ICF International, Inc. — Earnings Quality Grade F
ICFI · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 46 days, change -0 days YoY
AR growth -7.4% vs revenue growth -7.3%
Revenue -7.3%, CFFO -17.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 1.1% vs revenue -7.3%. Normal
SG&A/Gross Profit = 70.7%, exceeds 70%
Gross margin 37.2%, change +0.6pp. Stable
Cash Flow Quality
CFFO/NI = 1.55. Profits backed by cash
FCF $0.1B, FCF/NI = 1.31
Accruals ratio = -2.5%. Low accruals
Cash $0.0B covers only 1% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $1.3B = 130% of equity. Over 50%
Debt/EBITDA = 2.8x. Healthy
Other assets grew 24.1% vs revenue -7.3%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.67 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25