FTI Consulting Inc (FCN) is slightly undervalued and ICF International Inc (ICFI) is undervalued.
Against our estimates of intrinsic value, ICFI trades at the wider discount: a margin of safety of +31%, against +13% for FCN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.5% (average of 3 methods) values the shares at $155.62; the price of $134.70 is 13% below that value, and 75% of that value comes from beyond year five.
Leak Score 65/100 on 3 of 12 signals
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $121.43; the price of $83.58 is 31% below that value, and 80% of that value comes from beyond year five.
Leak Score 73/100 on 10 of 12 signals
| Metric | FCN | ICFI |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $134.70 | $83.58 |
| Intrinsic value | $155.62 | $121.43 |
| Margin of safety | +13% | +31% |
| Leak Score | 65/100 (3/12) | 73/100 (10/12) |
| Market cap | $3.7B | $1.5B |
| Revenue growth, 5 years | 9.0% | 4.4% |
| Operating margin | 9.7% | 8.1% |
| Net margin | 6.4% | 4.9% |
| Return on equity | 15.6% | 8.6% |
| Debt to equity | 0.95 | 0.54 |
| P/E | 16.3x | 17.3x |
| Forward P/E | 12.3x | 10.8x |
| P/B | 2.8x | 1.4x |
| Dividend yield | — | 0.7% |