A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
EXPONENT INC
EXPO
$3.1B
Mkt Cap
$61.44
+2.43%
EXPONENT INC (EXPO) has a current P/E ratio of 29.7, compared to its historical median P/E of 38.9. The stock is currently considered Fair based on its historical valuation range.
EXPONENT INC (EXPO) has a 5-year average return on invested capital (ROIC) of 60.0%. This indicates strong capital allocation and a potential competitive advantage.
EXPONENT INC (EXPO) has a market capitalization of $3.1B. It is classified as a mid-cap stock.
Yes, EXPONENT INC (EXPO) pays a dividend with a trailing twelve-month yield of 1.92%. The company also returns capital through share buybacks, with a buyback yield of 3.09%.
Based on historical P/E analysis, EXPONENT INC (EXPO) appears fair. The current P/E of 29.7 is 24% below its historical median of 38.9. The estimated fair value CAGR (P/E method) is 4.6%.
EXPONENT INC (EXPO) operates in the Services-Management Consulting Services industry, within the Industrials sector.
EXPONENT INC (EXPO) reported annual revenue of $582 million in its most recent fiscal year, based on SEC EDGAR filings.
Exponent is a science and engineering consulting firm that applies expertise from over 90 technical disciplines to solve complex problems for clients across chemical, construction, consumer products, energy, food, beverage, government, life sciences, insurance, manufacturing, technology, transportation, and other sectors. The company operates 17 practices organized into two reportable segments—Engineering and Other Scientific (covering biomechanics, biomedical engineering, civil and structural engineering, data sciences, electrical engineering, human factors, materials science, mechanical engineering, metallurgical engineering, polymers and chemistry, thermal sciences, and vehicle engineering) and Environmental and Health (covering chemical regulation and food safety, ecological sciences, environmental sciences, and health sciences). Exponent generates revenue through project-based engagements delivered on either fixed-price or time-and-material bases, with hourly rates for professionals ranging from $225 to $1,375 per hour, and implements annual bill rate increases at the start of each fiscal year. The company's business model leverages its 55+ years of experience in failure analysis and accident investigation to serve clients both proactively—helping innovate and ensure safety of technologically complex products—and reactively through litigation support and dispute resolution. Clients typically include large corporations, law firms, and insurance companies, with engagement agreements providing for monthly billing, 30-day payment terms, and client termination rights. The firm's competitive moat derives from its multidisciplinary platform, specialized expertise across interconnected technical domains, and proven ability to address increasingly complex, high-stakes challenges as technological sophistication and safety expectations rise across industries.
【Rising demand for specialized expertise】 Management expects continued growth driven by accelerating innovation, increasing technological complexity, and rising expectations for safety, health, and environmental performance across industries. The integration of artificial intelligence and advanced technologies into performance-critical systems is expanding reliance on Exponent's independent multidisciplinary expertise, both for proactive development support and reactive failure analysis, particularly in areas such as automated vehicles, health-related devices, and utility systems. Clients are increasingly relying on Exponent not only for systems themselves but also for underlying data, testing, and evaluation strategies as development timelines accelerate. The company anticipates sustained demand across diverse end-markets including digital health, autonomous vehicles, energy infrastructure, consumer electronics, and regulatory compliance areas such as PFAS-related health and environmental effects. Management remains focused on strategic headcount growth aligned with demand while maintaining or improving utilization and expects to deliver sustainable growth and long-term shareholder value.
| Metric | Target | Period |
|---|---|---|
| Net revenues | high single digits growth | FY2026 |
| EBITDA margin | 27.6%-28.1% of net revenues | FY2026 |
| Average technical full-time equivalent employees | 4%-5% year-over-year increase | FY2026 |
| Utilization | 72.5%-73% | FY2026 |
| Realized rate increase | 3%-3.5% | FY2026 |
| Stock-based compensation | $26 million-$26.5 million | FY2026 |
| Other operating expenses | $53.5 million-$54 million | FY2026 |
| Interest income | $1.7 million-$1.9 million per quarter | FY2026 |
| Tax rate | 28.5% | FY2026 |
| Capital expenditures | $12 million-$14 million | FY2026 |
“We expect net revenues for the first quarter and full year 2026 to grow in the high single digits as compared to the same periods in 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call
| Metric | TTM | FY2026 | FY2025 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 582M | 582M | 559M | 537M | 513M | 466M |
| Net Income | 106M | 106M | 109M | 100M | 102M | 101M |
| EPS | $2.07 | $2.07 | $2.11 | $1.94 | $1.96 | $1.90 |
| Free Cash Flow | 122M | 122M | 138M | 111M | 82M | 118M |
| ROIC | 51.2% | 52.2% | 54.5% | 46.1% | 83.1% | 64.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 0.99 | 0.85 | 0.08 | 0.06 | 0.04 |
| Dividends/Share | $1.18 | $1.20 | $1.12 | $1.04 | $0.96 | $0.80 |
| Operating Income | 120M | 120M | 120M | 111M | 141M | 109M |
| Operating Margin | 20.6% | 20.6% | 21.4% | 20.7% | 27.4% | 23.4% |
| ROE | 27.2% | 26.1% | 25.9% | 29.6% | 27.7% | 26.4% |
| Shares Outstanding | 51M | 51M | 52M | 52M | 52M | 53M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 293M | 296M | 305M | 315M | 348M | 380M | 417M | 466M | 513M | 537M | 559M | 582M | 582M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 14M | 15M | 16M | 15M | 18M | 18M | 21M | 15M | 24M | 24M | 23M | 26M | 26M |
| EBIT | 58M | 56M | 64M | 62M | 72M | 91M | 85M | 109M | 141M | 111M | 120M | 120M | 120M |
| Op. Margin | 19.7% | 18.9% | 20.9% | 19.6% | 20.7% | 24.1% | 20.4% | 23.4% | 27.4% | 20.7% | 21.4% | 20.6% | 20.6% |
| Net Income | 37M | 39M | 41M | 47M | 41M | 72M | 82M | 101M | 102M | 100M | 109M | 106M | 106M |
| Net Margin | 12.7% | 13.0% | 13.4% | 15.1% | 11.9% | 19.0% | 19.8% | 21.7% | 19.9% | 18.7% | 19.5% | 18.2% | 18.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 43.6% | 42.8% | 37.8% | 39.7% | 45.0% | 71.5% | 56.8% | 64.1% | 83.1% | 46.1% | 54.5% | 52.2% | 51.2% |
| ROE | 18.5% | 16.4% | 17.0% | 18.3% | 14.7% | 24.0% | 23.5% | 26.4% | 27.7% | 29.6% | 25.9% | 26.1% | 27.2% |
| ROA | 12.7% | 11.2% | 11.5% | 12.3% | 9.8% | 15.9% | 14.6% | 16.2% | 16.1% | 16.3% | 14.0% | 13.6% | 13.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 49M | 62M | 48M | 67M | 68M | 91M | 108M | 125M | 94M | 127M | 145M | 132M | 132M |
| Free Cash Flow | 44M | 56M | 43M | 53M | 63M | 75M | 85M | 118M | 82M | 111M | 138M | 122M | 122M |
| Owner Earnings | 31M | 44M | 30M | 47M | 45M | 68M | 84M | 99M | 66M | 98M | 112M | 98M | 98M |
| CapEx | 4.9M | 6.2M | 4.9M | 14M | 4.7M | 16M | 23M | 6.8M | 12M | 16M | 6.9M | 9.4M | 9.4M |
| Maint. CapEx | 4.7M | 5.0M | 5.4M | 6.1M | 6.3M | 6.3M | 6.8M | 6.5M | 7.1M | 8.9M | 9.7M | 10M | 10M |
| Growth CapEx | 231K | 1.3M | 0 | 8.3M | 0 | 10M | 16M | 339K | 5.0M | 7.4M | 0 | 0 | 0 |
| D&A | 4.7M | 5.0M | 5.4M | 6.1M | 6.3M | 6.3M | 6.8M | 6.5M | 7.1M | 8.9M | 9.7M | 10M | 10M |
| CapEx/OCF | 10.2% | 10.1% | 10.3% | 21.5% | 7.0% | 17.9% | 21.3% | 5.5% | 12.8% | 12.8% | 4.8% | 7.1% | 7.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 7.9M | 13M | 19M | 22M | 27M | 33M | 42M | 49M | 53M | 57M | 60M | 60M |
| Dividend Yield | N/A | 0.5% | 0.7% | 0.8% | 0.8% | 1.7% | 1.1% | 1.1% | 1.0% | 1.1% | 1.2% | 1.6% | 1.9% |
| Share Buybacks | 23M | 26M | 31M | 24M | 12M | 28M | 22M | 7.0M | 156M | 24M | 5.7M | 97M | 97M |
| Buyback Yield | 15.1% | 5.7% | 6.3% | 2.0% | 0.9% | 1.4% | 0.6% | 0.2% | 3.3% | 0.5% | 0.1% | 2.6% | 3.1% |
| Stock-Based Comp | 12M | 13M | 13M | 13M | 16M | 17M | 17M | 19M | 20M | 20M | 23M | 24M | 24M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -318M | -143M | -159M | N/A | N/A | -222M |
| Cash & Equiv. | 113M | 123M | 129M | 115M | 125M | 127M | 176M | 298M | 161M | 187M | 259M | 222M | 222M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.46 | 0.46 | 0.50 | 0.48 | 0.52 | 0.49 | 0.61 | 0.04 | 0.06 | 0.08 | 0.85 | 0.99 | 0.00 |
| Interest Coverage | 28810.0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 216M | 235M | 244M | 273M | 289M | 314M | 350M | 417M | 321M | 356M | 421M | 390M | 390M |
| Total Assets | 315M | 344M | 365M | 404M | 440M | 469M | 563M | 684M | 587M | 647M | 777M | 778M | 778M |
| Total Liabilities | 99M | 109M | 121M | 130M | 151M | 155M | 213M | 267M | 266M | 291M | 356M | 387M | 387M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 206M | 226M | 247M | 291M | 304M | 342M | 385M | 478M | 529M | 574M | 624M | 668M | 668M |
| Working Capital | 164M | 180M | 176M | 194M | 222M | 228M | 240M | 300M | 190M | 218M | 284M | 250M | 250M |
| Current Assets | 235M | 252M | 255M | 274M | 316M | 327M | 364M | 453M | 349M | 380M | 447M | 428M | 428M |
| Current Liabilities | 72M | 72M | 79M | 80M | 93M | 98M | 124M | 153M | 159M | 162M | 163M | 178M | 178M |
| Per Share Data | |||||||||||||
| EPS | 0.65 | 0.35 | 0.37 | 0.44 | 0.39 | 1.33 | 1.53 | 1.90 | 1.96 | 1.94 | 2.11 | 2.07 | 2.07 |
| Owner EPS | 0.55 | 0.39 | 0.27 | 0.44 | 0.42 | 1.25 | 1.55 | 1.86 | 1.27 | 1.90 | 2.16 | 1.91 | 1.91 |
| Book Value | 3.78 | 2.10 | 2.21 | 2.50 | 2.69 | 5.78 | 6.50 | 7.83 | 6.14 | 6.88 | 8.15 | 7.62 | 7.62 |
| Cash Flow/Share | 0.85 | 0.55 | 0.44 | 0.61 | 0.63 | 1.68 | 2.00 | 2.34 | 1.80 | 2.46 | 2.80 | 2.57 | 2.27 |
| Dividends/Share | 0.00 | 0.08 | 0.13 | 0.18 | 0.21 | 0.52 | 0.64 | 0.80 | 0.96 | 1.04 | 1.12 | 1.20 | 1.18 |
| Shares Out. | 57.3M | 112.0M | 110.8M | 109.1M | 107.3M | 54.3M | 53.9M | 53.3M | 52.2M | 51.7M | 51.7M | 51.2M | 51.2M |
| Valuation | |||||||||||||
| P/E Ratio | 4.1 | 11.6 | 12.1 | 25.1 | 33.9 | 26.6 | 45.0 | 42.3 | 45.5 | 50.2 | 43.1 | 35.5 | 29.7 |
| P/FCF | 14.0 | 32.2 | 45.6 | 45.4 | 44.3 | 25.7 | 43.7 | 36.3 | 56.9 | 45.3 | 34.2 | 30.8 | 25.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 24.4 |
| Price/Book | 0.7 | N/A | N/A | 4.4 | 4.8 | 6.1 | N/A | 10.3 | 14.5 | 14.1 | 11.2 | 9.6 | 8.1 |
| Price/Sales | 0.5 | 1.3 | 1.5 | 3.5 | 3.7 | 4.3 | 7.5 | 8.3 | 10.0 | 8.8 | 8.6 | 6.6 | 5.4 |
| FCF Yield | 28.7% | 12.4% | 8.8% | 4.4% | 4.5% | 3.9% | 2.3% | 2.8% | 1.8% | 2.2% | 2.9% | 3.3% | 3.9% |
| Market Cap | 152M | 447M | 494M | 1.2B | 1.4B | 1.9B | 3.7B | 4.3B | 4.7B | 5.0B | 4.7B | 3.8B | 3.1B |
| Avg. Price | 9.23 | 13.84 | 16.29 | 20.34 | 23.99 | 29.79 | 58.31 | 72.88 | 98.56 | 91.51 | 92.89 | 74.71 | 61.44 |
| Year-End Price | 10.62 | 15.95 | 17.85 | 21.88 | 26.08 | 35.44 | 68.91 | 80.35 | 89.11 | 97.29 | 91.02 | 73.49 | 61.44 |
EXPONENT INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
EXPONENT INC trades at 29.7x trailing earnings, compared to its 15-year median P/E of 38.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.7x vs a median of 44.0x. The company's 5-year average ROIC is 60.0%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is +6.0%.
EXPONENT INC (EXPO) has a net profit margin of 18.2%. This is a healthy margin.
EXPONENT INC (EXPO) generated $122 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
EXPONENT INC (EXPO) has a debt-to-equity ratio of 0.99. This indicates moderate leverage.
EXPONENT INC (EXPO) reported earnings per share (EPS) of $2.07 in its most recent fiscal year.
EXPONENT INC (EXPO) has a return on equity (ROE) of 26.1%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 14 years of financial data for EXPONENT INC (EXPO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EXPONENT INC (EXPO) has a book value per share of $7.62, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued growth driven by accelerating innovation, increasing technological complexity, and rising expectations for safety, health, and environmental performance across industries. The integration of artificial intelligence and advanced technologies into performance-critical systems is expanding reliance on Exponent's independent multidisciplinary expertise, both for proactive development support and reactive failure analysis, particularly in areas such as automated vehicles, health-related devices, and utility systems. Clients are increasingly relying on Exponent not only for systems themselves but also for underlying data, testing, and evaluation strategies as development timelines accelerate. The company anticipates sustained demand across diverse end-markets including digital health, autonomous vehicles, energy infrastructure, consumer electronics, and regulatory compliance areas such as PFAS-related health and environmental effects. Management remains focused on strategic headcount growth aligned with demand while maintaining or improving utilization and expects to deliver sustainable growth and long-term shareholder value.
Based on recent SEC filings and earnings calls, EXPONENT INC (EXPO) has provided the following forward guidance: Net revenues: high single digits growth (FY2026); EBITDA margin: 27.6%-28.1% of net revenues (FY2026); Average technical full-time equivalent employees: 4%-5% year-over-year increase (FY2026); Utilization: 72.5%-73% (FY2026); Realized rate increase: 3%-3.5% (FY2026), plus 5 additional metrics.
EBITDA margin (FY2026): “For fiscal year 2026, we expect EBITDA margin to be 27.6%-28.1% of net revenues, as compared to 27.6% in 2025.”
Average technical full-time equivalent employees (FY2026): “We expect increased demand and corresponding recruiting to result in our average technical full-time equivalent employees increasing approximately 4% year-over-year in the first quarter of 2026 and 4%-5% for the full year 2026 as compared to 2025.”
Utilization (FY2026): “We expect the full year utilization to be 72.5%-73%, as compared to 72.5% in 2025.”
Realized rate increase (FY2026): “We expect the realized rate increase for the first quarter to be 3.5%-4%, and for the full year to be 3%-3.5%.”
Stock-based compensation (FY2026): “For the full year 2026, we expect stock-based compensation to be $26 million-$26.5 million.”
Other operating expenses (FY2026): “For the full year, we expect other operating expenses to be $53.5 million-$54 million.”
Interest income (FY2026): “We expect interest income to be $1.7 million-$1.9 million per quarter in 2026.”
No recent press releases.