ICLRICON Public Limited Company
Is the business good?
The checks split: earnings fully cash-backed (4.6×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Efficiency-driven, thin margins turned over fast (the retail model). ROE 2% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ICLR?
ICON Public Limited Company earns 2.0% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 7.0 points below what the capital costs: growth destroys value
- Operating margin
- 3.6%
Operating margin · Diagnostics & Research median 3.6% · 12 months to Q2 2026
- Cash conversion
- 4.57×
Cash conversion · 1.09× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −2.7%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 6.9% |
| FY2022 | 10% |
| FY2023 | 11% |
| FY2024 | 13% |
| FY2025 | 5.4% |
Details›
- Gross margin12 months to Q2 2026
- 24%
- Operating margin12 months to Q2 2026
- 3.6%
- Net margin12 months to Q2 2026
- 0.51%
- Free cash flow margin
- 11%
- Revenue, trailing twelve months
- $8.29B
- Free cash flow, trailing twelve months
- $884M
- Net income, trailing twelve months
- $42M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.0%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Diagnostics & Research
Ranks #3 of 21 by RyuScore