Pricing Log in Create free account
Saturday 17 October 2026 Export CRAI’s income statement to Excel — free account

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.

178.09 0.74 +0.42%
Market cap
$1.1B
P/E
23.5×
Fwd P/E
17.6×
Dividend yield
1.28%
F-score
7/9
Altman Z
4.00
Beneish M
−2.21
Dividend safety
74/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 6.55
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 2 — — 3 — 1 1 2 2 — —
Insider Ownership 4.85%

Capital & Financial Ratios $m

Market Cap 1,110.00
Revenue 794.64
Net Income 49.30
Free Cash Flow (27.75)
Net Debt 197.56
Current Ratio 0.82 (below 1: weak)
Debt/Equity 1.20
P/E ratio 23.46
Fwd P/E 17.60
P/S ratio 1.42
P/B ratio 6.22 (above 6: high)
Past 5Y EPS Growth 21.53% (at or above 15%: strong)
This Y EPS Growth 2.92%
Next Y EPS Growth 12.91%
Next Y revenue growth 8.34%
Next 5Y EPS Growth 9.29%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, 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 63.62%
10-year low 10-year high
P/S against its own 10 years 78.36%
10-year low 10-year high
P/B against its own 10 years 94.21%
10-year low 10-year high
EV/Sales against its own 10 years 84.08%
10-year low 10-year high

Dividends

Payout Ratio 0.30
Annual Dividend Rate 2.28
Annual Dividend Yield 1.28%
total individual payouts
2026 1.71
0.57
0.57
0.57
2025 2.04
0.49
0.49
0.49
0.57
2024 2.17
0.42
0.42
0.42
0.42
0.49
2023 1.50
0.36
0.36
0.36
0.42
2022 1.29
0.31
0.31
0.31
0.36
2021 1.09
0.26
0.26
0.26
0.31
2020 0.95
0.23
0.23
0.23
0.26
2019 0.83
0.20
0.20
0.20
0.23
2018 0.71
0.17
0.17
0.17
0.20
2017 0.59
0.14
0.14
0.14
0.17
2016 0.14
0.14
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 46 27 18 21
Receivables 200 220 249 272
Inventory — — — —
Other 9 7 17 22
265 269 303 339
2023 2024 2025 Q'26
Payables 29 28 30 25
ST’ Debt — — 34 219
Other — — — —
236 251 330 415

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%

Revenue $m

Mar Jun Sep Dec Year
’26 201 211 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.69 2.10 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 16.25 31.77 39.23 34.24 21.96 49.43 78.35 81.29 97.31 152.57

Analyst estimates 2026–2028

Powerpack
High 37.48 47.30 58.75 56.04 58.19 116.71 125.80 128.10 210.70 215.03
People
People Employees 540 631 687 779 831 861 939 1,004 946 959
Revenue/emp, $m 0.60 0.59 0.61 0.58 0.61 0.66 0.63 0.62 0.73 0.78
Income, $m
Income, $m Revenue 325 370 418 451 508 566 591 624 687 752
Gross margin, % 29.99 30.06 30.76 29.60 27.08 29.31 30.60 29.52 30.18 30.91
EBT 22 15 29 27 34 54 59 52 66 77
EBT margin, % 6.74 4.10 6.93 5.94 6.61 9.59 9.95 8.38 9.64 10.19
Net income 14 8 22 21 25 42 44 38 47 55
Depreciation 8 9 10 21 25 26 26 26 27 30
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
Earnings 1.50 0.91 2.76 2.63 3.14 5.59 6.02 5.48 6.82 8.23
Cash flow 5.66 5.53 4.46 3.54 7.04 10.20 3.48 8.57 7.29 3.38
Capex (1.53) (1.18) (1.91) (2.12) (2.20) (0.35) (0.53) (0.34) (2.44) (0.58)
Free cash flow 4.13 4.35 2.56 1.42 4.84 9.84 2.95 8.23 4.85 2.79
Book value 24.45 24.99 24.23 25.14 26.91 27.73 29.25 30.27 31.09 32.16
Shares, m 9 8 8 8 8 7 7 7 7 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
P/S 0.95 1.02 0.83 0.95 0.78 1.22 1.50 1.11 1.86 1.77
P/B 1.49 1.81 1.76 2.17 1.89 3.37 4.21 3.28 6.02 6.24
EV/Sales 0.79 0.89 0.75 1.25 0.72 1.14 1.48 1.09 1.91 1.80
EV/FCF 7.30 9.10 15.09 50.47 9.73 8.80 41.08 11.84 39.63 72.79
Cash, $m
Cash, $m Operating cash flow 48 46 36 28 55 76 25 60 50 22
Capex (13) (10) (15) (17) (17) (3) (4) (2) (17) (4)
Free cash flow 35 36 21 11 38 73 21 58 33 19
Balance, $m
Balance, $m Working capital 76 62 39 13 20 36 32 29 18 (27)
Total debt — — — 13 14 14 16 — — 34
Net debt (54) (54) (38) (13) (32) (52) (15) (46) (27) 16
Shareholders’ equity 208 207 196 198 209 206 211 212 212 214
Returns, %
Returns, % ROA 4.04 2.22 6.14 4.58 4.47 7.48 7.86 6.95 8.27 9.11
ROIC 7.66 6.43 11.41 9.92 12.29 22.62 18.76 21.60 23.86 22.65
ROE 6.15 3.67 11.14 10.50 12.00 20.09 20.84 18.12 21.94 25.69
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BAH Booz Allen Hamilton Holding Corporation $9.0B 11.6× 13.4× −4.24% (below 0%: shrinking) −24.88% (below 0%: shrinking) +171.88% (above 0%: growing) 52.29% 9.96% Compare
FCN FTI Consulting, Inc. $4.0B 17.8× 17.5× +5.28% (above 0%: growing) −6.94% (below 0%: shrinking) +268.52% (above 0%: growing) 31.84% 8.56% Compare
HURN Huron Consulting Group Inc. $2.8B 25.6× 14.7× +15.37% (above 0%: growing) +72.32% (above 0%: growing) +51.61% (above 0%: growing) 32.51% 10.58% Compare
ICFI ICF International, Inc. $1.6B 18.4× 11.7× −0.35% (below 0%: shrinking) +16.28% (above 0%: growing) +103.49% (above 0%: growing) 37.23% 8.41% Compare
CRAI Charles River Associates $1.1B 23.5× 17.6× +12.81% (above 0%: growing) +17.68% (above 0%: growing) −230.17% (below 0%: shrinking) 29.45% 11.17%
SBC SBC Medical Group Holdings Incorporated $545.1M 11.0× 6.6× +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 $496.8M — — — — +20.80% (above 0%: growing) — — Compare
FORR Forrester Research, Inc. $227.2M — (loss-making) — (loss-making) −10.23% (below 0%: shrinking) +276.19% (above 0%: growing) −197.82% (below 0%: shrinking) 56.38% 3.39% Compare
LAWR Robot Consulting Co., Ltd. $172.4M — — — — −270.95% (below 0%: shrinking) — — Compare
Median of peers $1.1B 17.8× 13.4× +2.47% +44.30% +77.55% 44.76% 9.26%

All 23 Consulting Services stocks →

Charles River Associates (CRAI) key facts

  • Strength: Charles River Associates' revenue for fiscal 2025 (year ended December 2025) was $751.6 million, up 9.33% from fiscal 2024.
  • Strength: Net income was $54.8 million, or $8.23 per share (basic), a net margin of 7.28%.
  • Charles River Associates (CRAI) is a Consulting Services company in the Industrials sector, listed on Nasdaq.
  • As of October 16, 2026, CRAI traded at $178.09, a market capitalization of $1.1 billion.
  • At that price the stock trades at 23.5× trailing-twelve-month earnings and 1.4× sales; its P/E is higher than 64% of its own readings over the past ten years.
  • Charles River Associates pays an annual dividend of $2.28 per share, a yield of 1.28%, with a payout ratio of 30.4%.
  • Return on equity was 25.7% and debt-to-equity 1.20.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 4.00 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Charles River Associates (CRAI) Latest News

No news at this impact. Lower the threshold for more.
stockrow.com/CRAI · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com