A Business at a Glance
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FTI CONSULTING, INC
FCN
$5.3B
Mkt Cap
$159.79
+1.49%
FTI CONSULTING, INC (FCN) has a current P/E ratio of 19.4, compared to its historical median P/E of 21.6. The stock is currently considered Fair based on its historical valuation range.
FTI CONSULTING, INC (FCN) has a 5-year average return on invested capital (ROIC) of 15.9%. This indicates strong capital allocation and a potential competitive advantage.
FTI CONSULTING, INC (FCN) has a market capitalization of $4.8B. It is classified as a mid-cap stock.
FTI CONSULTING, INC (FCN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 16.67%.
Based on historical P/E analysis, FTI CONSULTING, INC (FCN) appears fair. The current P/E of 19.4 is 10% below its historical median of 21.6. The estimated fair value CAGR (P/E method) is 8.6%.
FTI CONSULTING, INC (FCN) operates in the Services-Management Consulting Services industry, within the Industrials sector.
FTI CONSULTING, INC (FCN) reported annual revenue of $3.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
FTI Consulting is a leading global expert firm serving organizations facing crisis and transformation, organized into five reportable segments: Corporate Finance, Forensic and Litigation Consulting (FLC), Economic Consulting, Technology, and Strategic Communications. The company operates through a professional services model where experienced consultants provide specialized advisory services across transactions, transformation, turnaround and restructuring, dispute resolution, antitrust and competition economics, investigations, litigation support, M&A advisory, corporate reputation, and data analytics. The firm derives approximately 63% of revenues from U.S. professionals and 37% from international locations, with operations spanning 104 offices across the Americas, Latin America, Asia Pacific, and EMEA, serving Fortune 500 corporations, major law firms, private equity sponsors, lenders, governments, and other institutional clients. FTI's competitive positioning rests on recognized expertise and specialized capabilities in highly complex, high-stakes matters where clients value deep knowledge and practical problem-solving; the business model is largely fixed-cost in the short term with revenue driven by billable professional time, creating significant operating leverage. The company employs approximately 6,421 billable professionals across its segments and generates revenues through time-and-materials engagements, project-based work, and advisory retainers, with Corporate Finance representing 41% of 2025 revenues, FLC 20%, Economic Consulting 19%, Technology 10%, and Strategic Communications 10%.
【Multiyear rebuild underway】 Management expects Economic Consulting's adjusted segment EBITDA to reach its lowest point in Q1 2026 and no longer be a drag on year-over-year EBITDA growth in the second half of 2026, reflecting a multiyear rebuild in the Compass Lexecon business following antitrust enforcement headwinds. The company is investing in senior professional talent across key geographies and adjacencies such as transaction, transformation, public affairs, cybersecurity, data privacy, and AI, with plans to increase junior hiring in the second half of 2026 to support the expanded senior ranks. Management views AI proliferation as a significant positive for FTI's expert-driven model, positioning the firm to benefit from increased client demand for advisory services as organizations navigate disruption and transformation. Corporate Finance, FLC, and Strategic Communications are entering 2026 with solid momentum following record 2025 performances, though some large engagements are expected to conclude without immediate replacement. SG&A expenses are expected to increase approximately $45 million for full year 2026 compared to 2025, primarily due to higher legal and compensation expenses and planned senior manager meetings.
| Metric | Target | Period |
|---|---|---|
| Revenue | $3.94 billion to $4.1 billion | FY2026 |
| Effective tax rate | 22% to 24% | FY2026 |
Revenue (FY2026): “We estimate that revenue will range between $3.94 billion and $4.1 billion.”
Effective tax rate (FY2026): “we expect an effective tax rate of 22% to 24%, which compares with 27% in 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.9B | 3.8B | 3.7B | 3.5B | 3.0B | 2.8B |
| Net Income | 267M | 271M | 280M | 275M | 236M | 235M |
| EPS | $8.51 | $8.24 | $7.81 | $7.71 | $6.58 | $6.65 |
| Free Cash Flow | 256M | 94M | 360M | 175M | 135M | 287M |
| ROIC | 12.8% | 15.4% | 15.9% | 17.0% | 15.3% | 16.2% |
| Gross Margin | 31.9% | 32.1% | 32.0% | 32.5% | 31.8% | 31.0% |
| Debt/Equity | 0.45 | 0.36 | 0.11 | 0.13 | 0.34 | 0.36 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 394M | 389M | 347M | 378M | 304M | 312M |
| Operating Margin | 10.2% | 10.3% | 9.4% | 10.8% | 10.0% | 11.2% |
| ROE | 16.0% | 13.6% | 13.2% | 15.0% | 14.4% | 15.8% |
| Shares Outstanding | 30M | 33M | 36M | 36M | 36M | 35M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 1.8B | 1.8B | 1.8B | 2.0B | 2.4B | 2.5B | 2.8B | 3.0B | 3.5B | 3.7B | 3.8B | 3.9B |
| Gross Margin | 34.8% | 34.2% | 33.1% | 32.8% | 34.5% | 34.8% | 32.0% | 31.0% | 31.8% | 32.5% | 32.0% | 32.1% | 31.9% |
| R&D | 19M | 20M | 18M | 15M | 8.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 434M | 433M | 437M | 432M | 466M | 504M | 488M | 538M | 641M | 751M | 822M | 800M | 838M |
| EBIT | 147M | 165M | 142M | 109M | 226M | 306M | 283M | 312M | 304M | 378M | 347M | 389M | 394M |
| Op. Margin | 8.4% | 9.2% | 7.9% | 6.0% | 11.1% | 13.0% | 11.5% | 11.2% | 10.0% | 10.8% | 9.4% | 10.3% | 10.2% |
| Net Income | 59M | 66M | 86M | 108M | 151M | 217M | 211M | 235M | 236M | 275M | 280M | 271M | 267M |
| Net Margin | 3.3% | 3.7% | 4.7% | 6.0% | 7.4% | 9.2% | 8.6% | 8.5% | 7.8% | 7.9% | 7.6% | 7.1% | 6.9% |
| Non-Recurring | 0 | 0 | 10M | 41M | 13M | 0 | 7.1M | 0 | 8.3M | 0 | 8.2M | 25M | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.8% | 6.6% | 6.0% | 7.9% | 10.0% | 15.8% | 15.2% | 16.2% | 15.3% | 17.0% | 15.9% | 15.4% | 12.8% |
| ROE | 5.5% | 5.9% | 7.3% | 9.0% | 11.9% | 15.3% | 14.6% | 15.8% | 14.4% | 15.0% | 13.2% | 13.6% | 16.0% |
| ROA | 2.5% | 2.9% | 3.8% | 4.8% | 6.5% | 8.4% | 7.6% | 8.0% | 7.4% | 8.4% | 8.1% | 7.6% | 7.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 135M | 140M | 233M | 148M | 231M | 218M | 327M | 355M | 189M | 224M | 395M | 152M | 307M |
| Free Cash Flow | 96M | 109M | 205M | 116M | 198M | 176M | 292M | 287M | 135M | 175M | 360M | 94M | 256M |
| Owner Earnings | 77M | 91M | 178M | 100M | 184M | 170M | 272M | 298M | 127M | 154M | 313M | 67M | 86M |
| CapEx | 39M | 31M | 29M | 32M | 32M | 42M | 35M | 69M | 53M | 49M | 35M | 59M | 51M |
| Maint. CapEx | 35M | 31M | 39M | 31M | 32M | 30M | 33M | 34M | 36M | 41M | 44M | 46M | 182M |
| Growth CapEx | 4.1M | 7K | 0 | 827K | 734K | 12M | 2.2M | 34M | 17M | 8.4M | 0 | 13M | 0 |
| D&A | 35M | 31M | 39M | 31M | 32M | 30M | 33M | 34M | 36M | 41M | 44M | 46M | 182M |
| CapEx/OCF | 29.0% | 22.4% | 12.4% | 21.7% | 14.0% | 19.3% | 10.7% | 19.3% | 28.2% | 22.0% | 9.0% | 38.5% | 16.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 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 |
| Share Buybacks | 4.4M | 27M | 21M | 168M | 56M | 106M | 354M | 46M | 85M | 21M | 10M | 859M | 803M |
| Buyback Yield | 0.3% | 1.8% | 1.1% | 9.9% | 2.3% | 2.5% | 8.5% | 0.9% | 1.5% | 0.3% | 0.1% | 14.9% | 16.7% |
| Stock-Based Comp | 23M | 18M | 17M | 16M | 16M | 18M | 23M | 23M | 25M | 30M | 38M | 39M | 40M |
| Debt Repayment | 6.0M | 426M | 0 | 0 | 300M | 0 | 0 | 0 | 4.0M | 316M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 416M | 345M | 149M | 206M | -46M | 118M | 196M | 70M | 77M | -71M | -418M | 362M | 556M |
| Cash & Equiv. | 284M | 150M | 216M | 190M | 312M | 369M | 295M | 494M | 492M | 303M | 660M | 265M | 198M |
| Long-Term Debt | 688M | 495M | 366M | 396M | 266M | 276M | 286M | 297M | 315M | 0 | 0 | 365M | 754M |
| Debt/Equity | 0.63 | 0.43 | 0.30 | 0.33 | 0.20 | 0.33 | 0.35 | 0.36 | 0.34 | 0.13 | 0.11 | 0.36 | 0.45 |
| Interest Coverage | 2.9 | 3.8 | 5.7 | 4.3 | 8.3 | 15.9 | 14.3 | 15.4 | 30.2 | 26.3 | 50.0 | 18.2 | 14.7 |
| Equity | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.5B | 1.4B | 1.6B | 1.7B | 2.0B | 2.3B | 1.7B | 1.7B |
| Total Assets | 2.4B | 2.2B | 2.2B | 2.3B | 2.4B | 2.8B | 2.8B | 3.1B | 3.2B | 3.3B | 3.6B | 3.5B | 3.5B |
| Total Liabilities | 1.3B | 1.1B | 1.0B | 1.1B | 1.0B | 1.3B | 1.4B | 1.5B | 1.6B | 1.3B | 1.3B | 1.8B | 1.8B |
| Intangibles | 77M | 64M | 52M | 44M | 35M | 38M | 42M | 32M | 26M | 18M | 17M | 14M | 13M |
| Retained Earnings | 789M | 855M | 941M | 1.0B | 1.2B | 1.4B | 1.5B | 1.7B | 1.9B | 2.1B | 2.4B | 1.9B | 1.8B |
| Working Capital | 490M | 395M | 405M | 384M | 483M | 566M | 460M | 652M | 741M | 663M | 888M | 542M | 880M |
| Current Assets | 857M | 742M | 783M | 794M | 965M | 1.2B | 1.1B | 1.4B | 1.5B | 1.6B | 1.8B | 1.5B | 1.6B |
| Current Liabilities | 367M | 347M | 378M | 410M | 483M | 613M | 670M | 718M | 769M | 893M | 932M | 975M | 677M |
| Per Share Data | |||||||||||||
| EPS | 1.44 | 1.58 | 2.05 | 2.75 | 3.93 | 5.69 | 5.67 | 6.65 | 6.58 | 7.71 | 7.81 | 8.24 | 8.51 |
| Owner EPS | 1.90 | 2.17 | 4.26 | 2.56 | 4.79 | 4.46 | 7.31 | 8.44 | 3.56 | 4.32 | 8.72 | 2.04 | 2.84 |
| Book Value | 27.00 | 27.45 | 28.94 | 30.36 | 35.20 | 39.10 | 37.68 | 44.81 | 46.99 | 55.57 | 62.97 | 52.74 | 55.12 |
| Cash Flow/Share | 3.32 | 3.35 | 5.60 | 3.76 | 6.02 | 5.72 | 8.80 | 10.06 | 5.27 | 6.30 | 11.02 | 4.63 | 14.87 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 40.8M | 41.8M | 41.7M | 39.3M | 38.3M | 38.1M | 37.2M | 35.3M | 35.8M | 35.7M | 35.9M | 32.9M | 30.1M |
| Valuation | |||||||||||||
| P/E Ratio | 27.4 | 22.0 | 21.9 | 15.8 | 16.3 | 19.4 | 19.7 | 23.1 | 24.1 | 25.9 | 24.7 | 21.3 | 18.8 |
| P/FCF | 16.8 | 13.4 | 9.2 | 14.7 | 12.4 | 23.9 | 14.2 | 18.9 | 41.9 | 40.6 | 19.2 | 61.6 | 18.8 |
| EV/EBIT | 11.9 | 10.1 | 12.7 | 15.8 | 9.3 | 12.3 | 13.6 | 15.1 | 16.5 | 17.2 | 16.1 | 14.4 | 13.6 |
| Price/Book | 1.5 | 1.3 | 1.6 | 1.4 | 1.8 | 2.8 | 3.0 | 3.4 | 3.4 | 3.6 | 3.1 | 3.3 | 2.9 |
| Price/Sales | 0.8 | 0.9 | 0.9 | 0.8 | 1.2 | 1.5 | 1.7 | 1.7 | 1.9 | 1.9 | 2.0 | 1.5 | 1.2 |
| FCF Yield | 6.0% | 7.5% | 10.9% | 6.8% | 8.1% | 4.2% | 7.1% | 5.3% | 2.4% | 2.5% | 5.2% | 1.6% | 5.3% |
| Market Cap | 1.6B | 1.5B | 1.9B | 1.7B | 2.5B | 4.2B | 4.1B | 5.4B | 5.7B | 7.1B | 6.9B | 5.8B | 4.8B |
| Avg. Price | 35.77 | 39.37 | 39.90 | 38.17 | 60.94 | 90.95 | 114.98 | 135.55 | 162.24 | 188.68 | 211.01 | 168.47 | 159.79 |
| Year-End Price | 39.45 | 34.82 | 44.98 | 43.33 | 64.06 | 110.62 | 111.50 | 153.31 | 158.73 | 199.38 | 192.91 | 175.49 | 159.79 |
FTI CONSULTING, INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
FTI CONSULTING, INC trades at 19.4x trailing earnings, compared to its 15-year median P/E of 21.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 52.2x vs a median of 19.1x. The company's 5-year average ROIC is 15.9% with a gross margin of 31.9%. Total shareholder yield (buybacks) is 16.7%. At current prices, the estimated annualized return to fair value is -10.1%.
FTI CONSULTING, INC (FCN) has a net profit margin of 7.1%. This is a modest margin.
FTI CONSULTING, INC (FCN) generated $94 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FTI CONSULTING, INC (FCN) has a debt-to-equity ratio of 0.36. This indicates a conservatively financed balance sheet.
FTI CONSULTING, INC (FCN) reported earnings per share (EPS) of $8.24 in its most recent fiscal year.
FTI CONSULTING, INC (FCN) has a return on equity (ROE) of 13.6%. This indicates moderate shareholder returns.
FTI CONSULTING, INC (FCN) has a 5-year average gross margin of 31.9%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for FTI CONSULTING, INC (FCN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FTI CONSULTING, INC (FCN) has a book value per share of $52.74, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects Economic Consulting's adjusted segment EBITDA to reach its lowest point in Q1 2026 and no longer be a drag on year-over-year EBITDA growth in the second half of 2026, reflecting a multiyear rebuild in the Compass Lexecon business following antitrust enforcement headwinds. The company is investing in senior professional talent across key geographies and adjacencies such as transaction, transformation, public affairs, cybersecurity, data privacy, and AI, with plans to increase junior hiring in the second half of 2026 to support the expanded senior ranks. Management views AI proliferation as a significant positive for FTI's expert-driven model, positioning the firm to benefit from increased client demand for advisory services as organizations navigate disruption and transformation. Corporate Finance, FLC, and Strategic Communications are entering 2026 with solid momentum following record 2025 performances, though some large engagements are expected to conclude without immediate replacement. SG&A expenses are expected to increase approximately $45 million for full year 2026 compared to 2025, primarily due to higher legal and compensation expenses and planned senior manager meetings.
Based on recent SEC filings and earnings calls, FTI CONSULTING, INC (FCN) has provided the following forward guidance: Revenue: $3.94 billion to $4.1 billion (FY2026); Effective tax rate: 22% to 24% (FY2026).