Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
IconICLR -0.19%88 EV-to-EBITDA is 20.87 as of Jul. 21, 2026, which is 20% above its 10-year median of 17.35. GuruFocus rates ICLR with a GF Score™ of 88/100 and a GF Value™ of $227.70 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 117 Medical Diagnostics & Research companies, Icon ranks worse than 64.1% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Icon's enterprise value is $15,705 Mil.
Icon's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was $752 Mil. Therefore, Icon's EV-to-EBITDA for today is 20.87.
The historical rank and industry rank for Icon's EV-to-EBITDA or its related term are showing as below:
ICLR'
s EV-to-EBITDA Range Over the Past 10 Years
Min: 9.66 Med: 17.35 Max: 54.53
Current: 20.87
During the past 13 years, the highest EV-to-EBITDA of Icon was 54.53. The lowest was 9.66. And the median was 17.35.
ICLR's EV-to-EBITDA is ranked worse than 64.1% of 117
companies
in the Medical Diagnostics & Research industry
Industry Median: 14.55
vs ICLR: 20.87
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
As of today (2026-07-21), Icon's stock price is $165.87.
Icon's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 was $1.920. Therefore, Icon's PE Ratio (TTM) for today is 86.39.
The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).
Icon (NAS:ICLR) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Icon's share price for today is $165.87.
Icon's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1.920.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Icon's EV-to-EBITDA 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.
For the Diagnostics & Research subindustry, Icon's EV-to-EBITDA, along with its competitors' market caps and EV-to-EBITDA 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 EV-to-EBITDA vs Medical Diagnostics & Research Industry
For the Medical Diagnostics & Research industry and Healthcare sector, Icon's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Icon's EV-to-EBITDA falls into.
Icon's current Enterprise Value is $15,705 Mil.
Icon's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $752 Mil.
* 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.
Icon (ICLR) has a EV-to-EBITDA of 20.87 as of Jul. 21, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Icon. This is 20% above median its historical median of 17.35. Over the past decade, Icon's EV-to-EBITDA has ranged from 9.66 to 54.53. According to the industry distribution chart, Icon ranks #75 out of 117 companies in the Medical Diagnostics & Research industry, placing it in the top 64.1%.
Is Icon's EV-to-EBITDA too high?
Icon's current EV-to-EBITDA of 20.87 is 20% above median its 10-year median of 17.35. Over the past 10 years, this metric has ranged from a low of 9.66 to a high of 54.53. The Medical Diagnostics & Research industry median EV-to-EBITDA is 14.55. Icon's value of 20.87 is 43.4% above this industry median. Based on the distribution chart, Icon ranks #75 out of 117 companies in the Medical Diagnostics & Research industry, which is below the industry midpoint. Overall, Icon has a GF Score™ of 88/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Icon's EV-to-EBITDA compare to RVTY and MEDP?
According to the Medical Diagnostics & Research industry distribution chart, Icon ranks #75 out of 117 companies for EV-to-EBITDA. This places Icon in the lower half of its industry. The industry median EV-to-EBITDA is 14.55. Icon's value of 20.87 is 43.4% above this benchmark. Historically, Icon's own EV-to-EBITDA has ranged from 9.66 to 54.53 over the past decade. While the company's 10-year median is 17.35 vs. the industry median of 14.55, 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 EV-to-EBITDA for a Medical Diagnostics & Research company?
The median EV-to-EBITDA among Medical Diagnostics & Research companies is 14.55, based on 117 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Icon's current EV-to-EBITDA of 20.87 is 43.4% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Icon. For the Medical Diagnostics & Research industry, the median EV-to-EBITDA is 14.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Icon's current EV-to-EBITDA is 20.87, which is 20% above median its own 10-year median of 17.35. 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 $227.70, compared to a current price of $165.87 — trading 27.2% below its estimated fair value. The current EV-to-EBITDA is 20.87, which is 20% above median its 10-year median of 17.35 and 43.4% above the Medical Diagnostics & Research industry median of 14.55. Icon's overall GF Score™ is 88/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Icon (ICLR), the current EV-to-EBITDA is 20.87 as of Jul. 21, 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 $165.87 is trading 27.2% below its estimated GF Value™ of $227.70.
GuruFocus considers Icon to be Modestly Undervalued.
Key valuation signals for ICLR:
EV-to-EBITDA: 20.87 (20% above median its 10-year median of 17.35)
GF Value™: $227.70 vs. price of $165.87 (27.2% below fair value)
Industry Position: 43.4% above the Medical Diagnostics & Research median (#75 of 117)
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.
88GF Score
Get the complete analysis for ICLR
EV-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ICLR has been successfully added to your 
