# Icon (ICLR.US)

Canonical: https://gigainvestors.com/s/ICLR

Analysis as of: 2026-10-16T07:29:15.423Z. Financial observations: FY1997–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $175.13 per share; close as of 2026-10-15.

Estimated value: low $153.21 per share, central $172.97 per share, high $199.26 per share. Buy at or below the central value $172.97 per share. Valuation as of 2026-10-16T07:29:15.423Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.19×

- FY2018: 0.14×

- FY2019: 0.15×

- FY2020: 0.14×

- FY2021: 0.07×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 34.3%

- ROIC, second-lowest year: 17.4%

- Typical minus recent gross margin: 3.1 pp

- Typical gross margin (annual median): 29.5%

- Recent gross margin (lower of latest and 3-year median): 26.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 14.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 44.2%

- FY2017: 43.5%

- FY2018: 39.6%

- FY2019: 61.6%

- FY2020: 67.7%

- FY2021: 7.6%

- FY2022: 17.4%

- FY2023: 25.0%

- FY2024: 28.9%

- FY2025: 27.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.9B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -11.3 pp

- Working capital / revenue, final three-year average: 26.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.44×

- FY2022: 1.85×

- FY2023: 1.73×

- FY2024: 1.40×

- FY2025: 1.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 43.5% vs 27.3%

- Per-share earnings: 4.71 to 7.37 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.0%

- Ordinary dilution, 5-year annual growth: 7.5%

- Market cap gain: $9.8B

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 7.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.8%

- Per-share value change: $2.66

- Per-share value, starting three-year median: $4.71

- Per-share value, ending three-year median: $7.37

- Buybacks concentrated in cheaper years (correlation): 0.45

- Average buyback yield: 2.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $13B

- Cumulative net income, 10 years: $3.9B

- ROIC, first three-year median: 43.5%

- ROIC, last three-year median: 27.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $4.71

- FY2017: $5.13

- FY2018: $5.93

- FY2019: $6.90

- FY2020: $6.15

- FY2021: $1.85

- FY2022: $6.13

- FY2023: $7.37

- FY2024: $9.62

- FY2025: $3.00

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.52×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.30×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.2%

- FY2017: -4.6%

- FY2018: 2.5%

- FY2019: -1.3%

- FY2020: -7.8%

- FY2021: -3.9%

- FY2022: -0.3%

- FY2023: -3.2%

- FY2024: -2.9%

- FY2025: -5.0%

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 48% since Mar 2024 · "ICON Stock Outlook 2026 as Margin Woes Meet a Stronger Backlog Base" (finance.yahoo.com, Jul 2026) · sales -0.4%

Story as of 2026-10-16T09:58:56.014Z; price observation 2026-10-15.

Price needs cash profits to grow 1.1% a year for ten years

- 2025-05-01: ICON's Q1 Earnings Surpass Estimates, Revenues Lag, Stock Down ([finance.yahoo.com](https://finance.yahoo.com/news/icons-q1-earnings-surpass-estimates-131600520.html))

- 2025-07-24: Icon signals $8B full-year revenue midpoint as metabolic and obesity trial momentum builds ([seekingalpha.com](https://seekingalpha.com/news/4471938-icon-signals-8b-full-year-revenue-midpoint-as-metabolic-and-obesity-trial-momentum-builds?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-12: ICON Shares Plunge 50% After Revenue Overstatement Disclosure ([finance.yahoo.com](https://finance.yahoo.com/news/icon-shares-plunge-50-revenue-191955000.html))

- 2026-05-28: ICON drops after Q4 earnings miss ([seekingalpha.com](https://seekingalpha.com/news/4597868-icon-stock-drops-q4-earnings-miss?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-06-24: ICON shares rise as earnings beat and CEO flags strong booking momentum ([seekingalpha.com](https://seekingalpha.com/news/4606495-icon-shares-rise-as-earnings-beat-and-ceo-flags-strong-booking-momentum?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-07-06: ICON Stock Outlook 2026 as Margin Woes Meet a Stronger Backlog Base ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/icon-stock-outlook-2026-margin-183500802.html))

### Sales · FY2024–2025

sales -0.4%; source https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm; observed 2026-05-27.

- FY2016: $1.7B 

- FY2017: $1.8B 

- FY2018: $2.6B 

- FY2019: $2.8B 

- FY2020: $2.8B 

- FY2021: $5.5B 

- FY2022: $7.7B 

- FY2023: $8.1B 

- FY2024: $8.3B 

- FY2025: $8.3B 

### Gross margin · FY2025

gross margin 26.4%; source https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm; observed 2026-05-27.

- FY2016: 42.3% 

- FY2017: 41.3% 

- FY2018: 29.6% 

- FY2019: 29.6% 

- FY2020: 28.9% 

- FY2021: 27.5% 

- FY2022: 28.6% 

- FY2023: 29.6% 

- FY2024: 29.4% 

- FY2025: 26.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in diagnostics & research; annual sales are USD 8.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm (filed 2026-05-27); FY2025: revenue 8251340000; grossProfit 2175594000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ICLR.US: 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.

### Why customers stay

Margins ranged from 26.4% to 29.6% during 2023–25; it earns 34.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2023: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: grossProfit / revenue = 29.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm (filed 2026-05-27); FY2025: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); 10-year return on capital observations [[2016,0.44164191669340175],[2017,0.43500928090582835],[2018,0.3957597081404323],[2019,0.6158255567155563],[2020,0.6770449489722202],[2021,0.07603054364881856],[2022,0.1738034376825889],[2023,0.2503313394637971],[2024,0.2894056849438327],[2025,0.27289829732617815]]; median 0.34258269654213247. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years; bought back USD 750 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2016: growth capex 0; upkeep 42601000; owner earnings 279153000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2017: growth capex 0; upkeep 28000; owner earnings 342757000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2018: growth capex 0; upkeep 48397000; owner earnings 340336000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2019: growth capex 0; upkeep 50645000; owner earnings 384891000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2020: growth capex 0; upkeep 51055000; owner earnings 371360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2021: growth capex 0; upkeep 93750000; owner earnings 374422000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2022: growth capex 0; upkeep 142160000; owner earnings 932657000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2023: growth capex 0; upkeep 140692000; owner earnings 1057593000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); FY2024: growth capex 0; upkeep 168060000; owner earnings 1111914000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm (filed 2026-05-27); FY2025: growth capex 0; upkeep 174214000; owner earnings 438121000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,13189000],[2021,0],[2022,35827000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm (filed 2026-05-27); FY2025: cash repurchases 750000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ICLR.US SharesStats.PercentInsiders = 0.44600000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.1% yearly over ten years; actual growth was 2.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-27); Ten-year compound average after fade. Initial solved rate 0.0023446727390902256. Price 175.13; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.347992607116002 → FY2025 5.722037997944292. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $80.28 per share

- 2016-11: $75.64 per share

- 2016-12: $75.20 per share

- 2017-01: $84.06 per share

- 2017-02: $83.77 per share

- 2017-03: $79.72 per share

- 2017-04: $84.49 per share

- 2017-05: $94.10 per share

- 2017-06: $97.79 per share

- 2017-07: $104.95 per share

- 2017-08: $113.39 per share

- 2017-09: $113.88 per share

- 2017-10: $118.86 per share

- 2017-11: $116.81 per share

- 2017-12: $112.15 per share

- 2018-01: $109.52 per share

- 2018-02: $113.31 per share

- 2018-03: $118.14 per share

- 2018-04: $117.63 per share

- 2018-05: $128.98 per share

- 2018-06: $132.53 per share

- 2018-07: $139.16 per share

- 2018-08: $149.02 per share

- 2018-09: $153.75 per share

- 2018-10: $138.08 per share

- 2018-11: $144.72 per share

- 2018-12: $129.21 per share

- 2019-01: $139.88 per share

- 2019-02: $139.98 per share

- 2019-03: $136.58 per share

- 2019-04: $136.58 per share

- 2019-05: $141.56 per share

- 2019-06: $153.97 per share

- 2019-07: $156.17 per share

- 2019-08: $154.19 per share

- 2019-09: $147.34 per share

- 2019-10: $146.90 per share

- 2019-11: $163.16 per share

- 2019-12: $172.23 per share

- 2020-01: $168.62 per share

- 2020-02: $156.06 per share

- 2020-03: $136.00 per share

- 2020-04: $160.47 per share

- 2020-05: $168.45 per share

- 2020-06: $168.46 per share

- 2020-07: $185.46 per share

- 2020-08: $186.41 per share

- 2020-09: $191.09 per share

- 2020-10: $180.30 per share

- 2020-11: $194.88 per share

- 2020-12: $194.98 per share

- 2021-01: $203.81 per share

- 2021-02: $180.68 per share

- 2021-03: $196.37 per share

- 2021-04: $216.95 per share

- 2021-05: $223.76 per share

- 2021-06: $206.71 per share

- 2021-07: $243.27 per share

- 2021-08: $255.77 per share

- 2021-09: $262.02 per share

- 2021-10: $286.77 per share

- 2021-11: $270.47 per share

- 2021-12: $309.70 per share

- 2022-01: $265.72 per share

- 2022-02: $238.01 per share

- 2022-03: $243.22 per share

- 2022-04: $226.21 per share

- 2022-05: $223.79 per share

- 2022-06: $216.70 per share

- 2022-07: $241.25 per share

- 2022-08: $209.83 per share

- 2022-09: $183.78 per share

- 2022-10: $197.84 per share

- 2022-11: $215.44 per share

- 2022-12: $194.25 per share

- 2023-01: $230.71 per share

- 2023-02: $225.63 per share

- 2023-03: $213.59 per share

- 2023-04: $192.69 per share

- 2023-05: $213.03 per share

- 2023-06: $250.20 per share

- 2023-07: $251.41 per share

- 2023-08: $259.94 per share

- 2023-09: $246.25 per share

- 2023-10: $243.96 per share

- 2023-11: $266.94 per share

- 2023-12: $283.07 per share

- 2024-01: $260.87 per share

- 2024-02: $320.62 per share

- 2024-03: $335.95 per share

- 2024-04: $297.88 per share

- 2024-05: $324.82 per share

- 2024-06: $313.47 per share

- 2024-07: $328.44 per share

- 2024-08: $322.06 per share

- 2024-09: $287.31 per share

- 2024-10: $222.11 per share

- 2024-11: $210.25 per share

- 2024-12: $209.71 per share

- 2025-01: $199.08 per share

- 2025-02: $190.02 per share

- 2025-03: $174.99 per share

- 2025-04: $151.44 per share

- 2025-05: $130.28 per share

- 2025-06: $145.45 per share

- 2025-07: $169.19 per share

- 2025-08: $177.94 per share

- 2025-09: $175.00 per share

- 2025-10: $171.82 per share

- 2025-11: $185.00 per share

- 2025-12: $182.22 per share

- 2026-01: $180.25 per share

- 2026-02: $108.14 per share

- 2026-03: $110.66 per share

- 2026-04: $118.33 per share

- 2026-05: $136.07 per share

- 2026-06: $173.71 per share

- 2026-07: $163.57 per share

- 2026-08: $164.99 per share

- 2026-09: $169.99 per share

- 2026-10: $175.13 per share

## Annual estimated value (USD per share)

- FY2016: low $50.65 per share, central $63.38 per share, high $73.36 per share

- FY2017: low $70.25 per share, central $92.03 per share, high $106.77 per share

- FY2018: low $105.62 per share, central $142.60 per share, high $165.95 per share

- FY2019: low $120.03 per share, central $167.40 per share, high $194.99 per share

- FY2020: low $112.64 per share, central $154.59 per share, high $179.01 per share

- FY2021: low $111.19 per share, central $135.00 per share, high $156.14 per share

- FY2022: low $147.76 per share, central $182.95 per share, high $213.18 per share

- FY2023: low $152.09 per share, central $186.08 per share, high $216.54 per share

- FY2024: low $158.02 per share, central $192.18 per share, high $223.29 per share

- FY2025: low $148.21 per share, central $167.78 per share, high $193.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1060955/000162828026038487/iclr-20251231.htm); period 2025-12-31, filed 2026-05-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Glenn Greenberg](https://gigainvestors.com/CCM): 3,153,308 ICLR shares; USD 547,761,000 reported position value; 11.94% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 606,523 ICLR shares; USD 105,359,000 reported position value; 1.32% of portfolio; reduce; quarter 2026 Q2.
- [Edgar Wachenheim](https://gigainvestors.com/GA): 3,100,615 ICLR shares; USD 538,608,000 reported position value; 6.22% of portfolio; add; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 4,468,146 ICLR shares; USD 776,162,000 reported position value; 1.03% of portfolio; add; quarter 2026 Q2.
- [Ron Muhlenkamp](https://gigainvestors.com/MUHL): 66,337 ICLR shares; USD 11,523,000 reported position value; 3.34% of portfolio; add; quarter 2026 Q2.
- [Bill Ruane](https://gigainvestors.com/RC): 2,048,087 ICLR shares; USD 355,773,000 reported position value; 5.54% of portfolio; add; quarter 2026 Q2.

# ICLR — ICON plc

Held by 6 investors · USD 2,335,186,000 total · 2026 Q2 · reported price USD 173.71 (split-adjusted).
Page: https://gigainvestors.com/s/ICLR

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 776,162,000 | 1.0% | add +2.68% |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 547,761,000 | 12% | add +5.22% |
| Edgar Wachenheim (https://gigainvestors.com/GA) | USD 538,608,000 | 6.2% | add +54.84% |
| Bill Ruane (https://gigainvestors.com/RC) | USD 355,773,000 | 5.5% | add +25.3% |
| Steven Romick (https://gigainvestors.com/FPA) | USD 105,359,000 | 1.3% | reduce -38.8% |
| Harry Burn (https://gigainvestors.com/SSHFX) | USD 69,379,172 | 0.0% | sold |
| Ron Muhlenkamp (https://gigainvestors.com/MUHL) | USD 11,523,000 | 3.3% | add +0.5% |

## Total held by quarter

- 2023 Q2: USD 238,004 · 1 holder · USD 250.53
- 2023 Q3: USD 234,004 · 1 holder · USD 246.32
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 117,790,453 · 1 holder · USD 335.95
- 2024 Q2: USD 111,805,345 · 1 holder · USD 313.47
- 2024 Q3: USD 101,608,905 · 1 holder · USD 287.31
- 2024 Q4: USD 361,025,363 · 4 holders · USD 209.71
- 2025 Q1: USD 386,954,913 · 4 holders · USD 174.99
- 2025 Q2: USD 756,804,380 · 7 holders · USD 145.45
- 2025 Q3: USD 894,557,298 · 6 holders · USD 175.00
- 2025 Q4: USD 958,809,181 · 5 holders · USD 182.22
- 2026 Q1: USD 1,401,972,343 · 7 holders · USD 110.66
- 2026 Q2: USD 2,335,186,000 · 6 holders · USD 173.71