Taking everything into account, ICLR scores 5 out of 10 in our fundamental rating. ICLR was compared to 58 industry peers in the Life Sciences Tools & Services industry. ICLR has an average financial health and profitability rating. ICLR has a decent growth rate and is not valued too expensively.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

In the past year ICLR was profitable.
In the past year ICLR had a positive cash flow from operations.
Each year in the past 5 years ICLR has been profitable.
Each year in the past 5 years ICLR had a positive operating cash flow.

1.2 Ratios

Looking at the Return On Assets, with a value of 3.63%, ICLR is in the better half of the industry, outperforming 75.86% of the companies in the same industry.
The Return On Equity of ICLR (6.42%) is better than 75.86% of its industry peers.
ICLR's Return On Invested Capital of 6.74% is fine compared to the rest of the industry. ICLR outperforms 75.86% of its industry peers.
The Average Return On Invested Capital over the past 3 years for ICLR is significantly below the industry average of 13.29%.
The last Return On Invested Capital (6.74%) for ICLR is above the 3 year average (5.80%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	3.63%
ROE	6.42%
ROIC	6.74%

ROA(3y)3.74%

ROA(5y)4.36%

ROE(3y)6.96%

ROE(5y)8.15%

ROIC(3y)5.8%

ROIC(5y)6.92%

1.3 Margins

Looking at the Profit Margin, with a value of 7.40%, ICLR is in the better half of the industry, outperforming 75.86% of the companies in the same industry.
ICLR's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 13.99%, ICLR is in the better half of the industry, outperforming 74.14% of the companies in the same industry.
ICLR's Operating Margin has been stable in the last couple of years.
The Gross Margin of ICLR (28.15%) is worse than 77.59% of its industry peers.
ICLR's Gross Margin has been stable in the last couple of years.

		Industry Rank	Sector Rank
OM	13.99%
PM (TTM)	7.4%
GM	28.15%

OM growth 3Y9.91%

OM growth 5Y-0.95%

PM growth 3Y50.65%

PM growth 5Y-6.44%

GM growth 3Y2.3%

GM growth 5Y-0.09%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), ICLR is destroying value.
ICLR has less shares outstanding than it did 1 year ago.
Compared to 5 years ago, ICLR has more shares outstanding
ICLR has a better debt/assets ratio than last year.

2.2 Solvency

ICLR has an Altman-Z score of 2.11. This is not the best score and indicates that ICLR is in the grey zone with still only limited risk for bankruptcy at the moment.
ICLR has a Altman-Z score (2.11) which is comparable to the rest of the industry.
The Debt to FCF ratio of ICLR is 3.53, which is a good value as it means it would take ICLR, 3.53 years of fcf income to pay off all of its debts.
ICLR has a Debt to FCF ratio of 3.53. This is in the better half of the industry: ICLR outperforms 79.31% of its industry peers.
ICLR has a Debt/Equity ratio of 0.31. This is a healthy value indicating a solid balance between debt and equity.
With a Debt to Equity ratio value of 0.31, ICLR perfoms like the industry average, outperforming 48.28% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	0.31
Debt/FCF	3.53
Altman-Z	2.11

ROIC/WACC0.73

WACC9.24%

2.3 Liquidity

A Current Ratio of 1.06 indicates that ICLR should not have too much problems paying its short term obligations.
Looking at the Current ratio, with a value of 1.06, ICLR is doing worse than 84.48% of the companies in the same industry.
ICLR has a Quick Ratio of 1.06. This is a normal value and indicates that ICLR is financially healthy and should not expect problems in meeting its short term obligations.
ICLR's Quick ratio of 1.06 is on the low side compared to the rest of the industry. ICLR is outperformed by 77.59% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	1.06
Quick Ratio	1.06

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

ICLR shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -5.99%.
Measured over the past years, ICLR shows a quite strong growth in Earnings Per Share. The EPS has been growing by 15.23% on average per year.
ICLR shows a decrease in Revenue. In the last year, the revenue decreased by -2.46%.
ICLR shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 24.17% yearly.

EPS 1Y (TTM)-5.99%

EPS 3Y13.76%

EPS 5Y15.23%

EPS Q2Q%-1.19%

Revenue 1Y (TTM)-2.46%

Revenue growth 3Y14.75%

Revenue growth 5Y24.17%

Sales Q2Q%0.63%

3.2 Future

The Earnings Per Share is expected to grow by 5.27% on average over the next years.
The Revenue is expected to grow by 2.38% on average over the next years.

EPS Next Y-4.72%

EPS Next 2Y-1.9%

EPS Next 3Y1.92%

EPS Next 5Y5.27%

Revenue Next Year-2.43%

Revenue Next 2Y-1.08%

Revenue Next 3Y0.75%

Revenue Next 5Y2.38%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.

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4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 14.09, ICLR is valued correctly.
Based on the Price/Earnings ratio, ICLR is valued cheaper than 94.83% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.39, ICLR is valued rather cheaply.
ICLR is valuated correctly with a Price/Forward Earnings ratio of 13.80.
96.55% of the companies in the same industry are more expensive than ICLR, based on the Price/Forward Earnings ratio.
ICLR's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 25.72.

		Industry Rank	Sector Rank
PE	14.09
Fwd PE	13.8

4.2 Price Multiples

ICLR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. ICLR is cheaper than 96.55% of the companies in the same industry.
ICLR's Price/Free Cash Flow ratio is rather cheap when compared to the industry. ICLR is cheaper than 94.83% of the companies in the same industry.