Exponent, Inc. (EXPO) 10-Year Financial Performance & Capital Metrics

EXPO • • Industrial / General

IndustrialsConsulting ServicesTechnology & Digital ConsultingScience & Engineering Consultants

AboutExponent, Inc., together with its subsidiaries, operates as a science and engineering consulting company worldwide. It operates in two segments, Engineering and Other Scientific, and Environmental and Health. The Engineering and Other Scientific segment provides services in the areas of biomechanics, biomedical engineering and sciences, buildings and structures, civil engineering, construction consulting, data sciences, electrical engineering and computer science, human factors, materials and corrosion engineering, mechanical engineering, polymer science and materials chemistry, thermal sciences, and vehicle engineering. The Environmental and Health segment offers services in the areas of chemical regulation and food safety, ecological and biological sciences, environmental and earth sciences, and health sciences. The company offers approximately 90 technical disciplines to solve pressing and complicated challenges facing stakeholders. It serves clients in chemical, construction, consumer products, energy, food, beverage and nutrition, government, life sciences, insurance, manufacturing, technology, industrial equipment, transportation, and other sectors of the economy. The company was formerly known as The Failure Group, Inc. and changed its name to Exponent, Inc. in 1998. Exponent, Inc. was founded in 1967 and is headquartered in Menlo Park, California.Show more

Revenue $559M +4.1%
EBITDA $129M +7.5%
Net Income $109M +8.6%
EPS (Diluted) 2.11 +8.8%
Gross Margin 25.48% +0.7%
EBITDA Margin 23.14% +3.3%
Operating Margin 21.41% +3.2%
Net Margin 19.52% +4.4%
ROE 28.05% -5.4%
ROIC 40.68% -8.6%
Debt/Equity 0.19 +143.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.5%
✓FCF machine: 24.6% free cash flow margin
✓12 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 20.1%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.25%

5Y6.01%

3Y6.2%

TTM6.41%

Profit (Net Income) CAGR

10Y10.35%

5Y5.74%

3Y2.51%

TTM-1.42%

EPS CAGR

10Y11.05%

5Y6.64%

3Y3.56%

TTM-1.45%

ROCE

10Y Avg22.63%

5Y Avg23.07%

3Y Avg25.18%

Latest21.76%

Peer Comparison

Science & Engineering Consultants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EXPOExponent, Inc.	3.71B	74.35	35.24	4.05%	18.35%	26.02%	3.71%	0.19

Profit & Loss

	Jan 2016	Dec 2016	Dec 2017	Dec 2018	Jan 2020	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Sales/Revenue+	312.83M	315.08M	347.8M	379.52M	417.2M	399.9M	466.27M	513.29M	536.77M	558.51M
Revenue Growth %	0.03%	0.01%	0.1%	0.09%	0.1%	-0.04%	0.17%	0.1%	0.05%	0.04%
Cost of Goods Sold+	17.13M	15.88M	18.14M	24.88M	25.81M	303.76M	342.06M	348.79M	401M	416.23M
COGS % of Revenue	0.05%	0.05%	0.05%	0.07%	0.06%	0.76%	0.73%	0.68%	0.75%	0.75%
Gross Profit+	295.7M	299.2M	329.66M	354.64M	391.39M	96.14M	124.21M	164.5M	135.76M	142.28M
Gross Margin %	0.95%	0.95%	0.95%	0.93%	0.94%	0.24%	0.27%	0.32%	0.25%	0.25%
Gross Profit Growth %	0.02%	0.01%	0.1%	0.08%	0.1%	-0.75%	0.29%	0.32%	-0.17%	0.05%
Operating Expenses+	243.9M	253.16M	275.75M	288.07M	306.28M	12.89M	15.28M	23.66M	24.44M	22.73M
OpEx % of Revenue	0.78%	0.8%	0.79%	0.76%	0.73%	0.03%	0.03%	0.05%	0.05%	0.04%
Selling, General & Admin	199.8M	208.89M	228.07M	232.58M	272.72M	262.93M	293.33M	287.89M	24.44M	22.73M
SG&A % of Revenue	0.64%	0.66%	0.66%	0.61%	0.65%	0.66%	0.63%	0.56%	0.05%	0.04%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	1.99M	6.53M	9.16M	-890K	33.56M	-250.04M	-278.05M	-264.24M	0	0
Operating Income+	68.93M	61.91M	72.05M	91.46M	85.11M	83.25M	108.93M	140.84M	111.32M	119.56M
Operating Margin %	0.22%	0.2%	0.21%	0.24%	0.2%	0.21%	0.23%	0.27%	0.21%	0.21%
Operating Income Growth %	0.08%	-0.1%	0.16%	0.27%	-0.07%	-0.02%	0.31%	0.29%	-0.21%	0.07%
EBITDA+	74.41M	68.04M	78.34M	97.75M	91.92M	90.12M	115.41M	147.92M	120.24M	129.25M
EBITDA Margin %	0.24%	0.22%	0.23%	0.26%	0.22%	0.23%	0.25%	0.29%	0.22%	0.23%
EBITDA Growth %	0.08%	-0.09%	0.15%	0.25%	-0.06%	-0.02%	0.28%	0.28%	-0.19%	0.07%
D&A (Non-Cash Add-back)	5.48M	6.13M	6.29M	6.29M	6.81M	6.87M	6.49M	7.08M	8.92M	9.69M
EBIT	68.93M	61.91M	72.05M	91.46M	85.11M	83.25M	108.93M	140.84M	111.32M	119.56M
Net Interest Income+	207K	683K	1.29M	2.75M	3.91M	1.71M	66K	2.1M	7.15M	10M
Interest Income	207K	683K	1.29M	2.75M	3.91M	1.71M	66K	2.1M	7.15M	10M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	2.2M	7.21M	10.46M	1.86M	19.08M	13.69M	16.91M	-8.61M	24.57M	27.81M
Pretax Income+	71.13M	69.12M	82.51M	93.32M	104.19M	96.94M	125.84M	132.23M	135.9M	147.37M
Pretax Margin %	0.23%	0.22%	0.24%	0.25%	0.25%	0.24%	0.27%	0.26%	0.25%	0.26%
Income Tax+	27.53M	21.64M	41.2M	21.06M	21.73M	14.38M	24.64M	29.9M	35.56M	38.37M
Effective Tax Rate %	0.61%	0.69%	0.5%	0.77%	0.79%	0.85%	0.8%	0.77%	0.74%	0.74%
Net Income+	43.6M	47.48M	41.3M	72.25M	82.46M	82.55M	101.2M	102.33M	100.34M	109M
Net Margin %	0.14%	0.15%	0.12%	0.19%	0.2%	0.21%	0.22%	0.2%	0.19%	0.2%
Net Income Growth %	0.07%	0.09%	-0.13%	0.75%	0.14%	0%	0.23%	0.01%	-0.02%	0.09%
Net Income (Continuing)	43.6M	47.48M	41.3M	72.25M	82.46M	82.55M	101.2M	102.33M	100.34M	109M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.80	0.87	0.77	1.33	1.53	1.55	1.90	1.96	1.94	2.11
EPS Growth %	0.08%	0.09%	-0.11%	0.73%	0.15%	0.01%	0.23%	0.03%	-0.01%	0.09%
EPS (Basic)	0.82	0.90	0.78	1.37	1.57	1.58	1.92	1.98	1.96	2.13
Diluted Shares Outstanding	54.6M	54.33M	53.97M	54.17M	53.88M	53.32M	53.33M	52.28M	51.63M	51.57M
Basic Shares Outstanding	53.21M	52.98M	52.72M	52.91M	52.69M	52.39M	52.61M	51.73M	51.15M	51.13M
Dividend Payout Ratio	0.36%	0.4%	0.53%	0.38%	0.41%	0.48%	0.43%	0.48%	0.54%	0.53%

Balance Sheet

	Jan 2016	Dec 2016	Dec 2017	Dec 2018	Jan 2020	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Total Current Assets+	273.81M	274.04M	315.51M	326.61M	364.04M	366.83M	452.76M	349.16M	379.53M	446.88M
Cash & Short-Term Investments	171.59M	173.72M	196.4M	208.55M	231.6M	242.53M	297.69M	161.46M	187.15M	258.9M
Cash Only	125.75M	114.97M	124.79M	127.06M	176.44M	197.53M	297.69M	161.46M	187.15M	258.9M
Short-Term Investments	45.84M	58.76M	71.6M	81.5M	55.16M	45M	0	0	0	0
Accounts Receivable	88.58M	87.41M	110.1M	105.81M	120.14M	111.56M	139.86M	170.11M	167.36M	161.41M
Days Sales Outstanding	103.35	101.26	115.55	101.76	105.11	101.83	109.48	120.97	113.8	105.48
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	12.91M	9.01M	12.24M	7.53M	12.74M	0	17.59M	25.02M	26.57M
Total Non-Current Assets+	113.7M	129.7M	124.08M	142.32M	199.37M	226.94M	230.98M	237.5M	267.25M	330.39M
Property, Plant & Equipment	28.48M	36.71M	35.01M	46.1M	84.59M	79.14M	74.34M	83.55M	99.92M	148.25M
Fixed Asset Turnover	10.98x	8.58x	9.93x	8.23x	4.93x	5.05x	6.27x	6.14x	5.37x	3.77x
Goodwill	8.61M	8.61M	8.61M	8.61M	8.61M	8.61M	8.61M	8.61M	8.61M	8.61M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	-39.46M	-42.17M	-30.44M	-34.09M	-36.82M	0	0	0	0	0
Other Non-Current Assets	76.61M	84.38M	80.46M	87.61M	106.17M	84.97M	101.48M	91.44M	104.9M	116.4M
Total Assets+	387.51M	403.74M	439.59M	468.94M	563.41M	593.77M	683.74M	586.66M	646.78M	777.27M
Asset Turnover	0.81x	0.78x	0.79x	0.81x	0.74x	0.67x	0.68x	0.87x	0.83x	0.72x
Asset Growth %	0.06%	0.04%	0.09%	0.07%	0.2%	0.05%	0.15%	-0.14%	0.1%	0.2%
Total Current Liabilities+	80.47M	80.24M	93.11M	98.3M	123.96M	117.31M	152.98M	159.03M	161.91M	163.18M
Accounts Payable	3.62M	3.19M	2.78M	2.55M	4.64M	3.28M	3.19M	8.64M	4.49M	5.27M
Days Payables Outstanding	77.19	73.4	56.03	37.42	65.68	3.94	3.41	9.04	4.09	4.62
Short-Term Debt	0	0	0	0	5.94M	5.99M	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	0	0	0	0	0	13.05M	9.38M	10.17M	13.17M	14.98M
Current Ratio	3.40x	3.42x	3.39x	3.32x	2.94x	3.13x	2.96x	2.20x	2.34x	2.74x
Quick Ratio	3.40x	3.42x	3.39x	3.32x	2.94x	3.13x	2.96x	2.20x	2.34x	2.74x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	44.23M	50.16M	57.39M	56.72M	89.2M	114.97M	113.69M	106.88M	128.78M	193.02M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	18.16M	14.34M	9.81M	13.34M	21.96M	76.08M
Deferred Tax Liabilities	5.79M	6.87M	5.51M	3.36M	14.17M	13.68M	0	0	0	0
Other Non-Current Liabilities	42.23M	50.16M	57.39M	56.72M	71.04M	86.95M	103.89M	93.54M	106.82M	116.94M
Total Liabilities	124.7M	130.4M	150.5M	155.03M	213.16M	232.28M	266.67M	265.91M	290.69M	356.2M
Total Debt+	0	0	0	0	24.1M	20.33M	14.97M	18.6M	28.26M	81.48M
Net Debt	-125.75M	-114.97M	-124.79M	-127.06M	-152.33M	-177.19M	-282.72M	-142.86M	-158.89M	-177.42M
Debt / Equity	-	-	-	-	0.07x	0.06x	0.04x	0.06x	0.08x	0.19x
Debt / EBITDA	-	-	-	-	0.26x	0.23x	0.13x	0.13x	0.24x	0.63x
Net Debt / EBITDA	-1.69x	-1.69x	-1.59x	-1.30x	-1.66x	-1.97x	-2.45x	-0.97x	-1.32x	-1.37x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	262.8M	273.35M	289.09M	313.91M	350.25M	361.5M	417.06M	320.75M	356.08M	421.07M
Equity Growth %	0.08%	0.04%	0.06%	0.09%	0.12%	0.03%	0.15%	-0.23%	0.11%	0.18%
Book Value per Share	4.81	5.03	5.36	5.80	6.50	6.78	7.82	6.14	6.90	8.17
Total Shareholders' Equity	262.8M	273.35M	289.09M	313.91M	350.25M	361.5M	417.06M	320.75M	356.08M	421.07M
Common Stock	33K	33K	33K	66K	66K	66K	66K	66K	66K	66K
Retained Earnings	269.26M	291.24M	303.99M	342.02M	384.67M	421.81M	478.37M	528.81M	574.08M	624.15M
Treasury Stock	-184.5M	-209.44M	-223.17M	-252.61M	-277.66M	-323.77M	-340.81M	-505.54M	-536.53M	-545.05M
Accumulated OCI	-1.8M	-3.13M	-2.03M	-2.85M	-1.76M	-1.93M	-1.98M	-3.59M	-2.98M	-3.79M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jan 2016	Dec 2016	Dec 2017	Dec 2018	Jan 2020	Jan 2021	Dec 2021	Dec 2022	Dec 2023	Jan 2025
Cash from Operations+	60.49M	66.95M	67.84M	91.19M	108.06M	103.31M	124.57M	93.81M	127.35M	144.54M
Operating CF Margin %	0.19%	0.21%	0.2%	0.24%	0.26%	0.26%	0.27%	0.18%	0.24%	0.26%
Operating CF Growth %	0.25%	0.11%	0.01%	0.34%	0.19%	-0.04%	0.21%	-0.25%	0.36%	0.13%
Net Income	43.6M	47.48M	41.3M	72.25M	82.46M	82.55M	101.2M	102.33M	100.34M	109M
Depreciation & Amortization	5.48M	6.13M	6.29M	6.29M	6.81M	6.87M	6.49M	7.08M	8.92M	9.69M
Stock-Based Compensation	12.96M	13.33M	16.16M	16.99M	17.47M	17.28M	19.26M	20.36M	20.36M	23.24M
Deferred Taxes	-10.22M	-2.6M	11.79M	-3.71M	-2.85M	-3.64M	-6M	-7.36M	85K	-3.3M
Other Non-Cash Items	1.46M	2.11M	2.14M	1.91M	1.71M	1.69M	1.95M	3.08M	3.23M	4.45M
Working Capital Changes	7.22M	490K	-9.84M	-2.54M	2.46M	-1.44M	1.67M	-31.68M	-5.57M	1.46M
Change in Receivables	-3.14M	-1.28M	-25.2M	2.44M	-16.55M	6.72M	-30.25M	-33.33M	-471K	1.5M
Change in Inventory	3.06M	2.32M	8.7M	-1.23M	8.55M	0	0	0	0	0
Change in Payables	7.72M	-370K	5.98M	-4.62M	6.71M	-2.65M	8.44M	2.21M	-5.05M	436K
Cash from Investing+	-27.04M	-27.44M	-17.72M	-25.82M	4.27M	5.02M	38.18M	-12.04M	-16.36M	-6.94M
Capital Expenditures	-5.38M	-14.39M	-4.72M	-16.3M	-23.04M	-4.99M	-6.83M	-12.04M	-16.36M	-6.94M
CapEx % of Revenue	0.02%	0.05%	0.01%	0.04%	0.06%	0.01%	0.01%	0.02%	0.03%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-21.66M	-13.05M	-13M	-9.52M	-23.04M	0	0	0	0	0
Cash from Financing+	-36.92M	-49.17M	-41.26M	-62.5M	-63.41M	-88.36M	-62.75M	-215.98M	-86.01M	-65.11M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-15.65M	-18.78M	-21.84M	-27.22M	-33.5M	-39.77M	-43.2M	-49.24M	-54.04M	-58.21M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.04M	-5.93M	-7.5M	-7.37M	-11.18M	-8.53M	-12.55M	-12.9M	-9.94M	-1.18M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	55.11M	52.55M	63.11M	74.89M	85.02M	98.33M	117.74M	81.76M	111M	137.6M
FCF Margin %	0.18%	0.17%	0.18%	0.2%	0.2%	0.25%	0.25%	0.16%	0.21%	0.25%
FCF Growth %	0.27%	-0.05%	0.2%	0.19%	0.14%	0.16%	0.2%	-0.31%	0.36%	0.24%
FCF per Share	1.01	0.97	1.17	1.38	1.58	1.84	2.21	1.56	2.15	2.67
FCF Conversion (FCF/Net Income)	1.39x	1.41x	1.64x	1.26x	1.31x	1.25x	1.23x	0.92x	1.27x	1.33x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	24.65M	22.28M	25.85M	28.64M	0	20.12M	27.91M	40.12M	38.94M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	17.2%	17.71%	14.69%	23.96%	24.83%	23.2%	26%	27.74%	29.65%	28.05%
Return on Invested Capital (ROIC)	41.06%	31.43%	33.49%	39.07%	33.18%	32.67%	51.28%	67.66%	44.52%	40.68%
Gross Margin	94.53%	94.96%	94.79%	93.44%	93.81%	24.04%	26.64%	32.05%	25.29%	25.48%
Net Margin	13.94%	15.07%	11.88%	19.04%	19.77%	20.64%	21.7%	19.94%	18.69%	19.52%
Debt / Equity	-	-	-	-	0.07x	0.06x	0.04x	0.06x	0.08x	0.19x
FCF Conversion	1.39x	1.41x	1.64x	1.26x	1.31x	1.25x	1.23x	0.92x	1.27x	1.33x
Revenue Growth	2.67%	0.72%	10.39%	9.12%	9.93%	-4.15%	16.6%	10.09%	4.57%	4.05%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Engineering And Other Scientific	-	-	-	-	339.8M	319.35M	380.91M	427.8M	446.89M	469.54M
Engineering And Other Scientific Growth	-	-	-	-	-	-6.02%	19.28%	12.31%	4.46%	5.07%
Environmental And Health	-	-	-	-	77.4M	80.55M	85.36M	85.5M	89.88M	88.97M
Environmental And Health Growth	-	-	-	-	-	4.07%	5.97%	0.16%	5.12%	-1.01%
Engineering and Other Scientific	237.96M	248.3M	277.6M	306.26M	-	-	-	-	-	-
Engineering and Other Scientific Growth	-	4.34%	11.80%	10.32%	-	-	-	-	-	-
Environmental and Health	74.87M	66.78M	70.2M	73.26M	-	-	-	-	-	-
Environmental and Health Growth	-	-10.81%	5.12%	4.36%	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	281.22M	308.41M	334.42M	351.86M	353.56M	397M	450.44M	470.08M	493.07M
UNITED STATES Growth	-	-	9.67%	8.44%	5.21%	0.49%	12.29%	13.46%	4.36%	4.89%
Foreign Countries	-	33.85M	39.39M	45.1M	65.34M	46.34M	69.27M	62.85M	66.69M	65.45M
Foreign Countries Growth	-	-	16.36%	14.49%	44.88%	-29.09%	49.49%	-9.27%	6.11%	-1.86%

Frequently Asked Questions

Valuation & Price

Exponent, Inc. (EXPO) has a price-to-earnings (P/E) ratio of 35.2x. This suggests investors expect higher future growth.

Growth & Financials

Exponent, Inc. (EXPO) reported $571.4M in revenue for fiscal year 2024. This represents a 110% increase from $272.4M in 2011.

Exponent, Inc. (EXPO) grew revenue by 4.1% over the past year. Growth has been modest.

Yes, Exponent, Inc. (EXPO) is profitable, generating $104.8M in net income for fiscal year 2024 (19.5% net margin).

Dividend & Returns

Yes, Exponent, Inc. (EXPO) pays a dividend with a yield of 1.52%. This makes it attractive for income-focused investors.

Exponent, Inc. (EXPO) has a return on equity (ROE) of 28.1%. This is excellent, indicating efficient use of shareholder capital.

Exponent, Inc. (EXPO) generated $122.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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