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IconICLR -3.15%90 Piotroski F-Score is 6 as of Aug. 03, 2026, which is at its 10-year median of 6.00. GuruFocus rates ICLR with a GF Score™ of 90/100 and a GF Value™ of $213.60 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 207 Medical Diagnostics & Research companies, Icon ranks better than 79.23% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Icon has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Icon's Piotroski F-Score or its related term are showing as below:
ICLR'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of Icon was 8. The lowest was 4. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Icon Piotroski F-Score Related Terms
Icon Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Icon's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ICLR vs RVTY, CRL, MEDP: Piotroski F-Score Comparison
For the Diagnostics & Research subindustry, Icon's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Icon Piotroski F-Score vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Icon's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Icon's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was -284.183 + 149.194 + 104.751 + 72.582 = $42 Mil. Cash Flow from Operations was -146.201 + 767.965 + 167.006 + 281.27 = $1,070 Mil. Revenue was 2084.415 + 2112.517 + 2033.999 + 2063.486 = $8,294 Mil. Gross Profit was 545.464 + 480.738 + 477.926 + 479.294 = $1,983 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(16602.29 + 16507.49 + 16269.782 + 16319.022 + 16400.32) / 5 = $16419.7808 Mil. Total Assets at the begining of this year (Jun25) was $16,602 Mil. Long-Term Debt & Capital Lease Obligation was $2,214 Mil. Total Current Assets was $3,749 Mil. Total Current Liabilities was $3,935 Mil.
Net Income was 197.128 + 207.65 + 160.812 + 203.516 = $769 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Icon's current Net Income (TTM) was 42.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Icon's current ratio of this year was 0.95272279. Icon's current ratio of last year was 1.29427098.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Icon's number of shares in issue this year was 77.371. Icon's number of shares in issue last year was 79.547.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Icon's gross margin of this year was 0.23912736. Icon's gross margin of last year was 0.28317996.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Icon's asset turnover of this year was 0.49959475. Icon's asset turnover of last year was 0.47338787.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Icon has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Icon (ICLR) has a Piotroski F-Score of 6 as of Aug. 03, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Icon and its competitors. This is near median its historical median of 6.00. Over the past decade, Icon's Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Icon ranks #43 out of 207 companies in the Medical Diagnostics & Research industry, placing it in the top 20.8%.
Is Icon's Piotroski F-Score too high?
Icon's current Piotroski F-Score of 6 is near median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Medical Diagnostics & Research industry median Piotroski F-Score is 5.00. Icon's value of 6 is 20% above this industry median. Based on the distribution chart, Icon ranks #43 out of 207 companies in the Medical Diagnostics & Research industry, which is in the top quartile — a strong position relative to peers. Overall, Icon has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Icon's Piotroski F-Score compare to RVTY and CRL?
According to the Medical Diagnostics & Research industry distribution chart, Icon ranks #43 out of 207 companies for Piotroski F-Score. This places Icon in the top 21% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Icon's value of 6 is 20% above this benchmark. Historically, Icon's own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Icon has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Medical Diagnostics & Research company?
The median Piotroski F-Score among Medical Diagnostics & Research companies is 5.00, based on 207 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Icon's current Piotroski F-Score of 6 is 20% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Icon and its competitors. For the Medical Diagnostics & Research industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Icon's current Piotroski F-Score is 6, which is near median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Icon stock overvalued right now?
Based on GuruFocus' analysis, Icon (ICLR) is currently considered Modestly Undervalued. The stock's GF Value™ is $213.60, compared to a current price of $158.41 — trading 25.8% below its estimated fair value. The current Piotroski F-Score is 6, which is near median its 10-year median of 6.00 and 20% above the Medical Diagnostics & Research industry median of 5.00. Icon's overall GF Score™ is 90/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Icon (ICLR), the current Piotroski F-Score is 6 as of Aug. 03, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Icon (ICLR) Overvalued in 2026?
Based on GuruFocus' analysis, Icon stock appears to be undervalued.
The current stock price of $158.41 is trading 25.8% below its estimated GF Value™ of $213.60.
GuruFocus considers Icon to be Modestly Undervalued.
Key valuation signals for ICLR:
Piotroski F-Score: 6 (near median its 10-year median of 6.00)
GF Value™: $213.60 vs. price of $158.41 (25.8% below fair value)
Industry Position: 20% above the Medical Diagnostics & Research median (#43 of 207)
No single metric tells the full story. See the ICLR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Icon is a global contract research organization that provides outsourced clinical development services to pharmaceutical and biotechnology firms. Icon supports clients across late-stage clinical trials through the regulatory approval process and postmarket studies. Icon's services include clinical trial management, patient recruitment, data analytics, laboratory services, and regulatory consulting. With more than 40,000 employees operating in over 50 countries, the company partners with life sciences firms to run clinical trials and bring new drugs to market.
90GF Score
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