International Container Terminal Services, Inc. ICTEY

IndustrialsTransport InfrastructurePhilippines

Last close 66.47 USD on Nov 2, 2026, +31.3% year to date

Quant rating

Quant rating A Rank 56 of 418 in Industrials

Growth A 44 of 418
Valuation B 151 of 418
Quality A 20 of 418
Revisions C 206 of 418
Momentum B 148 of 418

Wall Street consensus Buy (1.75)Average target 16.94 USD −74.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 26.6B
Enterprise value: 32.9B
52-week range: 45.30 – 84.65
3-year range: 32.50 – 84.65
Dividend yield: 2.20%
Beta (5 years): –
Shares outstanding: 2,017M
Next earnings: Nov 11, 2026

About the company

International Container Terminal Services, Inc. is a Philippines-based independent terminal operator. The Company is into various concessions of port operations which include development, management, and operation of container terminals and related facilities around the world. The Company operates principally in one industry segment, cargo handling and related services. It has organized its business into three geographical segments: Asia, EMEA, and the Americas. The Asia segment includes Manila, Zambales, Batangas, Laguna, Australia, Cavite, Davao, General Santos, Misamis Oriental, Indonesia, China, and others. The EMEA segment includes Poland, Georgia, Croatia, Madagascar, Pakistan, Cameroon, Iraq, and Democratic Republic of the Congo (DR Congo). The Americas segment includes Brazil, Ecuador, Argentina, Mexico, Colombia, and Honduras. The Company is involved in approximately 34 terminal operations, including concessions and port development projects, in 19 countries.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,235	2,740	2,388	2,243	1,865	–
Revenue growth	18.1%	14.7%	6.5%	20.3%	23.9%	16.5%
EPS (basic, normalized)	0.51	0.41	0.24	0.29	0.18	–
EPS growth	25.3%	71.7%	−17.4%	58.6%	–	–
Gross margin	78.3%	78.1%	77.0%	76.8%	74.7%	77.0%
Net margin	31.9%	30.3%	20.2%	26.1%	19.8%	25.7%
ROE	56.8%	53.7%	33.9%	45.0%	28.5%	43.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	855
Current ratio	1.51x
Long-term debt (mil)	6,444
Net debt (mil)	6,327
Total equity (mil)	1,848
Net debt / equity	3.42x
Net debt / EBITDA	3.21x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,235	+18.1%	10.2x	1,970	+11.9%	16.7x	0.51	+25.3%	130.3x
2026	3,922	+21.2%	8.4x	2,528	+28.4%	13.0x	0.60	+17.9%	110.5x
2027	4,301	+9.7%	7.7x	2,800	+10.8%	11.8x	0.69	+14.2%	96.8x
2028	4,647	+8.1%	7.1x	3,067	+9.5%	10.7x	0.78	+14.3%	84.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,922	−0.4%	0.0%	+4.7%	0.60	−0.9%	−0.3%	+3.8%
2027	4,301	−0.3%	+0.1%	+5.2%	0.69	−0.8%	−0.1%	+5.0%
2028	4,647	−0.4%	−0.2%	+5.2%	0.78	−0.9%	−0.4%	+5.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	638	684	692	726	745	765	828	897	961	959
Sales mean (mil)	–	574	704	780	670	700	867	–	817	854
Surprise	–	+19.2%	−1.8%	−6.9%	+11.3%	+9.2%	−4.5%	–	+17.7%	+12.3%
EPS reported	0.10	0.10	0.10	0.10	0.12	0.12	0.13	0.15	0.14	0.15
EPS mean	0.08	0.08	0.09	0.10	0.10	0.11	0.13	0.13	0.13	0.13
Surprise	+23.8%	+26.2%	+16.6%	+5.6%	+12.1%	+7.7%	+2.8%	+13.1%	+13.5%	+9.4%

Peer comparison Transport Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ICTEY International Container Terminal Services, Inc.	26.6B	3.21x	31.9%	14.40x	110.5x	96.8x	13.0x	11.8x
ANYYY Aena SME SA	46.2B	1.42x	34.0%	4.39x	17.5x	16.2x	11.5x	10.6x
AIPUY Airports of Thailand PCL	25.4B	0.63x	27.2%	6.39x	401.0x	263.0x	23.0x	17.1x
ARRPY Aeroports de Paris SA	12.7B	–	5.7%	2.63x	1.7x	1.5x	9.0x	8.3x
GRPTY Getlink SE	12.2B	–	20.1%	4.42x	67.0x	60.8x	16.8x	16.2x
PAC Grupo Aeroportuario del Pacifico SAB de CV	12.0B	2.34x	23.1%	8.59x	21.5x	18.6x	11.1x	9.4x
Mean		1.90x	23.7%	6.81x	103.2x	76.1x	14.1x	12.2x
Median		1.88x	25.1%	5.41x	44.2x	39.7x	12.3x	11.2x

Technical analysis

1M−7.7%
3M−16.4%
1Y+92.8%
3Y+90.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, International Container Terminal Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,235	2,740	2,388	2,243	1,865	1,505
Cost of revenue	701	599	549	521	471	415
Gross profit	2,533	2,141	1,839	1,722	1,394	1,091
Selling, general & administrative expenses	393	366	339	317	259	217
Research & development	–	–	–	–	–	–
Depreciation/amortization	328	301	294	266	247	230
Interest expense (income), operating	–	0	0	0.4	0.4	0.4
Unusual expense (income)	4.2	−16.6	167	30.6	24.8	197
Other operating expenses	5.6	5.2	−6.9	18.8	−5.5	−5.1
Operating income	1,802	1,485	1,046	1,089	869	452
Net interest income (expense)	−296	−282	−297	−259	−268	−257
Gain (loss) on sale of assets	0.1	2.5	−1.6	0.2	1.1	−0.1
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,506	1,206	748	830	602	195
Provision for taxes	379	270	166	153	124	55.1
Minority interest	−78.7	−86.0	−69.6	−59.0	−49.0	−37.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,048	850	512	618	429	102
Extraordinary items	–	–	–	–	–	–
Net income	1,048	850	512	618	429	102
EBIT, normalized	1,806	1,469	1,213	1,120	894	649
EBITDA, normalized	2,134	1,769	1,507	1,386	1,140	879
Basic EPS, normalized	0.51	0.41	0.24	0.29	0.18	–

Balance sheet in millions of USD, fiscal years

Balance sheet, International Container Terminal Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,099	1,250	872	839	658	735
Receivables	262	236	207	194	170	176
Total inventory	68.8	59.5	55.8	52.9	42.2	38.3
Prepaid expenses	77.3	56.8	51.1	19.6	18.6	18.1
Other current assets	25.2	21.8	26.8	159	9.1	2.1
Total current assets	1,532	1,624	1,212	1,265	898	969
Property, plant & equipment	3,431	2,827	2,762	2,380	2,175	2,026
Goodwill	155	149	158	159	142	96.5
Intangibles	2,398	2,243	2,231	2,249	1,936	1,947
Long-term investments	250	231	281	260	459	455
Note receivable	6.8	2.4	4.7	6.6	–	–
Other long-term assets	1,304	573	596	736	658	702
Total assets	9,077	7,649	7,245	7,054	6,266	6,195
Liabilities
Accounts payable	272	248	207	197	172	199
Payable/accrued	–	–	–	–	–	–
Accrued expenses	203	135	137	131	102	114
Short-term debt	0	168	140	337	5.0	2.8
Current portion of long-term debt	334	474	98.9	480	117	81.1
Other current liabilities	270	145	133	121	99.9	93.3
Total current liabilities	1,079	1,169	716	1,266	496	491
Long-term debt	5,194	4,280	4,303	3,762	4,034	3,622
Minority interest	359	334	312	298	190	181
Other liabilities	323	296	321	299	225	222
Total liabilities	6,955	6,080	5,652	5,625	4,945	4,515
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	67.3	67.3	67.3	67.3	67.3	67.3
Additional paid-in capital	590	584	577	574	573	570
Retained earnings (accumulated deficit)	1,760	1,226	800	687	346	217
Treasury stock	−203	−151	−111	−112	−85.0	−88.1
Other equity	−91.9	−157	259	212	420	914
Total equity	2,122	1,570	1,593	1,429	1,322	1,681
Total liabilities & shareholders' equity	9,077	7,649	7,245	7,054	6,266	6,195

Cash flow statement in millions of USD, fiscal years

Cash flow statement, International Container Terminal Services, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,506	1,206	748	830	602	195
Depreciation, depletion & amortization	328	301	294	267	247	230
Deferred taxes	–	–	–	–	–	–
Non-cash items	313	290	470	297	288	439
Changes in working capital	−336	−218	−212	−118	−190	−59.9
Cash from operations	1,810	1,579	1,300	1,275	947	804
Investing activities
Capital expenditures	−599	−495	−304	−354	−163	−197
Other investing cash flows	−652	46.6	−14.0	−164	17.1	−7.0
Cash from investing	−1,250	−449	−318	−518	−146	−204
Financing activities
Financing cash flow items	−403	−659	−346	−550	−866	−77.2
Cash dividends paid	−556	−454	−428	−299	−234	−171
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	357	425	−346	280	233	141
Cash from financing	−602	−689	−1,120	−569	−867	−107
Foreign exchange effects	32.5	−48.9	14.9	−6.2	−11.0	7.2
Net change in cash	−10.2	393	−123	181	−77.2	500
Free cash flow	1,211	1,084	997	921	784	607

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.