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FTI Consulting

FCN NYSE Research & Consulting Services Financials FY2016–FY2025

FTI Consulting's revenue rose 2.4% to $3.8 billion in fiscal 2025. Its operating margin was 10.3%, up from 9.4% a year earlier. Free cash flow was $94 million, down 74.0%. It paid out $859 million in dividends and buybacks, 917% of free cash flow. The diluted share count fell 8.3%.

Last close · Oct 23, 2026

$157.24

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$3.8B
2.4% vs prior year
Operating margin Operating income as a share of revenue.
10.3%
0.9 pts
Net income Profit after all expenses, interest and tax.
$271M
3.3%
Free cash flow Cash from operations minus capital spending.
$93.6M
74.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
16.6%
0.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
18.9x
On $8.30 EPS (TTM)

What FTI Consulting does

No business description yet.

Legal name
FTI CONSULTING, INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000887936-26-000013
0000887936

Revenue and margins

FTI Consulting had $3.8B of revenue in fiscal 2025, up 2.4% 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 16.7% 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 $93.6M in fiscal 2025, 2.5% 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

FTI Consulting returned $859M to shareholders in fiscal 2025, 917% of free cash flow. The diluted share count fell 8.3%.

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

Value FTI Consulting 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 −$99.9M and divides by 32.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 18.9x · peers 29.6x · sector 26.0x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $495M$492M$329M$661M$265M
Debt incl. finance leases $297M$315M$0.0M$0.0M$365M
Net debt / EBITDA −0.6x−0.5x−0.8x−1.7x0.2x
Debt / equity 0.2x0.2x0.0x0.0x0.2x
Interest coverage 15.4x30.3x26.4x50.0x18.2x
Current ratio 1.9x2.0x1.7x2.0x1.6x
Quick ratio 1.9x2.0x1.7x2.0x1.6x
Total assets $3.1B$3.2B$3.3B$3.6B$3.5B
Total liabilities $1.5B$1.6B$1.3B$1.3B$1.8B
Shareholders' equity $1.6B$1.7B$2.0B$2.3B$1.7B
Net debt (− = net cash) −$197M−$177M−$329M−$661M$99.9M

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

$2.1M

3 insiders

Sold, 12 months

$1.6M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Elsy Lisa BoglioliDirector Sold 900 $150.22 $0.1M Form 4
May 13, 2026 Eun NamChief Financial Officer Bought 2,000 $144.59 $0.3M Form 4
May 13, 2026 Paul Alderman LintonChief Strategy/Transf. Officer Bought 2,400 $144.04 $0.3M Form 4
May 13, 2026 Steven Henry GunbyCEO, Chairman and President, Director Bought 10,000 $144.17 $1.4M Form 4
Mar 9, 2026 Curtis P LuGeneral Counsel Sold 8,710 $166.60 $1.5M Form 4
Oct 24, 2025 Steven Henry GunbyCEO, Chairman and President, Director Bought 7,500 $151.12 $1.1M 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 / 95 / 94 / 9
Accruals ratio 1.5%−3.3%3.4%
Altman Z'' 5.696.214.54

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
FTI Consulting FCN $4.6B 2.4% 10.3% 2.5% 16.6% 18.9x 4
TransUnion TRU $15.8B 9.4% 18.7% 14.5% 7.1% 22.6x 8 Compare →
Verisk Analytics VRSK $26.5B 6.6% 43.7% 38.8% 35.5% 29.8x 7 Compare →
UL Solutions ULS $15.0B 6.4% 17.1% 13.2% 26.8% 29.6x 7 Compare →
Equifax EFX $21.5B 6.9% 18.0% 18.7% 8.5% 29.5x 6 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.8B $1.8B $2.0B $2.4B $2.5B $2.8B $3.0B $3.5B $3.7B $3.8B
Gross profit $600M $592M $700M $818M $789M $861M $963M $1.1B $1.2B $1.2B
Operating income $142M $109M $226M $306M $283M $312M $304M $378M $347M $389M
Interest expense $24.8M $25.4M $27.1M $19.2M $19.8M $20.3M $10.0M $14.3M $7.0M $21.4M
Pretax income $128M $87.1M $208M $288M $262M $298M $298M $358M $351M $371M
Income tax $42.3M −$20.9M $57.2M $71.7M $51.8M $63.0M $62.2M $83.5M $70.7M $100M
Net income $85.5M $108M $151M $217M $211M $235M $236M $275M $280M $271M
Diluted EPS $2.05 $2.75 $3.93 $5.69 $5.67 $6.65 $6.58 $7.71 $7.81 $8.24
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.03B
Cash flow
Cash from operations $234M $148M $231M $218M $327M $356M $189M $225M $395M $152M
Capital expenditure $28.9M $32.0M $32.3M $41.8M $34.8M $68.7M $53.3M $49.5M $35.4M $58.5M
Free cash flow $205M $116M $198M $176M $292M $287M $135M $175M $360M $93.6M
Depreciation and amortization $38.7M $31.2M $31.5M $30.2M $32.7M $34.3M $35.9M $41.1M $43.9M $45.8M
Stock-based compensation $16.9M $16.0M $15.6M $18.0M $22.9M $23.1M $25.4M $29.5M $38.4M $39.3M
Acquisitions $1.3M $8.9M $0.0M $18.8M $25.3M $10.4M $6.7M $0.0M $0.0M $0.0M
Share buybacks $21.5M $168M $55.7M $106M $354M $46.1M $85.4M $21.0M $10.2M $859M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $21.5M $168M $55.7M $106M $354M $46.1M $85.4M $21.0M $10.2M $859M
Balance sheet
Cash and short-term investments $216M $190M $312M $369M $295M $495M $492M $329M $661M $265M
Total debt $366M $396M $266M $276M $286M $297M $315M $0.0M $0.0M $365M
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 $783M $794M $965M $1.2B $1.1B $1.4B $1.5B $1.6B $1.8B $1.5B
Current liabilities $379M $410M $483M $613M $670M $718M $770M $893M $932M $975M
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 $61.9M $75.1M $84.6M $93.7M $102M $142M $154M $160M $150M $169M
Total assets $2.2B $2.3B $2.4B $2.8B $2.8B $3.1B $3.2B $3.3B $3.6B $3.5B
Total liabilities $1.0B $1.1B $1.0B $1.3B $1.4B $1.5B $1.6B $1.3B $1.3B $1.8B
Shareholders' equity $1.2B $1.2B $1.3B $1.5B $1.4B $1.6B $1.7B $2.0B $2.3B $1.7B
Margins
Gross margin 33.1% 32.8% 34.5% 34.8% 32.0% 31.0% 31.8% 32.5% 32.0% 32.1%
Operating margin 7.9% 6.0% 11.1% 13.0% 11.5% 11.2% 10.0% 10.8% 9.4% 10.3%
EBITDA margin 10.0% 7.7% 12.7% 14.3% 12.8% 12.5% 11.2% 12.0% 10.6% 11.5%
Net margin 4.7% 6.0% 7.4% 9.2% 8.6% 8.5% 7.8% 7.9% 7.6% 7.2%
FCF margin 11.3% 6.4% 9.8% 7.5% 11.9% 10.3% 4.5% 5.0% 9.7% 2.5%
Returns
Return on capital 6.7% 7.9% 12.1% 17.0% 16.3% 17.7% 16.6% 18.3% 17.1% 16.6%
Return on capital employed 7.6% 5.9% 12.1% 15.0% 13.2% 13.9% 12.5% 15.4% 13.6% 15.0%
Return on equity 7.3% 9.0% 11.9% 15.3% 14.6% 15.8% 14.4% 15.0% 13.2% 13.6%
Return on assets 3.8% 4.8% 6.5% 8.4% 7.6% 8.0% 7.4% 8.4% 8.1% 7.6%
Growth
Revenue growth 1.8% −0.2% 12.2% 16.0% 4.6% 12.8% 9.1% 15.2% 6.0% 2.4%
Net income growth 29.5% 26.2% 39.5% 43.9% −2.8% 11.5% 0.2% 16.7% 1.9% −3.3%
EPS growth 29.8% 34.2% 42.9% 44.8% −0.4% 17.3% −1.1% 17.2% 1.3% 5.5%
FCF growth 88.5% −43.5% 71.6% −11.3% 66.0% −1.9% −52.8% 29.2% 105.6% −74.0%
Share count change −0.1% −6.0% −2.2% −0.5% −2.5% −4.9% 1.3% −0.4% 0.6% −8.3%
Financial health
Net debt / EBITDA 0.8x 1.5x −0.2x −0.3x −0.0x −0.6x −0.5x −0.8x −1.7x 0.2x
Debt / equity 0.3x 0.3x 0.2x 0.2x 0.2x 0.2x 0.2x 0.0x 0.0x 0.2x
Interest coverage 5.7x 4.3x 8.3x 15.9x 14.3x 15.4x 30.3x 26.4x 50.0x 18.2x
Current ratio 2.1x 1.9x 2.0x 1.9x 1.7x 1.9x 2.0x 1.7x 2.0x 1.6x
Quick ratio 2.1x 1.9x 2.0x 1.9x 1.7x 1.9x 2.0x 1.7x 2.0x 1.6x
Capital allocation
Capex / revenue 1.6% 1.8% 1.6% 1.8% 1.4% 2.5% 1.8% 1.4% 1.0% 1.5%
Stock comp / revenue 0.9% 0.9% 0.8% 0.8% 0.9% 0.8% 0.8% 0.9% 1.0% 1.0%
Payouts / FCF 10.5% 145.4% 28.1% 60.1% 121.0% 16.1% 63.1% 12.0% 2.8% 917.4%
Quality scores
Piotroski F-score 7.0 6.0 9.0 8.0 5.0 8.0 5.0 7.0 5.0 4.0
Altman Z'' 4.3 4.1 5.0 4.9 4.6 4.9 5.1 5.7 6.2 4.5
Accruals ratio −6.6% −1.8% −3.5% −0.0% −4.2% −4.1% 1.5% 1.5% −3.3% 3.4%

Source: SEC EDGAR XBRL filings (CIK 0000887936). 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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