Wall Street consensus is the average analyst price target: $107.25 (-24.7% lower than our fair-value estimate).
Our most-likely fair value is $142.42 a share — about 67.6% above today's price of $84.97, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $559.8M. Interest coverage 4.7x.
Net debt
$559.83M
Interest coverage
4.72x
ICF International, Inc.'s profit covers its interest bill about 4.7 times over. which is weaker than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
ICFI
BASELINE
ICF International, Inc.
Total debt $564.79M Interest coverage 4.72x This is the baseline the peer rows are being compared against.
Total debt $4.16B Interest coverage 4.97x +5% vs ICFI Has roughly the same debt cushion as ICFI.
Total debt $6.58B Interest coverage 10.34x +119% vs ICFI Carries about 2.2x more debt cushion than ICFI.
Total debt $1.27B Interest coverage 19.37x +311% vs ICFI Carries about 4.1x more debt cushion than ICFI.
Total debt $865.16M Interest coverage 5.49x +16% vs ICFI Carries about 1.2x more debt cushion than ICFI.
Total debt $303.65M Interest coverage 15.51x +229% vs ICFI Carries about 3.3x more debt cushion than ICFI.
What you should know
The case for and against ICFI
2 Rewards
1 Risk
Rewards
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 0.7% with 9-year payout history.
Risks
-
Insider ownership is only 1.9% (peer median: 2.2%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
17.56x
Forward P/E
11.02x
P/B
1.45x
P/S
0.84x
EV/EBITDA
10.57x
PEG ratio
1.81x
Profitability
How much profit each dollar creates
Gross margin
37.2%
Operating margin
8.4%
Net margin
4.9%
ROE
8.6%
ROA
4.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.54x
Current ratio
1.39x
Quick ratio
1.10x
Total debt
$564.79M
Total cash
$4.96M
Growth
How the business has been compounding
Revenue TTM
$1.82B
Revenue 5Y CAGR
4.8%
EPS TTM
4.84
EPS 5Y CAGR
13.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$219.52M
Free CF TTM
$120.21M
FCF margin
6.6%
Dividend
Shareholder payout
Yield
0.7%
Payout ratio
11.6%
Last ex-div date
2026-09-04