ICF International, Inc. ICFI
ICF International, Inc. was formed in 1999 as a Delaware limited liability company under the name ICF Consulting Group Holdings, LLC. It was formed to purchase our principal operating subsidiary, which was founded in 1969, from a larger services organization. We converted to a Delaware corporation in 2003 and changed our name to ICF International, Inc. in 2006. We completed our initial public offering in September 2006.
We provide professional services and technology-based solutions, including management, technology, and policy consulting and implementation services, to government and commercial clients. Our government clients include U.S. federal agencies, state and local governments, as well as international governments. Our commercial clients include those that are inside and outside of the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.87B | $2.02B | $1.96B | $1.78B | $1.55B | $1.51B | $1.48B | $1.34B | $1.23B | $1.19B |
| Cost of revenue | $1.18B | $1.28B | $1.27B | $1.13B | $979.6M | $972.4M | $953.2M | $857.5M | $771.7M | $745.1M |
| Gross profit | $696.0M | $737.8M | $698.2M | $645.5M | $573.5M | $534.5M | $525.3M | $480.5M | $457.4M | $440.0M |
| SG&A | $492.4M | $518.5M | $505.2M | $486.9M | $430.6M | $411.6M | $395.8M | $361.0M | $346.4M | $328.0M |
| Total operating expenses | $550.6M | $571.9M | $565.9M | $536.8M | $462.5M | $445.4M | $423.9M | $388.2M | $375.0M | $357.2M |
| Operating income | $145.5M | $165.8M | $132.3M | $108.8M | $110.9M | $89.1M | $101.4M | $92.3M | $82.4M | $82.8M |
| Interest expense | $31.3M | $29.9M | $40.0M | $23.5M | $10.0M | $13.7M | $10.7M | $8.7M | $8.6M | $9.5M |
| Pre-tax income | $112.0M | $138.1M | $96.5M | $84.0M | $100.1M | $74.7M | $90.2M | $82.8M | $74.0M | $74.5M |
| Income tax | $20.4M | $27.9M | $13.9M | $19.7M | $29.0M | $19.7M | $21.2M | $21.4M | $11.1M | $27.9M |
| Net income | $92.0M | $110.0M | $83.0M | $64.0M | $71.0M | $55.0M | $68.9M | $61.4M | $62.9M | $46.6M |
| EPS, basic | 4.97 | 5.88 | 4.39 | 3.41 | 3.77 | 2.92 | 3.66 | 3.27 | 3.35 | 2.45 |
| EPS, diluted | 4.95 | 5.82 | 4.35 | 3.38 | 3.72 | 2.87 | 3.59 | 3.18 | 3.27 | 2.40 |
| Shares, diluted (wtd. avg.) | $18.5M | $18.9M | $19.0M | $19.0M | $19.1M | $19.1M | $19.2M | $19.3M | $19.2M | $19.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.3M | $5.0M | $6.4M | $11.3M | $8.3M | $13.8M | $6.5M | $11.7M | $11.8M | $6.0M |
| Receivables | $238.0M | $256.9M | $205.5M | $232.3M | $237.7M | $222.8M | $261.2M | $231.0M | $168.3M | $281.4M |
| Total current assets | $514.4M | $492.1M | $447.2M | $466.7M | $449.2M | $475.7M | $434.7M | $392.1M | $331.4M | $299.1M |
| Property, plant and equipment | $58.4M | $66.5M | $75.9M | $85.4M | $52.1M | $62.4M | $58.2M | $48.1M | $38.1M | $40.5M |
| Goodwill | $1.25B | $1.25B | $1.22B | $1.21B | $1.05B | $909.9M | $1.05B | $715.6M | $686.1M | $683.7M |
| Other intangibles | $81.6M | $111.7M | $94.9M | $126.5M | $79.6M | $59.9M | $25.8M | $35.5M | $35.3M | $46.1M |
| Total assets | $2.05B | $2.07B | $2.01B | $2.09B | $1.85B | $1.67B | $1.40B | $1.21B | $1.11B | $1.09B |
| Accounts payable | $123.5M | $159.5M | $134.5M | $135.8M | $105.7M | $91.4M | $134.6M | $102.6M | $75.1M | $70.6M |
| Short-term debt | — | $0 | $26.0M | $23.2M | $10.0M | $10.0M | — | — | — | — |
| Total current liabilities | $404.3M | $449.2M | $418.2M | $416.0M | $376.6M | $427.0M | $339.1M | $278.1M | $224.4M | $192.5M |
| Long-term debt | $401.4M | $411.7M | $404.4M | $533.1M | $411.6M | $303.2M | $164.3M | $200.4M | $206.2M | $259.4M |
| Total liabilities | $1.02B | $1.08B | $1.09B | $1.24B | $1.05B | $920.3M | $681.5M | $553.4M | $494.2M | $519.6M |
| Retained earnings | $956.1M | $874.8M | $775.1M | $703.0M | $649.3M | $588.7M | $544.8M | $486.4M | $434.8M | $371.9M |
| Total equity | $1.03B | $982.5M | $917.6M | $853.2M | $803.5M | $747.0M | $714.6M | $660.4M | $616.0M | $566.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $141.9M | $171.5M | $152.4M | $162.2M | $110.2M | $173.1M | $91.4M | $74.7M | $117.2M | $80.1M |
| Depreciation and amortisation | $58.1M | $53.5M | $60.7M | $49.9M | $32.0M | $33.7M | $28.2M | $27.2M | $28.6M | $29.1M |
| Stock-based compensation | $17.7M | $16.7M | $14.9M | $13.2M | $13.2M | $17.6M | $15.8M | $11.5M | $10.3M | $9.1M |
| Capital expenditure | $21.7M | $21.4M | $22.3M | $24.5M | $19.9M | $17.7M | $26.9M | $21.8M | $14.5M | $13.8M |
| Investing cash flow | -$21.5M | -$74.8M | -$3.7M | -$258.8M | -$194.5M | -$270.9M | -$30.5M | -$56.4M | -$14.6M | -$13.9M |
| Financing cash flow | -$84.3M | -$86.9M | -$152.6M | $90.4M | $23.2M | $170.0M | -$67.6M | -$28.8M | -$87.3M | -$67.0M |
| Dividends paid | $10.4M | $10.5M | $10.5M | $10.5M | $10.6M | $10.6M | $10.5M | $7.9M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016102.
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