Icon Plc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Icon Plc (ICLR) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Icon Plc vs Its Competitors
- TTM: Trailing 12-month revenue of 8,251M vs 3,328M combined for its competitors (71.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+6.2% annualized vs trailing 12 months), vs holding steady (-0.2%) for its tracked peer group.
- Growth: Icon Plc generated 7.3% revenue growth year over year in Q4 2025, vs 26.7% for its competitors combined.
- Profitability: Its -5.0% net margin compares with 15.6% for the peer group.
- Scale: Icon Plc ranks #11 of 46 companies by market capitalization in the Medical Laboratories industry, holding 4.5% of industry market cap.
- Peer revenue share: Icon Plc accounted for 72.5% of combined revenue among its tracked peer group, down from 75.7% a year earlier.
- Peer differentiation: Revenue per employee of $0.21M compares with $0.42M for the peer group (0.5x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ICLR Sales vs. its Competitors, Q4 2025
Icon Plc reported revenue growth of 7.29 % year on year in Q4 2025, below its competitors' combined revenue growth of 26.68 %.
With a net margin of -5.03 %, Icon Plc reported lower profitability than its competitors (15.58 %).
Icon Plc generated 72.52 % of the combined sales of its peer group, down from 75.70 % a year earlier.
API endpoints for this dataset
Icon Plc vs. its Competitors, Q4 2025
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Icon Plc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Icon Plc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Icon Plc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (9) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (10) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Icon Plc's competitor groups requires a Commercial License.
For context: the Medical Laboratories industry grew revenue 9.0% year over year, combined, vs 7.3% for Icon Plc. Icon Plc's share of combined industry revenue moved from 3.73% to 3.67%, a loss of 0.06 percentage points.
Icon Plc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Icon Plc | Yes | No | No | No |
| Competitors combined (3) | ||||
| High-Confidence Competitors (13) | ||||
| Similar-Size Competitors (10) | ||||
| Similar Growth & Profitability (8) | 75.00 % (6 of 8) | 87.50 % (7 of 8) | 37.50 % (3 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ICLR Stock Performance relative to its Competitors
ICLR Stock Performance relative to High-Confidence Competitors
ICLR Stock Performance relative to Similar-Size Competitors
ICLR Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Medpace Holdings Inc | 282.9% | Outperformed |
| 2 | Certara Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Icon Plc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Icon Plc's Comment on Competition and Industry Peers
Publicly Traded Peers of Icon Plc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Icon Plc |
16,167.38 | 8,251.34 |
 Medpace Holdings Inc |
18,530.04 | 2,838.39 |
 Certara Inc |
1,860.00 | 408.45 |
 Simulations Plus Inc |
374.42 | 81.39 |
| SUBTOTAL | 36,931.83 | 11,579.56 |
Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Icon Plc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Icon Plc's Competitors Named by the Company
Competitive relationships identified from Icon Plc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Certara Inc | Company report | 85% |
| Medpace Holdings Inc | Company report | 85% |
| IQVIA | Company report | 85% |
| Fox Factory Holding Corp | Company report | 85% |
| Thermo Fisher Scientific Inc. | Company report | 85% |
| Creative Realities Inc | Company report | 85% |
| Fortrea | Company report | 85% |
| PAREXEL | Company report | 85% |
| Syneos Health | Company report | 85% |
| Forian Inc | Company report | 85% |
| Hillevax Inc | Company report | 85% |
| LabCorp | Company report | 85% |
| Pharmaceutical Product Development ('PPD') | Company report | 85% |
| PPD | Company report | 85% |
| Covance Drug Development business of LabCorp | Company report | 85% |
| Pharmaceutical Product Development | Company report | 85% |
| PRA Health Sciences | Company report | 85% |
| Simulations Plus Inc | Company report | 85% |
| Science 37 Holdings Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Icon Plc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Icon Plc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Medpace Holdings Inc | Reportable 100.00 % |
| Certara Inc | Reportable 100.00 % |
| Simulations Plus Inc | Software 57.59 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Icon Plc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Icon Plc | 16,167 | 205,769 | 5,719 |
| Medpace Holdings Inc | 18,530 | 457,804 | 83,520 |
| Certara Inc | 1,860 | 259,169 | -43,782 |
| Simulations Plus Inc | 374 | 382,094 | 38,052 |
| PEERS TOTAL | 20,764 | 416,600 | 57,195 |
Icon Plc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Icon Plc | Ireland 38.58 % |
| Certara Inc | Americas 70.38 % |
| Simulations Plus Inc | Americas 73.37 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Icon Plc's Position in Industry Market Structure
Market-capitalization share and concentration across all 41 companies in Icon Plc's industry classification, broader than the peer set above. Market cap in millions of $.Icon Plc ranks #11 of 41 companies by market capitalization in its industry, holding 4.49 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 805, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Iqvia Holdings Inc | 45,477 | 12.91 % |
| 2 | Natera Inc | 44,512 | 12.63 % |
| 3 | Ge Healthcare Technologies Inc | 37,401 | 10.62 % |
| 4 | Labcorp Holdings Inc | 30,059 | 8.53 % |
| 5 | Quest Diagnostics Inc | 1,234 | 5.2% |
| 6 | Koninklijke Philips Nv | 1,234 | 5.2% |
| 7 | Incyte Corporation | 1,234 | 5.2% |
| 8 | Guardant Health Inc | 1,234 | 5.2% |
| 9 | Medpace Holdings Inc | 1,234 | 5.2% |
| 10 | Charles River Laboratories International inc | 1,234 | 5.2% |
| 11 | Icon Plc | 15,830 | 4.49 % |
Market cap and industry share for the rest of Icon Plc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Icon Plc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 6 | Koninklijke Philips Nv | 27,732 | 6.84 % |
| 7 | Incyte Corporation | 24,913 | 10.51 % |
| 8 | Guardant Health Inc | 20,046 | 51.92 % |
| 9 | Medpace Holdings Inc | 18,649 | 8.50 % |
| 10 | Charles River Laboratories International inc | 1,234 | 12.3% |
| 11 | Icon Plc | 15,830 | 26.22 % |
| 12 | Billiontoone Inc | 1,234 | 12.3% |
| 13 | Radnet Inc | 1,234 | 12.3% |
| 14 | Grail Inc | 1,234 | 12.3% |
| 15 | Caredx Inc | 1,234 | 12.3% |
| 16 | Celcuity Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Icon Plc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Icon Plc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Medical Laboratories industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (77 companies). See the full Medical Laboratories industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 26.37 % | 33.04 % (avg) | -6.7 pp |
| Operating Margin | 5.37 % | industry median | +11.7 pp |
| EBITDA Margin | 10.02 % | -4.66 % (avg) | +14.7 pp |
| Capital Intensity (Capex / Revenue) | 2.11 % | 7.45 % (avg) | -5.3 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Icon Plc's Valuation vs Competitive Position
Valuation multiples vs the Medical Laboratories industry average (77 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Medical Laboratories industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 61.3x | 39.0x | +22.3x |
| EV / EBITDA | 21.0x | 20.9x | +0.1x |
| P/B | 1.5x | 4.3x | -2.7x |
| Return on Equity | 2.49 % | industry aggregate | -4.45 % |
| Return on Invested Capital | 1.94 % | -7.64 % (avg) | 9.58 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Icon Plc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | 4.89 % | 1.99 % | -0.37 % |
| Operating Margin | 11.14 % | 12.47 % | 5.37 % |
| Return on Invested Capital | 3.85 % | 4.39 % | 1.94 % |
| P/E | 38.6x | 26.2x | 61.3x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Icon Plc's Strategic Group Map
Icon Plc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Icon Plc's trailing-12-month revenue growth of -0.4% and operating margin of 5.4% compares with an average of 3.2% growth and 5.0% margin across its 8 closest peers by combined growth, margin and ROIC -- Icon Plc sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Icon Plc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Icon Plc falls in the Dog quadrant: relative market share of 0.35x vs its largest competitor, in an industry growing revenue 5.6% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Icon Plc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 805 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 2.11 % vs industry average 7.45 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Icon Plc's dedicated Suppliers and Customers pages, not here.
Icon Plc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Icon Plc falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Icon Plc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 11.7 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+6.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Low relative market share vs the industry leader (0.35x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: see Methodology: SWOT Analysis.
Icon Plc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Icon Plc | 0.20 | 1.10 | 0.43 |
| Medpace Holdings Inc | 0.42 | 0.79 | - |
| Certara Inc | 1.25 | 2.13 | 0.29 |
| Simulations Plus Inc | 3.12 | 6.24 | - |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Icon Plc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Icon Plc | Q4 2025 | -0.4 % | -69.0 % |
| Medpace Holdings Inc | Q3 2026 | +8.5 % | +23.7 % |
| Certara Inc | Q2 2026 | -10.8 % | - |
| Simulations Plus Inc | Q2 2026 | +9.3 % | - |
| PEERS TOTAL | +0.2 % | -59.7 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Icon Plc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Icon Plc | Q4 2025 | +4.4 % | +3.7 % |
| Medpace Holdings Inc | Q3 2026 | +6.3 % | +88.2 % |
| Certara Inc | Q2 2026 | +2.4 % | -39.6 % |
| Simulations Plus Inc | Q2 2026 | -3.4 % | -28.5 % |
Icon Plc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Icon Plc | 1.41% | 1.68% | 2.49% |
| Medpace Holdings Inc | 24.47% | 41.14% | 99.76% |
| Certara Inc | - | - | - |
| Simulations Plus Inc | 5.76% | 6.19% | 6.21% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Icon Plc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Icon Plc | 70.50 | 1.96 |
| Medpace Holdings Inc | 36.38 | 6.53 |
| Certara Inc | - | 4.55 |
| Simulations Plus Inc | 46.70 | 4.60 |
| PEERS AVERAGE | 53.82 | 3.19 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.