ICON plc
ICON plc is a clinical research organisation that provides outsourced drug and device development services to pharmaceutical, biotechnology, medical device, and public health customers. The company supports clinical development across the full product lifecycle, including study design, trial management, data solutions, site and patient access, laboratory services, and commercialization support. ICON plc also offers consulting and advisory capabilities, decentralized and hybrid trial services, real-world intelligence, and therapeutic expertise across areas such as oncology, cardiology, infectious disease, immunology, and central nervous system disorders. Its work is used to help clients run clinical programs more efficiently and bring medical treatments through development and approval pathways. Headquartered in Dublin, Ireland, ICON plc operates through a broad international network and serves organizations in multiple global markets.
$181.70
-$3.73 (-2.01%)
EOD Oct 23, 2026
10.28% operating margin is respectable but not wide. ROIC at 7.11%.
Revenue declined 0.4% in the fiscal year ended Dec 2025. Margins deteriorated 2.5pp alongside, both lines moving the wrong way.
At 324.46x earnings, the multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 23% in the fiscal year ended Dec 2025 versus the year before, cash generation momentum has weakened.
324.46x earnings, 32.24x FCF. The market is pricing in years of above-average growth, so a slowdown would hit the multiple as well as the earnings.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$8.37B
▼ -0.4% YoY
Net Income (TTM)
-$217M
▼ -71.0% YoY
Op. Margin
10.28%
▼ -2.5pp YoY
ROIC
7.11%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$436M
▼ -22.9% YoY
Op. Cash Flow (TTM)
$569M
▼ -18.0% YoY
Net Debt
$2.91B
Cash & Equiv.
$647M
3Y CAGR: +2.1%
3Y CAGR: +27.0%
Continue Research
Is ICON (ICLR) overvalued?
At a P/E of 324.5 and a price-to-free-cash-flow of 32.2, ICON (ICLR) trades above a two-stage DCF intrinsic value of about $60.06 per share, so at $181.70 the stock looks overvalued (66.9% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, ICON scores 23/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is ICON's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $60.06 per share for ICLR, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $45.05. At today's $181.70, that puts the stock about 66.9% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is ICON a high-quality business?+
ICON scores 23 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 10.3% operating margin and a 7.1% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Is ICON a good stock to buy right now?+
That depends on valuation and quality together, not either alone. ICLR currently trades above its estimated intrinsic value and scores 23/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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