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Side-by-side financial comparison of ICON PLC (ICLR) and SELECT MEDICAL HOLDINGS CORP (SEM). 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 1.4× SELECT MEDICAL HOLDINGS CORP). SELECT MEDICAL HOLDINGS CORP runs the higher net margin — 4.5% vs 0.1%, a 4.4% gap on every dollar of revenue. On growth, SELECT MEDICAL HOLDINGS CORP posted the faster year-over-year revenue change (5.0% vs 0.6%). Over the past eight quarters, SELECT MEDICAL HOLDINGS CORP's revenue compounded faster (5.3% 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.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
ICLR vs SEM — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $1.4B |
| Net Profit | $2.4M | $63.8M |
| Gross Margin | — | — |
| Operating Margin | 4.2% | 6.9% |
| Net Margin | 0.1% | 4.5% |
| Revenue YoY | 0.6% | 5.0% |
| Net Profit YoY | -98.8% | -14.7% |
| EPS (diluted) | $0.03 | $0.35 |
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.
| Q1 26 | — | $1.4B | ||
| Q4 25 | — | $1.4B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.1B | $1.3B |
| Q1 26 | — | $63.8M | ||
| Q4 25 | — | $20.2M | ||
| Q3 25 | $2.4M | $28.8M | ||
| Q2 25 | $183.0M | $40.6M | ||
| Q1 25 | $154.2M | $56.7M | ||
| Q4 24 | — | $-16.1M | ||
| Q3 24 | $197.1M | $55.6M | ||
| Q2 24 | $146.9M | $77.6M |
| Q1 26 | — | 6.9% | ||
| Q4 25 | — | 4.6% | ||
| Q3 25 | 4.2% | 5.4% | ||
| Q2 25 | 10.4% | 6.5% | ||
| Q1 25 | 11.0% | 8.3% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 14.1% | 4.3% | ||
| Q2 24 | 10.8% | 5.8% |
| Q1 26 | — | 4.5% | ||
| Q4 25 | — | 1.4% | ||
| Q3 25 | 0.1% | 2.1% | ||
| Q2 25 | 9.1% | 3.0% | ||
| Q1 25 | 7.7% | 4.2% | ||
| Q4 24 | — | -1.2% | ||
| Q3 24 | 9.7% | 4.4% | ||
| Q2 24 | 6.9% | 6.1% |
| Q1 26 | — | $0.35 | ||
| Q4 25 | — | $0.17 | ||
| Q3 25 | $0.03 | $0.23 | ||
| Q2 25 | $2.30 | $0.32 | ||
| Q1 25 | $1.90 | $0.44 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | $2.36 | $0.43 | ||
| Q2 24 | $1.76 | $0.60 |
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 | $25.7M |
| Total DebtLower is stronger | — | $1.8B |
| Stockholders' EquityBook value | $9.3B | $2.1B |
| Total Assets | $16.5B | $6.0B |
| Debt / EquityLower = less leverage | — | 0.88× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $25.7M | ||
| Q4 25 | — | $26.5M | ||
| Q3 25 | $468.9M | $60.1M | ||
| Q2 25 | $390.4M | $52.3M | ||
| Q1 25 | $526.7M | $53.2M | ||
| Q4 24 | — | $59.7M | ||
| Q3 24 | $695.5M | $191.5M | ||
| Q2 24 | $506.6M | $111.2M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.6B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | $9.3B | $1.7B | ||
| Q2 25 | $9.6B | $1.7B | ||
| Q1 25 | $9.5B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $9.8B | $1.9B | ||
| Q2 24 | $9.6B | $1.4B |
| Q1 26 | — | $6.0B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $16.5B | $5.7B | ||
| Q2 25 | $16.6B | $5.7B | ||
| Q1 25 | $16.7B | $5.7B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | $17.2B | $8.0B | ||
| Q2 24 | $17.0B | $7.9B |
| Q1 26 | — | 0.88× | ||
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 2.54× |
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 | — |
| Free Cash FlowOCF − Capex | $333.9M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 164.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $64.3M | ||
| Q3 25 | $387.6M | $175.3M | ||
| Q2 25 | $146.2M | $110.3M | ||
| Q1 25 | $268.2M | $-3.5M | ||
| Q4 24 | — | $125.4M | ||
| Q3 24 | $402.7M | $181.0M | ||
| Q2 24 | $218.6M | $278.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.2M | ||
| Q3 25 | $333.9M | $122.2M | ||
| Q2 25 | $113.9M | $45.6M | ||
| Q1 25 | $239.3M | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | $359.3M | $130.3M | ||
| Q2 24 | $182.3M | $222.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.4% | ||
| Q3 25 | 16.3% | 9.0% | ||
| Q2 25 | 5.6% | 3.4% | ||
| Q1 25 | 12.0% | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | 17.7% | 10.2% | ||
| Q2 24 | 8.6% | 17.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.2% | ||
| Q3 25 | 2.6% | 3.9% | ||
| Q2 25 | 1.6% | 4.8% | ||
| Q1 25 | 1.4% | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | 2.1% | 4.0% | ||
| Q2 24 | 1.7% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.19× | ||
| Q3 25 | 164.59× | 6.09× | ||
| Q2 25 | 0.80× | 2.72× | ||
| Q1 25 | 1.74× | -0.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.04× | 3.25× | ||
| Q2 24 | 1.49× | 3.59× |
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% |
SEM
Segment breakdown not available.
