Does ICF International, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ICF International, Inc. (ICFI) 46.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 63, returns on capital 17, balance-sheet safety 35, capital discipline 75.

Is ICFI stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $119.37 per share versus a recent price of $78.86 — 34% below value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ICFI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 46.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ICF International, Inc.

ICFI · Consumer Discretionary · $1.4B mkt cap · FY2025 filings · Shallow moat ·

On the watchlist

Shallow moat

The four filters

Pricing power63

Median gross margin 36.4% over 10y, very stable.

Returns on capital17

Median ROIC 8.2%, above the 9% hurdle in 10% of years.

Balance-sheet safety35

Net debt/EBITDA 1.9x, interest coverage 5x.

Capital discipline75

Owner earnings +8.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

34% below value

Owner earnings (normalized): $121.0M
Est. intrinsic value / share: $119.37
Recent price: $78.86
Discount to value: 34% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

ICF International, Inc. booked $1.9B of revenue in FY2025 in the Consumer Discretionary sector and kept 37.2% of it as gross profit — a solid-margin business by that measure. After every other cost, 4.9% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $674.4M (FY2009) to $1.9B (FY2025) — about 6.6% a year compounded over 16 years.

It earned 8.4% on invested capital in FY2025, with a median of 8.1% across 17 filed years. The Returns on Capital filter above scores it 17/100.

The balance sheet carried $401.4M of total debt in FY2025 against $128.1M of owner earnings — roughly 3.1 years of owner earnings to retire it all. Balance-Sheet Safety scores it 35/100.

The share count fell 6.7% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 75/100.

Put together: Capital Discipline is the strongest of the four filters (75/100) and Returns on Capital the weakest (17/100), which is how ICFI lands at 46/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$1.9B FY2025

Gross marginRevenue kept after cost of goods37.2% FY2025

Return on invested capitalOperating profit on the capital employed8.4% FY2025

Owner earningsCash an owner could take out$128.1M FY2025

Gaps in a line mean that item isn’t in ICFI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ICFI has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Consumer Discretionary context

#176 of 340 scored Consumer Discretionary companies, ranked by Moat Score.

Nearest peers by Moat Score

#174PVH PVH Corp.46.7 out of 100, Shallow moatShallow moat
#175LIVE Live Ventures Incorporated46.7 out of 100, Shallow moatShallow moat
#177MPAA MOTORCAR PARTS OF AMERICA, INC.46.1 out of 100, Shallow moatShallow moat
#178SBDS Solo Brands, Inc.46.0 out of 100, Shallow moatShallow moat

Compare ICFI with its nearest peers →All Consumer Discretionary companies on the Index →

Common questions about ICFI

Does ICF International, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ICF International, Inc. (ICFI) 46.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 63, returns on capital 17, balance-sheet safety 35, capital discipline 75.
Is ICFI stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $119.37 per share versus a recent price of $78.86 — 34% below value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ICFI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 46.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ICFI. See the disclaimer.