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ICON Public Limited Company
🏹 Trader: 📈 Stage 2 📊 High Volume | BRS 61 Forming View all →
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$12.9B
Market Cap
62.8
P/E
2.67
PEG
3.2%
ROCE
2.3%
ROE
0.39
D/E
5.2%
OPM
-18.3%
% from 52W High
71
α RS
🔍 ICLR is showing a notable setup because RS Rating is 71 and it's within 18.3% of its 52-week high. Net: Partial signal stack, not a recommendation. ? RS Rating 52W High
Sources
RS Rating 71 · 18.3% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for ICLR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. It also provides clinical development services, including all phases of development, peri and post approval, data solutions, and site and patient access services; clinical trial management, consulting, contract staffing, data solutions, and laboratory services; and commercial services comprising clinical development strategy, planning and trial design, full study execution, and post-market commercialization. In addition, the company offers testing services comprising bioanalytical, biomarker, vaccine, good manufacturing practice, and central laboratory services, as well as full-service and functional service partnerships to customers. Further, the company provides adaptive trials, cardiac safety solutions, clinical and scientific operations, consulting and advisory, commercial positioning, decentralized and hybrid clinical trials, early clinical, medical imaging, real world intelligence, site and patient, and strategic solutions. Additionally, it provides therapeutics for cardiovascular, central nervous system, endocrine and metabolic disorders, hepatology, infectious diseases, internal medicine immunology, and oncology. It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations. ICON Public Limited Company was incorporated in 1989 and is headquartered in Dublin, Ireland.

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🎙 Management Tone Mixed ↑ Improving 4 quarters Full tone analysis in Intelligence →
📊 MIXED ICON reports Q4 revenue $2.1B, adjusted EPS $2.52 amid investigation and cost adjustments
Revenue & Profitability
Q4 2025 revenue was $2.1 billion, up 2.5% year-over-year, and full-year revenue was $5 billion, up 0.8%. Adjusted EBITDA was $327.1 million (15.5% margin) in Q4 and $1,530.7 million (18.6% margin) for the full year. Adjusted net income was $195.1 million ($2.52 per share) in Q4, and adjusted EPS for the full year was $12.53. GAAP net income in Q4 was $149.2 million ($1.93 per share). Gross bookings were $3.2 billion with net bookings of $2.9 billion, yielding a book-to-bill of 1.36x.
Outlook
Management sees strengthening demand with biotech funding positive and RFP flow up low double digits on a trailing 12-month basis. Large pharma continues to invest in late-stage pipelines. For 2026, revenue guidance is $7.85-$8.15 billion and adjusted EPS $10-$11. The guidance incorporates headwinds from pass-through revenue, prior pricing pressures, and the Symphony Health divestiture. Revenue is expected to be roughly stable quarter-over-quarter, with margin progression through the year.
Growth Drivers
Key growth drivers include a 5-point sequential improvement in biotech win rates, broad-based win rate increases across the business, and maturation of large and mid-size partnerships. Investment in high-growth areas such as laboratory services (adding over 100 biomarker assays) and early-phase clinical services (new San Antonio clinic with 130 beds) supports growth. Therapeutic areas of focus include advanced hematological diseases and women's health.
Balance Sheet & CapEx
Capital expenditure in Q4 2025 was $59.3 million, leading to free cash flow of $174.8 million for the quarter and $862 million for the full year. Investments include expansion of laboratory automation, a new purpose-built Phase I clinic in San Antonio, Texas, and satellite outpatient centers in Houston and Lawrence. The company also made AI-related investments, including a partnership with Anthropic to embed Claude in core workflows and a deal with NVIDIA for CPU-to-GPU migrations.
Margins
Q4 2025 adjusted EBITDA margin was 15.5%, significantly impacted by elevated pass-through revenue and over $50 million in cost-to-complete estimate changes. Full-year 2025 margin was 18.6%. For 2026, the midpoint of guidance implies an EBITDA margin around 16.5%, with sequential improvement through the year. Management expects operating leverage to return as growth resumes, offsetting negative operating leverage from the current revenue decline.
Key Risks
Risks flagged include material weaknesses in internal controls over financial reporting identified in the investigation, which the company is remediating. Elevated pass-through revenue creates volatility in margin. Pricing pressures from prior quarters continue to impact the P&L as awards convert to revenue. AI may dilute some revenue streams (e.g., automation of clinical study reports), but management believes net benefits are positive. Cancellations and the conversion of bookings to revenue remain uncertain.
Generated by AI · Q4 2025 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Q2 2026 saw strong bookings, solid revenue growth, and disciplined cost control, with elevated pass-through activity impacting margins. Strategic investments in AI and Asia-Pacific expansion support long-term growth, while full-year guidance is reaffirmed amid a constructive demand environment.
Q1 2026 Q1 2026 2026-06-24
Q1 2026 results were in line with expectations, with revenue up 0.9% year-over-year and strong commercial momentum reflected in a 1.42x book-to-bill. Guidance for 2026 remains unchanged, with sequential margin improvement expected as business mix shifts toward higher-margin services.
Q4 2025 Q4 2025 2026-05-28
Q4 and full-year 2025 saw improved commercial performance, but results were impacted by an accounting investigation that led to revenue restatements and a $3.9B backlog adjustment. 2026 guidance anticipates modest revenue decline, margin improvement, and continued investment in automation, AI, and high-growth segments.
Q3 2025 Q3 2025 2025-10-23
Q3 2025 saw revenue and earnings in line with expectations, with strong RFP flow and business awards, but margins pressured by higher pass-through revenue and competitive pricing. Guidance for 2025 was updated, with normalization of cancellations expected in 2026.
Q2 2025 Q2 2025 2025-07-24
Q2 2025 delivered sequential revenue and bookings growth, driven by biotech and large pharma partnerships, with strong cost control and operational improvements. Guidance was raised for full-year revenue, but elevated cancellations and a competitive pricing environment persist.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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