ICF International, Inc.

ICF International, Inc. (ICFI) Market Cap

ICF International, Inc. has a market capitalization of —.

No quote data available.

CEO: John Wasson

Sector: Industrials

Industry: Consulting Services

IPO Date: 2006-09-28

Website: https://www.icf.com

ICF International, Inc. (ICFI) - Company Information

Market Cap: -|Sector: Industrials

Company Profile

ICF International, Inc. is a prominent global consultancy offering a wide array of management, marketing, technology, and policy advisory and implementation services to both government and commercial entities worldwide. The firm specializes in in-depth research into pivotal policy, industry, and stakeholder matters, alongside analyzing trends and behaviors, subsequently assessing and quantifying the impact of these initiatives. ICF provides strategic guidance to clients, helping them adeptly navigate an array of societal, market, business, communication, and technological obstacles. Their comprehensive services encompass the development and deployment of policies, programs, and business instruments utilizing both standard and bespoke methodologies. This includes conducting extensive survey research, collecting and analyzing diverse datasets to illuminate key issues, and furnishing clients with actionable business intelligence and streamlined data management solutions for integrated usage. Additionally, ICF focuses on optimizing customer and citizen interactions, modernizing information technology systems, and providing formidable cybersecurity measures to safeguard IT infrastructure against evolving threats. The company designs, develops, and implements critical technology systems and business tools essential for its clients' operational excellence and mission achievement. To ensure effective engagement, ICF also handles public relations, branding, marketing, and multichannel communication strategies, along with reputation management, for its clients' various constituents, customers, and employees. Its expertise spans critical sectors such as energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial markets. Established in 1969, the company initially operated as ICF Consulting Group Holdings, LLC, before rebranding to ICF International, Inc. in 2006. Its headquarters are located in Fairfax, Virginia.

Analyst Sentiment

80%
Strong Buy

From 5 Active Polls

1Y Forecast: $108.67

▲ +0.0% Potential Upside

Consensus Target Metrics

Low Bound

$90

Median

$115

High Bound

$121

Average

$109

Price & Moving Averages

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🎯 Wall Street Analyst Intelligence Report

1-Year structural target targets, chart projections, and sentiment maps.

Average 1Y Target
$108.67
▲ +34.29% Upside
Low Target
$90.00
11% Risk
Median Target
$115.00
42% Mid
High Target
$121.00
50% Max

Consensus Trend Projection

Trailing closures vs. 12-month metrics map.

Analyst Vote Distribution

Aggregate institutional coverage sentiment weights.

Sentiment volume allocation data unavailable.

valuation & financial ratiosdetailed financials

Historical valuation matrix unavailable.

📘 Full Research Report

ℹ️

AI-Generated Research: This report is for informational purposes only.

📘 ICF INTERNATIONAL INC (ICFI) — Investment Overview

🧩 Business Model Overview

ICF International operates as a specialized professional services and technology solutions provider serving government and regulated end markets (notably energy, environment, transportation, and public policy). The company typically engages clients through multi-step delivery lifecycles: needs assessment and study design, analytical modeling and program evaluation, implementation support (including stakeholder and regulatory workstreams), and—where relevant—deployment of technology-enabled analytics and managed services.

Value is created by translating complex regulatory requirements and technical constraints into actionable plans, compliance-ready documentation, and implementation roadmaps. Delivery depends on deep domain expertise, skilled technical labor, and established client processes that are hard to replicate quickly—supporting repeat engagements and follow-on work.

💰 Revenue Streams & Monetisation Model

Revenue is predominantly generated from consulting and program services delivered under fixed-fee, task-order, or contract vehicle models, frequently extending across multi-year scopes. Monetisation is supported by:

  • Project-based professional services: feasibility, modeling, economic analysis, engineering-adjacent studies, and program evaluation.
  • Implementation and managed services: ongoing support where clients need continued execution, data processing, and performance reporting.
  • Technology-enabled offerings: software and analytics-related solutions that monetize reusable tools and data workflows, often embedded within broader engagements.

Margin drivers center on professional labor utilization, disciplined proposal and delivery management, and the degree to which technology tools reduce incremental cost to serve. Where solutions and analytics are repeatable, the business can expand contribution margins versus purely bespoke consulting work, while still maintaining high-quality outputs required in regulated environments.

🧠 Competitive Advantages & Market Positioning

ICF’s moat is primarily rooted in switching costs and intangible assets (domain expertise, compliance know-how, and delivery track record), reinforced by the relationship dynamics of government and regulated-industry contracting. Work often requires incumbency with client-specific data, documentation standards, stakeholder networks, and audit-ready processes; replacing an incumbent can create continuity risk and re-education costs.

  • Switching Costs (client-specific knowledge): project files, regulatory interpretations, data models, and implementation histories accumulate over time, raising the cost and risk of switching providers.
  • Intangible Assets (specialized expertise): credibility and proven delivery in complex regulatory and technical domains support win rates and follow-on scope expansion.
  • Regulatory/Process Barriers: contracting and compliance requirements (including security and documentation standards) favor established firms with mature delivery processes.

Competitive benchmarking:

  • Booz Allen Hamilton: broader defense and intelligence consulting platform with larger scale and wider service lines; ICF tends to emphasize deeper specialization in energy, environment, and civilian public policy analytics/implementation.
  • SAIC: wide government services footprint; ICF generally competes through domain-focused expertise and technology-enabled analytics tailored to regulated program requirements.
  • Guidehouse (formerly Navigant) / Accenture Federal Services (peer public-sector consultancies): strong scale and procurement access; ICF’s positioning is more niche and solution-specific, where technical credibility and repeatable analytic workflows matter as much as breadth.

Overall, ICF’s differentiation is less about scale alone and more about specialization plus delivery repeatability—a combination that sustains stickiness in complex, compliance-heavy engagements.

🚀 Multi-Year Growth Drivers

ICF is positioned to benefit from durable, multi-year demand trends across government and regulated sectors. Over a 5–10 year horizon, growth opportunities are supported by:

  • Energy transition and grid modernization: planning and policy work tied to electrification, grid reliability, interconnection studies, and decarbonization compliance.
  • Climate resilience and environmental compliance: risk modeling, program evaluation, and implementation support where regulatory documentation standards are strict.
  • Transportation and infrastructure modernization: analytical and implementation services linked to safety, program oversight, and asset planning.
  • Public policy capacity building: economic and regulatory analysis, program design, and performance measurement tied to evolving federal and state grant and compliance frameworks.
  • Technology-enabled analytics demand: clients increasingly require data-driven decisioning and audit-ready reporting, supporting incremental monetisation via tools, platforms, and managed data workflows.

These drivers expand total addressable spending on technical advisory and implementation services that bridge policy objectives and operational execution.

⚠ Risk Factors to Monitor

  • Government budget and procurement cyclicality: contract timing, funding approvals, and award cycles can affect revenue conversion and backlog realization.
  • Competitive bidding pressure: large multi-service competitors can compete on bundled offerings, potentially compressing margins on renewals.
  • Talent availability and wage inflation: professional services require sustained access to specialized technical and compliance talent; utilization discipline is critical to protect operating leverage.
  • Contract execution and delivery risk: fixed-fee or performance-linked scopes can create margin volatility if project assumptions change.
  • Technology and cybersecurity exposure: technology-enabled services can introduce data governance and security requirements that require continuous investment.

📊 Valuation & Market View

The market typically values professional services and technology-enabled consultancies through a mix of profitability and growth quality indicators, often emphasizing forward earnings power rather than short-term earnings volatility. Key valuation drivers include:

  • Revenue durability: the share of revenue sourced from multi-year contracts and repeatable program work.
  • Operating margin trajectory: evidence of utilization management, delivery efficiency, and technology-enabled cost-to-serve benefits.
  • Backlog and conversion: durability of funded work and the reliability of transforming contracted scopes into recognized revenue.
  • Cash flow quality: working-capital discipline, collections performance, and execution efficiency.

In this sector, valuation sensitivity often increases when investors perceive improved visibility into contract conversion and margin stability, or when competitive pressure and execution risk rise.

🔍 Investment Takeaway

ICF International fits a durable niche within government and regulated-industry advisory and implementation: a specialized platform where switching costs and intangible delivery capability reinforce customer stickiness. The investment case rests on continued demand for technical, compliance-ready solutions across energy transition, climate resilience, and infrastructure modernization—supported by technology-enabled analytics that can improve cost-to-serve while deepening client embeddedness.


⚠ AI-generated — informational only. Validate using filings before investing.

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📊 AI Financial Analysis

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Earnings Data: Q Ending 2026-03-31

"ICF International (ICFI) reported Q1’26 revenue of $437.5M and net income of $20.5M (EPS $1.12), translating to a net margin of 4.7%. QoQ, revenue declined from $443.7M in Q4’25 (–1.4%), while net income increased from $17.3M (QoQ +18.5%). YoY, revenue also declined from $487.6M in Q1’25 (–10.3%), and net income fell from $26.9M (YoY –23.6%). Profitability was modestly stronger sequentially: operating margin improved to 7.97% in Q1’26 from 7.12% in Q4’25, but remains below prior-year levels (Q1’25 operating margin 7.87%). Cash flow weakened sharply in Q1’26, with operating cash flow of –$3.1M and free cash flow of –$6.0M, versus strong positive operating cash flow in Q4’25 ($75.6M). Capital intensity appears limited, but the working-capital/cash generation profile is the key concern this quarter. On balance-sheet resilience, equity was stable at ~$1.03B and total assets were ~ $2.05B. Leverage remained meaningful with total debt ~$582.7M and net debt rising to ~$578.8M. Total shareholder returns look challenged: the stock is down –14.8% over the last year, indicating no positive price momentum. Dividend yield is low (~0.21%) and buybacks were not indicated in the quarter’s cash flow, so shareholder return support is limited. Analyst consensus price target ($102.5) sits above the current price ($70.53), implying upside potential despite near-term fundamentals pressure."

Revenue Growth

Neutral

Revenue declined QoQ (Q1’26 $437.5M vs Q4’25 $443.7M, –1.4%) and YoY (vs Q1’25 $487.6M, –10.3%), indicating a weakening top-line trend.

Profitability

Fair

Net income increased QoQ (+18.5% to $20.5M) and operating margin improved to 7.97% from 7.12%, but YoY net income fell (–23.6%) and margins are below the prior-year operating profit margin level (Q1’25 ~7.87%).

Cash Flow Quality

Neutral

Q1’26 operating cash flow was –$3.1M and free cash flow –$6.0M, reversing the prior quarter’s strength (Q4’25 OCF $75.6M; FCF $68.7M). Cash conversion is a key negative signal.

Leverage & Balance Sheet

Neutral

Equity is stable (~$1.03B) with total assets around $2.05B. However, leverage remains notable: total debt ~$582.7M and net debt ~$578.8M; liquidity ratios are adequate (current ratio ~1.48).

Shareholder Returns

Caution

Price momentum is negative (1y change –14.8%). Dividend yield is low (~0.21%) and there’s no buyback tailwind evident in the quarter’s financing cash flow.

Analyst Sentiment & Valuation

Positive

Consensus target ($102.5) is above the current price ($70.53), suggesting valuation support/upside despite weak YoY earnings and a negative cash-flow quarter.

Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.

RevenueEarningsP/E RatioSharesDebtMargin %

Fundamentals Overview

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So What? Q1 2026 shows ICFI’s core thesis intact: diversified demand and expanding pipelines with strong win momentum (12-month book-to-bill 1.21; awards $450M; pipeline $8.5B). The headline issue is not demand—management attributes the revenue miss to timing shifts ($12M) in commercial energy fixed-price work and international pass-through recognition. Profitability still held up: gross margin rose 10 bps to 38.1%, adjusted EBITDA margin was stable at ~11.2%, and management reaffirmed 10–20 bps adjusted EBITDA margin expansion for the year. The biggest moving piece is taxes: Q1 tax rate 25.1% drove GAAP EPS -$0.07 and non-GAAP EPS -$0.09, but full-year tax guidance (~20.5%) is unchanged, with expected Q3 relief. Operationally, the call reinforced ERP modernization and AI-backed back-office automation, alongside a federal capture pivot toward prototypes and fixed-price/outcome-based delivery to convert AI-era modernization backlog into faster throughput.

AI IconGrowth Catalysts

  • Commercial energy advisory/engineering: mid-teens growth in Q1 from market assessment and due diligence, grid reliability/protection expansion, and accelerating utility engineering support for data center load-driven new substation development
  • AI-augmented technology modernization for federal civilian: expectation that fixed-price/outcome-based work plus faster delivery cycles should allow engagement throughput to increase as agencies modernize backlog
  • Disaster management/recovery durability: continuation/expansion potential from Florida state award and federal hazard mitigation/grant momentum and implied BRIC restart intent
  • International government ramp: 17.5% Q1 revenue increase tied to EU/UK contract wins and pass-through timing under fixed-price outreach/marketing contracts

Business Development

  • CMY acquisition: engineering capability used to expand utility clients’ capacity for data center electrification (power modeling, grid engineering, large-load capabilities)
  • Semantic Bits acquisition: waste/fraud/abuse capability referenced as a material technology business component for CMS/HHS work
  • State of Florida award: comprehensive management services contract enabling broader disaster-adjacent portfolio pursuit beyond disaster management (habitat conservation planning, agricultural land conservation)
  • EU and UK government clients: referenced as sources of significant awards over the prior 18 months driving international portfolio growth
  • U.S. agency/office wins mentioned: Department of State, Department of Labor, Department of Defense; plus a large BPA with Defense Counterintelligence and Security Agency (DISA/DCSA referenced as ‘Defense Counterintelligence and Security Agency’)

AI IconFinancial Highlights

  • Revenue $437.5M, down 10.3% YoY and ~ $12M below expectations solely due to timing shifts ($8M commercial energy fixed-price project work pushed into later 2026 periods; $4M international government pass-through timing)
  • Federal revenues $182.3M, +8.6% sequentially and aligned with expectations, supported by technology modernization execution in current procurement environment
  • Gross margin +10 bps to 38.1% YoY despite revenue decline, driven by favorable business mix (93% fixed-price/T&M; 7% cost-reimbursable)
  • Adjusted EBITDA margin 11.2% vs 11.3% prior-year (stable) with stated 10–20 bps full-year adjusted EBITDA margin expansion expectation
  • Tax rate 25.1% in Q1 vs expectation: unfavorable impact attributed to less-than-expected deductible equity-based compensation expense; GAAP EPS -$0.07 and non-GAAP EPS -$0.09 due to tax item
  • Operating cash flow used $3.1M in Q1 vs $(33)M in prior-year Q1, driven by improved receivables collections/working capital (DSO 74 vs 81)

AI IconCapital Funding

  • Share repurchase: slightly more than 217,500 shares in Q1; continued opportunistic repurchases guided
  • Net debt $436M at quarter end vs $499M at end of prior-year Q1
  • Refinanced post-quarter: credit facility refinancing completed last month; borrowing availability expanded (enables organic growth, buybacks, and acquisitions while maintaining dividend)
  • Dividend declared: $0.14 per share, payable 07/10/2026; record date 06/05/2026

AI IconStrategy & Ops

  • ERP and back-office modernization plus AI tooling: program continues to drive internal efficiency and margin scalability, with stated intent to re-invest savings into long-term growth initiatives
  • Commercial energy timing shift: without the $8.0M right-shift in fixed-price energy efficiency program project work, commercial energy Q1 revenue would have grown 8.3% vs reported 2%
  • Federal capture pivot: procurement approach emphasized rapid prototyping/demonstration to align with administration demand for outcome-based/fixed-price; cost-plus stated ‘single digits’ and declining
  • Federal tech modernization throughput assumption: AI-augmented methods expected to reduce time/cost and move teams onto subsequent modernization work faster

AI IconMarket Outlook

  • FY2026 revenue guidance: $1.89B–$1.96B (3% growth at midpoint)
  • FY2026 EPS guidance: GAAP $5.95–$6.25 and non-GAAP $6.95–$7.25 (5% growth at midpoint)
  • FY2026 adjusted EBITDA margin expansion: 10–20 bps expected
  • Tax rate: full-year ~20.5% unchanged; Q2 ~23% with largest reduction expected in Q3
  • Q1 revenue shortfall recovery plan: management expects recovery of ~$12M in remainder of year, approximately half in Q2
  • Pipeline/backlog visibility: awards $450M in Q1; 12-month book-to-bill 1.21; business development pipeline $8.5B; backlog $3.4B with ~51% funded

AI IconRisks & Headwinds

  • Near-term revenue volatility driven by contract timing shifts (commercial energy and international pass-through revenue moving into later quarters)
  • Higher-than-expected Q1 tax rate (25.1%) from deductible equity-based compensation timing, though full-year tax guidance unchanged
  • Federal procurement environment pressure: administration emphasis increases skew toward outcome-based/fixed-price; cost-plus exposure is stated to be in ‘single digits’ and still a potential mismatch risk if mix shifts
  • Market execution risk around AI-driven modernization: management addressed concern that AI could impact modernization work, but reliance on fixed-price/outcome-based delivery and backlog conversion remains key

Q&A: Analyst Interest

  • Topic: Data center opportunity details and margin-investment tradeoffs: Management linked commercial energy data center growth to CMY-acquired engineering and power modeling, plus renewable resurgence demand; ERP modernization and AI in back-office processes provide efficiencies, but savings are reinvested in long-term growth. They said this does not detract from future margin improvement.
  • Topic: Commercial energy growth trajectory, backlog signals, and residential vs commercial composition: Management reiterated confidence in 10% annual commercial energy growth, citing high-single-digit market growth plus plus-ups/takeaways, supported by strong backlog/pipeline. Residential programs are led with ~35% market share, while commercial building side is ~15–20% share; they offered no further residential/commercial update beyond prior.
  • Topic: Federal capture pivot toward administration priorities and recent wins: Management described selling differently via prototypes and quick-win demonstrations, emphasizing outcome-based/fixed-price work (cost-plus ‘single digits’). They cited successes across Department of State, Labor, Defense, and a large BPA with the Defense Counterintelligence and Security Agency, using AI-driven components with human oversight plus CMS waste/fraud/abuse capability.

Sentiment: MIXED

Note: This summary was synthesized by AI from the ICFI Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.

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© 2026 Stock Market Info — ICF International, Inc. (ICFI) Financial Profile