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Exponent

EXPO Nasdaq Research & Consulting Services Financials FY2016–FY2025

Exponent's revenue rose 4.2% to $582 million in fiscal 2025. Its operating margin was 20.6%, down from 21.4% a year earlier. Free cash flow was $122 million, down 11.1%. It paid out $158 million in dividends and buybacks, 129% of free cash flow. The diluted share count fell 0.6%.

Last close · Oct 23, 2026

$77.43

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$582M
4.2% vs prior year
Operating margin Operating income as a share of revenue.
20.6%
0.8 pts
Net income Profit after all expenses, interest and tax.
$106M
2.8%
Free cash flow Cash from operations minus capital spending.
$122M
11.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
52.2%
1.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
34.7x
On $2.23 EPS (TTM)

About these figures. Exponent has no borrowings, and held no short-term investments at the end of 2021 (checked against its balance sheet).

What Exponent does

No business description yet.

Legal name
EXPONENT, INC.
Fiscal year ends
January 2, 2026
Latest annual report
—
Accession · CIK
0001193125-26-082508
0000851520

Revenue and margins

Exponent had $582M of revenue in fiscal 2025, up 4.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $122M in fiscal 2025, 21.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Exponent returned $158M to shareholders in fiscal 2025, 129% of free cash flow. The diluted share count fell 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Exponent yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $222M and divides by 51.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 34.7x · peers 26.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Exponent can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $298M$162M$187M$259M$222M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −2.6x−1.1x−1.6x−2.0x−1.7x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 3.0x2.2x2.3x2.7x2.4x
Quick ratio 3.0x2.2x2.3x2.7x2.4x
Total assets $684M$587M$647M$777M$778M
Total liabilities $267M$266M$291M$356M$387M
Shareholders' equity $417M$321M$356M$421M$390M
Net debt (− = net cash) −$298M−$162M−$187M−$259M−$222M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$2.0M

5 insiders

Of sales under plans

75%

$1.5M

DateInsiderTradeSharesPriceValueFiling
Sep 18, 2026 Shukri Jeries SouriGroup Vice President Bought 184 $68.45 $0.0M Form 4
Aug 17, 2026 Catherine CorriganChief Executive Officer, Director Sold plan 1,707 $66.28 $0.1M Form 4
Jul 15, 2026 Catherine CorriganChief Executive Officer, Director Sold plan 1,737 $62.78 $0.1M Form 4
Jun 15, 2026 Catherine CorriganPresident & CEO, Director Sold plan 4,119 $57.13 $0.2M Form 4
May 26, 2026 Bradley A JamesGroup Vice President Sold 2,000 $57.47 $0.1M Form 4
May 19, 2026 Richard ReissGroup Vice President Sold 1,672 $58.65 $0.1M Form 4
May 15, 2026 Catherine CorriganPresident & CEO, Director Sold plan 4,194 $54.06 $0.2M Form 4
May 13, 2026 Joseph RakowGroup Vice President Sold 2,945 $54.66 $0.2M Form 4
May 13, 2026 Joseph SalaGroup Vice President Sold 2,066 $56.66 $0.1M Form 4
Apr 15, 2026 Catherine CorriganPresident & CEO, Director Sold plan 3,909 $67.70 $0.3M Form 4
Mar 16, 2026 Catherine CorriganPresident & CEO, Director Sold plan 3,912 $67.49 $0.3M Form 4
Feb 17, 2026 Catherine CorriganPresident & CEO, Director Sold plan 3,920 $67.15 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 85 / 84 / 8
Accruals ratio −4.4%−5.0%−3.3%
Altman Z'' 7.547.297.00

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Exponent EXPO $3.8B 4.2% 20.6% 21.0% 52.2% 34.7x 4
UL Solutions ULS $15.0B 6.4% 17.1% 13.2% 26.8% 29.6x 7 Compare →
Verisk Analytics VRSK $26.5B 6.6% 43.7% 38.8% 35.5% 29.8x 7 Compare →
FTI Consulting FCN $4.6B 2.4% 10.3% 2.5% 16.6% 18.9x 4 Compare →
TransUnion TRU $15.8B 9.4% 18.7% 14.5% 7.1% 22.6x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $315M $348M $380M $417M $400M $466M $513M $537M $559M $582M
Operating income $61.9M $72.1M $91.5M $85.1M $83.2M $109M $141M $111M $120M $120M
Pretax income $69.1M $82.5M $93.3M $104M $96.9M $126M $132M $136M $147M $147M
Income tax $21.6M $41.2M $21.1M $21.7M $14.4M $24.6M $29.9M $35.6M $38.4M $41.3M
Net income $47.5M $41.3M $72.3M $82.5M $82.6M $101M $102M $100M $109M $106M
Diluted EPS $0.87 $0.77 $1.33 $1.53 $1.55 $1.90 $1.96 $1.94 $2.11 $2.07
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $66.9M $67.8M $91.2M $108M $103M $125M $93.8M $127M $145M $132M
Capital expenditure $14.4M $4.7M $16.3M $23.0M $5.0M $6.8M $12.0M $16.4M $6.9M $9.4M
Free cash flow $52.6M $63.1M $74.9M $85.0M $98.3M $118M $81.8M $111M $138M $122M
Depreciation and amortization $6.1M $6.3M $6.3M $6.8M $6.9M $6.5M $7.1M $8.9M $9.7M $10.1M
Stock-based compensation $13.3M $16.2M $17.0M $17.5M $17.3M $19.3M $20.4M $20.4M $23.2M $23.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $24.5M $11.9M $27.9M $22.0M $40.0M $7.0M $156M $24.2M $5.7M $97.1M
Dividends paid $18.6M $21.6M $27.0M $33.1M $39.4M $41.7M $49.1M $52.7M $56.8M $60.4M
Dividends and buybacks $43.0M $33.6M $54.9M $55.1M $79.4M $48.7M $205M $76.9M $62.5M $158M
Balance sheet
Cash and short-term investments $174M $196M $209M $232M $243M $298M $162M $187M $259M $222M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $274M $316M $327M $364M $367M $453M $349M $380M $447M $428M
Current liabilities $80.2M $93.1M $98.3M $124M $117M $153M $159M $162M $163M $178M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $36.7M $35.0M $46.1M $61.6M $59.8M $60.0M $65.5M $75.3M $73.0M $72.0M
Total assets $404M $440M $469M $563M $580M $684M $587M $647M $777M $778M
Total liabilities $130M $151M $155M $213M $219M $267M $266M $291M $356M $387M
Shareholders' equity $273M $289M $314M $350M $362M $417M $321M $356M $421M $390M
Margins
Operating margin 19.7% 20.7% 24.1% 20.4% 20.8% 23.4% 27.4% 20.7% 21.4% 20.6%
EBITDA margin 21.6% 22.5% 25.8% 22.0% 22.5% 24.8% 28.8% 22.4% 23.1% 22.3%
Net margin 15.1% 11.9% 19.0% 19.8% 20.6% 21.7% 19.9% 18.7% 19.5% 18.2%
FCF margin 16.7% 18.2% 19.7% 20.4% 24.6% 25.3% 15.9% 20.7% 24.6% 21.0%
Returns
Return on capital 44.6% 37.5% 71.5% 60.1% 59.7% 73.5% 78.2% 50.1% 53.4% 52.2%
Return on capital employed 19.6% 21.5% 25.5% 21.0% 18.5% 21.9% 29.4% 24.4% 21.8% 19.7%
Return on equity 17.7% 14.7% 24.0% 24.8% 23.2% 26.0% 27.7% 29.7% 28.1% 26.1%
Return on assets 12.0% 9.8% 15.9% 16.0% 14.4% 16.0% 16.1% 16.3% 15.3% 13.6%
Growth
Revenue growth 0.7% 10.4% 9.1% 9.9% −4.2% 16.6% 10.1% 4.6% 4.1% 4.2%
Net income growth 8.9% −13.0% 74.9% 14.1% 0.1% 22.6% 1.1% −2.0% 8.6% −2.8%
EPS growth 8.8% −11.5% 72.7% 15.0% 1.3% 22.6% 3.2% −1.0% 8.8% −1.9%
FCF growth −4.6% 20.1% 18.7% 13.5% 15.7% 19.8% −30.6% 35.8% 24.0% −11.1%
Share count change −0.5% −0.7% 0.4% −0.5% −1.0% 0.0% −2.0% −1.2% −0.1% −0.6%
Financial health
Net debt / EBITDA −2.6x −2.5x −2.1x −2.5x −2.7x −2.6x −1.1x −1.6x −2.0x −1.7x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 3.4x 3.4x 3.3x 2.9x 3.1x 3.0x 2.2x 2.3x 2.7x 2.4x
Quick ratio 3.4x 3.4x 3.3x 2.9x 3.1x 3.0x 2.2x 2.3x 2.7x 2.4x
Capital allocation
Capex / revenue 4.6% 1.4% 4.3% 5.5% 1.3% 1.5% 2.4% 3.1% 1.2% 1.6%
Stock comp / revenue 4.2% 4.6% 4.5% 4.2% 4.3% 4.1% 4.0% 3.8% 4.2% 4.1%
Payouts / FCF 81.9% 53.2% 73.3% 64.8% 80.8% 41.4% 250.7% 69.3% 45.4% 128.8%
Quality scores
Piotroski F-score 6.0 5.0 5.0 6.0 5.0 5.0 3.0 7.0 5.0 4.0
Altman Z'' 8.7 8.7 9.0 7.8 7.9 7.9 7.9 7.5 7.3 7.0
Accruals ratio −4.9% −6.3% −4.2% −5.0% −3.6% −3.7% 1.3% −4.4% −5.0% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0000851520). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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