| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 82 | 17.8x | 17.8x | Top tier | |
Growth | 26 | -7.9% | 7.1% | Bottom tier | |
Quality | 69 | 7.3% | 4.5% | Top tier | |
Safety | 71 | 2.8x | 2.6x | Top tier | |
Capital Return | 36 | 0.65% | 2.12% | Bottom tier | |
Momentum | 60 | -13.6% | 2.9% | Around median | |
Sentiment | 34 | 4 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ICF International provides consulting, technology, and implementation services to commercial clients and federal, state, local, and international governments, with capabilities concentrated in commercial energy, technology modernization, and disaster management and recovery. Its energy business includes energy efficiency, flexible load management, electrification, and battery storage programs, alongside consulting related to grids, data centers, and natural gas; the company also executes technology modernization work based on data, artificial intelligence, and automation. In fiscal Q2 2026, commercial, state, local, and international government clients represented 61% of revenue, while federal client revenue totaled $185 million.
Fiscal Q2 2026 revenue was approximately $474.5 million, compared with $476.2 million in the comparable quarter, and increased 8.5% sequentially from $437.5 million in fiscal Q1 2026. According to EDGAR data, gross profit was $176.6 million, equivalent to a gross margin of approximately 37.2%, while net income was $26.9 million and earnings per share were $1.49; adjusted EBITDA margin also increased ten basis points to 11.2%. Non-federal client business grew 6.6% year over year, led by a 35% increase in international government revenue and 6.7% growth in energy efficiency and related utility programs, while federal client revenue declined 9.5%.
For fiscal 2025, ICF reported revenue of $1.9 billion, gross profit of $696 million, net income of $91.6 million, and earnings per share of $4.95. The latest twelve-month period in EDGAR data shows revenue of approximately $1.8 billion, gross profit of $676.7 million, and net income of $88.5 million. This mix reflects the company’s reliance on service contracts, as fixed-price and time-and-materials contracts represented approximately 95% of fiscal Q2 2026 revenue, while performance-based utility programs, technology modernization projects, and international government contracts provide the primary sources of growth.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $110 and matching high and low targets of $110; this target is above the 52-week range high of $101.5, while the range low is $58.83. The data do not include a valid comparable price-to-earnings ratio, so the valuation case is based on the fiscal 2026 earnings-per-share outlook of $5.95 to $6.25 and the realization of a return to revenue growth, while the wide 52-week range reflects the risks of federal contraction, contract delays, and the need for commercial energy to accelerate.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
The primary drivers are commercial energy, technology modernization, and international government contracts, which, together with disaster management and related state and local work, account for $5.5 billion, or 60%, of the $9.3 billion opportunity pipeline in fiscal Q2 2026. Revenue from energy efficiency and utility programs increased 6.7%, while international government revenue grew 35% year over year. Technology modernization also grew 4% sequentially, and its opportunity pipeline reached $2.6 billion. Management expects sequential revenue growth in fiscal Q3 and Q4 2026, with greater acceleration in Q4.
It has not yet returned to year-over-year growth, as federal client revenue declined 9.5% in fiscal Q2 2026. However, it increased 1.4% sequentially after a sequential increase of 0.6% in fiscal Q1 2026, indicating gradual stabilization. Total federal revenue was $185 million, with technology modernization accounting for approximately half. Management expects further sequential growth in Q3 and a return to year-over-year growth in fiscal Q4 2026, while risks from slow procurement and contract protests remain.
Energy efficiency, load management, electrification, and battery storage programs represented approximately 82% of commercial energy revenue in fiscal Q2 2026, and their revenue increased 6.7%. Commercial energy contracts also accounted for approximately 47% of total contract wins, and their opportunity pipeline exceeded $1.5 billion. ICF provides data center-related services that include assessing speed to power, alternative generation technologies, grid connections, and project impacts on communities. To achieve the annual commercial energy growth target of at least 10%, the company needs mid-teens growth during the second half of fiscal 2026.
The company expects fiscal 2026 revenue between $1.89 billion and $1.96 billion and GAAP earnings per share between $5.95 and $6.25. The non-GAAP earnings-per-share outlook is between $6.95 and $7.25, while the operating cash flow outlook, excluding the impact of restricted cash, ranges from $135 million to $150 million. More than 90% of the revenue needed to achieve the guidance range was in backlog as of August 6, 2026. Management also targets adjusted EBITDA margin expansion of 10 to 20 basis points and an adjusted leverage ratio below 1.6 times by the end of fiscal 2026 in the absence of acquisitions.
Reported operating cash flow was $99.7 million in fiscal Q2 2026, while core cash flow was $56.7 million after excluding restricted cash related to utility program incentives. Net debt declined to $403 million from $457 million in the comparable period, and the adjusted leverage ratio was 2.06 times, with the interest rate fixed on approximately 43% of debt. The company repurchased more than 435 thousand shares during the first half of fiscal 2026, reducing the projected weighted-average share count to 18.2 million shares. On August 6, 2026, it also declared a quarterly dividend of $0.14 per share, payable on October 9, 2026, to shareholders of record on September 4, 2026.
The immediate risks are the 9.5% annual decline in federal revenue, slow procurement decisions, and increasing protests of large contracts, which contributed to the book-to-bill ratio reaching 0.85 times in fiscal Q2 2026. State and local government revenue also declined 1.9% because of a lack of major disasters and delayed funding, while disaster management represents approximately 45% of this category. The commercial energy target requires growth to accelerate to the mid-teens in the second half, increasing the sensitivity of results to the timing of contracts and performance fees. Subcontractor costs and other direct expenses also increased 23.6% to $121.4 million, although gross margin remained approximately stable at 37.2%.
