ICFIICF International, Inc.
Services-Management Consulting Services
- Revenue
- $1.9B
- 7.3% YoY
- Operating margin
- 7.8%
- 5.4% YoY
- EBITDA
- $204M
- 7.2% YoY
- Market cap
- $1.7B
- Employees
- 8,400
- $223K revenue each
- Net debt / EBITDA
- 2.0×
- $402M net debt
- AI in 10-K
- 3.9
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo154% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo7% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes60% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$223K · 36th pctBottom quartile of its SIC industry
- Quiet on AINo3.9 per 10K words · 77th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo2.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$1M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.8B | $2.0B | $2.0B | $1.9B | 7.3% |
| Operating income | $111M | $109M | $132M | $166M | $145M | 12% |
| Net income | $71M | $64M | $83M | $110M | $92M | 16% |
| Operating cash flow | $110M | $162M | $152M | $172M | $142M | 17% |
| Capex | $20M | $24M | $22M | $21M | $22M | 1.1% |
| Stock-based comp | $13M | $13M | $15M | $17M | $18M | 5.8% |
| Dividends | $11M | $11M | $11M | $11M | $10M | 1.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $650K · 6
- Open-market sells, 12 mo
- $2M · 4
- Net
- −$1M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $5M | 118 | 149 |
| FY2024 | $7M | $5M | 164 | 157 |
| FY2023 | $6M | $9M | 183 | 135 |
| FY2022 | $5M | $5M | 135 | 114 |
| FY2021 | $4M | $6M | 139 | 126 |