# ICF International, Inc. (ICFI)

> Source: Nexqual · https://nexqual.com/ICFI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ICF International, Inc. (ICFI), nexqual.com/ICFI" · informational, not investment advice.

**Price:** USD 93.33 (+3.76% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 89.95 · day 91–93.6 · 52w 58.83–98.03 · market cap $1.67B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.82B, net income $88.5M (4.9% margin), free cash flow $199M (SEC filings).
- Valuation: P/E 18.9x (avg 22.8x at the last 3 fiscal year-ends), EV/EBITDA 10.5x, net debt $403M.
- 1 of 80 tracked superinvestors hold ICFI (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.7M; 1 not under a Rule 10b5-1 plan ($177K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $491K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 107.25 (range 80–124).
- Total return with dividends: 1Y +3.5% vs S&P 500 +14.9%; 5Y -1.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.92, revenue estimate $491M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.55B | $1.78B | $1.96B | $2.02B | $1.87B | $1.82B |
| Gross profit | $573M | $646M | $698M | $738M | $696M | — |
| Operating income | $111M | $109M | $132M | $166M | $145M | $142M |
| Net income | $71.1M | $64.2M | $82.6M | $110M | $91.6M | $88.5M |
| EPS (diluted) | $3.72 | $3.38 | $4.35 | $5.82 | $4.95 | — |
| Free cash flow | $90.3M | $138M | $130M | $150M | $120M | $199M |
| Gross margin | 36.9% | 36.3% | 35.6% | 36.5% | 37.2% | — |
| Operating margin | 7.1% | 6.1% | 6.7% | 8.2% | 7.8% | 7.8% |
| Net margin | 4.6% | 3.6% | 4.2% | 5.5% | 4.9% | 4.9% |
| Revenue growth | +3.1% | +14.6% | +10.3% | +2.9% | -7.3% | — |
| Cash + short-term investments | $8.3M | $11.3M | $6.4M | $5.0M | $5.3M | — |
| Total debt | $422M | $556M | $430M | $412M | $403M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.9x · P/S 0.9x · EV/EBITDA 10.5x · EV/Sales 1.1x · P/FCF 8.4x · P/B 1.6x · FCF yield 11.86% · Earnings yield 5.29% · Dividend yield (paid, TTM) 0.61% · Net debt $403M · EV $2.08B
P/E at fiscal year-ends: Dec 2025 17.2x, Dec 2024 20.5x, Dec 2023 30.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ICFI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Third Avenue Management |  | 1.15% | $7.2M | Added +37.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Wasson John | CEO & President | 6,400 | $565K | 6.3% | Yes (adopted March 7, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-26 | Ostria Sergio J | Executive Vice President | 2,000 | $177K | 7.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13 | Wasson John | CEO & President | 12,411 | $994K | 10.9% | Yes (adopted March 7, 2026) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $491K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-15 | Van Handel Michael J | Director | 8,000 | $491K | 61.39 | Too little history (no open-market trades in 2024 or 2025) |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 107.25 (low 80, high 124).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.5% | -1.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.5% | -0.3% |
| Volatility (annualized) | 40.2% | 34.0% |
| Max drawdown | -38.2% (Jan 2026→May 2026) | -64.4% (Oct 2024→May 2026) |

## Peers (Consulting Services)
CRAI (CRA International,Inc.) USD 200.94 +9.59% · HURN (Huron Consulting Group Inc.) USD 193.35 +5.47% · FCN (FTI Consulting, Inc.) USD 157.59 +5.50% · SBC (SBC Medical Group Holdings Inco) USD 5.69 +2.71% · ROMA (Roma Green Finance Limited) USD 6.82 -7.78% · BAH (Booz Allen Hamilton Holding Cor) USD 78.57 +4.70%

## More
Full page: https://nexqual.com/ICFI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| US State & International Government | $308.5M | 65.0% | -3.4% |
| — US Federal Government (part of US State & International Government) | $184.9M | 39.0% | -9.5% |
| — US State & Local Government (part of US State & International Government) | $84.0M | 17.7% | -1.9% |
| — International Government (part of US State & International Government) | $39.5M | 8.3% | +35.1% |
| Commercial | $166.0M | 35.0% | +5.9% |
| Total revenue | $474.5M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Energy Environment Infrastructure & Disaster Recovery | $251.1M | 52.9% | +1.0% |
| Health & Social Programs | $158.7M | 33.5% | +0.1% |
| Security & Other Civilian & Commercial | $64.7M | 13.6% | -6.3% |
| Total revenue | $474.5M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $1.71B | 91.5% | -8.3% |
| Non Us | $159.0M | 8.5% | +5.5% |
| Total revenue | $1.87B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.92 | $1.99 | -3.4% | $490.8M | 5 |
| Next quarter (ends 2026-12-31) | $1.83 | $1.88 | -2.8% | $501.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $7.11 | $7.02 | +1.2% | $1.90B | 5 |
| Next fiscal year (ends 2027-12-31) | $7.71 | $7.68 | +0.4% | $2.02B | 5 |