Latest Ratios: P/E Ratio 24.2x · EV/EBITDA 11.5x · ROE N/A. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.1B | $1.3B | $1.3B | $704M | $900M | $711M | $405M | $445M | $365M | $382M |
| Enterprise Value | $1.3B | — | $1.5B | $1.4B | $772M | $991M | $784M | $512M | $579M | $327M | $328M |
| P/E Ratio → | 24.18 | 28.49 | 24.63 | 27.72 | 18.34 | 20.72 | 17.13 | 16.59 | 21.53 | 16.24 | 50.51 |
| P/S Ratio | 1.55 | 1.75 | 1.79 | 1.88 | 1.13 | 1.52 | 1.26 | 0.80 | 0.99 | 0.87 | 1.03 |
| P/B Ratio | — | — | 6.30 | 6.09 | 3.32 | 4.26 | 3.46 | 1.94 | 2.25 | 1.86 | 1.84 |
| P/FCF | — | — | 72.55 | 38.98 | 12.19 | 42.26 | 9.74 | 10.77 | 39.94 | 17.58 | 10.58 |
| P/OCF | — | — | 60.04 | 25.95 | 11.71 | 35.85 | 9.40 | 7.41 | 15.98 | 10.08 | 8.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | — | 1.94 | 1.99 | 1.24 | 1.68 | 1.39 | 1.01 | 1.28 | 0.78 | 0.89 |
| EV / EBITDA | 11.52 | — | 12.92 | 14.01 | 9.37 | 11.73 | 9.62 | 8.58 | 11.42 | 8.39 | 13.27 |
| EV / EBIT | 19.51 | — | 17.76 | 19.35 | 13.77 | 16.35 | 14.19 | 14.70 | 20.63 | 11.04 | 20.96 |
| EV / FCF | — | — | 78.43 | 41.29 | 13.38 | 46.51 | 10.73 | 13.63 | 51.95 | 15.75 | 9.08 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | — | — | 29.0% | 30.2% | 27.5% | 30.6% | 29.3% | 27.1% | 29.6% | 30.8% | 30.1% |
| Operating Margin | 10.4% | 10.4% | 11.1% | 10.3% | 9.1% | 9.9% | 9.8% | 6.8% | 6.5% | 6.9% | 4.3% |
| Net Profit Margin | 6.2% | 6.2% | 7.3% | 6.8% | 6.2% | 7.4% | 7.4% | 4.8% | 4.6% | 5.4% | 2.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | 25.7% | 22.0% | 18.2% | 20.9% | 20.1% | 12.0% | 10.5% | 11.1% | 3.7% |
| ROA | — | — | 9.1% | 8.3% | 7.0% | 7.9% | 7.5% | 4.5% | 4.6% | 6.1% | 2.2% |
| ROIC | 90.1% | 90.1% | 20.4% | 18.6% | 14.6% | 15.2% | 14.1% | 8.1% | 9.0% | 13.9% | 7.7% |
| ROCE | — | — | 26.9% | 22.2% | 17.4% | 17.4% | 15.9% | 9.7% | 9.9% | 12.4% | 6.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.60 | 0.49 | 0.54 | 0.58 | 0.67 | 0.73 | 0.81 | — | — |
| Debt / EBITDA | — | — | 1.13 | 1.06 | 1.39 | 1.44 | 1.70 | 2.56 | 3.15 | — | — |
| Net Debt / Equity | — | — | 0.51 | 0.36 | 0.32 | 0.43 | 0.35 | 0.51 | 0.68 | -0.19 | -0.26 |
| Net Debt / EBITDA | — | — | 0.97 | 0.78 | 0.83 | 1.07 | 0.89 | 1.80 | 2.64 | -0.98 | -2.19 |
| Debt / FCF | — | — | 5.88 | 2.31 | 1.19 | 4.25 | 0.99 | 2.86 | 12.01 | -1.83 | -1.50 |
| Interest Coverage | 9.96 | 9.96 | 15.29 | 16.00 | 14.72 | 33.20 | 56.95 | 28.65 | 22.37 | 45.72 | 32.33 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.92 | 1.07 | 1.12 | 1.15 | 1.17 | 1.10 | 1.07 | 1.27 | 1.51 |
| Quick Ratio | — | — | 0.92 | 1.07 | 1.12 | 1.15 | 1.17 | 1.10 | 1.07 | 1.27 | 1.51 |
| Cash Ratio | — | — | 0.06 | 0.11 | 0.19 | 0.14 | 0.31 | 0.23 | 0.15 | 0.27 | 0.44 |
| Asset Turnover | — | — | 1.20 | 1.20 | 1.13 | 1.07 | 1.02 | 0.91 | 0.85 | 1.13 | 1.02 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 128.98 | 120.04 | 121.86 | 126.41 | 111.34 | 120.06 | 122.24 | 114.12 | 111.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.0% | 1.0% | 1.0% | 1.5% | 1.1% | 1.2% | 1.9% | 1.5% | 1.7% | 1.3% |
| Payout Ratio | — | — | 25.2% | 26.4% | 28.1% | 22.0% | 19.9% | 30.6% | 32.7% | 26.9% | 64.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 3.5% | 4.1% | 3.6% | 5.5% | 4.8% | 5.8% | 6.0% | 4.6% | 6.2% | 2.0% |
| FCF Yield | — | — | 1.4% | 2.6% | 8.2% | 2.4% | 10.3% | 9.3% | 2.5% | 5.7% | 9.5% |
| Buyback Yield | 3.9% | 4.5% | 3.5% | 2.6% | 4.5% | 3.1% | 6.3% | 3.3% | 4.1% | 7.6% | 5.1% |
| Total Shareholder Yield | 4.7% | 5.5% | 4.5% | 3.5% | 6.0% | 4.1% | 7.5% | 5.2% | 5.6% | 9.3% | 6.4% |
| Shares Outstanding | — | $6M | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $9M | $8M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CRAI stock.
CRA International, Inc.'s current P/E ratio is 24.2x. The historical average is 27.1x. This places it at the 54th percentile of its historical range.
CRA International, Inc.'s current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Based on historical data, CRA International, Inc. is trading at a P/E of 24.2x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CRA International, Inc.'s current dividend yield is 0.87%.
CRA International, Inc. has 10.4% operating margin. Operating margin between 10-20% is typical for established companies.
Key Metrics
Top Statement Risk
Working capital volatility masking cash burn
Metrics are mathematically derived from official filings.
Premium Valuation Supported by Growth Trajectory
CRAI trades at a forward P/E of 21.16 and EV/EBITDA of 12.02, which appear elevated relative to peers but may be justified by its accelerating 12.8% YoY revenue growth and niche expert-witness positioning.
The PEG ratio of 1.00 suggests the market is pricing in growth in line with its multiples, a premium versus diversified peers like ICF (PEG 1.56). However, the valuation discount to primary peer FTI (EV/EBITDA 22.83) reflects CRAI's smaller scale and higher balance sheet volatility. Investors should monitor if the accelerating growth can sustain this premium or if the structural margin compression flagged in prior analysis will lead to a multiple de-rating.
Structural Margin Erosion Amid Revenue Acceleration
As reported in financial statements, CRAI's gross margin has compressed sharply to 26.2% in Q1 2026 from over 33% a year prior, suggesting the growth in its lower-margin management consulting segment is diluting the profitability of core litigation work.
The divergence between accelerating revenue growth and declining margins indicates operating leverage is not being captured, with net margin falling to 6.4% from 9.9% YoY. This trend appears structural, driven by the high variable cost of PhD talent and potential mix shift, rather than a temporary headwind. For an expert-driven firm, sustained margin compression at this level would undermine the core investment thesis of premium pricing power.
Return on Capital Decaying from Peak Levels
Based on EDBL's reported figures, CRAI's ROIC has declined to 4.4% in Q2 2026 from a peak of 5.7% in Q1 2025, indicating the company is generating lower returns on its invested capital despite top-line expansion.
The decline in ROIC is being driven by both margin compression and a slight increase in the asset base, with ROE also trending down from its highs. This suggests that recent capital deployment, including share repurchases funded by debt, may not be generating commensurate incremental returns. The trend is concerning for a business that relies on intellectual capital, as it implies the incremental growth is less profitable than the existing base.
Working Capital Lags Underpin Cash Flow Mismatch
According to recent SEC filings, CRAI's Days Sales Outstanding (DSO) has increased to 113 days in Q2 2026, up from 115 days a year prior, reflecting the inherent lumpiness in cash collections from complex, multi-year litigation engagements.
The high and volatile DSO, combined with the reported large negative working capital swings in cash flow statements, confirms that cash conversion is structurally poor for this business model. The inability to reduce DSO despite revenue growth suggests CRAI has limited leverage over law firm clients regarding payment terms. This working capital volatility is the primary source of the disconnect between reported earnings and free cash flow, making quarterly cash metrics highly unreliable for valuation.
Leverage Spikes Highlight Refinancing Sensitivity
The Debt-to-Equity ratio spiked to 1.41 in Q1 2026 before normalizing to 1.06 in Q2 2026, a pattern indicating heavy reliance on short-term financing to manage extreme working capital swings rather than permanent structural leverage.
While the current ratio of 1.06 provides a thin liquidity buffer, the volatility in debt levels creates refinancing risk, particularly if credit conditions tighten. Interest coverage has also been volatile, ranging from 7.8x to 58.5x, but remains adequate given the current low absolute debt levels. The key risk is that this operational volatility could at times coincide with unfavorable credit markets, forcing the company to accept less favorable terms.
Misapplied Ratio: Free Cash Flow Yield
The FCF yield is the most commonly misapplied metric to CRAI's business model, as the reported negative free cash flow of -2.9% margin in Q2 2026 obscures the underlying cash-generating power of its long-duration litigation contracts.
Standard FCF analysis penalizes the firm for the large, upfront cash outflows for working capital that will eventually be collected over the life of multi-year cases. A more appropriate alternative metric is 'cash conversion from operations excluding working capital swings,' which isolates the core earnings power. Investors relying on the P/FCF ratio of 61.15 may incorrectly perceive the stock as expensive, while ignoring that the working capital cycle will reverse and generate substantial cash inflows in future periods.