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Side-by-side financial comparison of ICON PLC (ICLR) and PACS Group, Inc. (PACS). Click either name above to swap in a different company.
ICON PLC is the larger business by last-quarter revenue ($2.0B vs $1.4B, roughly 1.5× PACS Group, Inc.). PACS Group, Inc. runs the higher net margin — 4.4% vs 0.1%, a 4.3% gap on every dollar of revenue. On growth, PACS Group, Inc. posted the faster year-over-year revenue change (18.4% vs 0.6%). Over the past eight quarters, PACS Group, Inc.'s revenue compounded faster (20.5% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
ICLR vs PACS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.4B |
| Net Profit | $2.4M | $59.7M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 7.0% |
| Net Margin | 0.1% | 4.4% |
| Revenue YoY | 0.6% | 18.4% |
| Net Profit YoY | -98.8% | 3022.5% |
| EPS (diluted) | $0.03 | $0.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $2.0B | $1.0B | ||
| Q2 24 | $2.1B | $981.4M | ||
| Q1 24 | $2.1B | $934.3M |
| Q4 25 | — | $59.7M | ||
| Q3 25 | $2.4M | $52.4M | ||
| Q2 25 | $183.0M | $51.0M | ||
| Q1 25 | $154.2M | $28.5M | ||
| Q4 24 | — | $1.9M | ||
| Q3 24 | $197.1M | $15.6M | ||
| Q2 24 | $146.9M | $-10.9M | ||
| Q1 24 | $187.4M | $49.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.2% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | 4.2% | 6.4% | ||
| Q2 25 | 10.4% | 6.2% | ||
| Q1 25 | 11.0% | 3.8% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | 14.1% | 2.2% | ||
| Q2 24 | 10.8% | 0.1% | ||
| Q1 24 | 13.7% | 8.6% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 0.1% | 3.9% | ||
| Q2 25 | 9.1% | 3.9% | ||
| Q1 25 | 7.7% | 2.2% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | 9.7% | 1.5% | ||
| Q2 24 | 6.9% | -1.1% | ||
| Q1 24 | 9.0% | 5.3% |
| Q4 25 | — | $0.42 | ||
| Q3 25 | $0.03 | $0.32 | ||
| Q2 25 | $2.30 | $0.31 | ||
| Q1 25 | $1.90 | $0.17 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | $2.36 | $0.10 | ||
| Q2 24 | $1.76 | $-0.07 | ||
| Q1 24 | $2.25 | $0.38 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $468.9M | $197.0M |
| Total DebtLower is stronger | — | $353.2M |
| Stockholders' EquityBook value | $9.3B | $946.8M |
| Total Assets | $16.5B | $5.6B |
| Debt / EquityLower = less leverage | — | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $197.0M | ||
| Q3 25 | $468.9M | $355.7M | ||
| Q2 25 | $390.4M | $294.2M | ||
| Q1 25 | $526.7M | $287.5M | ||
| Q4 24 | — | $157.7M | ||
| Q3 24 | $695.5M | $49.5M | ||
| Q2 24 | $506.6M | $73.4M | ||
| Q1 24 | $396.1M | $81.2M |
| Q4 25 | — | $353.2M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $411.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $946.8M | ||
| Q3 25 | $9.3B | $871.3M | ||
| Q2 25 | $9.6B | $806.8M | ||
| Q1 25 | $9.5B | $750.2M | ||
| Q4 24 | — | $709.6M | ||
| Q3 24 | $9.8B | $660.0M | ||
| Q2 24 | $9.6B | $572.1M | ||
| Q1 24 | $9.4B | $128.0M |
| Q4 25 | — | $5.6B | ||
| Q3 25 | $16.5B | $5.6B | ||
| Q2 25 | $16.6B | $5.5B | ||
| Q1 25 | $16.7B | $5.5B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | $17.2B | $4.5B | ||
| Q2 24 | $17.0B | $3.9B | ||
| Q1 24 | $17.0B | $3.9B |
| Q4 25 | — | 0.37× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $387.6M | $-3.4M |
| Free Cash FlowOCF − Capex | $333.9M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 164.59× | -0.06× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-3.4M | ||
| Q3 25 | $387.6M | $204.8M | ||
| Q2 25 | $146.2M | $52.6M | ||
| Q1 25 | $268.2M | $150.2M | ||
| Q4 24 | — | $64.6M | ||
| Q3 24 | $402.7M | $209.2M | ||
| Q2 24 | $218.6M | $34.8M | ||
| Q1 24 | $327.1M | $58.8M |
| Q4 25 | — | — | ||
| Q3 25 | $333.9M | — | ||
| Q2 25 | $113.9M | — | ||
| Q1 25 | $239.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $359.3M | — | ||
| Q2 24 | $182.3M | — | ||
| Q1 24 | $299.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | 16.3% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 12.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 17.7% | — | ||
| Q2 24 | 8.6% | — | ||
| Q1 24 | 14.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.3% | — |
| Q4 25 | — | -0.06× | ||
| Q3 25 | 164.59× | 3.91× | ||
| Q2 25 | 0.80× | 1.03× | ||
| Q1 25 | 1.74× | 5.28× | ||
| Q4 24 | — | 33.78× | ||
| Q3 24 | 2.04× | 13.39× | ||
| Q2 24 | 1.49× | — | ||
| Q1 24 | 1.74× | 1.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
PACS
Segment breakdown not available.
