Is ICF International, Inc. overvalued or undervalued?

As of 17 October 2025, ICF International, Inc. has moved from an attractive to a fair valuation grade. The company appears to be fairly valued based on its current metrics. Key valuation ratios include a P/E ratio of 17, an EV to EBITDA of 10.93, and a PEG ratio of 1.44, which suggest that the stock is priced in line with its earnings growth potential.
In comparison to peers, ICF International, Inc. has a lower P/E ratio than Grand Canyon Education, Inc. at 33.38, but is slightly above Shift4 Payments, Inc. at 14.01. This indicates that while ICF is not the cheapest option in its sector, it is also not the most expensive. Additionally, the company has underperformed the S&P 500 over the year with a return of -49.63% compared to the index's 14.08%, reinforcing the notion that the stock may be fairly valued amidst challenging market conditions.