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ICF International (ICF International) Owner Earnings per Share (TTM) : 6.67 (As of Mar. 2024)


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What is ICF International Owner Earnings per Share (TTM)?

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

ICF International's Owner Earnings per Share (TTM) ended in Mar. 2024 was $6.67. It's Price-to-Owner-Earnings ratio for today is 22.46.


The historical rank and industry rank for ICF International's Owner Earnings per Share (TTM) or its related term are showing as below:

ICFI' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 7.72   Med: 17.23   Max: 183.16
Current: 22.47


During the past 13 years, the highest Price-to-Owner-Earnings ratio of ICF International was 183.16. The lowest was 7.72. And the median was 17.23.


ICFI's Price-to-Owner-Earnings is ranked worse than
70.6% of 517 companies
in the Business Services industry
Industry Median: 12.25 vs ICFI: 22.47

ICF International's Earnings per Share (Diluted) for the three months ended in Mar. 2024 was $1.44. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was $4.92. It's PE Ratio ratio for today is 30.45.

ICF International's EPS without NRI for the three months ended in Mar. 2024 was $1.77. Its EPS without NRI for the trailing twelve months (TTM) ended in Mar. 2024 was $6.83. It's PE Ratio without NRI ratio for today is 21.93.


ICF International Owner Earnings per Share (TTM) Historical Data

The historical data trend for ICF International's Owner Earnings per Share (TTM) 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.

* Premium members only.

ICF International Owner Earnings per Share (TTM) Chart

ICF International Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Owner Earnings per Share (TTM)
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.98 6.80 3.08 6.26 6.14

ICF International Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Owner Earnings per Share (TTM) Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.73 7.02 8.48 6.14 6.67

Competitive Comparison of ICF International's Owner Earnings per Share (TTM)

For the Consulting Services subindustry, ICF International's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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.


ICF International's Price-to-Owner-Earnings Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, ICF International's Price-to-Owner-Earnings distribution charts can be found below:

* The bar in red indicates where ICF International's Price-to-Owner-Earnings falls into.



ICF International Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

ICF International's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 94
Depreciation, Depletion and Amortization 59
Change In Deferred Tax -25
5Y Average of Maintenance Capital Expenditure 18
Change In Working Capital 16
Shares Outstanding (Diluted Average) 19

1. Start with "Net Income" from income statement. ICF International's Net Income for the trailing twelve months (TTM) ended in Mar. 2024 was $94 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. ICF International's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Mar. 2024 was $59 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. ICF International's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2024 was $-25 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $18 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

ICF International's 5-Year Average Maintenance Capital Expenditure = $18 Mil

5. "Change In Working Capital" is from cashflow statement. ICF International's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2024 was $16 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. ICF International's Shares Outstanding (Diluted Average) for the months ended in Mar. 2024 was 18.946 Mil.

ICF International's Onwer Earnings Per Share for Mar. 2024 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 93.531 +59.07+-24.607
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-17.649247668702+15.971)/18.946
=6.67

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=149.80/6.67
=22.46

* 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.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


ICF International Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of ICF International's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


ICF International (ICF International) Business Description

Traded in Other Exchanges
Address
1902 Reston Metro Plaza, Reston, VA, USA, 20190
ICF International Inc provides professional services and technology-based solutions to government and commercial clients, including management, marketing, technology, and policy consulting and implementation services. Its services primarily support clients that operate in four key markets that include Energy, Environment, and Infrastructure, Health, Education, and Social Programs, Safety and Security and Consumer and Financial. The Company's major clients are United States federal government departments and agencies.
Executives
John Wasson officer: EVP & COO ICF INTERNATIONAL, INC., 1902 RESTON METRO PLAZA, RESTON VA 20190
Srikant Datar director ICF INTERNATIONAL, INC., 9300 LEE HIGHWAY, FAIRFAX VA 22031
Lee Rodney Mark Jr. officer: Executive Vice President 1902 RESTON METRO PLAZA, RESTON VA 20190
Van Handel Michael J director MANPOWERGROUP INC., 100 MANPOWER PLACE, MILWAUKEE WI 53212
Morgan James C M officer: Chief Financial Officer 1902 RESTON METRO PLAZA, RESTON VA 20190
Ranjit S Chadha officer: VP & Principal Accounting Off. C/O DENTSPLY SIRONA INC, 13320 BALLANTYNE CORPORATE PLACE, CHARLOTTE NC 28277
Anne F Choate officer: Executive Vice President 1902 RESTON METRO PLAZA, RESTON VA 20190
Barry M Broadus officer: Chief Financial Officer 1902 RESTON METRO PLAZA, RESTON VA 20190
Michelle A Williams director 1902 RESTON METRO PLAZA, RESTON VA 20190
Scott B Salmirs director 551 FIFTH AVE, SUITE 300, NEW YORK NY 10176
Sergio J Ostria officer: Executive Vice President 9300 LEE HIGHWAY, FAIRFAX VA 22031
Sudhakar Kesavan director, officer: Chairman, President and CEO ICF INTERNATIONAL, INC., 9300 LEE HIGHWAY, FAIRFAX VA 22031
Donald J Terreri officer: VP & Principal Acct. Officer 9300 LEE HIGHWAY, FAIRFAX VA 22031
Marilyn C Crouther director 1902 RESTON METRO PLAZA, RESTON VA 20190
Peter M Schulte director, 10 percent owner 900 THIRD AVENUE 33RD FLOOR, NEW YORK NY 10022-4775