ICFI Covered Call Strategy
ICFI (ICF International, Inc.), in the Industrials sector, (Consulting Services industry), listed on NASDAQ.
ICF International, Inc. provides management, marketing, technology, and policy consulting and implementation services to government and commercial clients in the United States and internationally. It researches critical policy, industry, stakeholder issues, trends, and behaviors; measures and evaluates results and their impact; and provides strategic planning and advisory services to its clients on how to navigate societal, market, business, communication, and technology challenges. The company also identifies, defines, and implements policies, plans, programs, and business tools through a range of standard and customized methodologies for its clients; conducts survey research; collects and analyzes various data to understand critical issues and options for its clients; and provides actionable business intelligence, as well as information and data management solutions that allow integrated and purpose-driven data usage. In addition, it provides solutions to optimize the customer and citizen experience; modernizes IT systems; and cyber security solutions that support the range of cyber security missions and protect IT infrastructures in the face of relentless threats, as well as designs, develops, and implements technology systems and business tools that are principal to its clients' mission or business performance. Further, the company informs and engages its clients' constituents, customers, and employees through public relations, branding and marketing, multichannel and strategic communications, and reputation issues management. It serves energy, environment, and infrastructure; health, education, and social programs; safety and security; and consumer and financial markets.
ICFI (ICF International, Inc.) trades in the Industrials sector, specifically Consulting Services, with a market capitalization of approximately $1.08B, a trailing P/E of 12.82, a beta of 0.57 versus the broader market, a 52-week range of 58.83-101.71, average daily share volume of 362K, a public-listing history dating back to 2006, approximately 9K full-time employees. These structural characteristics shape how ICFI stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.57 indicates ICFI has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. ICFI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a covered call on ICFI?
A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income.
Current ICFI snapshot
As of May 15, 2026, spot at $61.23, ATM IV 32.30%, IV rank 2.72%, expected move 9.26%. The covered call on ICFI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this covered call structure on ICFI specifically: ICFI IV at 32.30% is on the cheap side of its 1-year range, which means a premium-selling ICFI covered call collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 9.26% (roughly $5.67 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated ICFI expiries trade a higher absolute premium for lower per-day decay. Position sizing on ICFI should anchor to the underlying notional of $61.23 per share and to the trader's directional view on ICFI stock.
ICFI covered call setup
The ICFI covered call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With ICFI near $61.23, the first option leg uses a $65.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed ICFI chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 ICFI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $61.23 | long |
| Sell 1 | Call | $65.00 | $1.84 |
ICFI covered call risk and reward
- Net Premium / Debit
- -$5,939.00
- Max Profit (per contract)
- $561.00
- Max Loss (per contract)
- -$5,938.00
- Breakeven(s)
- $59.39
- Risk / Reward Ratio
- 0.094
Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium.
ICFI covered call payoff curve
Modeled P&L at expiration across a range of underlying prices for the covered call on ICFI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$5,938.00 |
| $13.55 | -77.9% | -$4,584.28 |
| $27.08 | -55.8% | -$3,230.56 |
| $40.62 | -33.7% | -$1,876.84 |
| $54.16 | -11.5% | -$523.13 |
| $67.70 | +10.6% | +$561.00 |
| $81.23 | +32.7% | +$561.00 |
| $94.77 | +54.8% | +$561.00 |
| $108.31 | +76.9% | +$561.00 |
| $121.84 | +99.0% | +$561.00 |
When traders use covered call on ICFI
Covered calls on ICFI are an income strategy run on existing ICFI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
ICFI thesis for this covered call
The market-implied 1-standard-deviation range for ICFI extends from approximately $55.56 on the downside to $66.90 on the upside. A ICFI covered call collects premium on an existing long ICFI position, trading off upside above the short call strike for immediate income; the short strike selection should reflect the trader's view on whether ICFI will breach that level within the expiration window. Current ICFI IV rank near 2.72% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on ICFI at 32.30%. As a Industrials name, ICFI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to ICFI-specific events.
ICFI covered call positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. ICFI positions also carry Industrials sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move ICFI alongside the broader basket even when ICFI-specific fundamentals are unchanged. Short-premium structures like a covered call on ICFI carry tail risk when realized volatility exceeds the implied move; review historical ICFI earnings reactions and macro stress periods before sizing. Always rebuild the position from current ICFI chain quotes before placing a trade.
Frequently asked questions
- What is a covered call on ICFI?
- A covered call on ICFI is the covered call strategy applied to ICFI (stock). The strategy is structurally neutral to slightly bullish: A covered call pairs long stock with a short out-of-the-money call, collecting premium and capping upside above the short strike in exchange for income. With ICFI stock trading near $61.23, the strikes shown on this page are snapped to the nearest listed ICFI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are ICFI covered call max profit and max loss calculated?
- Max profit equals short-strike minus cost basis plus premium times 100; max loss is cost basis minus premium (at zero). Breakeven is cost basis minus premium. For the ICFI covered call priced from the end-of-day chain at a 30-day expiry (ATM IV 32.30%), the computed maximum profit is $561.00 per contract and the computed maximum loss is -$5,938.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a ICFI covered call?
- The breakeven for the ICFI covered call priced on this page is roughly $59.39 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current ICFI market-implied 1-standard-deviation expected move is approximately 9.26%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a covered call on ICFI?
- Covered calls on ICFI are an income strategy run on existing ICFI stock positions; traders typically sell calls at 25-35 delta with 30-45 days to expiration to balance premium against upside cap.
- How does current ICFI implied volatility affect this covered call?
- ICFI ATM IV is at 32.30% with IV rank near 2.72%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.