ICON Balance Sheet Health
Financial Health criteria checks 4/6
ICON has a total shareholder equity of $9.3B and total debt of $3.4B, which brings its debt-to-equity ratio to 36.5%. Its total assets and total liabilities are $16.5B and $7.2B respectively. ICON's EBIT is $1.1B making its interest coverage ratio 5.9. It has cash and short-term investments of $468.9M.
Key information
36.51%
Debt to equity ratio
US$3.41b
Debt
| Interest coverage ratio | 5.9x |
| Cash | US$468.89m |
| Equity | US$9.33b |
| Total liabilities | US$7.17b |
| Total assets | US$16.51b |
Recent financial health updates
Recent updates
ICLR: Oncology And Site Network Expansion Will Offset Accounting Overhang
ICON's updated analyst price target has shifted from about $142.86 to roughly $132.08 as analysts factor in lower modeled revenue growth, a slightly different discount rate, and a reduced future P/E, partly offset by a modestly higher profit margin outlook and mixed reactions to the recent accounting investigation and subsequent ratings changes. Analyst Commentary Recent research on ICON reflects a wide range of opinions as firms reassess the stock following the internal accounting investigation, reduced price targets, and updates to sector models in life science tools, diagnostics, and contract research organizations.
ICLR: Accounting Review And Backlog Uncertainty Will Pressure Earnings Quality And Sentiment
Narrative update on ICON analyst targets Analysts have collectively reset ICON's average price target lower to around $120, citing ongoing accounting investigations and reduced sector targets. Some also highlight the possibility of upside if biopharma activity improves and current valuation already reflects much of the perceived risk.ICLR: Accounting Investigation Will Drive Earnings Quality Concerns And Higher Perceived Risk
Narrative Update The analyst price target for ICON has been reset lower to $75.00 from $163.85 as analysts factor in higher perceived risk, more conservative growth and margin expectations, and sector wide target cuts following the company's internal accounting investigation and Q4 updates across life science tools and contract research peers. Analyst Commentary Recent Street research on ICON reflects a clear reset in expectations, with several firms cutting price targets and adjusting ratings following the internal accounting investigation and related uncertainty.ICLR: Oncology Expansion Will Offset Accounting Overhang And Reset Sentiment
The updated analyst price target for ICON moves lower to $142.86 from $154.86, with analysts citing accounting-related uncertainty and potential backlog restatements, partially balanced by views that the recent selloff and current valuation may offer a more compelling risk and reward profile. Analyst Commentary Recent research on ICON reflects a split view, with some analysts seeing value after the selloff and others emphasizing ongoing accounting and growth risks.ICLR: Oncology Expansion And Accounting Overhang Are Expected To Reset Sentiment
Analysts have lowered their average price target on ICON from about $206 to roughly $155 as they factor in the ongoing internal accounting investigation, modestly softer growth and margin assumptions, a slightly higher discount rate, and a reduced future P/E multiple, even as some describe the recent share price weakness as creating a more compelling entry point. Analyst Commentary Recent research on ICON reflects a split view, with some analysts turning more constructive after the share price pullback while others remain cautious given the internal accounting investigation and softer growth and margin assumptions.ICLR: Oncology Expansion And Contract Visibility Will Support Future Upside Potential
Narrative Update on ICON Analysts have modestly adjusted their stance on ICON, with recent target changes clustered in a US$11 range. These changes reflect mixed views on softer revenue growth visibility, margin pressure into 2026, and updated healthcare utilization trends.It's Down 28% But ICON Public Limited Company (NASDAQ:ICLR) Could Be Riskier Than It Looks
Feb 06
ICLR: Mixed Margin And Cancellation Signals Will Shape Fairly Balanced Outlook
The analyst price target for ICON has edged higher by about US$1 to US$206.38, as analysts factor in slightly adjusted assumptions around fair value, discount rate, revenue growth, profit margins, and future P/E after a mix of recent target raises and trims across the Street. Analyst Commentary Recent research on ICON reflects a split view, with some on the Street lifting targets while others are turning more cautious as they reassess growth, margins, and contract visibility heading into 2026.ICLR: Strong Bookings And RFP Momentum Will Offset Margin Concerns
Analysts have trimmed their ICON fair value estimate by about US$0.69 to roughly US$205.69. This reflects expectations of softer revenue growth, thinner margins and a slightly higher discount rate, while still using a somewhat higher future P/E assumption in line with recent price target revisions across the Street.ICLR: Strong Bookings And RFP Momentum Will Support Long Term Upside
We nudge our ICON price target slightly higher to approximately $206.38 from about $206.19, as analysts balance continued concerns around 2026 margin pressure and pricing headwinds with updated post Q3 models and confidence that stronger gross bookings and RFP flow can support a healthier long term growth profile. Analyst Commentary Street research reflects a mixed but generally constructive stance on ICON, with price targets converging around the low to mid $200 range and a split between Hold and Outperform ratings.ICLR: Bookings Momentum Will Offset 2026 Margin And Pricing Headwinds
Analysts have modestly trimmed their blended price target on ICON, reflecting a slightly lower valuation multiple as they balance ongoing concerns about 2026 margin and pricing headwinds, highlighted in recent target cuts such as TD Cowen's move to $172 from $183 and Leerink's to $220 from $235, against still-supportive views on bookings momentum and long term growth prospects. Analyst Commentary Bullish Takeaways Bullish analysts highlight that updated models following Q3 results support modest upside to fair value, even after factoring in near term margin noise.ICLR: Bookings Momentum And Leadership Transition Will Drive Renewed Confidence In 2025
ICON’s analyst price target was revised modestly downward from $208.27 to $206.19, as analysts cited ongoing concerns about margin pressure and potential headwinds for 2026. These concerns were partially tempered by encouraging booking trends and updated financial models following recent quarterly results.ICLR: Operational Resilience And Leadership Transition Will Support Momentum Next Year
The analyst price target for ICON has edged lower by approximately $0.67 to $208.27, as analysts cite ongoing concerns about margin pressure and a slightly more cautious revenue growth outlook. Analyst Commentary Analyst sentiment on ICON remains divided, with both encouraging signals and pressing concerns for investors to consider.Margin Pressures And Partnership Wins Will Shape Next-Year Performance Outlook
The analyst fair value estimate for ICON has been revised downward by approximately $7 to $208.93. Analysts cite ongoing concerns about margin pressure and future revenue growth challenges.ICON: Solid Fundamentals Trump Regulatory Headwinds
Oct 22Midsized Pharma Partnerships And AI Tools Will Streamline Operations
ICON’s consensus price target has been revised down from $220.40 to $215.67 as analysts express caution over persistent revenue and booking growth risks, customer cancellations, and macro uncertainty, which offset recent partnership gains and stable sector demand. Analyst Commentary Bearish analysts highlighted persistent revenue and EBITDA growth risks in 2026 tied to lower-than-normal book-to-bills (BtBs) and customer cancellations, with consensus estimates seen as too optimistic.After Leaping 25% ICON Public Limited Company (NASDAQ:ICLR) Shares Are Not Flying Under The Radar
Aug 20Are Investors Undervaluing ICON Public Limited Company (NASDAQ:ICLR) By 43%?
Aug 12What Is ICON Public Limited Company's (NASDAQ:ICLR) Share Price Doing?
Jul 14We Think ICON (NASDAQ:ICLR) Can Stay On Top Of Its Debt
May 20ICON: An Excellent Investment Opportunity With Strong Growth Potential
Feb 24ICON: A High Probability Of Success In The Uncertain R&D Process
Dec 13ICON: Disappointing Change In Trajectory (Rating Downgrade)
Nov 29ICON: Deleveraging Complete, Now See 18% CAGR In Valuation To FY'26E (Rating Upgrade)
Jul 13Financial Position Analysis
Short Term Liabilities: ICLR's short term assets ($3.4B) exceed its short term liabilities ($3.2B).
Long Term Liabilities: ICLR's short term assets ($3.4B) do not cover its long term liabilities ($4.0B).
Debt to Equity History and Analysis
Debt Level: ICLR's net debt to equity ratio (31.5%) is considered satisfactory.
Reducing Debt: ICLR's debt to equity ratio has increased from 20.5% to 36.5% over the past 5 years.
Debt Coverage: ICLR's debt is well covered by operating cash flow (33.5%).
Interest Coverage: ICLR's interest payments on its debt are well covered by EBIT (5.9x coverage).
Balance Sheet
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 07:41 |
| End of Day Share Price | 2026/04/29 00:00 |
| Earnings | 2025/09/30 |
| Annual Earnings | 2024/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
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Analyst Sources
ICON Public Limited Company is covered by 31 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Eric Coldwell | Baird |
| Douglas Tsao | Barclays |
| Luke Sergott | Barclays |