ICON PLC (ICLR) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of ICON PLC stock $224, price $203, upside +10.4%, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 22 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $80.08 – $346.20 · fair‑value band $137.83 – $310.45 · the $203.11 price screens below the $224.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
Follow ICON in your weekly email
Every Wednesday you see whether ICON is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
ICON, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally.
Show moreShow less
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, and contract staffing services; and commercial services comprising clinical development strategy, planning and trial design, full study execution, and post-market commercialization.
In addition, the company offers laboratory services, including bionanalytical, 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, laboratories, language services, medical imaging, real world intelligence, site and patient, and strategic solutions.
It serves pharmaceutical, biotechnology, and medical device industries, as well as government and public health organizations. The company has a strategic alliance with Advarra, Inc. for the development of a connected, research-ready clinical trial site network model.
ICON was incorporated in 1989 and is headquartered in Dublin, Ireland.
Stock analysis
ICON PLC (ICLR) currently trades at $203.11, while our model-based Fair Value estimate is $224.15, so the stock looks roughly fairly valued today (gap 9.4%).
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $216.92 per share, and 8 of the 22 models we run sit above the $203.11 price.
Bear case: the Earnings-Based group reads lowest at $43.71, and 14 of the 22 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $137.83 (bear) to $310.45 (bull), the price of $203.11 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
ICON PLC reported revenue of $8.3B in FY2025 versus $5.5B in FY2021, a compound +10.8%/yr. Reported net income was $229M in FY2025, compounding +10.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $15.7B Large · P/E ratio 81.2 · P/S ratio 2.26 · EPS (TTM) $2.50 · Net margin 2.8% · Return on equity 4.7% · Return on assets (EBIT) 5.0% · Revenue (TTM) $8.3B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 6% below its 52-week high and 154% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −11% fair-value upside, at 10%, ICLR screens cheaper than that median.
Fair Value models
Bear$137.83Fair Value $224.15Bull$310.45
Price $203.11 · Upside +10.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.12 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 10 officers or directors sold shares worth $6.2M and none bought.
SaleCiaran MurrayDirector2× since Aug 11, 2026: 6,129 shares, avg. $187.59$1.1MNov 2, 2026
SaleNigel Bernard John ClerkinChief Financial Officer2× since Aug 11, 2026: 3,755 shares, avg. $181.08$679,947Nov 2, 2026
SaleEmer LyonsChief Accounting Officer2× since Oct 23, 2026: 536 shares, avg. $194.33$104,161Nov 2, 2026
SaleBarry Edward BalfeChief Executive Officer, Director2× since Aug 10, 2026: 5,557 shares, avg. $203.73$1.1MNov 2, 2026
SaleRonan Martin MurphyDirector2× since Aug 11, 2026: 5,846 shares, avg. $173.46$1.0MSep 17, 2026
SaleEugene Pacelli McCagueDirector2× since Aug 11, 2026: 4,096 shares, avg. $172.80$707,793Sep 17, 2026
SaleJohn Dr ClimaxDirector2× since Aug 11, 2026: 5,846 shares, avg. $173.46$1.0MSep 16, 2026
SaleLinda GraisDirector841 shares at $164.29$138,169Aug 11, 2026
SaleJulie O'NeillDirector915 shares at $164.29$150,326Aug 11, 2026
SaleAnne Clem WhitakerDirector841 shares at $164.29$138,168Aug 11, 2026
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.84/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.2%
Start year 2020 (pandemic). Over 10 years: +18.0% a year
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+20.7%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+3.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.2%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13.9% vs −3.1%, slowing
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.15% → 13%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.4% a year for the price and +0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: ICON benefits from strengthening demand for its contract research services while large pharma R&D spending remains firm, yet its main weakness is persistently low returns and margins that signal limited pricing power.
Main risk: Rivals such as IQVIA with integrated data and analytics platforms could capture more clinical research contracts or force lower prices on ICON's services.
Bull case: By scaling its Orbis AI platform through partnerships with Anthropic and Microsoft, ICON could accelerate trial execution and win more contracts from sponsors seeking efficiency gains.
Bear case: If data-enabled competitors like IQVIA or the loss of key large pharma clients materialise, ICON could see sustained pressure on bookings and margins as sponsors shift work elsewhere.
ICON sees improving demand for its contract research services as large pharma R&D spending holds up and RFP activity strengthens into 2027. Elevated pass-through costs, however, may continue to limit margin expansion even as revenue recovers. Will stronger bookings more than offset the drag on profitability when results arrive later this month?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Diagnostics & Research · 126 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+10.4% · Top 25%
Profitability
Return on equity (12 months)4.7% · Above median
Return on assets1.4% · Below median
Net margin (12 months)5.3% · Below median
Operating margin (12 months)0.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−2.9% · Bottom 25%
Balance sheet
Debt / equity0.31× · Above median
Valuation Multiplesvs Diagnostics & Research median · lower = cheaper
P/E (12 months)81.2× · Priciest 25%
P/B1.71× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "ICON PLC Fair Value". https://www.fairvalue-calculator.com/stock/ICLR
Frequently asked questions
Is ICON PLC (ICLR) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $224.15 versus a price of $203.11, about +10% upside (fairly valued).
What is the fair value of ICLR?
Our model-based fair value for ICON PLC is $224.15 (as of Nov 4, 2026), built from audited fundamentals. The current price: $203.11.
What is the quality score of ICLR?
ICON PLC has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ICON PLC (ICLR)?
Our model-based price target is the fair value of $224.15 (as of Nov 4, 2026) from 22 valuation models. Cautious scenario $137.83, optimistic scenario $310.45. It is a calculation from audited fundamentals, not an analyst target.
What is the ICON PLC stock forecast for 2026?
Our models put fair value at $224.15, about +10% upside versus a price of $203.11 (fairly valued). Cautious scenario $137.83, optimistic scenario $310.45. The calculation is refreshed regularly with new filings.
What is the revenue of ICON PLC (ICLR)?
ICON PLC reported trailing-twelve-month revenue of about $8.3B (latest available figure, as of Nov 4, 2026).
What growth is priced into ICON PLC (ICLR)?
For today's price to be fair in a discounted-cash-flow model, ICON PLC would have to grow free cash flow by +11.0 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +24.2 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of ICLR use?
Our models discount ICON PLC at 9.8 %: a base by market capitalisation (large), damped by beta 1.24, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For ICON PLC that is +11.0 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has ICON PLC (ICLR) delivered so far?
Over the past 5 years revenue at ICON PLC grew +24.2 % a year. The price currently implies +11.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of ICON PLC (ICLR) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into ICON PLC (+11.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of ICON PLC (ICLR)?
The free-cash-flow yield on the price is 5.49 %: that much free cash flow ICON PLC produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of ICON PLC (ICLR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ICON PLC it is $224.15 per share (as of Nov 4, 2026), against a price of $203.11. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is ICON PLC stock overvalued or undervalued in 2026?
As of Nov 4, 2026, ICLR trades below its calculated fair value: price $203.11, fair value $224.15, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ICLR?
No. The price is what the market pays today ($203.11); the fair value is what the company's own numbers justify ($224.15). For ICON PLC the two are $21.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is ICON PLC worth?
The market values ICON PLC at about $15.7B (market capitalisation, as of Nov 4, 2026). Per share that is $203.11; our models calculate a fair value of $224.15 per share.
What do the bullish and bearish scenarios say about ICLR?
Our models span a range for ICON PLC: cautious scenario $137.83, base $224.15, optimistic $310.45 per share (as of Nov 4, 2026, price $203.11). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ICLR?
ICON PLC trades at a price-to-earnings ratio of 81.2 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $224.15 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 27.0 (reported for FY2025: 70.0). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 9 of the years ex one-offs: 24.6. Other multiples: PEG 0.7, P/B 1.7, P/S 1.9, EV/EBITDA 34.3.
What is the PEG ratio of ICLR?
The PEG ratio of ICON PLC is 0.65 (P/E divided by earnings growth, as of Nov 4, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of ICON PLC (ICLR)?
Balance-sheet figures for ICON PLC (as of Nov 4, 2026): return on equity 4.7%, debt of 0.31 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is ICLR from its 52-week high?
ICON PLC trades at $203.11, about 6% below its 52-week high of $215.48 and 154% above the low of $80.08 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $224.15 is for.
Which stocks are comparable to ICON PLC?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, Danaher Corporation, WuXi AppTec Co, Lonza Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ICON PLC stock attractive at the current price?
The data as of Nov 4, 2026: price $203.11, calculated fair value $224.15 (+10%), Quality Score 60/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ICLR calculated?
We run ICON PLC through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $224.15, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. ICON PLC currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ICON PLC (ICLR)?
The closing price on Nov 4, 2026 was $203.11. Our model-based fair value is $224.15, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ICON PLC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($137.83 to $310.45) leaves room in how you read the outcome.
Where does the earnings growth of ICON PLC (ICLR) come from?
Earnings per share at ICON PLC grew +6.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +16.1 %, EBIT margin −3.3 %, tax rate +0.9 %, residual (interest, one-offs) −5.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of ICON PLC
How large is the market capitalisation of ICON PLC (ICLR)?
The market capitalisation of ICON PLC is $15.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ICON PLC (ICLR)?
The price-to-sales ratio of ICON PLC is 2.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ICON PLC (ICLR)?
Earnings per share at ICON PLC are $2.50 (price ÷ EPS = P/E 81.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of ICON PLC (ICLR)?
The net margin of ICON PLC is 2.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ICON PLC (ICLR)?
The return on equity (ROE) of ICON PLC is 4.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ICON PLC (ICLR)?
On an EBIT basis the return on assets of ICON PLC is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at ICON PLC (ICLR)?
Revenue at ICON PLC is growing −2.9% versus a year earlier (3y avg +2.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ICON PLC (ICLR)?
Earnings per share at ICON PLC are growing −63.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does ICON PLC (ICLR) carry?
The net debt of ICON PLC is $2.9B (fiscal year 2025, ≈ 3.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch ICON PLC in the live analysis
One click puts ICON PLC on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 4, 2026