ICF International, Inc. (ICFI) Stock

ICF International, Inc. (ICFI) is a Technology stock trading at $88.56 (as of 2026-08-25), with a market capitalization of $1.60B and a trailing P/E of 16.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ICF International, Inc. provides consulting and implementation services to government and commercial clients, with work across management, marketing, technology, and policy. Its services include research and evaluation, survey-based data collection and analysis, and the design and implementation of plans, programs, and technology solutions.

Understand ICF International, Inc.: how it makes money

ICF International sells policy, technology, and management consulting to U.S. government agencies and commercial clients, billing for expert staff hours. Roughly 70% of revenue is government (federal, state, international) and 30% commercial, making the top line highly sensitive to public procurement cycles.

The 8% operating spread means ICF's profit swings entirely with billable-hour volume and government award timing, not pricing power.

Revenue by segment (latest quarter)
U.S. Federal	$0.2B
Commercial	$0.1B
U.S. State & Local	$0.1B
International Gov	$0.0B

Business quality (Weak): Revenue is declining 10% year over year with a thin 8% operating margin, and the largest revenue source (federal) is subject to procurement delays that are hard to forecast. The model works when government spending is steady but offers little buffer when contracts slip.

Valuation: Trades at 17× trailing earnings · $1.6B market cap.

Bull case

Commercial energy momentum intact: Utility-program revenue grew 6.7% year over year, giving the commercial line a genuine growth engine even as the broader quarter declined 10%.
Backlog covers the year: Management reaffirmed full-year revenue and EPS guidance with over 90% of required revenue already in backlog, which caps near-term downside even if new awards are lumpy.
Fair multiple for the name: At 17.0x earnings, the stock prices in a modest recovery without demanding ICF re-accelerate, leaving room if federal award timing normalizes.

Bear case

Federal pipeline is breaking: Quarterly book-to-bill fell to 0.85, meaning ICF is billing out existing work faster than it is winning new federal awards, and the backlog is eroding at the source.
State/local no longer a cushion: State and local revenue (about $80M, 20% of the top line) is pressured by fewer major disasters and funding delays, removing a historical stabilizer that previously absorbed federal dips.
H2 commercial bar is steep: Commercial energy must grow at a mid-teens pace in the second half just to hit the full-year target, leaving little margin for execution missteps.

Valuation — source: SEC EDGAR (first-party)
Price	$88.56
Market Cap	$1.60B
P/E Ratio	16.9
EV / EBITDA	9.5
Price / Book	1.55
Price / Sales	0.86
FCF Yield	1.2%
DCF Value (model)	$64.82
DCF Upside vs Price	-26.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.87B
Net Margin	4.9%
Revenue Growth (YoY)	-7.3%
EPS Growth (YoY)	-15.5%
FCF Growth (YoY)	-19.9%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.82 (grey)
Piotroski F-Score	7/9 (strong)

Valuation vs Sector & Industry
Stock P/E	16.9
Sector P/E (Technology)	34.1
Industry P/E (Business Services)	30.0
vs Sector	-50.5%
vs Industry	-43.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($107.03M)
Institutional Holders Tracked	10
Congressional Trades (recent)	7

Company
Sector	Technology
Industry	Business Services
CEO	John Wasson
Employees	9,000
Country	US
IPO Date	2006-09-28

Related Companies (Business Services; 8 comparable business services companies)

Data as of 2026-08-25.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.