FTI Consulting, Inc.
FCN Industrials Consulting Services
FTI Consulting, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, up 2.44% from fiscal 2024. In the quarter to June 2026, revenue grew 5.28%, EPS fell 6.94%, free cash flow grew 268.5% and total debt rose 116.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.
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FTI Consulting, Inc. (FCN) Altman Z-score
FTI Consulting, Inc.'s Altman Z-score for fiscal 2025 is 4.28, 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 | 4.28 | (1.31) |
| FY2024 | 5.59 | 0.02 |
| FY2023 | 5.57 | 1.19 |
| FY2022 | 4.38 | 0.10 |
| FY2021 | 4.28 | 0.37 |
| FY2020 | 3.91 | (0.14) |
| FY2019 | 4.05 | 0.50 |
| FY2018 | 3.55 | 0.80 |
| FY2017 | 2.75 | (0.17) |
| FY2016 | 2.92 | 0.35 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.16 | — | 0.19 | |
| Retained earnings / total assets | 0.53 | — | 0.75 | |
| EBIT / total assets | 0.11 | — | 0.37 | |
| Market value of equity / total liabilities | 3.16 | — | 1.90 | |
| Sales / total assets | 1.09 | — | 1.09 | |
| Altman Z-score | Safe zone | 4.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.54 | ||
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× |
| VRSK Verisk Analytics, Inc. compare | 6.3× |
| SBC SBC Medical Group Holdings Incorporated compare | 4.7× |
| FCN FTI Consulting, Inc. | 4.3× |
| CRAI Charles River Associates compare | 4.0× |
| HURN Huron Consulting Group Inc. compare | 3.9× |
| BAH Booz Allen Hamilton Holding Corporation compare | 3.9× |
| EFX Equifax, Inc. compare | 3.7× |
| ICFI ICF International, Inc. compare | 2.8× |
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