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Charles River Associates

CRAI Industrials Consulting Services

Charles River Associates' revenue for fiscal 2025 (year ended December 2025) was $751.6 million, up 9.33% from fiscal 2024.

Revenue
+15.6%
EPS
+27.5%
Free cash flow
+104.0%
Total debt
−21.1%

Quarter to September 2026, against a year earlier

201.41 1.53 −0.75%
Market cap
$1.3B
P/E
24.9×
Fwd P/E
24.2×
Dividend yield
1.13%
F-score
7/9
Altman Z
4.00
Beneish M
−2.21
Dividend safety
74/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 6.24
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — 3 — 1 1 2 2 — — —
Insider Ownership 3.55%

Capital & Financial Ratios $m

Size
Market Cap 1,270.00
Revenue ttm 823.67
Net income ttm 51.73
Free cash flow ttm 9.57
Net debt Q 54.60
Valuation
P/E 24.92
Forward P/E 24.20
Price / sales 1.53
Forward P/S Powerpack
Price / FCF 131.56
Price / book 6.53 (above 6: high)
Financial health
Current ratio Q 1.05
Debt / equity Q 0.39 (at or below 0.5: strong)
Interest coverage Q 7.97
Growth
Revenue growth Q +15.61% (above 0%: growing)
Operating income growth Q +38.82% (above 0%: growing)
EPS, this year +4.50%
EPS, next year A +11.53%
Revenue, next year A +8.34%
EPS, past 5 yrs +21.53% (at or above 15%: strong)
EPS, next 5 yrs A +9.29%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.6×, against a ten-year median of 1.2×; over the ten years it ranged from 0.4× in 2016 to 2.0× in 2024.
P/E against its own 10 years 70.33%
10-year low 10-year high
P/S against its own 10 years 81.88%
10-year low 10-year high
P/B against its own 10 years 97.32%
10-year low 10-year high
EV/Sales against its own 10 years 81.41%
10-year low 10-year high
EV/FCF against its own 10 years 99.96%
10-year low 10-year high

Dividends

Yield
1.13%
Annual rate
2.28
Payout ratio
28.6%
Growth, 2018–26
+11.6%/yr
  1. 0.71 ’18
  2. 0.83 ’19 +17
  3. 0.95 ’20 +14
  4. 1.09 ’21 +15
  5. 1.29 ’22 +18
  6. 1.50 ’23 +16
  7. 2.17 ’24 +45
  8. 2.04 ’25 −6
  9. 1.71 ’26 −16
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 46 27 18 20
Receivables 200 220 249 290
Inventory — — — —
Other 9 7 17 —
265 269 303 350
2023 2024 2025 Q'26
Payables 29 28 30 29
ST’ Debt — — 34 75
Other — — — —
236 251 330 334

Compound Annual Growth %

10y 5y 3y
Sales 9.49% 8.13% 8.35%
Cash Flow 0.94% (16.32%) (3.71%)
Earnings 21.72% 17.50% 7.96%
Book Value 0.12% 0.43% 0.38%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.12 Actual 2.16

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY26 1.80 2.06 Beat by 0.26
Q4 FY25 2.05 2.06 Beat by 0.01
Q1 FY26 2.02 1.99 Miss by 0.03
Q2 FY26 2.12 2.16 Beat by 0.04
Q3 FY26 2.06 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.69 2.10 2.20 — —
’25 2.62 1.79 1.73 1.99 8.14
’24 1.95 0.94 1.67 2.18 6.74
’23 1.23 1.34 1.21 1.62 5.39
’22 1.52 1.57 1.63 1.19 5.91
’21 1.34 1.53 1.44 1.14 5.45
’20 0.80 0.75 0.68 0.85 3.07
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 201 211 215 — —
’25 182 187 186 197 752
’24 172 171 168 176 687
’23 153 162 148 162 624
’22 148 149 148 145 591
’21 147 148 136 135 566
’20 126 123 122 137 508
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (114) (4) 74 — —
’25 (80) 6 37 60 22
’24 (63) 2 32 79 50
’23 (70) 5 65 60 60
’22 (62) (17) 44 60 25
’21 (40) 4 50 62 76
’20 (65) 21 34 65 55
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (117) (6) 73 — —
’25 (81) 5 36 59 19
’24 (64) (1) 29 69 33
’23 (71) 4 64 60 58
’22 (63) (18) 43 59 21
’21 (41) 3 50 61 73
’20 (73) 16 31 64 38
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 325 370 418 451 508 566 591 624 687 752 824 +9.8% 814 847 — +6.2%
Gross margin, % 29.99 30.06 30.76 29.60 27.08 29.31 30.60 29.52 30.18 30.91 28.97 +0.9 pt
EBT 22 15 29 27 34 54 59 52 66 77 77 +14.9%
EBT margin, % 6.74 4.10 6.93 5.94 6.61 9.59 9.95 8.38 9.64 10.19 9.40 +3.5 pt
Net income 14 8 22 21 25 42 44 38 47 55 52 +16.2%
Per share, $
Per share, $ Revenue 38.20 44.63 51.52 57.38 65.44 76.24 81.86 89.04 100.78 113.17 131.53 +12.8%
Earnings 1.50 0.91 2.76 2.63 3.14 5.59 6.02 5.48 6.82 8.23 8.07 +20.8%
Cash flow 5.66 5.53 4.46 3.54 7.04 10.20 3.48 8.57 7.29 3.38 2.57 (5.6%)
Capex (1.53) (1.18) (1.91) (2.12) (2.20) (0.35) (0.53) (0.34) (2.44) (0.58) (1.04) (10.2%)
Free cash flow 4.13 4.35 2.56 1.42 4.84 9.84 2.95 8.23 4.85 2.79 1.53 (4.3%)
Book value 24.45 24.99 24.23 25.14 26.91 27.73 29.25 30.27 31.09 32.16 30.78 +3.1%
Shares, m 9 8 8 8 8 7 7 7 7 7 6 (2.7%)
Valuation, ×
Valuation, × P/E 24.07 49.79 15.42 20.71 16.17 16.70 20.46 18.09 27.45 24.45 24.92 23.3
P/S 0.95 1.02 0.83 0.95 0.78 1.22 1.50 1.11 1.86 1.77 1.53 1.2
P/B 1.49 1.81 1.76 2.17 1.89 3.37 4.21 3.28 6.02 6.24 6.53 3.2
EV/Sales 0.79 0.89 0.75 1.25 0.72 1.14 1.48 1.09 1.91 1.80 1.60 1.2
EV/FCF 7.30 9.10 15.09 50.47 9.73 8.80 41.08 11.84 39.63 72.79 137.47 26.6
Cash, $m
Cash, $m Operating cash flow 48 46 36 28 55 76 25 60 50 22 16 (8.1%)
Capex (13) (10) (15) (17) (17) (3) (4) (2) (17) (4) (7) (12.6%)
Free cash flow 35 36 21 11 38 73 21 58 33 19 10 (6.8%)
Balance, $m
Balance, $m Working capital 76 62 39 13 20 36 32 29 18 (27) 17 n/m
Net debt (54) (54) (38) (13) (32) (52) (15) (46) (27) 16 55 n/m
Shareholders’ equity 208 207 196 198 209 206 211 212 212 214 193 +0.3%
Returns, %
Returns, % ROA 4.04 2.22 6.14 4.58 4.47 7.48 7.86 6.95 8.27 9.11 7.89 +5.1 pt
ROIC 7.66 6.43 11.41 9.92 12.29 22.62 18.76 21.60 23.86 22.65 21.76 +15.0 pt
ROE 6.15 3.67 11.14 10.50 12.00 20.09 20.84 18.12 21.94 25.69 26.20 +19.5 pt
People
People Employees 540 631 687 779 831 861 939 1,004 946 959 — +6.6%
Revenue/emp, $m 0.60 0.59 0.61 0.58 0.61 0.66 0.63 0.62 0.73 0.78 — +3.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Charles River Associates vs peers in Consulting Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FCN FTI Consulting, Inc. $5.3B 24.1× 23.1× +5.90% (above 0%: growing) −9.79% (below 0%: shrinking) −2.69% (below 0%: shrinking) 34.64% 8.87% Compare
HURN Huron Consulting Group Inc. $2.8B 25.7× 25.7× +11.37% (above 0%: growing) +1.98% (above 0%: growing) −42.44% (below 0%: shrinking) 32.24% 11.97% Compare
ICFI ICF International, Inc. $1.7B 17.8× 16.2× +1.09% (above 0%: growing) +37.21% (above 0%: growing) −29.12% (below 0%: shrinking) 38.08% 0.00% Compare
CRAI Charles River Associates $1.3B 24.9× 24.2× +15.61% (above 0%: growing) +27.49% (above 0%: growing) +103.95% (above 0%: growing) 29.10% 11.12%
SBC SBC Medical Group Holdings Incorporated $516.3M 10.7× 11.3× +13.44% (above 0%: growing) +400.00% (above 0%: growing) +396.07% (above 0%: growing) 73.14% 38.55% Compare
ROMA Roma Green Finance Limited $373.5M — — — — +20.80% (above 0%: growing) — — Compare
PPHC Public Policy Holding Company, Inc. $342.7M — (loss-making) — (loss-making) +7.32% (above 0%: growing) n/m −69.72% (below 0%: shrinking) 21.77% (7.45%) Compare
FORR Forrester Research, Inc. $165.6M — (loss-making) — (loss-making) −8.68% (below 0%: shrinking) n/m −197.82% (below 0%: shrinking) 59.95% 2.77% Compare
EGG Enigmatig Limited $143.8M — — — — — — — Compare
Median of peers $444.9M 21.0× 19.7× +6.61% +19.59% −29.12% 36.36% 5.82%

All 23 Consulting Services stocks →

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 4.16m 4.84m 419.07
2024 4.19m 9.41m 375.29
2023 3.58m 1.72m 196.45
2022 3.79m 6.67m 239.76

Ownership

Directors and executive officers, together 4.50%
FMR LLC 9.00%
BlackRock, Inc. 7.80%
Copeland Capital Management, LLC 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Charles River Associates (CRAI) Latest News

6 Nov

Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · StockStory
Impact 3 · · Business Wire

25 Oct

Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Business Wire

6 Oct

Impact 3 · · Business Wire

5 Oct

Impact 4 · · MarketBeat

1 Oct

Impact 4 · · Zacks
Impact 4 · · Business Wire

29 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire

28 Sep

Impact 4 · · Simply Wall St.

23 Sep

Impact 3 ·
Impact 3 · · StockStory

16 Sep

Impact 3 ·

15 Aug

Impact 3 ·

13 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 3 ·
Impact 3 ·

10 Aug

Impact 4 ·

6 Aug

Impact 4 ·
Impact 3 · · Moby transcript
Impact 3 · · MarketBeat
Impact 3 ·

27 Jul

Impact 3 ·

17 Jul

Impact 4 ·

5 Jun

Impact 3 · · StockStory

27 May

Impact 3 · · Insider Monkey
stockrow.com/CRAI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com