Exponent, Inc.
EXPO Industrials Engineering & Construction
Exponent, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $582.0 million, up 4.21% from fiscal 2024. In the quarter to June 2026, revenue grew 20.9%, EPS grew 15.4% and free cash flow fell 14.2%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Exponent, Inc. (EXPO) Altman Z-score
Exponent, Inc.'s Altman Z-score for fiscal 2025 is 8.32, 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 | 8.32 | (2.14) |
| FY2024 | 10.46 | (1.88) |
| FY2023 | 12.34 | (2.54) |
| FY2022 | 14.88 | (1.65) |
| FY2021 | 16.53 | 0.89 |
| FY2020 | 15.64 | 2.70 |
| FY2019 | 12.94 | (0.50) |
| FY2018 | 13.44 | 3.06 |
| FY2017 | 10.38 | 0.16 |
| FY2016 | 10.22 | 0.86 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.39 | |
| Retained earnings / total assets | 0.86 | — | 1.20 | |
| EBIT / total assets | 0.15 | — | 0.51 | |
| Market value of equity / total liabilities | 9.13 | — | 5.48 | |
| Sales / total assets | 0.75 | — | 0.75 | |
| Altman Z-score | Safe zone | 8.32 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 7.00 | ||
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 |
|---|---|
| EXPO Exponent, Inc. | 8.3× |
| AGX Argan, Inc. compare | 6.0× |
| MYRG MYR Group, Inc. compare | 5.3× |
| PRIM Primoris Services Corporation compare | 4.1× |
| ROAD Construction Partners, Inc. compare | 3.2× |
| GVA Granite Construction Incorporated compare | 2.8× |
| KBR KBR, Inc. compare | 2.6× |
| TPC Tutor Perini Corporation compare | 2.0× |
| LGN Legence Corp. compare | 1.9× |
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