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ICLR on Nasdaq. Commercial physical & biological research. Market value $12.4bn.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

A big one-off write-off makes recent profit look smaller than the business earns, so we leave price to profit out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
7.0%high

For every $100 of what the whole company costs, it produced $6.96 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
4.9%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 80 of 100. Price score: not known. Our list needs 70 on quality and 60 on price.

$161.69 a share, 143% above its 1-year low

Over the past year the price has ranged from $66.57 to $203.91.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.7
0.4
1.0
1.1
0.9
20212022202320242025
Revenue
$5.5bn$7.7bn$8.1bn$8.2bn$8.3bn
Operating margin
6.9%10.3%11.2%12.6%5.4%
Debt to equity
0.680.550.410.360.31
Shares outstanding
0.08bn0.08bn0.08bn0.08bn0.08bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)7 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.31× equity
  • Revenue growth, five yearsStrong, 24.2% a year
  • Buying back its own sharesYes, 6% fewer since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 May 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

13 long-term investors we follow own it, down from 17 last quarter. 422 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $4m.

  • McCague Eugene Pacelli
    Director
    Sold
    Date
    17 September 2026
    Shares
    3,255
    Price
    $175.00
    Value
    $569,625
  • Murphy Ronan Martin
    Director
    Sold
    Date
    17 September 2026
    Shares
    5,005
    Price
    $175.00
    Value
    $875,875
  • CLIMAX JOHN DR
    Director
    Sold
    Date
    16 September 2026
    Shares
    5,005
    Price
    $175.00
    Value
    $875,875
  • Whitaker Anne Clem
    Director
    Sold
    Date
    11 August 2026
    Shares
    841
    Price
    $164.29
    Value
    $138,168
  • O'Neill Julie
    Director
    Sold
    Date
    11 August 2026
    Shares
    915
    Price
    $164.29
    Value
    $150,326
  • Murray Ciaran
    Director
    Sold
    Date
    11 August 2026
    Shares
    2,677
    Price
    $164.29
    Value
    $439,803
  • Murphy Ronan Martin
    Director
    Sold
    Date
    11 August 2026
    Shares
    841
    Price
    $164.29
    Value
    $138,168
  • McCague Eugene Pacelli
    Director
    Sold
    Date
    11 August 2026
    Shares
    841
    Price
    $164.29
    Value
    $138,168
  • Grais Linda
    Director
    Sold
    Date
    11 August 2026
    Shares
    841
    Price
    $164.29
    Value
    $138,169
  • CLIMAX JOHN DR
    Director
    Sold
    Date
    11 August 2026
    Shares
    841
    Price
    $164.29
    Value
    $138,168

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Icon doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.