ICON Public Limited CompanyICLR
NasdaqGS•Healthcare•Diagnostics & Research
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.
ICON plc (ICLR) reported trailing twelve months revenue of $8.29B as of March 2026, a 1.1% increase year-over-year. Quarterly revenue reached $2.11B, reflecting continued top-line momentum.
ICON plc generated $483.71M in TTM net income, with quarterly EBITDA of $487.00M. The operating margin contracted from 11.0% to 10.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (10.0%) and net margin (7.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 7.7% a year ago, reflecting increased costs or interest expense.
ICLR trades at a P/E of 17.2x (in line with broad market averages) and a P/S of 1.0x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company generated $622.66M in free cash flow over the trailing twelve months, a 160.2% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $16.27B in total assets with no in long-term debt against $9.19B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~11.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~7.1% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 14.7% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 20.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.3 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 5.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation