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. In the quarter to June 2026, revenue grew 12.8%, EPS grew 17.7%, free cash flow fell 230.2% and total debt rose 82.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten.
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Charles River Associates (CRAI) Altman Z-score
Charles River Associates's Altman Z-score for fiscal 2025 is 4.00, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.00 | (0.34) |
| FY2024 | 4.33 | 1.01 |
| FY2023 | 3.32 | (0.30) |
| FY2022 | 3.62 | 0.46 |
| FY2021 | 3.16 | 0.78 |
| FY2020 | 2.38 | 0.03 |
| FY2019 | 2.35 | (1.05) |
| FY2018 | 3.40 | (0.08) |
| FY2017 | 3.48 | (0.34) |
| FY2016 | 3.81 | 0.83 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.04) | — | −0.05 | |
| Retained earnings / total assets | 0.35 | — | 0.49 | |
| EBIT / total assets | 0.13 | — | 0.44 | |
| Market value of equity / total liabilities | 3.21 | — | 1.93 | |
| Sales / total assets | 1.20 | — | 1.20 | |
| Altman Z-score | Safe zone | 4.00 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.29 | ||
Z and Z″ put Charles River Associates in different zones: safe zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ROMA Roma Green Finance Limited compare | 339× |
| SBC SBC Medical Group Holdings Incorporated compare | 4.7× |
| FCN FTI Consulting, Inc. compare | 4.3× |
| CRAI Charles River Associates | 4.0× |
| HURN Huron Consulting Group Inc. compare | 3.9× |
| BAH Booz Allen Hamilton Holding Corporation compare | 3.9× |
| ICFI ICF International, Inc. compare | 2.8× |
| FORR Forrester Research, Inc. compare | 0.5× |
| LAWR Robot Consulting Co., Ltd. compare | −0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets