Latest Ratios: P/E Ratio 22.6x · EV/EBITDA 14.2x · ROE 13.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.4B | $5.6B | $6.9B | $7.1B | $5.7B | $5.4B | $4.2B | $4.2B | $2.6B | $1.7B | $1.9B |
| Enterprise Value | $5.8B | $6.0B | $6.4B | $7.1B | $5.8B | $5.5B | $4.3B | $4.3B | $2.5B | $1.9B | $2.0B |
| P/E Ratio → | 22.63 | 20.73 | 24.47 | 25.83 | 24.13 | 23.07 | 19.70 | 19.45 | 16.96 | 15.62 | 21.99 |
| P/S Ratio | 1.36 | 1.48 | 1.85 | 2.03 | 1.88 | 1.95 | 1.69 | 1.79 | 1.26 | 0.93 | 1.04 |
| P/B Ratio | 3.71 | 3.24 | 3.03 | 3.58 | 3.38 | 3.42 | 2.96 | 2.83 | 1.89 | 1.41 | 1.56 |
| P/FCF | 13.63 | 35.87 | 17.23 | 40.57 | 41.94 | 18.90 | 14.20 | 23.95 | 12.87 | 14.56 | 9.19 |
| P/OCF | 35.52 | 36.92 | 17.34 | 31.63 | 30.10 | 15.25 | 12.69 | 19.36 | 11.07 | 11.41 | 8.05 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.58 | 1.74 | 2.02 | 1.90 | 1.98 | 1.77 | 1.84 | 1.24 | 1.05 | 1.12 |
| EV / EBITDA | 14.25 | 12.90 | 16.27 | 16.60 | 16.48 | 15.37 | 13.34 | 12.61 | 9.44 | 12.56 | 10.62 |
| EV / EBIT | 13.91 | 15.24 | 17.98 | 18.93 | 18.71 | 17.25 | 15.40 | 14.09 | 10.67 | 16.81 | 13.30 |
| EV / FCF | — | 38.18 | 16.17 | 40.31 | 42.51 | 19.14 | 14.87 | 24.62 | 12.64 | 16.35 | 9.92 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.1% | 32.1% | 32.0% | 32.5% | 31.8% | 31.0% | 32.0% | 34.8% | 34.5% | 32.8% | 33.1% |
| Operating Margin | 10.9% | 10.9% | 9.4% | 10.8% | 10.0% | 11.2% | 11.5% | 13.0% | 11.1% | 6.0% | 7.9% |
| Net Profit Margin | 7.1% | 7.1% | 7.6% | 7.9% | 7.8% | 8.5% | 8.6% | 9.2% | 7.4% | 6.0% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.6% | 13.6% | 13.2% | 15.0% | 14.4% | 15.8% | 14.6% | 15.3% | 11.9% | 9.0% | 7.3% |
| ROA | 7.6% | 7.6% | 8.1% | 8.4% | 7.4% | 8.0% | 7.6% | 8.4% | 6.5% | 4.8% | 3.8% |
| ROIC | 15.8% | 15.8% | 13.8% | 15.3% | 13.4% | 14.4% | 13.2% | 15.8% | 12.6% | 5.9% | 7.5% |
| ROCE | 16.0% | 16.0% | 13.6% | 15.4% | 12.5% | 13.9% | 13.2% | 15.0% | 12.1% | 5.9% | 7.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.11 | 0.13 | 0.34 | 0.36 | 0.35 | 0.33 | 0.20 | 0.33 | 0.30 |
| Debt / EBITDA | 1.35 | 1.35 | 0.61 | 0.61 | 1.63 | 1.58 | 1.51 | 1.42 | 1.00 | 2.63 | 1.91 |
| Net Debt / Equity | — | 0.21 | -0.19 | -0.02 | 0.05 | 0.04 | 0.14 | 0.08 | -0.03 | 0.17 | 0.12 |
| Net Debt / EBITDA | 0.78 | 0.78 | -1.06 | -0.11 | 0.22 | 0.19 | 0.60 | 0.34 | -0.17 | 1.37 | 0.78 |
| Debt / FCF | — | 2.31 | -1.05 | -0.26 | 0.57 | 0.24 | 0.67 | 0.67 | -0.23 | 1.78 | 0.73 |
| Interest Coverage | 18.34 | 18.34 | 51.46 | 26.01 | 30.64 | 15.68 | 14.25 | 16.02 | 8.65 | 4.44 | 6.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.56 | 1.56 | 1.95 | 1.74 | 1.96 | 1.91 | 1.69 | 1.92 | 2.00 | 1.94 | 2.07 |
| Quick Ratio | 1.56 | 1.56 | 1.95 | 1.74 | 1.96 | 1.91 | 1.69 | 1.85 | 1.89 | 1.82 | 1.94 |
| Cash Ratio | 0.27 | 0.27 | 0.71 | 0.37 | 0.64 | 0.69 | 0.44 | 0.60 | 0.65 | 0.46 | 0.57 |
| Asset Turnover | — | 1.09 | 1.03 | 1.05 | 0.93 | 0.90 | 0.89 | 0.85 | 0.85 | 0.80 | 0.81 |
| Inventory Turnover | — | — | — | — | — | — | — | 32.04 | 24.28 | 25.09 | 25.47 |
| Days Sales Outstanding | — | 109.80 | 105.76 | 120.11 | 112.60 | 104.08 | 112.25 | 114.28 | 162.54 | 112.21 | 104.73 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 4.8% | 4.1% | 3.9% | 4.1% | 4.3% | 5.1% | 5.1% | 5.9% | 6.4% | 4.5% |
| FCF Yield | 7.3% | 2.8% | 5.8% | 2.5% | 2.4% | 5.3% | 7.0% | 4.2% | 7.8% | 6.9% | 10.9% |
| Buyback Yield | 15.9% | 15.3% | 0.1% | 0.3% | 1.5% | 0.9% | 8.5% | 2.5% | 2.2% | 10.0% | 1.1% |
| Total Shareholder Yield | 15.9% | 15.3% | 0.1% | 0.3% | 1.5% | 0.9% | 8.5% | 2.5% | 2.2% | 10.0% | 1.1% |
| Shares Outstanding | — | $33M | $36M | $36M | $36M | $35M | $37M | $38M | $38M | $39M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FCN stock.
FTI Consulting, Inc.'s current P/E ratio is 22.6x. The historical average is 20.9x. This places it at the 59th percentile of its historical range.
FTI Consulting, Inc.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.3x.
FTI Consulting, Inc.'s return on equity (ROE) is 13.6%. The historical average is 11.2%.
Based on historical data, FTI Consulting, Inc. is trading at a P/E of 22.6x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FTI Consulting, Inc. has 32.1% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
FTI Consulting, Inc.'s Debt/EBITDA ratio is 1.4x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Leverage rebuild with thin cash
Metrics are mathematically derived from official filings.
Premium Multiples Price in Cycle Durability
Based on the supplied valuation data, FCN trades at 23.79x trailing earnings and 12.45x EV/EBITDA, a premium to the peer median that implies investors are paying for the durability of its counter-cyclical restructuring mix rather than for near-term top-line growth. Forward P/E of 20.27 narrows the gap modestly.
The PEG ratio of 3.06 is elevated relative to peers such as ICFI at 1.67 and CRAI at 1.16, which suggests the market is capitalizing a growth profile that recent reported revenue growth of roughly 2.4% on a TTM basis does not clearly support. The valuation therefore appears to embed expectations of a sustained restructuring and complexity-driven demand cycle that the current quarter's EPS miss against consensus calls into question. Investors should monitor whether forward estimates are revised downward, since a multiple this full leaves limited room for earnings disappointment.
Margin Recovery Outpaces Operating Leverage
According to reported quarterly figures, FCN's gross margin rose from 30.2% to 34.6% over ten quarters, yet operating margin of 8.9% in 2026Q3 remains well below the 12.3% peak in 2025Q3, indicating that the gross-level improvement has not translated into proportional operating leverage.
The widening gap between gross and operating margin suggests that SG&A and talent compensation are absorbing most of the incremental gross profit, consistent with a people-intensive model where pricing gains are offset by compensation inflation. Net margin of 6.3% sits above the 5.5% trough but still under the 2024 levels of 8.8%, which may indicate that the earnings base is less durable than the gross margin trend alone would imply. Operating margin, rather than gross margin, is the more reliable gauge of earning power here given the variable cost structure.
Debt Rebuild Erodes Coverage Cushion
Based on FCN's reported figures, debt-to-EBITDA climbed from 2.46 in 2024Q3 to a peak of 14.81 in 2026Q2 before easing to 10.54, a swing that reflects a deliberate shift from a near-debt-free balance sheet toward meaningful leverage.
Interest coverage of 6.79 in 2026Q3 remains serviceable but is far below the 75 to 84 range seen in 2024 and 2025, which suggests debt service has become materially less comfortable even though absolute interest burden is modest. The D/E rise from 0.11 to 0.82 implies that buybacks and borrowing have consumed equity, a pattern that warrants further investigation regarding refinancing exposure. Investors should monitor whether leverage continues to decline as working capital normalizes.
Current Ratio Thins Alongside Cash Drawdown
As reported in financial statements, the current ratio fell from 2.30 in 2026Q1 to 1.72 in 2026Q3 while cash declined from roughly $198M to $88M, leaving short-term coverage adequate but with a narrower margin of safety.
A current ratio of 1.72 still exceeds one comfortably, which suggests near-term obligations are covered, yet the reliance on receivables rather than cash for that coverage is notable given DSO of 116 days. Under a severe stress scenario where collections slow further, the working capital cushion could compress quickly, a risk the supplied data indicates but does not quantify. Investors should watch the cash balance trajectory against the rising debt load.
Cash Conversion Volatility Obscures Earnings Quality
The most commonly misapplied metric for FCN is free cash flow margin, which swung from negative 51.2% in 2025Q1 to 37.6% in 2025Q4, a range driven largely by working capital timing rather than underlying profitability.
Applying a quarterly FCF margin as a valuation or quality anchor overstates signal, because success-fee timing and collection cycles create large swings unrelated to durable cash generation. A trailing or multi-year normalized cash conversion measure, adjusted for working capital, is more appropriate for this billable-hour model. Investors should treat the recent FCF rebound as potentially reversible until collection timing stabilizes.