CRA International (CRAI)
Market Price (11/10/2026): $194.86 | Market Cap: $1.2 BilSector: Industrials | Industry: Research & Consulting Services
CRA International (CRAI)
Market Price (11/10/2026): $194.86Market Cap: $1.2 BilSector: IndustrialsIndustry: Research & Consulting Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4% Low stock price volatilityVol 12M is 39% Megatrend and thematic driversMegatrends include Business & Legal Complexity. Themes include Economic & Financial Litigation Support, Regulatory & Public Policy Advisory, and Strategic Growth Consulting. | Weak multi-year price returns2Y Excs Rtn is -21% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x Key risksCRAI key risks include [1] intense competition from larger, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4% |
| Low stock price volatilityVol 12M is 39% |
| Megatrend and thematic driversMegatrends include Business & Legal Complexity. Themes include Economic & Financial Litigation Support, Regulatory & Public Policy Advisory, and Strategic Growth Consulting. |
| Weak multi-year price returns2Y Excs Rtn is -21% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 77x |
| Key risksCRAI key risks include [1] intense competition from larger, Show more. |
Qualitative Assessment
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CRA International (CRAI) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. CRA International reported robust fiscal Q3 2026 financial results that surpassed analyst expectations. The company achieved record quarterly revenue of $214.9 million, representing a 15.6% increase year-over-year, and beating consensus estimates by 8%. Additionally, non-GAAP diluted earnings per share (EPS) rose 6.3% to $2.19, exceeding analysts' consensus estimates by 5.6%.
2. The company raised its full-year fiscal 2026 revenue guidance, signaling continued optimism for future performance. CRA International increased its constant currency revenue guidance to a range of $830 million to $840 million, up from the previous range of $805 million to $820 million. This revised guidance came in 2.5% above analysts' consensus estimates.
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CRA International (CRAI) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. CRA International reported robust fiscal Q3 2026 financial results that surpassed analyst expectations. The company achieved record quarterly revenue of $214.9 million, representing a 15.6% increase year-over-year, and beating consensus estimates by 8%. Additionally, non-GAAP diluted earnings per share (EPS) rose 6.3% to $2.19, exceeding analysts' consensus estimates by 5.6%.
2. The company raised its full-year fiscal 2026 revenue guidance, signaling continued optimism for future performance. CRA International increased its constant currency revenue guidance to a range of $830 million to $840 million, up from the previous range of $805 million to $820 million. This revised guidance came in 2.5% above analysts' consensus estimates.
3. CRA International demonstrated confidence in its financial health by increasing its quarterly cash dividend. The board declared a 17.5% increase in the quarterly cash dividend, raising it from $0.57 to $0.67 per common share, payable on December 11, 2026. This marks the tenth consecutive annual dividend increase.
4. The company experienced broad-based growth across its consulting practices and improved consultant utilization. Seven of its practices grew year-over-year, accounting for approximately 95% of fiscal Q3 2026 revenue. Consultant utilization improved to 78% from 77% in the prior year, and both average weekly project lead flow and new project originations increased by more than 20% year-over-year.
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Stock Movement Drivers
Fundamental Drivers
The 10.6% change in CRAI stock from 7/31/2026 to 11/9/2026 was primarily driven by a 6.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.45 | 197.41 | 10.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 771 | 824 | 6.9% |
| Net Income Margin (%) | 6.2% | 6.3% | 1.0% |
| P/E Multiple | 24.3 | 23.9 | -1.5% |
| Shares Outstanding (Mil) | 7 | 6 | 4.0% |
| Cumulative Contribution | 10.6% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| CRAI | 10.6% | |
| Market (SPY) | 0.8% | -25.4% |
| Sector (XLI) | -6.1% | -16.7% |
Fundamental Drivers
The 26.3% change in CRAI stock from 4/30/2026 to 11/9/2026 was primarily driven by a 28.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 156.36 | 197.41 | 26.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 752 | 824 | 9.6% |
| Net Income Margin (%) | 7.3% | 6.3% | -13.8% |
| P/E Multiple | 18.7 | 23.9 | 28.0% |
| Shares Outstanding (Mil) | 7 | 6 | 4.4% |
| Cumulative Contribution | 26.3% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| CRAI | 26.3% | |
| Market (SPY) | 5.0% | -26.4% |
| Sector (XLI) | -3.0% | -21.2% |
Fundamental Drivers
The 5.1% change in CRAI stock from 10/31/2025 to 11/9/2026 was primarily driven by a 12.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 187.90 | 197.41 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 731 | 824 | 12.7% |
| Net Income Margin (%) | 7.7% | 6.3% | -18.9% |
| P/E Multiple | 21.8 | 23.9 | 9.8% |
| Shares Outstanding (Mil) | 7 | 6 | 4.7% |
| Cumulative Contribution | 5.1% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| CRAI | 5.1% | |
| Market (SPY) | 11.3% | -2.1% |
| Sector (XLI) | 9.9% | -2.9% |
Fundamental Drivers
The 110.8% change in CRAI stock from 10/31/2023 to 11/9/2026 was primarily driven by a 42.4% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.65 | 197.41 | 110.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 608 | 824 | 35.4% |
| Net Income Margin (%) | 6.4% | 6.3% | -2.0% |
| P/E Multiple | 16.8 | 23.9 | 42.4% |
| Shares Outstanding (Mil) | 7 | 6 | 11.5% |
| Cumulative Contribution | 110.8% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| CRAI | 110.8% | |
| Market (SPY) | 86.2% | 22.8% |
| Sector (XLI) | 78.6% | 22.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CRAI Return | 86% | 33% | -18% | 91% | 8% | -1% | 317% |
| Peers Return | 25% | 10% | 9% | -4% | -7% | -3% | 29% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| CRAI Win Rate | 92% | 50% | 33% | 67% | 42% | 36% | |
| Peers Win Rate | 52% | 54% | 58% | 60% | 46% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| CRAI Max Drawdown | -23% | -19% | -33% | -18% | -24% | -38% | |
| Peers Max Drawdown | -17% | -24% | -24% | -26% | -31% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCN, HURN, EXPO, RGP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | CRAI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -15.1% | -18.8% |
| % Gain to Breakeven | 17.7% | 23.1% |
| Time to Breakeven | 35 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.3% | -7.8% |
| % Gain to Breakeven | 11.4% | 8.5% |
| Time to Breakeven | 56 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.2% | 7.1% |
| Time to Breakeven | 273 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.8% | -24.5% |
| % Gain to Breakeven | 18.7% | 32.4% |
| Time to Breakeven | 71 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.4% | -33.7% |
| % Gain to Breakeven | 134.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
In The Past
CRA International's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CRAI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.3% | -9.5% |
| % Gain to Breakeven | 25.5% | 10.5% |
| Time to Breakeven | 71 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.2% | 7.1% |
| Time to Breakeven | 273 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.4% | -33.7% |
| % Gain to Breakeven | 134.5% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.1% | -12.2% |
| % Gain to Breakeven | 43.0% | 13.9% |
| Time to Breakeven | 89 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.8% | -6.8% |
| % Gain to Breakeven | 63.3% | 7.3% |
| Time to Breakeven | 168 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.7% | -17.9% |
| % Gain to Breakeven | 50.7% | 21.8% |
| Time to Breakeven | 1116 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.1% | -15.4% |
| % Gain to Breakeven | 35.3% | 18.2% |
| Time to Breakeven | 168 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -61.5% | -53.4% |
| % Gain to Breakeven | 160.0% | 114.4% |
| Time to Breakeven | 3159 days | 1085 days |
In The Past
CRA International's stock fell -15.1% during the 2025 US Tariff Shock. Such a loss loss requires a 17.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CRA International (CRAI)
CRA International (CRAI) is a global consulting firm specializing in economic, financial, and management consulting services. The company's core business revolves around providing expert advice and support in two primary areas: assisting clients with complex litigation and regulatory matters, and guiding corporations through strategic business and performance-related challenges.
In the context of litigation and regulatory proceedings, CRAI offers services such as detailed research and analysis, expert testimony, and forensic accounting and investigations, primarily serving corporate clients and attorneys. For its management consulting arm, CRAI helps companies with strategic initiatives like strategy development, performance improvement, market demand estimation, new product pricing strategies, valuation of intellectual property, and analysis of competitive actions to enhance business efficiency and growth.
CRAI serves a broad and diverse international client base across numerous industries, including communications, financial services, healthcare, life sciences, energy, technology, manufacturing, and transportation. The company operates globally, with a significant presence in the United States and the United Kingdom, providing critical insights and support to clients navigating complex economic and business environments.
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- A specialized Deloitte or PwC, but focused on expert economic and financial analysis for legal and regulatory matters.
- A boutique McKinsey or BCG for companies needing deep economic and financial expertise for complex business strategy and disputes.
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- Litigation and Regulatory Consulting: Provides expert advice, research, analysis, and testimony on economic, financial, accounting, insurance, and forensic matters for litigation and regulatory proceedings.
- Management and Business Strategy Consulting: Offers services to corporations for strategy development, performance improvement, market analysis, pricing strategies, and valuation of intellectual property and other assets.
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CRA International (CRAI) primarily provides its economic, financial, and management consulting services to other companies and organizations, rather than to individuals.
Due to the nature of its consulting business and client confidentiality agreements, CRA International does not publicly disclose the names of its specific major customer companies. Furthermore, the company typically states in its financial filings that no single client accounts for 10% or more of its total revenue, indicating a diversified client base rather than a dependence on a few specific named customers.
Based on the company's description, its customer base can be broadly categorized into the following types of entities:
- Corporations: These clients span a wide array of industries and engage CRA International for advice on business strategy, performance improvement, corporate strategy and portfolio analysis, market demand estimation, new product pricing strategies, valuation of intellectual property and other assets, assessment of competitors' actions, and analysis of new sources of supply. The company serves corporations in industries such as:
- Communications and media
- Consumer, health, and wellness products
- Energy
- Entertainment and leisure
- Financial services
- Healthcare
- Life sciences
- Manufacturing and industries
- Natural resources
- Retail and distribution
- Technology
- Transportation
- Attorneys/Law Firms: CRA International provides consulting services, including research and analysis, expert testimony, and support, on economic and financial matters related to litigation and regulatory proceedings. These services are typically engaged by attorneys and law firms representing corporate or other clients involved in such proceedings.
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Paul A. Maleh, President, Chief Executive Officer and Chairman of the Board
Paul A. Maleh joined CRA International in 1989 and has held positions of increasing responsibility, including leading the firm's finance practice and serving as Chief Operating Officer. He became the Chief Executive Officer and a director in November 2009, and was appointed Chairman of the Board in July 2020. Mr. Maleh holds an MBA from Northeastern University. Information regarding him founding or managing other companies, selling companies he was previously involved with, or a pattern of managing companies backed by private equity firms is not available in the provided search results.
Eric Nierenberg, Executive Vice President, Chief Financial Officer and Treasurer
Eric Nierenberg was appointed Executive Vice President, Chief Financial Officer, and Treasurer, effective August 4, 2025. He rejoined CRA International's senior management team as a Vice President in 2023, having previously started his career as an analyst in CRA's Finance Practice. Prior to rejoining CRA, he served as Chief Strategy Officer for MassPRIM (the Massachusetts state pension fund) from 2017 to 2022, and before that, he was an equity portfolio manager at LMCG Investments and Independence Investments. Dr. Nierenberg is an adjunct professor of finance at the International Business School of Brandeis University and a Board member of investment funds dedicated to the Hydro-Québec Pension Fund. He holds a BA and MA in economics and a PhD in business economics, all from Harvard University. Information regarding him founding or managing other companies, selling companies he was previously involved with, or a pattern of managing companies backed by private equity firms is not available in the provided search results.
Chad M. Holmes, Executive Vice President and Chief Corporate Development Officer
Chad M. Holmes joined CRA International in 2004 as part of the acquisition of InteCap Inc. He has served as Executive Vice President and Chief Corporate Development Officer since March 2020. Mr. Holmes was also the Chief Financial Officer and Treasurer of CRA from 2014 through 2020 and served as interim Chief Financial Officer and Treasurer from April to August 2025. He has been a member of CRA's senior management team since 2009. Mr. Holmes earned his MBA in Finance and Management and Strategy from Northwestern University's Kellogg School of Management and a B.A. in Economics from the University of Notre Dame.
Brian Langan, Executive Vice President and Chief Strategy and Business Transformation Officer
Brian Langan was appointed Executive Vice President and Chief Strategy and Business Transformation Officer, effective August 4, 2025. He joined CRA International in 2002 as a consultant in the Antitrust & Competition Economics Practice. Prior to his current role, he served as a Vice President in CRA's Competition and Labor & Employment group and as a Manager in the Financial Planning & Analysis group. Mr. Langan holds a BA in Economics and an MBA from Boston College.
Jonathan D. Yellin, Executive Vice President and General Counsel
Jonathan D. Yellin joined CRA International in 2004 as Vice President and General Counsel, and has served as Executive Vice President and General Counsel since March 2017. Before joining CRA, he was a senior partner in the Insolvency and Restructuring practice at Riemer & Braunstein LLP from 1999 to 2004. Mr. Yellin has experience with complex in- and out-of-court restructurings and sales and acquisitions, and as a Court-appointed trustee to oversee the restructuring and successful reorganization/sale of several companies. He notably represented CRA in its acquisition of the North American, UK, and Mexican Chemicals and Energy consulting practices of the then Arthur D. Little Corporation in 2002. Mr. Yellin received his J.D., cum laude, from the University of Miami School of Law and his B.A. from The George Washington University.
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Key Business Risks for CRA International (CRAI)
- Global Economic and Geopolitical Volatility: CRA International's business is significantly impacted by global economic conditions, including market turbulence, economic downturns, and geopolitical shifts. These factors can reduce client demand for consulting services, cause clients to delay or pause decisions related to strategic advice, mergers, or other matters, and ultimately affect the company's revenue and profitability.
- Intense Market Competition: The consulting industry in which CRA International operates is highly competitive. Numerous firms vie for market share, requiring CRA International to continuously innovate and differentiate its services to maintain its competitive edge and attract new engagements.
- Reliance on High-Stakes, Specialized Engagements and Talent Retention: CRA International's success is notably dependent on securing and executing high-stakes engagements, such as complex litigation and regulatory proceedings. The frequency and size of these specialized assignments can be susceptible to market fluctuations and changes in regulatory landscapes, potentially impacting revenue streams. Furthermore, as a professional services firm, CRA International's ability to deliver these services hinges on retaining its key employees and non-employee experts. The consulting market experiences consistent recruitment of talent by competitors, and increased noncash forgivable loan amortization due to talent investments can affect reported earnings.
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The rapid advancement and widespread adoption of artificial intelligence and automation technologies pose a clear emerging threat. These technologies have the potential to automate significant portions of research, data analysis, report generation, and other analytical tasks central to CRA International’s economic, financial, and management consulting services. This could reduce the demand for human consulting hours, commoditize certain service offerings, or enable clients to perform more extensive analysis in-house, thereby reducing their reliance on external consultants.
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CRA International (CRAI) operates within the addressable markets of economic, financial, and management consulting services. The market sizes for these main products or services are as follows:
- Global Management Consulting Market: The global management consulting services market was valued at approximately USD 466.68 billion in 2024, with projections to grow to USD 721.60 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.63%. Other estimates place the global market at USD 431.99 billion in 2024, with a projected growth to USD 914.49 billion by 2033 at a CAGR of 8.69%.
- U.S. Management Consulting Market: In the U.S., the management consulting services market was valued at USD 123.15 billion in 2024. Another source indicates the U.S. market was valued at USD 141.36 billion in 2023 and is estimated to reach USD 279.10 billion by 2033, exhibiting a CAGR of 6.9% from 2024 to 2033.
- Global Economic Consulting Services Market: The global economic consulting services market size is predicted to grow from US$ 40.66 billion in 2025 to US$ 53.78 billion in 2031, with a CAGR of 4.8% from 2025 to 2031.
- U.S. Scientific & Economic Consulting Market: The market size for Scientific & Economic Consulting in the U.S. was $62.4 billion in 2025 and is projected to reach $63.6 billion in 2026.
- Global Financial Advisory Services Market: The global financial advisory services market was valued at USD 103.01 billion in 2024 and is estimated to grow to USD 174.33 billion by 2033, demonstrating a CAGR of 6.02% during the forecast period (2025–2033). Another estimate for the Financial Services Consulting Market indicates a value of USD 108.81 billion in 2026, expected to reach USD 194.51 billion by 2035 with a CAGR of 6.67%.
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- Sustained Demand and Growth in Legal & Regulatory Services: CRA International anticipates continued strong demand within its legal and regulatory services segment. This growth is particularly fueled by ongoing activity in Antitrust & Competition Economics and Forensic Services, including an increase in case filings, merger-related activity, and the consistent need for expert antitrust services. For example, the Antitrust & Competition Economics and Forensic Services practices led with over 20% growth in Q4 2025.
- Expansion and Strength in Key Management Consulting Practices: The company expects revenue growth from the expansion of its management consulting services, with a notable focus on the Energy and Life Sciences practices. The Energy practice has demonstrated strong performance, driven by increasing activity related to data center-driven load growth and electricity market design issues. Furthermore, the Life Sciences practice has been a significant contributor to international revenue expansion.
- Continued International Growth: International operations are projected to be a significant driver of revenue growth. CRA International has observed substantial year-over-year increases in international revenue, with its international operations growing by 19.5% in fiscal 2025 and 30.3% in Q3 2025. This growth is largely led by the Antitrust & Competition Economics and Life Sciences practices in these regions. The company also sees opportunities in leveraging its expertise to expand into emerging markets, thereby diversifying its client base and global footprint.
- Strategic Investment in Talent: As a consulting firm, CRA International's capacity for revenue growth is inherently linked to its human capital. The company emphasizes attracting and retaining high-quality consultants, evident through its ongoing promotions and hiring of new Vice Presidents. This strategic investment in talent is crucial for maintaining and enhancing its service delivery and expertise.
- Integration of AI and Advanced Analytics: CRA International is strategically integrating artificial intelligence and advanced data analytics into its service offerings. This includes initiatives like the Energy practice's development of an AI-driven resource adequacy model, "CRA Adequacy X." This focus on technological innovation is aimed at providing deeper insights and more effective solutions to clients, enhancing the firm's competitive position.
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Share Repurchases
- Between fiscal years 2021 and 2025, CRA International deployed $239 million to repurchase 1.7 million shares at an average cost of $110 per share, which reduced net shares outstanding by 15%.
- In fiscal year 2025, the company repurchased approximately 252,000 shares, totaling $47.1 million.
- As of February 26, 2026, the Board of Directors authorized a $55 million expansion to its existing share repurchase program, in addition to the $10.9 million remaining, bringing the total available for future repurchases to approximately $65.9 million.
Share Issuance
- While specific dollar amounts of shares issued are not explicitly detailed, the diluted weighted average shares outstanding have decreased primarily due to repurchases, offset in part by the issuance or vesting of restricted stock.
- Employee compensation frequently involves grants of restricted stock units (RSUs) and common stock, with shares often disposed of to cover tax obligations.
Outbound Investments
- CRA International evaluates opportunities to acquire other consulting firms, practices, or groups to diversify or expand its service offerings.
- In May 2024, CRA expanded its Intellectual Property practice by welcoming a 20-person team, which also established a new office in Houston.
Capital Expenditures
- Over the five-year period from fiscal 2021 to 2025, capital expenditures totaled $29 million.
- For fiscal year 2024, capital expenditures amounted to $17 million, primarily focused on investments in offices and IT infrastructure to support consultant headcount and growth.
- The company anticipates capital expenditures for fiscal year 2026 to be in the range of $4 million to $5 million.
Peer Outperformance in Research & Consulting Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 28 | -13.7% | 106.4% | 114.2% | FIX 1047% · STRL 907% · AGX 633% |
| Marine Transportation | 5 | 34.7% | 32.6% | 113.6% | MATX 140% · KEX 117% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 13.2% | 69.5% | 98.2% | ALSN 278% · WAB 218% · CAT 210% |
| Aerospace & Defense | 54 | 3.9% | 57.7% | 65.2% | FTAI 963% · ATI 954% · HWM 563% |
| Industrial Machinery & Supplies & Components | 71 | 4.3% | 53.9% | 33.5% | CRS 853% · MLI 306% · SYM 276% |
| Trading Companies & Distributors | 19 | 15.2% | 35.5% | 28.4% | DXPE 338% · AIT 199% · URI 199% |
| Rail Transportation | 7 | 36.9% | 71.5% | 27.2% | CSX 52% · UNP 38% · NSC 27% |
| Diversified Support Services | 34 | 19.2% | 46.7% | 18.5% | CXW 205% · OPLN 140% · CACI 124% |
| Building Products | 34 | -3.3% | 8.5% | 16.5% | MOD 813% · GFF 365% · TT 136% |
| Cargo Ground Transportation | 16 | 33.6% | 16.2% | 5.2% | XPO 299% · R 262% · ARCB 22% |
| Electrical Components & Equipment | 39 | 0.2% | 61.0% | 0.6% | POWL 1531% · VRT 647% · BE 465% |
| Office Services & Supplies | 10 | 22.4% | 27.1% | -1.2% | PBI 146% · HNI 45% · MSA 19% |
| Industrial Conglomerates | 17 | 19.2% | 12.4% | -3.3% | CSW 109% · CSL 78% · DD 76% |
| Data Processing & Outsourced Services | 6 | -8.1% | 2.7% | -13.8% | EXLS 60% · BR 18% · G -10% |
| Agricultural & Farm Machinery | 16 | 23.0% | -0.4% | -22.9% | BLBD 147% · DE 107% · TTC 16% |
| Research & Consulting Services ← | 13 | 1.9% | -15.6% | -23.5% | HURN 209% · FCN 36% · BAH 9% |
| Security & Alarm Services | 9 | -39.6% | 45.7% | -24.9% | BCO 83% |
| Environmental & Facilities Services | 29 | -20.7% | 33.3% | -26.4% | GEO 222% · CLH 168% · RSG 97% |
| Passenger Airlines | 11 | 11.0% | 85.0% | -29.1% | LTM 3253% · UAL 128% · DAL 114% |
| Human Resource & Employment Services | 22 | 23.8% | -5.4% | -36.3% | ADP 47% · FA 20% · PAYX 10% |
| Air Freight & Logistics | 12 | -29.9% | -5.7% | -39.9% | FDX 76% · EXPD 60% · CHRW 54% |
| Passenger Ground Transportation | 3 | -22.6% | 38.0% | -46.2% | UBER 56% · CAR -46% · LYFT -70% |
| Airport Services | 4 | -38.1% | -57.1% | -85.7% | JOBY -35% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 161.23 |
| Mkt Cap | 2.6 |
| Rev LTM | 824 |
| Op Inc LTM | 140 |
| FCF LTM | 105 |
| FCF 3Y Avg | 129 |
| CFO LTM | 142 |
| CFO 3Y Avg | 147 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.3% |
| Rev Chg 3Y Avg | 7.0% |
| Rev Chg Q | 11.4% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 4.3% |
| Op Inc Chg 3Y Avg | 7.3% |
| Op Mgn LTM | 10.5% |
| Op Mgn 3Y Avg | 10.6% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 7.6% |
| CFO/Rev 3Y Avg | 8.4% |
| FCF/Rev LTM | 5.6% |
| FCF/Rev 3Y Avg | 7.2% |
Price Behavior
| Market Price | $197.41 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 04/24/1998 | |
| Distance from 52W High | -10.7% | |
| 50 Days | 200 Days | |
| DMA Price | $177.31 | $164.77 |
| DMA Trend | up | down |
| Distance from DMA | 11.3% | 19.8% |
| 3M | 1YR | |
| Volatility | 33.9% | 39.4% |
| Downside Capture | -65.26 | 18.05 |
| Upside Capture | 15.03 | 26.60 |
| Correlation (S&P 500) | -27.7% | -3.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.03 | -0.67 | -0.45 | -0.77 | 0.06 | 0.59 |
| Up Beta | -9.07 | -2.45 | -0.88 | -1.75 | -0.50 | 0.41 |
| Down Beta | -0.41 | -1.28 | -1.54 | -1.09 | -0.11 | 0.83 |
| Up Capture | 68% | 17% | 16% | -10% | 26% | 36% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 14 | 21 | 31 | 64 | 128 | 404 |
| Down Capture | -223% | -84% | -42% | -95% | 38% | 76% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 8 | 22 | 33 | 62 | 123 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRAI | |
|---|---|---|---|---|
| CRAI | 9.3% | 39.4% | 0.31 | - |
| Sector ETF (XLI) | 11.7% | 18.2% | 0.45 | -3.5% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | -3.3% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | -20.2% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -2.8% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 17.9% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 5.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRAI | |
|---|---|---|---|---|
| CRAI | 13.6% | 35.3% | 0.43 | - |
| Sector ETF (XLI) | 11.6% | 17.8% | 0.49 | 31.5% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 30.8% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | -5.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.7% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 27.3% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CRAI | |
|---|---|---|---|---|
| CRAI | 22.6% | 39.0% | 0.65 | - |
| Sector ETF (XLI) | 13.3% | 20.1% | 0.58 | 40.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 37.2% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | -3.3% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 14.0% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 36.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 4.2% | ||
| 8/6/2026 | -0.1% | -4.6% | -1.9% |
| 5/7/2026 | -8.9% | -8.9% | -4.2% |
| 2/26/2026 | 4.5% | 14.1% | -2.0% |
| 10/30/2025 | 3.6% | 6.6% | 0.5% |
| 7/31/2025 | 2.1% | 9.1% | 13.5% |
| 5/1/2025 | 2.6% | 9.8% | 17.5% |
| 2/20/2025 | 11.4% | 2.7% | -5.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 3.3% | 9.5% | 13.7% |
| Median Negative | -8.6% | -6.8% | -5.4% |
| Max Positive | 12.7% | 20.9% | 27.7% |
| Max Negative | -17.2% | -15.8% | -20.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | 4.2% | ||
| 8/6/2026 | -0.1% | -4.6% | -1.9% |
| 5/7/2026 | -8.9% | -8.9% | -4.2% |
| 2/26/2026 | 4.5% | 14.1% | -2.0% |
| 10/30/2025 | 3.6% | 6.6% | 0.5% |
| 7/31/2025 | 2.1% | 9.1% | 13.5% |
| 5/1/2025 | 2.6% | 9.8% | 17.5% |
| 2/20/2025 | 11.4% | 2.7% | -5.9% |
| 10/31/2024 | -6.2% | 4.2% | 0.6% |
| 8/1/2024 | -12.9% | -11.4% | -5.0% |
| 5/2/2024 | 2.7% | 8.1% | 18.0% |
| 2/29/2024 | 12.3% | 17.0% | 27.1% |
| 11/2/2023 | -14.1% | -8.6% | -0.1% |
| 8/3/2023 | 3.0% | 2.8% | 6.1% |
| 5/4/2023 | -8.6% | -6.4% | -6.5% |
| 3/2/2023 | -12.6% | -7.9% | -14.7% |
| 11/3/2022 | 12.7% | 14.1% | 19.4% |
| 8/4/2022 | 1.8% | -7.1% | -9.8% |
| 5/5/2022 | -2.0% | -5.9% | 3.5% |
| 3/3/2022 | -3.8% | -3.5% | -6.7% |
| 11/4/2021 | -17.2% | -15.8% | -20.5% |
| 8/5/2021 | 1.8% | 11.8% | 14.0% |
| 5/6/2021 | 1.5% | -2.1% | 1.9% |
| 3/4/2021 | 8.0% | 20.9% | 27.7% |
| 1/14/2021 | -0.1% | -2.6% | -1.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 12 |
| # Negative | 11 | 12 | 12 |
| Median Positive | 3.3% | 9.5% | 13.7% |
| Median Negative | -8.6% | -6.8% | -5.4% |
| Max Positive | 12.7% | 20.9% | 27.7% |
| Max Negative | -17.2% | -15.8% | -20.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Quarterly Dividend Per Share | Reported | 0.67 | ||||||
| 2026 Non-Cash Forgivable Loan Amortization Increase | Reported | |||||||
| 2026 Revenue | Reported | 830.00 Mil | 835.00 Mil | 840.00 Mil | 2.8% | Raised | Guidance: 812.50 Mil for 2026 | |
| 2026 Non-GAAP EBITDA Margin | Reported | 12.2% | 12.5% | 12.8% | 0.0% | Affirmed | Guidance: 12.5% for 2026 | |
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 805.00 Mil | 812.50 Mil | 820.00 Mil | 2.2% | Raised | Guidance: 795.00 Mil for 2026 | |
| 2026 Non-GAAP EBITDA Margin | Reported | 12.0% | 12.5% | 13.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 785.00 Mil | 795.00 Mil | 805.00 Mil | 0 | Affirmed | Guidance: 795.00 Mil for 2026 | |
| 2026 Non-GAAP EBITDA Margin | Reported | 12.0% | 12.5% | 13.0% | 0 | Affirmed | Guidance: 12.5% for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 785.00 Mil | 795.00 Mil | 805.00 Mil | 6.9% | Higher New | Guidance: 744.00 Mil for 2025 | |
| 2026 Non-GAAP EBITDA Margin | Reported | 12.0% | 12.5% | 13.0% | -0.3% | Lower New | Guidance: 12.8% for 2025 | |
Insider Activity
Updated 9/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 9022026 | 172.78 | 7,500 | 1,295,849 | 17,891,362 | Form |
| 2 | Yellin, Jonathan D | EVP AND GENERAL COUNSEL | Direct | Sell | 8272026 | 173.25 | 2,250 | 389,814 | 1,932,265 | Form |
| 3 | Tookes, Heather | Direct | Sell | 7272026 | 165.90 | 88 | 14,599 | 616,816 | Form | |
| 4 | Tookes, Heather | Direct | Sell | 7172026 | 173.31 | 124 | 21,490 | 488,214 | Form | |
| 5 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 6052026 | 136.83 | 7,500 | 1,026,244 | 15,195,258 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 9022026 | 172.78 | 7,500 | 1,295,849 | 17,891,362 | Form |
| 2 | Yellin, Jonathan D | EVP AND GENERAL COUNSEL | Direct | Sell | 8272026 | 173.25 | 2,250 | 389,814 | 1,932,265 | Form |
| 3 | Tookes, Heather | Direct | Sell | 7272026 | 165.90 | 88 | 14,599 | 616,816 | Form | |
| 4 | Tookes, Heather | Direct | Sell | 7172026 | 173.31 | 124 | 21,490 | 488,214 | Form | |
| 5 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 6052026 | 136.83 | 7,500 | 1,026,244 | 15,195,258 | Form |
| 6 | Yellin, Jonathan D | EVP AND GENERAL COUNSEL | Direct | Sell | 5202026 | 147.72 | 2,250 | 332,370 | 1,956,844 | Form |
| 7 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 3192026 | 155.50 | 7,500 | 1,166,265 | 17,900,299 | Form |
| 8 | Yellin, Jonathan D | EVP AND GENERAL COUNSEL | Direct | Sell | 3092026 | 182.27 | 2,250 | 410,114 | 2,560,207 | Form |
| 9 | Avery, Thomas Aiken | Direct | Sell | 3062026 | 187.35 | 1,026 | 192,222 | 2,686,417 | Form | |
| 10 | Tookes, Heather | Direct | Sell | 12152025 | 198.12 | 110 | 21,793 | 582,671 | Form | |
| 11 | Maleh, Paul A | PRESIDENT AND CEO | Direct | Sell | 12052025 | 182.97 | 7,500 | 1,372,262 | 21,324,031 | Form |
| 12 | Yellin, Jonathan D | EVP AND GENERAL COUNSEL | Direct | Sell | 11242025 | 174.38 | 1,750 | 305,166 | 2,715,629 | Form |
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Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Research & Consulting Services Resources |
| Consultancy.org |
| Gartner Research |
| Forrester Insights |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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