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COMPANY OVERVIEW 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.
Operating margin is thin at 7.77%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 7.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 20% versus the prior year, cash generation momentum has weakened. Net debt of $566M represents 4.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.82B
▼ -7.3% YoY
Net Income (TTM)
$85M
▼ -16.9% YoY
Op. Margin
7.79%
▼ -0.4pp YoY
ROIC
7.22%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$151M
▼ -19.9% YoY
Op. Cash Flow (TTM)
$172M
▼ -17.3% YoY
Net Debt
$598M
Cash & Equiv.
$4M
5Y CAGR: +4.4%
5Y CAGR: -5.0%
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