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Side-by-side financial comparison of ICON PLC (ICLR) and SEALED AIR CORP (SEE). 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× SEALED AIR CORP). SEALED AIR CORP runs the higher net margin — 3.1% vs 0.1%, a 3.0% gap on every dollar of revenue. On growth, SEALED AIR CORP posted the faster year-over-year revenue change (2.6% vs 0.6%). ICON PLC produced more free cash flow last quarter ($333.9M vs $257.7M). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% 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.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
ICLR vs SEE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.4B |
| Net Profit | $2.4M | $43.8M |
| Gross Margin | — | 28.6% |
| Operating Margin | 4.2% | 11.4% |
| Net Margin | 0.1% | 3.1% |
| Revenue YoY | 0.6% | 2.6% |
| Net Profit YoY | -98.8% | 700.0% |
| EPS (diluted) | $0.03 | $0.30 |
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 | — | $1.4B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.1B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
| Q4 25 | — | $43.8M | ||
| Q3 25 | $2.4M | $255.1M | ||
| Q2 25 | $183.0M | $93.1M | ||
| Q1 25 | $154.2M | $113.5M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | $197.1M | $91.7M | ||
| Q2 24 | $146.9M | $98.3M | ||
| Q1 24 | $187.4M | $82.0M |
| Q4 25 | — | 28.6% | ||
| Q3 25 | — | 29.8% | ||
| Q2 25 | — | 30.7% | ||
| Q1 25 | — | 30.9% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 31.2% | ||
| Q1 24 | — | 30.3% |
| Q4 25 | — | 11.4% | ||
| Q3 25 | 4.2% | 13.8% | ||
| Q2 25 | 10.4% | 15.0% | ||
| Q1 25 | 11.0% | 14.5% | ||
| Q4 24 | — | 11.7% | ||
| Q3 24 | 14.1% | 13.9% | ||
| Q2 24 | 10.8% | 15.4% | ||
| Q1 24 | 13.7% | 14.0% |
| Q4 25 | — | 3.1% | ||
| Q3 25 | 0.1% | 19.0% | ||
| Q2 25 | 9.1% | 7.0% | ||
| Q1 25 | 7.7% | 9.0% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | 9.7% | 6.9% | ||
| Q2 24 | 6.9% | 7.4% | ||
| Q1 24 | 9.0% | 6.2% |
| Q4 25 | — | $0.30 | ||
| Q3 25 | $0.03 | $1.73 | ||
| Q2 25 | $2.30 | $0.63 | ||
| Q1 25 | $1.90 | $0.77 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $2.36 | $0.63 | ||
| Q2 24 | $1.76 | $0.67 | ||
| Q1 24 | $2.25 | $0.56 |
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 | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $9.3B | $1.2B |
| Total Assets | $16.5B | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $344.0M | ||
| Q3 25 | $468.9M | $282.5M | ||
| Q2 25 | $390.4M | $354.4M | ||
| Q1 25 | $526.7M | $335.2M | ||
| Q4 24 | — | $371.8M | ||
| Q3 24 | $695.5M | $386.0M | ||
| Q2 24 | $506.6M | $388.6M | ||
| Q1 24 | $396.1M | $352.8M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $9.3B | $1.2B | ||
| Q2 25 | $9.6B | $953.1M | ||
| Q1 25 | $9.5B | $797.9M | ||
| Q4 24 | — | $624.5M | ||
| Q3 24 | $9.8B | $771.2M | ||
| Q2 24 | $9.6B | $650.1M | ||
| Q1 24 | $9.4B | $598.3M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | $16.5B | $7.1B | ||
| Q2 25 | $16.6B | $7.2B | ||
| Q1 25 | $16.7B | $7.0B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | $17.2B | $7.3B | ||
| Q2 24 | $17.0B | $7.3B | ||
| Q1 24 | $17.0B | $7.2B |
| Q4 25 | — | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | — | 6.72× | ||
| Q3 24 | — | 5.62× | ||
| Q2 24 | — | 6.81× | ||
| Q1 24 | — | 7.49× |
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 | $293.6M |
| Free Cash FlowOCF − Capex | $333.9M | $257.7M |
| FCF MarginFCF / Revenue | 16.3% | 18.5% |
| Capex IntensityCapex / Revenue | 2.6% | 2.6% |
| Cash ConversionOCF / Net Profit | 164.59× | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $293.6M | ||
| Q3 25 | $387.6M | $165.9M | ||
| Q2 25 | $146.2M | $136.6M | ||
| Q1 25 | $268.2M | $31.9M | ||
| Q4 24 | — | $244.2M | ||
| Q3 24 | $402.7M | $170.5M | ||
| Q2 24 | $218.6M | $188.2M | ||
| Q1 24 | $327.1M | $125.1M |
| Q4 25 | — | $257.7M | ||
| Q3 25 | $333.9M | $119.6M | ||
| Q2 25 | $113.9M | $93.2M | ||
| Q1 25 | $239.3M | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | $359.3M | $115.2M | ||
| Q2 24 | $182.3M | $129.5M | ||
| Q1 24 | $299.9M | $78.0M |
| Q4 25 | — | 18.5% | ||
| Q3 25 | 16.3% | 8.9% | ||
| Q2 25 | 5.6% | 7.0% | ||
| Q1 25 | 12.0% | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 17.7% | 8.6% | ||
| Q2 24 | 8.6% | 9.7% | ||
| Q1 24 | 14.3% | 5.9% |
| Q4 25 | — | 2.6% | ||
| Q3 25 | 2.6% | 3.4% | ||
| Q2 25 | 1.6% | 3.3% | ||
| Q1 25 | 1.4% | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 2.1% | 4.1% | ||
| Q2 24 | 1.7% | 4.4% | ||
| Q1 24 | 1.3% | 3.6% |
| Q4 25 | — | 6.70× | ||
| Q3 25 | 164.59× | 0.65× | ||
| Q2 25 | 0.80× | 1.47× | ||
| Q1 25 | 1.74× | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.04× | 1.86× | ||
| Q2 24 | 1.49× | 1.91× | ||
| Q1 24 | 1.74× | 1.53× |
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% |
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
