ICG plc (ICG.L) stock analysis

In our weekly check, ICG plc is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 16 pass, warnings: 2, red flags: 7.

About ICG plc

ICG plc is a Financial Services company (Asset Management) based in the United Kingdom, listed on LSE as ICG.L.

What our checks show for ICG.L

Red flags

• Net debt is 8x a year of EBITDA (debt/equity 2.43). That limits room in a downturn and raises refinancing risk.
• Operating cash flow is negative while the company reports a profit: the profit does not arrive as cash.
• Analysts expect the net margin to shrink by 5 points from today's 57.4%.
• Free cash flow is negative (-3.3% of revenue): the business spends more cash than it brings in.
• The stock has fallen as much as 90% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 8 years.
• Pay in shares equals 0% of free cash flow: it dilutes shareholders.

Warning signs

• Beta 1.44: the stock usually moves more than the market, both up and down.
• Return on capital (ROCE) is only 8.2%.

Strengths

• Operating profit covers interest 21.2 times over.
• The net margin rose by 4.1 points over 5 years, to 57.4%.
• The gross margin is 95.9% and has risen by 1.4 points: pricing power is holding.
• Earnings per share grew 19.4% a year over the last 3 years.
• Net profit grew 19.5% a year over the last 3 years.
• The company keeps 57.4% of its revenue as net profit.

Next earnings report: 2026-11-11

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Questions

What grade does ICG plc (ICG.L) have?

In our weekly check, ICG plc is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 16 pass, warnings: 2, red flags: 7. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of ICG.L stock?

This week's biggest flags for ICG plc: High debt, Profits not backed by cash, Margins expected to shrink. In total 9 of 25 checks show a warning or a red flag.

What does ICG plc do?

ICG plc is a Financial Services company (Asset Management) based in the United Kingdom, listed on LSE as ICG.L.

When does ICG plc report earnings next?

The next earnings report is expected on 2026-11-11. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-31

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