ICON Public Limited Company (ICLR) Key Metrics
ICLR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.13B
- Enterprise value
- $15.21B
- P/E (TTM)
- 179.1 10-yr median 28.4
- Forward P/E
- 14.7
- PEG ratio
- 0.50
- Price / sales
- 1.6 10-yr median 2.8
- Price / book
- 1.3 10-yr median 3.6
- EV / EBITDA
- 22.8 10-yr median 16.9
- Dividend yield
- —
- Beta
- 1.24
ICLR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsICLR valuation Price multiples at each fiscal year-end price.
ICLR returns How much profit the business earns on the capital it uses.
ICLR per-share figures Results divided by the shares outstanding at year-end.
ICLR financial health Debt, liquidity and how easily interest is covered.
ICLR efficiency & capital use Working capital cycle and where the cash goes.
ICLR valuation history
ICLR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ICLR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ICLR cash returned to shareholders
ICLR price vs earnings per share
ICLR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $14.39B | $17.41B | $23.41B | $16.02B | $21.08B | $10.39B | $9.36B | $7.07B | $6.15B | $4.24B |
| Enterprise value | $17.30B | $20.48B | $26.97B | $20.56B | $25.97B | $9.98B | $9.24B | $7.30B | $6.40B | $4.53B |
| P/E ratio | 62.7 | 22.0 | 38.2 | 31.7 | 137.6 | 31.7 | 25.0 | 21.9 | 21.9 | 16.2 |
| Price / sales | 1.7 | 2.1 | 2.9 | 2.1 | 3.8 | 3.7 | 3.3 | 2.7 | 3.5 | 2.5 |
| Price / book | 1.6 | 1.8 | 2.5 | 1.9 | 2.6 | 5.6 | 5.8 | 5.1 | 5.0 | 4.5 |
| Price / free cash flow | 16.7 | 15.6 | 22.9 | 38.0 | 28.7 | 19.1 | 25.9 | 32.8 | 126.3 | 19.6 |
| Price / operating cash flow | 13.9 | 13.5 | 20.2 | 28.4 | 25.4 | 17.5 | 22.7 | 26.8 | 16.1 | 16.4 |
| EV / sales | 2.1 | 2.5 | 3.3 | 2.7 | 4.7 | 3.6 | 3.3 | 2.8 | 3.6 | 2.7 |
| EV / EBITDA | 21.0 | 13.1 | 17.7 | 15.0 | 37.4 | 20.4 | 18.4 | 16.2 | 15.9 | 11.9 |
| EV / free cash flow | 20.1 | 18.3 | 26.4 | 48.8 | 35.3 | 18.4 | 25.5 | 33.9 | 131.4 | 20.9 |
| Earnings yield | 1.6% | 4.5% | 2.6% | 3.2% | 0.7% | 3.2% | 4.0% | 4.6% | 4.6% | 6.2% |
| Free cash flow yield | 6.0% | 6.4% | 4.4% | 2.6% | 3.5% | 5.2% | 3.9% | 3.0% | 0.8% | 5.1% |
| Dividend yield | — | — | — | 0.2% | — | 0.1% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 5.2% | 2.9% | 0.0% | 0.8% | 0.5% | 1.8% | 1.6% | 1.8% | 2.2% | 2.6% |
| Share price at fiscal year-end | $182.22 | $209.71 | $283.07 | $194.25 | $309.70 | $194.98 | $172.23 | $129.21 | $112.15 | $75.20 |
| Per share | ||||||||||
| Revenue per share | $104.49 | $99.74 | $98.17 | $93.87 | $80.52 | $52.50 | $51.64 | $47.42 | $32.05 | $29.54 |
| Earnings per share | $2.90 | $9.53 | $7.40 | $6.13 | $2.25 | $6.15 | $6.88 | $5.90 | $5.13 | $4.65 |
| Operating cash flow per share | $13.12 | $15.50 | $14.04 | $6.83 | $12.18 | $11.16 | $7.59 | $4.82 | $6.98 | $4.60 |
| Free cash flow per share | $10.92 | $13.47 | $12.34 | $5.11 | $10.80 | $10.20 | $6.66 | $3.94 | $0.89 | $3.84 |
| Cash per share | $8.20 | $6.49 | $4.59 | $3.52 | $11.08 | $15.80 | $10.49 | $8.33 | $6.57 | $4.62 |
| Book value per share | $116.42 | $114.69 | $111.71 | $103.05 | $118.51 | $34.72 | $29.78 | $25.33 | $22.42 | $16.76 |
| Tangible book value per share | −$35.27 | −$37.19 | −$43.97 | −$57.63 | −$83.47 | $15.91 | $12.28 | $9.26 | $5.79 | $4.83 |
| Dividends per share | — | — | — | $0.43 | — | $0.25 | — | — | — | — |
| Capex per share | $2.21 | $2.02 | $1.70 | $1.72 | $1.38 | $0.96 | $0.93 | $0.88 | $0.00 | $0.76 |
| Debt per share | $45.03 | $43.39 | $47.61 | $58.56 | $82.94 | $8.14 | $8.37 | $12.50 | $11.04 | $9.71 |
| Shares outstanding | 79.0M | 83.0M | 82.7M | 82.5M | 68.1M | 53.3M | 54.3M | 54.7M | 54.9M | 56.4M |
| Change in shares outstanding | −4.9% | +0.4% | +0.3% | +21.2% | +27.7% | −1.9% | −0.7% | −0.2% | −2.7% | −6.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.5% | 8.4% | 6.9% | 6.1% | 3.1% | 18.9% | 24.9% | 24.7% | 25.9% | 30.7% |
| Return on invested capital (ROIC) | 7.5% | 7.9% | 7.3% | 5.5% | 4.1% | 23.2% | 24.5% | 21.2% | 21.4% | 22.7% |
| Return on assets (ROA) | 1.4% | 4.7% | 3.6% | 2.9% | 1.5% | 10.3% | 14.1% | 14.1% | 14.0% | 14.8% |
| Return on tangible assets | 5.3% | 18.6% | 14.9% | 12.8% | 4.2% | 13.5% | 19.1% | 21.4% | 22.1% | 22.7% |
| Free cash flow margin | 10.4% | 13.5% | 12.6% | 5.4% | 13.4% | 19.4% | 12.9% | 8.3% | 2.8% | 13.0% |
| Income quality (OCF / net income) | 4.52 | 1.63 | 1.90 | 1.11 | 5.41 | 1.81 | 1.10 | 0.82 | 1.36 | 0.99 |
| Financial health | ||||||||||
| Total debt | $3.56B | $3.60B | $3.94B | $4.83B | $5.65B | $433.6M | $454.6M | $684.5M | $605.7M | $547.9M |
| Cash & short-term investments | $647.3M | $538.8M | $380.1M | $290.5M | $753.9M | $842.0M | $569.9M | $455.8M | $360.4M | $260.6M |
| Net debt | $2.91B | $3.06B | $3.56B | $4.54B | $4.89B | −$408.4M | −$115.4M | $228.7M | $245.3M | $287.3M |
| Debt / equity | 0.39 | 0.38 | 0.43 | 0.57 | 0.70 | 0.23 | 0.28 | 0.49 | 0.49 | 0.58 |
| Debt / assets | 0.22 | 0.21 | 0.23 | 0.28 | 0.32 | 0.13 | 0.16 | 0.29 | 0.28 | 0.30 |
| Net debt / EBITDA | 3.53 | 1.96 | 2.34 | 3.32 | 7.05 | −0.84 | −0.23 | 0.51 | 0.61 | 0.76 |
| Current ratio | 1.10 | 1.26 | 1.21 | 1.20 | 1.19 | 1.87 | 1.44 | 2.14 | 1.91 | 3.51 |
| Quick ratio | 1.10 | 1.26 | 1.21 | 1.20 | 1.19 | 1.87 | 1.43 | 2.14 | 1.91 | 3.50 |
| Interest coverage | 5.4 | 4.6 | 2.8 | 3.5 | 2.1 | 30.1 | 32.6 | 27.7 | 26.8 | 24.0 |
| Working capital | $305.5M | $734.1M | $585.9M | $538.5M | $462.3M | $979.0M | $493.7M | $715.8M | $531.5M | $685.2M |
| Invested capital | $12.10B | $12.59B | $12.80B | $13.04B | $12.96B | $1.44B | $1.50B | $1.62B | $1.48B | $1.23B |
| Tangible asset value | −$2.79B | −$3.09B | −$3.64B | −$4.75B | −$5.68B | $847.5M | $667.0M | $507.1M | $317.6M | $272.5M |
| Net current asset value | −$3.57B | −$3.82B | −$4.34B | −$5.46B | −$6.38B | $517.6M | $335.5M | $344.0M | $156.8M | $77.3M |
| Graham number | $87.22 | $156.84 | $136.41 | $119.19 | $77.47 | $69.33 | $67.91 | $57.97 | $50.87 | $41.86 |
| Graham net-net per share | −$55.31 | −$56.33 | −$62.80 | −$76.30 | −$103.01 | $3.09 | $0.78 | $1.81 | −$0.97 | −$2.17 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $35.8M | — | $13.2M | — | — | — | — |
| Share buybacks (net) | $750.0M | $500.0M | $0 | $100.0M | $100.0M | $175.0M | $146.9M | $129.0M | $133.1M | $110.0M |
| Dividend payout ratio | — | — | — | 7.1% | — | 4.0% | — | — | — | — |
| Dividends + buybacks / free cash flow | 87.0% | 44.7% | 0.0% | 32.2% | 13.6% | 34.6% | 40.6% | 59.8% | 273.2% | 50.8% |
| Capex / revenue | 2.1% | 2.0% | 1.7% | 1.8% | 1.7% | 1.8% | 1.8% | 1.9% | 0.0% | 2.6% |
| Capex / operating cash flow | 16.8% | 13.1% | 12.1% | 25.2% | 11.3% | 8.6% | 12.3% | 18.3% | 0.0% | 16.4% |
| Capex / depreciation | 0.45 | 0.34 | 0.24 | 0.25 | 0.30 | 0.54 | 0.82 | 0.73 | 0.00 | 0.72 |
| Stock-based compensation / revenue | 1.2% | 0.6% | 0.7% | 0.9% | 2.4% | 0.9% | 1.0% | 1.1% | 1.2% | 2.4% |
| SG&A / revenue | 9.5% | 8.8% | 9.5% | 10.1% | 10.7% | 12.2% | 12.0% | 12.6% | 18.4% | 19.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 123.9 | 126.7 | 128.1 | 114.9 | 109.2 | 144.9 | 121.6 | 110.9 | 143.6 | 142.2 |
| Days of inventory on hand | — | — | 0.2 | 0.2 | 0.2 | 0.7 | 0.5 | 0.5 | 0.8 | 0.8 |
| Days payables outstanding | 44.6 | 40.6 | 38.5 | 27.7 | 12.8 | 6.9 | 3.5 | 3.2 | 4.8 | 3.0 |
| Cash conversion cycle (days) | 79.2 | 86.1 | 89.8 | 87.5 | 96.7 | 138.7 | 118.7 | 108.1 | 139.5 | 140.1 |
| Receivables turnover | 2.95 | 2.88 | 2.85 | 3.18 | 3.34 | 2.52 | 3.00 | 3.29 | 2.54 | 2.57 |
| Payables turnover | 8.18 | 8.99 | 9.48 | 13.19 | 28.57 | 52.93 | 105.74 | 114.58 | 75.60 | 122.33 |
| Inventory turnover | — | — | 1,619.69 | 1,565.07 | 1,653.19 | 496.94 | 721.28 | 809.88 | 444.99 | 457.78 |
| Asset turnover | 0.50 | 0.49 | 0.48 | 0.45 | 0.53 | 0.88 | 1.06 | 1.14 | 0.88 | 0.94 |
| Average receivables | $2.80B | $2.88B | $2.85B | $2.44B | $1.64B | $1.11B | $934.8M | $788.5M | $691.6M | $649.5M |
| Average payables | $742.7M | $650.0M | $603.4M | $419.2M | $139.0M | $37.6M | $18.7M | $15.9M | $13.6M | $7.9M |
| Average inventory | — | — | $3.5M | $3.5M | $2.4M | $4.0M | $2.7M | $2.3M | $2.3M | $2.1M |
| Intangibles / total assets | 73.6% | 74.7% | 75.8% | 77.1% | 79.1% | 29.2% | 32.7% | 36.8% | 41.8% | 36.8% |
Computed from ICLR's annual financial statements (latest annual report filed May 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
ICLR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), ICON Public traded at 62.7 times earnings, against a 10-year median of 28.4. Based on the latest twelve months, the trailing P/E is 179.1 and the forward P/E is 14.7. ICON Public earned a return on equity of 2.5% and a return on invested capital of 7.5% in fiscal 2025. It ended the year with $3.6 billion of debt and $647.3 million in cash and short-term investments, net debt of $2.9 billion. It returned $750.0 million to shareholders: $0 in dividends and $750.0 million in share buybacks, 87% of free cash flow. The share count rose 40.0% from 56.4M to 79.0M over 9 years.
See the ICLR income statement, the ICLR chart for price history, or the ICLR stock overview for the latest quote and news.
ICLR key metrics FAQ
What is ICON Public's P/E ratio?
ICON Public's trailing P/E ratio is 179.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.7. At the end of fiscal 2025 it was 62.7, compared with a 10-year median of 28.4.
What is ICON Public's EV/EBITDA?
ICON Public's enterprise value was 21.0 times EBITDA at the end of fiscal 2025 (enterprise value $17.3 billion, EBITDA $823.6 million); the current EV/EBITDA is 22.8.
What is ICON Public's return on equity?
ICON Public's return on equity (ROE) was 2.5% in fiscal 2025: net income of $229.3 million on average shareholders' equity of $9.4 billion.
What is ICON Public's ROIC?
ICON Public's return on invested capital was 7.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does ICON Public have?
ICON Public had total debt of $3.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.39 and $2.9 billion of net debt (3.53 times EBITDA).
Does ICON Public buy back its shares?
Yes. ICON Public spent $750.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.9% over the year, to 79.0M..
What is ICON Public's free cash flow yield?
ICON Public generated $862.0 million of free cash flow in fiscal 2025, a free cash flow yield of 6.0% on its market value at year-end ($14.4 billion).
What is ICON Public's current ratio?
ICON Public's current ratio was 1.10 at the end of fiscal 2025: current assets were 1.10 times current liabilities.