FTI Consulting (FCN)
Market Price (10/26/2026): $157.32 | Market Cap: $4.3 BilSector: Industrials | Industry: Research & Consulting Services
FTI Consulting (FCN)
Market Price (10/26/2026): $157.32Market Cap: $4.3 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 5.6%, FCF Yield is 7.9% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% Stock buyback supportStock Buyback 3Y Total is 1.4 Bil Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Corporate Resilience & Governance. Themes include Business Transformation & Restructuring, Litigation & Forensic Investigations, and Risk & Compliance Management. | Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -94% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Key risksFCN key risks include [1] uncertain recovery in key segments such as Economic Consulting and [2] losing its competitive position to rivals adopting disruptive technologies like artificial intelligence. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 7.9% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Stock buyback supportStock Buyback 3Y Total is 1.4 Bil |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Corporate Resilience & Governance. Themes include Business Transformation & Restructuring, Litigation & Forensic Investigations, and Risk & Compliance Management. |
| Weak multi-year price returns2Y Excs Rtn is -61%, 3Y Excs Rtn is -94% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Key risksFCN key risks include [1] uncertain recovery in key segments such as Economic Consulting and [2] losing its competitive position to rivals adopting disruptive technologies like artificial intelligence. |
Qualitative Assessment
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FTI Consulting (FCN) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results and Revised Guidance.Despite reporting record revenues of $993.5 million in fiscal Q2 2026, a 5.3% increase year-over-year and surpassing consensus estimates, FTI Consulting experienced a diluted EPS of $1.99, a decrease from $2.13 in the prior year quarter, and an adjusted EPS of $2.16, which slightly missed analyst consensus by $0.01. The company also faced margin compression, with Adjusted EBITDA declining to $104.5 million (10.5% of revenues) from $111.6 million (11.8%) due to higher direct costs and selling, general and administrative (SG&A) expenses. This was further compounded by a reduction in full-year 2026 EPS guidance to a range of $8.70-$9.30 from the previous $8.90-$9.60.
2. Significant Increase in Net Debt Driven by Share Repurchases.FTI Consulting's net debt rose substantially from $556.7 million at the end of fiscal Q1 2026 to $856.3 million by the end of fiscal Q2 2026, primarily attributed to share repurchases. During fiscal Q2 2026, the company repurchased 2,591,133 shares. While share buybacks typically aim to boost shareholder value, this considerable increase in leverage, even for the purpose of shareholder returns, likely introduced a degree of investor caution, thereby offsetting potential upward movement from the buybacks themselves.
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FTI Consulting (FCN) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results and Revised Guidance.Despite reporting record revenues of $993.5 million in fiscal Q2 2026, a 5.3% increase year-over-year and surpassing consensus estimates, FTI Consulting experienced a diluted EPS of $1.99, a decrease from $2.13 in the prior year quarter, and an adjusted EPS of $2.16, which slightly missed analyst consensus by $0.01. The company also faced margin compression, with Adjusted EBITDA declining to $104.5 million (10.5% of revenues) from $111.6 million (11.8%) due to higher direct costs and selling, general and administrative (SG&A) expenses. This was further compounded by a reduction in full-year 2026 EPS guidance to a range of $8.70-$9.30 from the previous $8.90-$9.60.
2. Significant Increase in Net Debt Driven by Share Repurchases.FTI Consulting's net debt rose substantially from $556.7 million at the end of fiscal Q1 2026 to $856.3 million by the end of fiscal Q2 2026, primarily attributed to share repurchases. During fiscal Q2 2026, the company repurchased 2,591,133 shares. While share buybacks typically aim to boost shareholder value, this considerable increase in leverage, even for the purpose of shareholder returns, likely introduced a degree of investor caution, thereby offsetting potential upward movement from the buybacks themselves.
3. Mixed and Cautious Analyst Sentiment.Analyst ratings during the period from June 30, 2026, to October 20, 2026, reflected a mixed and somewhat cautious outlook. As of October 9, 2026, the majority of analyst recommendations for FCN were "hold" ratings. While S&P Global indicated a consensus "Buy" rating with an average price target of $165.5 as of October 13, 2026, MarketBeat presented a contrasting consensus rating of "Reduce" and a price target of $174.50 as of October 16, 2026. Furthermore, Weiss Ratings downgraded FTI Consulting from a "hold" to a "sell" rating on October 2, 2026. This absence of a consistently strong bullish sentiment from the analyst community contributed to the stock's inability to achieve a significant upward breakout.
4. Anticipation of Fiscal Q3 2026 Earnings.The period under analysis directly preceded FTI Consulting's estimated fiscal Q3 2026 earnings release, scheduled for October 29, 2026. Following the lowered full-year EPS guidance provided in fiscal Q2 2026, investor uncertainty surrounding the upcoming results, with a consensus EPS estimate of $2.744, likely maintained the stock in a relatively stable, range-bound pattern as the market awaited new financial data and management's updated outlook.
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Stock Movement Drivers
Fundamental Drivers
The 5.5% change in FCN stock from 6/30/2026 to 10/24/2026 was primarily driven by a 6.7% change in the company's P/E Multiple.| (LTM values as of) | 6302026 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 149.01 | 157.24 | 5.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,874 | 3,924 | 1.3% |
| Net Income Margin (%) | 6.9% | 6.4% | -6.4% |
| P/E Multiple | 16.8 | 17.9 | 6.7% |
| Shares Outstanding (Mil) | 30 | 29 | 4.3% |
| Cumulative Contribution | 5.5% |
Market Drivers
6/30/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FCN | 5.5% | |
| Market (SPY) | 1.8% | -25.9% |
| Sector (XLI) | -11.1% | -10.4% |
Fundamental Drivers
The -11.0% change in FCN stock from 3/31/2026 to 10/24/2026 was primarily driven by a -9.9% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 176.77 | 157.24 | -11.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,789 | 3,924 | 3.6% |
| Net Income Margin (%) | 7.1% | 6.4% | -9.9% |
| P/E Multiple | 19.8 | 17.9 | -9.7% |
| Shares Outstanding (Mil) | 30 | 29 | 5.5% |
| Cumulative Contribution | -11.0% |
Market Drivers
3/31/2026 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FCN | -11.0% | |
| Market (SPY) | 17.2% | -24.9% |
| Sector (XLI) | 2.0% | -19.5% |
Fundamental Drivers
The -2.7% change in FCN stock from 9/30/2025 to 10/24/2026 was primarily driven by a -17.0% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 161.65 | 157.24 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,663 | 3,924 | 7.1% |
| Net Income Margin (%) | 6.8% | 6.4% | -5.5% |
| P/E Multiple | 21.5 | 17.9 | -17.0% |
| Shares Outstanding (Mil) | 33 | 29 | 15.7% |
| Cumulative Contribution | -2.7% |
Market Drivers
9/30/2025 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FCN | -2.7% | |
| Market (SPY) | 15.0% | -12.9% |
| Sector (XLI) | 7.7% | -12.5% |
Fundamental Drivers
The -11.9% change in FCN stock from 9/30/2023 to 10/24/2026 was primarily driven by a -29.5% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10242026 | Change |
|---|---|---|---|
| Stock Price ($) | 178.41 | 157.24 | -11.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,222 | 3,924 | 21.8% |
| Net Income Margin (%) | 7.3% | 6.4% | -11.6% |
| P/E Multiple | 25.4 | 17.9 | -29.5% |
| Shares Outstanding (Mil) | 33 | 29 | 16.1% |
| Cumulative Contribution | -11.9% |
Market Drivers
9/30/2023 to 10/24/2026| Return | Correlation | |
|---|---|---|
| FCN | -11.9% | |
| Market (SPY) | 83.9% | 9.5% |
| Sector (XLI) | 68.9% | 9.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FCN Return | 37% | 4% | 25% | -4% | -11% | -8% | 41% |
| Peers Return | 47% | -0% | 18% | 37% | 12% | -1% | 162% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| FCN Win Rate | 50% | 58% | 67% | 67% | 50% | 50% | |
| Peers Win Rate | 75% | 44% | 56% | 62% | 55% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FCN Max Drawdown | -12% | -24% | -15% | -18% | -24% | -30% | |
| Peers Max Drawdown | -20% | -30% | -22% | -16% | -23% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRSK, AM, CRAI, EFX, ULS. See FCN Returns vs. Peers.
[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 10/23/2026 (YTD)
How Low Can It Go
| Event | FCN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.8% | -24.5% |
| % Gain to Breakeven | 12.2% | 32.4% |
| Time to Breakeven | 22 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -18.7% | -33.7% |
| % Gain to Breakeven | 23.0% | 50.9% |
| Time to Breakeven | 11 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.9% | -19.2% |
| % Gain to Breakeven | 21.8% | 23.8% |
| Time to Breakeven | 64 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.5% | -3.7% |
| % Gain to Breakeven | 32.5% | 3.9% |
| Time to Breakeven | 168 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.0% | -12.2% |
| % Gain to Breakeven | 35.1% | 13.9% |
| Time to Breakeven | 118 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -18.0% | -6.8% |
| % Gain to Breakeven | 22.0% | 7.3% |
| Time to Breakeven | 106 days | 15 days |
In The Past
FTI Consulting's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | FCN | S&P 500 |
|---|---|---|
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -24.5% | -3.7% |
| % Gain to Breakeven | 32.5% | 3.9% |
| Time to Breakeven | 168 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.0% | -12.2% |
| % Gain to Breakeven | 35.1% | 13.9% |
| Time to Breakeven | 118 days | 62 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.6% | -15.4% |
| % Gain to Breakeven | 29.1% | 18.2% |
| Time to Breakeven | 482 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -41.8% | -53.4% |
| % Gain to Breakeven | 71.8% | 114.4% |
| Time to Breakeven | 3379 days | 1085 days |
In The Past
FTI Consulting's stock fell -0.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.5% 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 FTI Consulting (FCN)
FTI Consulting (FCN) is a global business advisory firm that specializes in helping organizations manage significant change, mitigate risks, and resolve complex disputes worldwide. The company provides a broad range of professional services designed to address critical business challenges across various industries, operating through five distinct segments.
These core service segments include Corporate Finance & Restructuring, which assists with business transformation, transactions, and turnarounds. The Forensic and Litigation Consulting segment offers expertise in areas like construction and environmental solutions, data analytics, and investigations. FTI's Economic Consulting provides specialized analysis for antitrust, financial economics, and international arbitration matters. Additionally, its Technology segment focuses on e-discovery, information governance, privacy, and corporate legal operations, while Strategic Communications manages corporate reputation, financial communication, and public affairs.
FTI Consulting serves an extensive and diverse array of clients across a global landscape. Its expertise is leveraged by companies in virtually all major sectors, including aerospace and defense, automotive, construction, energy, financial services, healthcare, private equity, retail, technology, and the public sector, among many others. This wide industry reach underscores the universal demand for its specialized advisory and problem-solving capabilities in today's intricate business environment.
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FTI Consulting is like the **advisory and consulting division of a 'Big Four' firm (such as Deloitte or PwC), but as an independent company** focused on business transformation, restructuring, and high-stakes disputes.
Alternatively, they are like **McKinsey & Company, but specialized in handling complex business crises, legal disputes, and financial restructurings**, acting as expert strategists, investigators, and communicators.
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- Corporate Finance & Restructuring Services: Provides business transformation, transaction advisory, and turnaround/restructuring expertise for companies managing change or distress.
- Forensic and Litigation Consulting Services: Offers solutions for construction and environmental issues, data analytics, dispute resolution, health sector challenges, and risk investigations.
- Economic Consulting Services: Delivers expert analysis for antitrust and competition matters, financial economics, and international arbitration cases.
- Technology Services: Manages corporate legal operations, e-discovery processes, and information governance, privacy, and security challenges.
- Strategic Communications Services: Advises on corporate reputation management, financial communications, and public affairs strategies.
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Major Customers of FTI Consulting (FCN)
FTI Consulting (FCN) primarily sells its business advisory services to other companies, organizations, and governmental entities rather than to individual consumers. As a professional services firm, FTI Consulting generally does not publicly disclose the names of its specific major customer companies due to client confidentiality agreements.
Its clientele consists of organizations and companies operating across a wide range of industries, which are the categories of customers it serves. These include, but are not limited to:
- Aerospace and defense companies
- Agricultural businesses
- Airlines and aviation industry participants
- Automotive and industrial companies
- Construction firms
- Companies in the energy, power, and products sectors
- Environmental solutions providers
- Financial services institutions
- Healthcare and life sciences entities
- Hospitality, gaming, and leisure enterprises
- Insurance providers
- Mining companies
- Private equity firms
- Public sector organizations (governmental bodies and related entities)
- Real estate businesses
- Retail and consumer products companies
- Telecommunications, media, and technology firms
- Transportation and logistics providers
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Steven H. Gunby
President and Chief Executive Officer
Steven H. Gunby has served as President and Chief Executive Officer of FTI Consulting since January 2014, and he is expected to be appointed Chairman of the Board upon his re-election at the 2025 Annual Meeting. Prior to joining FTI Consulting, Mr. Gunby spent over 30 years at The Boston Consulting Group (BCG), a leading strategy consulting firm. His roles at BCG included Chairman of North and South America, where he tripled the region's revenues, and Global Leader of the Transformation and Large Scale Change Practice. He also served as a member of BCG's Executive Committee. Mr. Gunby is also on the board of Arrow Electronics, Inc. He previously served as a director of Breakthru Beverage Group LLC, a private company.
Angela Nam
Chief Financial Officer
Angela Nam was elected Chief Financial Officer of FTI Consulting, effective May 1, 2026. She will also be a member of the firm's Executive Committee. Ms. Nam brings over 20 years of experience in finance and accounting, having led finance and accounting organizations of public companies, private equity-backed firms, and companies undergoing the IPO process. Most recently, she served as Chief Financial Officer and Chief Accounting Officer of FTAI Aviation Ltd., where she oversaw finance and accounting functions and played a key role in the company's revenue growth from $708 million in 2022 to $2.5 billion in 2025. Before FTAI Aviation, Ms. Nam was a Senior Vice President of Private Equity at Fortress Investment Group LLC, focusing on transaction advisory for IPOs, spin-offs, equity and debt offerings, and acquisitions for portfolio companies. She began her career at KPMG LLP, advising multinational public and private companies on audit, SEC reporting, and accounting matters.
Paul Linton
Chief Strategy and Transformation Officer
Paul Linton currently serves as the Chief Strategy and Transformation Officer for FTI Consulting. He also served as the Interim Chief Financial Officer from September 2025 until Angela Nam's arrival in May 2026.
Rike Rabl
Chief Human Resources Officer
Rike Rabl was elected Chief Human Resources Officer of FTI Consulting, effective January 1, 2026. Ms. Rabl joined FTI Consulting in 2020 and is based in Washington, D.C.
Brendan J. Keating
Chief Accounting Officer and Controller
Brendan J. Keating holds the position of Chief Accounting Officer and Controller at FTI Consulting.
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The key risks to FTI Consulting's business (FCN) are primarily linked to its dependence on global economic and market conditions, its ability to attract and retain expert talent, and the evolving landscape of technology and cybersecurity.
- Dependence on Economic and Market Conditions: FTI Consulting's demand for services is heavily influenced by fluctuations in global economies, financial markets, merger and acquisition (M&A) activity, litigation trends, and regulatory complexity. Economic downturns or reduced M&A activity can directly decrease the need for their advisory services, impacting revenue and profitability.
- Talent Acquisition and Retention: As a professional services firm, FTI Consulting's success is critically dependent on its ability to attract, retain, and effectively integrate highly skilled professionals and their client relationships. Challenges such as intense competition for talent, employee turnover, and difficulties in recruitment or the loss of key personnel can negatively affect service delivery, client retention, and the firm's overall market position.
- Technological Innovation and Cybersecurity Threats: The rapid advancement of technology, particularly in areas like artificial intelligence (AI), presents both opportunities and threats. FTI Consulting must continuously invest in and adapt its service offerings to remain competitive. Simultaneously, the company faces significant cybersecurity risks, which could harm its reputation, lead to operational disruptions, and result in financial losses if not effectively managed.
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FTI Consulting, Inc. (FCN) operates in several significant addressable markets globally for its diverse range of business advisory services.
Corporate Finance & Restructuring
The global corporate finance services market was valued at approximately USD 65 billion in 2023 and is projected to reach around USD 110 billion by 2032. The global corporate restructuring services market was estimated at approximately USD 80 billion in 2023, with projections to grow at a compound annual growth rate (CAGR) of approximately 5% over the next five years. Another report estimates the global Corporate Restructuring and Recovery Services market at USD 50 billion in 2025, projected to reach approximately USD 85 billion by 2033. A subset, global Capital Restructuring Services, was recorded at USD 6.94 billion in 2025 and is projected to reach USD 11.82 billion by 2033.
Forensic and Litigation Consulting
The global forensic consulting service market size was valued at USD 52.20 billion in 2023 and is projected to reach USD 95.16 billion by 2032. The global litigation consulting services market is projected to grow from USD 61.3 billion in 2025 to USD 104.7 billion by 2035. Additionally, the global forensic accounting services market was worth USD 18.85 billion in 2024 and is expected to surpass USD 36.71 billion by 2034.
Economic Consulting
The global Economics Consulting Services market size is predicted to grow from US$ 40.66 billion (USD 40,660 million) in 2025 to US$ 53.78 billion (USD 53,780 million) by 2031.
Technology
For services related to Technology, specifically e-discovery, the global eDiscovery market was valued at USD 18.73 billion in 2025 and is projected to reach USD 46.06 billion by 2034. In cybersecurity consulting, the global market size was valued at USD 24.04 billion in 2025 and is projected to grow to USD 63.78 billion by 2034.
Strategic Communications
Within strategic communications, the global Reputation Management services market was valued at US$ 2.54 billion (USD 2,535 million) in 2025 and is anticipated to reach US$ 3.77 billion (USD 3,765 million) by 2032. The global public affairs consulting service market is valued at approximately $7.5 billion in 2025 and is projected to reach $10.02 billion by 2031.
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FTI Consulting (FCN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Sustained Demand in Corporate Finance & Restructuring and Strategic Communications: The Corporate Finance & Restructuring segment has demonstrated strong performance, driven by restructuring and transactions services. This segment, along with Strategic Communications, is anticipated to continue contributing significantly to revenue, bolstered by an expected rebound in M&A-related activities and broader business transformation services.
- Robust Growth in Forensic and Litigation Consulting: FTI Consulting anticipates continued high demand for its services within the Forensic and Litigation Consulting segment, particularly in areas such as investigations, construction solutions, and data and analytics services.
- Strategic Expansion of Sector-Specific Expertise and Talent Acquisition: The company is actively investing in and acquiring senior talent while expanding its specialized expertise in high-growth areas. This includes a strategic push into energy-transition and mining-related advisory work, as well as significant hires across sectors like aviation, healthcare, chemicals, and national security. This strategy aims to capture more complex, higher-value mandates across diverse industries.
- Turnaround and Rebuilding of the Economic Consulting Segment: While the Economic Consulting segment has faced recent challenges, FTI Consulting is undertaking a multiyear initiative to rebuild this business. This effort is aimed at improving its performance and transitioning it from being a drag on overall revenue to a contributor to growth in the coming years.
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Share Repurchases
- FTI Consulting repurchased $46.1 million in 2021, $85.4 million in 2022, $21 million in 2023, and $10.2 million in 2024.
- In full year 2025, the company repurchased 5.3 million shares for $858.6 million.
- As of April 22, 2025, FTI Consulting had approximately $568.3 million remaining available for common stock repurchases under its program, which had an aggregate authorization of $1.7 billion.
Share Issuance
- FTI Consulting's shares outstanding decreased by 10.74% in 2025 to 31.52 million.
- The company's share count has decreased by 14.3% over a two-year period due to repurchases.
- Routine equity incentive awards of restricted shares were granted to company officers in March 2026.
Outbound Investments
- FTI Consulting completed acquisitions in 2024 and 2021, with two acquisitions in each year.
- The most recent acquisition was Madison Consulting Group in March 2024, a provider of property and casualty actuarial and compliance services.
- The company continues to make ongoing investments in senior and junior talent, including expanding its Business Transformation – Mining practice in Australia.
Capital Expenditures
- Capital expenditures for the last 12 months were reported at -$58.53 million.
Peer Outperformance in Research & Consulting Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 30 | -8.1% | 105.7% | 140.2% | STRL 1461% · FIX 1308% · AGX 714% |
| Marine Transportation | 5 | 53.3% | 54.7% | 134.3% | MATX 189% · KEX 134% |
| Construction Machinery & Heavy Transportation Equipment | 13 | -4.1% | 58.7% | 92.6% | CAT 271% · ALSN 231% · WAB 203% |
| Aerospace & Defense | 52 | -17.9% | 58.0% | 58.8% | ATI 882% · FTAI 704% · HWM 519% |
| Trading Companies & Distributors | 19 | 10.6% | 38.1% | 50.6% | DXPE 378% · AIT 230% · URI 210% |
| Diversified Support Services | 34 | 8.3% | 39.5% | 37.5% | CXW 234% · OPLN 153% · CACI 122% |
| Industrial Machinery & Supplies & Components | 72 | 3.1% | 53.7% | 36.9% | CRS 842% · MLI 371% · SYM 297% |
| Rail Transportation | 7 | 29.1% | 56.7% | 27.9% | CSX 53% · UNP 38% · NSC 28% |
| Building Products | 33 | -10.1% | 14.1% | 22.7% | GFF 344% · TT 162% · JCI 115% |
| Cargo Ground Transportation | 16 | 34.4% | 8.3% | 15.9% | XPO 252% · R 243% · ARCB 47% |
| Electrical Components & Equipment | 37 | -13.3% | 72.6% | 3.2% | POWL 1789% · BE 857% · VRT 711% |
| Industrial Conglomerates | 17 | 9.6% | 7.8% | -6.8% | CSW 121% · DD 74% · CSL 60% |
| Research & Consulting Services ← | 13 | -0.4% | -13.4% | -8.2% | HURN 295% · FCN 10% · BAH 4% |
| Agricultural & Farm Machinery | 16 | 0.5% | -7.0% | -12.8% | DE 102% · TTC 15% · AGCO -6% |
| Data Processing & Outsourced Services | 6 | -22.7% | 1.3% | -16.2% | EXLS 70% · BR 9% · G -14% |
| Security & Alarm Services | 9 | -49.9% | 15.8% | -20.8% | BCO 99% |
| Office Services & Supplies | 9 | 18.6% | 18.6% | -23.9% | PBI 198% · TILE 147% · HNI 41% |
| Environmental & Facilities Services | 29 | -33.6% | 31.8% | -33.5% | GEO 237% · CLH 178% · RSG 92% |
| Passenger Airlines | 11 | -4.3% | 19.2% | -36.1% | LTM 3065% · UAL 110% · DAL 101% |
| Passenger Ground Transportation | 3 | -29.1% | 57.5% | -36.5% | UBER 47% · CAR -36% · LYFT -65% |
| Air Freight & Logistics | 12 | -26.9% | -18.3% | -40.1% | FDX 77% · EXPD 69% · CHRW 59% |
| Human Resource & Employment Services | 22 | 19.4% | -3.5% | -41.0% | ADP 56% · PAYX 11% · FA 10% |
| Airport Services | 4 | -70.5% | -69.8% | -83.6% | JOBY -47% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 169.66 |
| Mkt Cap | 12.4 |
| Rev LTM | 3,141 |
| Op Inc LTM | 654 |
| FCF LTM | 606 |
| FCF 3Y Avg | 527 |
| CFO LTM | 820 |
| CFO 3Y Avg | 738 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.2% |
| Rev Chg 3Y Avg | 7.2% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Inc Chg LTM | 5.9% |
| Op Inc Chg 3Y Avg | 10.0% |
| Op Mgn LTM | 18.9% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 23.0% |
| CFO/Rev 3Y Avg | 22.0% |
| FCF/Rev LTM | 15.3% |
| FCF/Rev 3Y Avg | 14.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 12.4 |
| P/S | 4.0 |
| P/Op Inc | 16.6 |
| P/EBIT | 16.5 |
| P/E | 27.2 |
| P/CFO | 12.2 |
| Total Yield | 4.9% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 3.7% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.4% |
| 3M Rtn | -2.0% |
| 6M Rtn | 2.9% |
| 12M Rtn | -3.9% |
| 3Y Rtn | 56.5% |
| 1M Excs Rtn | 19.4% |
| 3M Excs Rtn | -6.3% |
| 6M Excs Rtn | -3.5% |
| 12M Excs Rtn | -15.3% |
| 3Y Excs Rtn | -25.6% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate Finance | 1,551 | 1,391 | 1,347 | 1,147 | 979 |
| Forensic and Litigation Consulting (FLC) | 765 | 690 | 654 | 580 | 544 |
| Economic Consulting | 721 | 864 | 771 | 695 | 697 |
| Strategic Communications | 378 | 336 | 329 | 287 | 268 |
| Technology | 374 | 418 | 388 | 320 | 287 |
| Total | 3,789 | 3,699 | 3,489 | 3,029 | 2,776 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Corporate Finance | 231 | 212 | 158 | 217 | 161 |
| Economic Consulting | 116 | 103 | 117 | 91 | 84 |
| Forensic and Litigation Consulting (FLC) | 88 | 66 | 70 | 33 | 104 |
| Technology | 63 | 47 | 56 | 43 | 46 |
| Strategic Communications | 51 | 51 | 54 | 39 | 45 |
| Remeasurement of acquisition-related contingent consideration | 0 | 3 | |||
| Segment special charges | 0 | -8 | 0 | -7 | |
| Amortization of intangible assets | -6 | -10 | -11 | -10 | -8 |
| Segment depreciation expense | -39 | -33 | -31 | -29 | -27 |
| Unallocated corporate expenses | -125 | -125 | -104 | -94 | -98 |
| Total | 378 | 304 | 312 | 283 | 306 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Corporate Finance | 1,058 | 1,028 | 928 | 925 | 815 |
| Unallocated corporate assets | 741 | 781 | 752 | 471 | 545 |
| Economic Consulting | 593 | 540 | 555 | 553 | 543 |
| Forensic and Litigation Consulting (FLC) | 445 | 475 | 446 | 413 | 462 |
| Technology | 256 | 211 | 206 | 200 | 200 |
| Strategic Communications | 232 | 205 | 215 | 215 | 217 |
| Total | 3,326 | 3,241 | 3,101 | 2,777 | 2,783 |
Price Behavior
| Market Price | $157.24 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 05/09/1996 | |
| Distance from 52W High | -15.9% | |
| 50 Days | 200 Days | |
| DMA Price | $145.56 | $160.06 |
| DMA Trend | down | down |
| Distance from DMA | 8.0% | -1.8% |
| 3M | 1YR | |
| Volatility | 32.3% | 31.6% |
| Downside Capture | 18.40 | 15.30 |
| Upside Capture | 7.17 | 13.99 |
| Correlation (S&P 500) | -25.1% | -11.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.19 | 0.12 | -0.48 | -0.54 | -0.24 | 0.21 |
| Up Beta | -1.31 | -0.68 | -1.62 | -1.11 | -0.50 | 0.38 |
| Down Beta | -1.65 | -1.45 | -1.36 | -0.86 | -0.85 | -0.08 |
| Up Capture | -9% | -3% | -16% | -35% | -2% | 4% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 6 | 15 | 29 | 56 | 123 | 376 |
| Down Capture | 194% | 163% | 45% | 16% | 27% | 60% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 16 | 27 | 35 | 70 | 128 | 373 |
[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 FCN | |
|---|---|---|---|---|
| FCN | 0.9% | 31.6% | 0.05 | - |
| Sector ETF (XLI) | 8.7% | 17.2% | 0.31 | -13.1% |
| Equity (SPY) | 14.8% | 12.7% | 0.80 | -12.3% |
| Gold (GLD) | -2.8% | 28.5% | -0.11 | -16.6% |
| Commodities (DBC) | 52.1% | 20.7% | 1.91 | -2.0% |
| Real Estate (VNQ) | 4.3% | 13.9% | 0.06 | 17.0% |
| Bitcoin (BTCUSD) | -24.8% | 43.5% | -0.54 | -0.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCN | |
|---|---|---|---|---|
| FCN | 1.6% | 30.1% | 0.08 | - |
| Sector ETF (XLI) | 11.5% | 17.6% | 0.49 | 13.5% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 14.1% |
| Gold (GLD) | 17.3% | 18.9% | 0.73 | -4.8% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | -0.1% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 17.1% |
| Bitcoin (BTCUSD) | 5.7% | 51.7% | 0.29 | 6.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FCN | |
|---|---|---|---|---|
| FCN | 13.7% | 30.9% | 0.48 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.57 | 23.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 24.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | -4.6% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 4.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 22.0% |
| Bitcoin (BTCUSD) | 62.4% | 66.2% | 1.02 | 3.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -0.6% | -5.0% | -5.5% |
| 5/1/2026 | -3.3% | -5.7% | -11.7% |
| 2/27/2026 | -0.3% | 2.4% | 5.7% |
| 10/24/2025 | 5.5% | 4.5% | 2.8% |
| 7/25/2025 | -2.0% | -5.0% | -4.2% |
| 4/28/2025 | 1.2% | 2.5% | -0.2% |
| 2/24/2025 | -1.1% | -0.8% | -2.9% |
| 10/28/2024 | 1.4% | 0.6% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 1.0% | 3.1% | 5.9% |
| Median Negative | -1.1% | -2.1% | -3.0% |
| Max Positive | 5.5% | 7.3% | 21.6% |
| Max Negative | -3.3% | -6.5% | -11.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | -0.6% | -5.0% | -5.5% |
| 5/1/2026 | -3.3% | -5.7% | -11.7% |
| 2/27/2026 | -0.3% | 2.4% | 5.7% |
| 10/24/2025 | 5.5% | 4.5% | 2.8% |
| 7/25/2025 | -2.0% | -5.0% | -4.2% |
| 4/28/2025 | 1.2% | 2.5% | -0.2% |
| 2/24/2025 | -1.1% | -0.8% | -2.9% |
| 10/28/2024 | 1.4% | 0.6% | 2.8% |
| 7/29/2024 | -1.3% | -4.9% | -1.7% |
| 4/29/2024 | 0.2% | 3.1% | -0.5% |
| 2/26/2024 | -1.8% | -6.5% | -5.4% |
| 10/30/2023 | -1.1% | 1.0% | 1.5% |
| 7/31/2023 | 2.2% | 5.5% | 8.8% |
| 5/1/2023 | 0.8% | -0.9% | 5.7% |
| 2/27/2023 | -0.3% | -0.8% | 6.0% |
| 10/31/2022 | -1.4% | 5.9% | 11.0% |
| 7/29/2022 | -1.5% | -1.6% | -2.2% |
| 5/2/2022 | -0.4% | 7.3% | 7.5% |
| 3/1/2022 | 2.4% | -1.2% | 7.7% |
| 11/1/2021 | -0.3% | -2.7% | -3.1% |
| 8/2/2021 | 1.0% | -0.2% | -2.8% |
| 5/3/2021 | 0.9% | 1.7% | -4.1% |
| 3/1/2021 | 0.9% | 7.0% | 21.6% |
| 11/2/2020 | 0.2% | 3.0% | 5.0% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 12 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 1.0% | 3.1% | 5.9% |
| Median Negative | -1.1% | -2.1% | -3.0% |
| Max Positive | 5.5% | 7.3% | 21.6% |
| Max Negative | -3.3% | -6.5% | -11.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/24/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 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 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
Recent Forward Guidance
Updated 10/4/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.94 Bil | 4.02 Bil | 4.10 Bil | 0 | Affirmed | Guidance: 4.02 Bil for 2026 | |
| 2026 EPS | Reported | 8.7 | 9 | 9.3 | -2.7% | Lowered | Guidance: 9.25 for 2026 | |
| 2026 Adjusted EPS | Reported | 9.1 | 9.4 | 9.7 | ||||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.94 Bil | 4.02 Bil | 4.10 Bil | Affirmed | Guidance: 4.02 Bil for 2026 | ||
| 2026 EPS | Reported | 8.9 | 9.25 | 9.6 | Affirmed | Guidance: 9.25 for 2026 | ||
Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 3.94 Bil | 4.02 Bil | 4.10 Bil | 8.4% | Higher New | Actual: 3.71 Bil for 2025 | |
| 2026 EPS | Reported | 8.9 | 9.25 | 9.6 | 17.5% | Higher New | Actual: 7.87 for 2025 | |
Q3 2025 Earnings Reported 10/24/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | Reported | 3.69 Bil | 3.71 Bil | 3.73 Bil | 0 | Affirmed | Guidance: 3.71 Bil for 2025 | |
| 2025 EPS | Reported | 7.62 | 7.87 | 8.12 | 4.4% | Raised | Guidance: 7.54 for 2025 | |
| 2025 Adjusted EPS | Reported | 8.2 | 8.45 | 8.7 | 4.3% | Raised | Guidance: 8.1 for 2025 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boglioli, Elsy Lisa | Direct | Sell | 8122026 | 150.22 | 900 | 135,198 | 666,676 | Form | |
| 2 | Linton, Paul Alderman | Chief Strategy/Transf. Officer | Direct | Buy | 5142026 | 144.04 | 2,400 | 345,696 | 13,370,369 | Form |
| 3 | Gunby, Steven Henry | CEO, Chairman and President | Direct | Buy | 5142026 | 144.17 | 10,000 | 1,441,708 | 47,141,538 | Form |
| 4 | Nam, Eun | Chief Financial Officer | Direct | Buy | 5142026 | 144.59 | 2,000 | 289,180 | 3,121,987 | Form |
| 5 | Lu, Curtis P | General Counsel | Direct | Sell | 3102026 | 166.60 | 8,710 | 1,451,086 | 7,489,503 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boglioli, Elsy Lisa | Direct | Sell | 8122026 | 150.22 | 900 | 135,198 | 666,676 | Form | |
| 2 | Linton, Paul Alderman | Chief Strategy/Transf. Officer | Direct | Buy | 5142026 | 144.04 | 2,400 | 345,696 | 13,370,369 | Form |
| 3 | Gunby, Steven Henry | CEO, Chairman and President | Direct | Buy | 5142026 | 144.17 | 10,000 | 1,441,708 | 47,141,538 | Form |
| 4 | Nam, Eun | Chief Financial Officer | Direct | Buy | 5142026 | 144.59 | 2,000 | 289,180 | 3,121,987 | Form |
| 5 | Lu, Curtis P | General Counsel | Direct | Sell | 3102026 | 166.60 | 8,710 | 1,451,086 | 7,489,503 | Form |
| 6 | Gunby, Steven Henry | CEO, Chairman and President | Direct | Buy | 10272025 | 151.12 | 7,500 | 1,133,400 | 44,430,338 | Form |
Investor Activity (13F)
Updated Oct 26, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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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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