The effect of the transition metal valence electron concentration on the energy of formation, effective charge of B icosahedra, elastic properties, surface energy and fracture toughness was calculated using density functional theory for icosahedral transition metal borides of AlXB14 (X=Sc, Ti, V, Cr, Y, Zr, Nb, Mo). Consistent with previous work on AlYB14 (Kölpin et al 2009 J. Phys.: Condens. Matter 21 355006) it is shown that phase stability is generally dependent on the effective charge of the icosahedral transition metal borides. Also, ionization potential and electronegativity are identified as parameters affecting the effective charge of B icosahedra suitable for use in predicting the phase stability. Al0.75Y0.75B14, Al0.75Sc0.75B14 and Al0.75Zr0.75B14 have been identified as promising phases for application as protective coatings as they exhibit high phase stability and stiffness combined with a comparatively high fracture toughness.