What is ICF International, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on ICF International, Inc.'s reported free cash flow gives $93.54 per share. The share price was $83.56 on September 25, 2026, 11% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -0.5% | 10.0% | $49.60 | -41% |
| Base | 4.5% | 9.0% | $93.54 | +12% |
| Bull | 9.5% | 8.0% | $179.12 | +114% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $124.84 | $134.35 | $145.96 | $160.48 | $179.15 |
| 8.0% | $101.53 | $107.69 | $114.97 | $123.71 | $134.39 |
| 9.0% | $84.47 | $88.68 | $93.54 | $99.21 | $105.92 |
| 10.0% | $71.45 | $74.45 | $77.85 | $81.73 | $86.21 |
| 11.0% | $61.21 | $63.41 | $65.86 | $68.62 | $71.75 |
Where the presets come from
Base: years 1 to 5 grow at ICF International, Inc.'s revenue growth rate over the last 5 fiscal years (4.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions