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Exponent Inc (EXPO) stock

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NASDAQ: EXPO Nasdaq Research & Consulting Services Next results ~February 4, 2027

B+ Fundamentals grade

Exponent Inc is a US-listed company in the research & consulting services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$61

Cash-flow model

Base case. Range ~$46–$81 across our lower- and higher-growth cases (4.3%–14.3% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 29% below it.

Price used: $86.53, November 3, 2026

Exponent Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 6 selling1 purchase and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds149 adding, 206 cuttingOf 54 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Exponent files

Where Exponent stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $632m, up 12.8% on a year earlier, faster than the 7.8% growth a quarter earlier. That growth ranks 4 of 19 among the research & consulting services companies we cover. Free-cash-flow margin fell to 17.2% from 21.6% a year earlier. The diluted share count is down 2.7% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $61.52 a share, against a share price of $77.62. At that price, our model says the market is pricing in about 13.5% a year of cash-flow growth for five years, faster than the 6.3% a year revenue growth it has delivered.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Exponent Inc's trailing-twelve-month revenue grew 12.8% year on year, with a free-cash-flow margin of 17.2%. Where it stands out: operating margin of 20.2% ranks 2 of 31 research & consulting services companies we cover. Where it lags: days sales outstanding of 126 days ranks 28 of 29 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$61 per share in the base case (~$46–$81 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 10.2% while net income grew 8.7%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 5.0 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 2.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Priced above our value. The share price of $86.58 is 29% above our value per share of $61.
  • Below peers: days sales outstanding. Days sales outstanding of 126 days ranks 28 of 29 research & consulting services companies we cover (median 63 days).

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.64 against an average estimate of $0.62: beat by 3.1%
Revenue
$172m, up 20.9% on a year earlier
Share reaction
+4.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
revenues before reimbursements growth 8% to 10% (fourth quarter of fiscal 2026); EBITDA (% of revenues before reimbursements) 26.3% to 26.8% (fourth quarter of fiscal 2026)
Next report
October 29, 2026; average EPS estimate $0.54

Exponent's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.1%
  • 1 week+13.2%
  • 1 month+28.6%
  • This year+26.4%
  • 1 year+22.2%
  • 5 years-21.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$632M
Operating margin
20.2%
Net margin
17.7%
EPS (TTM, diluted)
$2.23

Growth

Revenue growth
+12.8%
Change in growth rate
+5.0 pts
Share count change
−2.7%

Cash

Free cash flow (TTM)
$109M
FCF margin
17.2%
Stock pay % of revenue
3.0%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Exponent Inc valuation models and calculator

What the price is pricing in

The share price implies about 15.5% a year of cash-flow growth for five years.That is faster than the 6.3% a year revenue growth Exponent has delivered.

  • Priced in15.5%
  • Last 12 months12.8%
  • 3 years a year5.7%
  • 5 years a year6.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($86.53, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$61
Price used
$86.53close November 3, 2026
Implied change
▼ 29%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Exponent Inc's free cash flow after stock-based pay with after-tax interest added back ($117M, FY2026 Q2 TTM), growing 9.3% and 9.1% in the next two years (forecasts, guidance and its record), then back to 9.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$46–~$81 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Exponent Inc's free cash flow after stock-based pay ( $117M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Exponent Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.82 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$61 ~$46–$81 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$36–$54 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$26 ~$20–$35 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$22–$32 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$41 ~$26–$61 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Exponent Inc with Research & Consulting Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▼ −20%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $36$48$65$86$114$151
8.5% $28$37$49$64$84$110
10% $23$30$39$51$66$86

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.97$26.88$32.11$45.59$65.02$83.89$109.62$93.99$84.46$86.32$69.19$86.58
Market value$1.2bn$1.5bn$1.7bn$2.5bn$3.5bn$4.5bn$5.8bn$4.9bn$4.4bn$4.5bn$3.5bn$4.3bn
+ Net debt (− = net cash)−$126m−$115m−$125m−$127m−$176m−$198m−$298m−$161m−$187m−$259m−$222m−$67m
Enterprise value$1.1bn$1.3bn$1.6bn$2.3bn$3.3bn$4.3bn$5.5bn$4.8bn$4.2bn$4.2bn$3.3bn$4.3bn
Multiples
Price / sales 3.8x4.6x5.0x6.5x8.4x11.2x12.5x9.6x8.1x8.0x6.1x6.9x
Price / earnings 27.5x30.8x42.0x34.2x42.5x54.2x57.8x48.0x43.5x40.8x33.4x38.9x
Price / free cash flow 21.8x27.8x27.5x33.0x41.2x45.5x49.7x60.1x39.3x32.4x29.0x40.1x
EV / EBITDA 14.4x19.8x20.5x24.0x36.2x47.4x48.1x32.1x34.7x32.4x25.6x31.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

77 /100

Strong moat

How hard Exponent's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 15.2% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 21.9%; its worst year was 20.1%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.8% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 5.7% over five years; stock-based pay has been a median 3.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (92 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.41 +16% $612m +14%
Next $2.72 +13% $664m +9%

Next year's EPS estimate has moved −1.4% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.4% on 90 days ago. In the last 30 days, 0 analysts raised Exponent Inc's forecast and 1 cut it.

Consensus EPS forecast Exponent Inc, last 90 days
$2.40 $2.60 $2.80 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.47 Current fiscal year, 60 days ago: $2.51 Current fiscal year, 30 days ago: $2.51 Current fiscal year, 7 days ago: $2.41 Current fiscal year, Now: $2.41 $2.41 Next fiscal year, 90 days ago: $2.76 Next fiscal year, 60 days ago: $2.84 Next fiscal year, 30 days ago: $2.84 Next fiscal year, 7 days ago: $2.72 Next fiscal year, Now: $2.72 $2.72

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.47$2.76
60 days ago $2.51$2.84
30 days ago $2.51$2.84
7 days ago $2.41$2.72
Now $2.41$2.72

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.62 $0.64 +3.1%
Jun 2026 $0.60 $0.60 +0.4%
Mar 2026 $0.61 $0.59 −3.2%
Dec 2025 $0.47 $0.49 +3.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Revenues before reimbursements full fiscal year 2026 10% growth to 11% growth Raised
    “Revenues before reimbursements to grow 10% to 11%; and,” source
  • EBITDA (% of revenues before reimbursements) full fiscal year 2026 28% to 28.3% Non-GAAP Raised
    “EBITDA 1 to be 28.0% to 28.3% of revenues before reimbursements.” source
  • Revenues before reimbursements fourth quarter of fiscal 2026 8% growth to 10% growth
    “Revenues before reimbursements to grow 8% to 10%; and,” source
  • EBITDA (% of revenues before reimbursements) fourth quarter of fiscal 2026 26.3% to 26.8% Non-GAAP
    “EBITDA 1 to be 26.3% to 26.8% of revenues before reimbursements.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Exponent Inc's revenue by +9.3% next year and +9.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.3%, weight 62%) and the company's own record (+9.3%, weight 38%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy375%
Hold125%
Sell00%

Monthly trend

  1. Oct 20261214
  2. Sep 20261214
  3. Aug 20261214
  4. Jul 20261214

Counts of recommendations published by analysts covering Exponent Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.1%
of tradable shares
Days to cover
4.65
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
1,012
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.5%

$69.55 on October 31, 2025 to $86.58

ThenNowEffect
Revenue (last 12 months) $561m $632m +12.8%
Net margin 18.3% 17.7% −3.7%
P/E multiple 34.9x 38.9x +11.4%
Share count 52m 50m +2.8%

Biggest factor: revenue.

Last 3 years +20.7%

$71.72 on November 3, 2023 to $86.58

ThenNowEffect
Revenue (last 12 months) $535m $632m +18.2%
Net margin 19.0% 17.7% −7.1%
P/E multiple 36.5x 38.9x +6.7%
Share count 52m 50m +3.1%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EXPO+31%−14%−10%+2%−21%+26%
Industry peers (median)+38%−22%+13%−4%−15%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EXPO58%42%50%75%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EXPO−16%−30%−36%−23%−30%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from December 8, 2021 to May 14, 2026. Getting back needed a 121% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$53.15 – $86.58
From 52-week high
0.0%
vs 50-day average
+22.9%
vs 200-day average
+30.8%
Volatility (1 year)
33%
Beta vs S&P 500
0.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.1%
After a week
4 up, 7 down
typical move ±5.8%
After a month
6 up, 5 down
typical move ±7.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.1% −2.1% — —
July 30, 2026 +1.5% +2.4% +0.5% +8.6%
April 30, 2026 −1.4% +1.3% −4.1% −8.7%
February 5, 2026 +13.8% +0.6% −4.2% +3.0%
October 30, 2025 +8.3% −0.8% +8.9% +11.8%
July 31, 2025 −0.7% −2.0% +3.5% +3.7%
May 1, 2025 −2.4% +2.2% −1.9% −2.0%
February 6, 2025 −1.8% −0.6% −2.3% −8.9%
October 24, 2024 −9.5% +0.2% −11.9% −8.5%
July 25, 2024 +0.2% +0.6% −0.6% +1.0%
April 25, 2024 +18.1% +0.6% +14.7% +19.5%
February 1, 2024 −11.1% +2.4% −10.8% −7.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Exponent Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Exponent Inc in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Exponent Inc
$500M $550M $600M $650M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $541.2M Revenue (TTM), FY23 Q4: $536.8M Revenue (TTM), FY24 Q1: $541.4M Revenue (TTM), FY24 Q2: $541.7M Revenue (TTM), FY24 Q3: $544.6M Revenue (TTM), FY24 Q4: $558.5M Revenue (TTM), FY25 Q1: $559.1M Revenue (TTM), FY25 Q2: $560.5M Revenue (TTM), FY25 Q3: $571.4M Revenue (TTM), FY25 Q4: $582M Revenue (TTM), FY26 Q1: $602.8M Revenue (TTM), FY26 Q2: $632.5M $632.5M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $541.2M
FY23 Q4 $536.8M
FY24 Q1 $541.4M
FY24 Q2 $541.7M
FY24 Q3 $544.6M
FY24 Q4 $558.5M
FY25 Q1 $559.1M
FY25 Q2 $560.5M
FY25 Q3 $571.4M
FY25 Q4 $582M
FY26 Q1 $602.8M
FY26 Q2 $632.5M
Revenue growth, TTM YoY Exponent Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 8.4% Revenue growth, TTM YoY, FY23 Q4: 4.6% Revenue growth, TTM YoY, FY24 Q1: 3.1% Revenue growth, TTM YoY, FY24 Q2: 1.2% Revenue growth, TTM YoY, FY24 Q3: 0.6% Revenue growth, TTM YoY, FY24 Q4: 4.1% Revenue growth, TTM YoY, FY25 Q1: 3.3% Revenue growth, TTM YoY, FY25 Q2: 3.5% Revenue growth, TTM YoY, FY25 Q3: 4.9% Revenue growth, TTM YoY, FY25 Q4: 4.2% Revenue growth, TTM YoY, FY26 Q1: 7.8% Revenue growth, TTM YoY, FY26 Q2: 12.8% 12.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 8.4%
FY23 Q4 4.6%
FY24 Q1 3.1%
FY24 Q2 1.2%
FY24 Q3 0.6%
FY24 Q4 4.1%
FY25 Q1 3.3%
FY25 Q2 3.5%
FY25 Q3 4.9%
FY25 Q4 4.2%
FY26 Q1 7.8%
FY26 Q2 12.8%
Operating margin (TTM) Exponent Inc
18% 20% 22% 24% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 21.2% Operating margin (TTM), FY23 Q4: 20.7% Operating margin (TTM), FY24 Q1: 20.9% Operating margin (TTM), FY24 Q2: 21.9% Operating margin (TTM), FY24 Q3: 20.3% Operating margin (TTM), FY24 Q4: 21.4% Operating margin (TTM), FY25 Q1: 23.8% Operating margin (TTM), FY25 Q2: 20.5% Operating margin (TTM), FY25 Q3: 20.6% Operating margin (TTM), FY25 Q4: 20.6% Operating margin (TTM), FY26 Q1: 19.4% Operating margin (TTM), FY26 Q2: 20.2% 20.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 21.2%
FY23 Q4 20.7%
FY24 Q1 20.9%
FY24 Q2 21.9%
FY24 Q3 20.3%
FY24 Q4 21.4%
FY25 Q1 23.8%
FY25 Q2 20.5%
FY25 Q3 20.6%
FY25 Q4 20.6%
FY26 Q1 19.4%
FY26 Q2 20.2%
FCF margin (TTM) Exponent Inc
10% 15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 14.6% FCF margin (TTM), FY23 Q4: 20.7% FCF margin (TTM), FY24 Q1: 24.4% FCF margin (TTM), FY24 Q2: 26.7% FCF margin (TTM), FY24 Q3: 28.2% FCF margin (TTM), FY24 Q4: 24.6% FCF margin (TTM), FY25 Q1: 24.0% FCF margin (TTM), FY25 Q2: 21.6% FCF margin (TTM), FY25 Q3: 21.5% FCF margin (TTM), FY25 Q4: 21.0% FCF margin (TTM), FY26 Q1: 18.8% FCF margin (TTM), FY26 Q2: 17.2% 17.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 14.6%
FY23 Q4 20.7%
FY24 Q1 24.4%
FY24 Q2 26.7%
FY24 Q3 28.2%
FY24 Q4 24.6%
FY25 Q1 24.0%
FY25 Q2 21.6%
FY25 Q3 21.5%
FY25 Q4 21.0%
FY26 Q1 18.8%
FY26 Q2 17.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Exponent took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $582M
  2. Other income $27.5M · 4.7%
  3. Selling, general and admin $25.5M · 4.4%
  4. Other operating costs $437M · 75.0%
  5. Operating income $120M · 20.6%
  6. Income tax $41.3M · 7.1%
  7. Net income $106M · 18.2%

Shares of revenue. Source: Exponent's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Jan 2014 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Jan 2020 2020 Jan 2021 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Jan 2025 2025 Jan 2026 LTM Jul 2026
Income
Revenue 228 249 272 293 296 305 313 315 348 380 417 400 466 513 537 559 582 632
EBITDA 38 48 58 62 61 69 74 68 78 98 92 90 115 148 120 129 130 138
Operating income 33 43 53 58 56 64 69 62 72 91 85 83 109 141 111 120 120 128
Net income 22 28 33 37 39 41 44 47 41 72 82 83 101 102 100 109 106 112
Diluted EPS $0.37 $0.46 $0.56 $0.65 $0.69 $0.73 $0.80 $0.87 $0.77 $1.33 $1.53 $1.55 $1.90 $1.96 $1.94 $2.11 $2.07 $2.23
Growth (year on year)
Revenue — +9.2% +9.5% +7.4% +1.2% +2.9% +2.7% +0.7% +10.4% +9.1% +9.9% −4.1% +16.6% +10.1% +4.6% +4.1% +4.2% +12.8%
EBITDA — +26.5% +21.7% +7.7% −2.3% +13.2% +7.9% −8.6% +15.1% +24.8% −6.0% −2.0% +28.1% +28.2% −18.7% +7.5% +0.5% +10.6%
Operating income — +30.0% +23.6% +7.8% −2.9% +13.6% +8.5% −10.2% +16.4% +26.9% −6.9% −2.2% +30.8% +29.3% −21.0% +7.4% +0.2% +11.2%
Net income — +24.4% +18.8% +13.9% +3.8% +5.3% +7.1% +8.9% −13.0% +74.9% +14.1% +0.1% +22.6% +1.1% −1.9% +8.6% −2.7% +8.7%
Diluted EPS — +24.5% +21.3% +17.1% +6.2% +6.5% +8.8% +8.8% −11.5% +72.7% +15.0% +1.3% +22.6% +3.2% −1.0% +8.8% −1.9% +11.7%
Margins
EBITDA margin 16.5% 19.1% 21.2% 21.3% 20.6% 22.6% 23.8% 21.6% 22.5% 25.8% 22.0% 22.5% 24.8% 28.8% 22.4% 23.1% 22.3% 21.8%
Operating margin 14.6% 17.4% 19.6% 19.7% 18.9% 20.9% 22.0% 19.6% 20.7% 24.1% 20.4% 20.8% 23.4% 27.4% 20.7% 21.4% 20.6% 20.2%
Net margin 9.7% 11.1% 12.0% 12.7% 13.0% 13.4% 13.9% 15.1% 11.9% 19.0% 19.8% 20.6% 21.7% 19.9% 18.7% 19.5% 18.2% 17.7%
Free-cash-flow margin 10.9% 13.5% 15.7% 14.9% 18.8% 14.2% 17.6% 16.7% 18.1% 19.7% 20.4% 24.6% 25.3% 15.9% 20.7% 24.6% 21.0% 17.2%
Cash flow
Cash from operations 27 36 47 49 62 48 60 67 68 91 108 103 125 94 127 145 132 118
Capital spending 2 2 4 5 6 5 5 14 5 16 23 5 7 12 16 7 9 10
Free cash flow 25 34 43 44 56 43 55 53 63 75 85 98 118 82 111 138 122 109
Stock-based pay 8 9 10 12 13 13 13 13 16 17 17 17 19 20 20 23 24 19
Free cash flow after stock pay 17 24 32 31 42 30 42 39 47 58 68 81 98 61 91 114 99 89
Balance sheet
Cash 68 107 84 113 123 129 126 115 125 127 176 198 298 161 187 259 222 67
Total debt — — 0 — — 0 0 0 0 0 0 — 0 0 0 0 0 0
Net debt (negative = net cash) −68 −107 −84 −113 −123 −129 −126 −115 −125 −127 −176 −198 −298 −161 −187 −259 −222 −67
Diluted shares 60m 60m 59m 57m 56m 55m 55m 54m 54m 54m 54m 53m 53m 52m 52m 52m 51m 50m
Returned to shareholders
Dividends — — 0 0 8 13 16 19 22 27 34 40 43 49 54 58 62 61
Buybacks 13 7 41 23 26 31 23 24 12 28 22 40 7 156 24 6 97 211
Total returned 13 7 41 23 33 44 39 43 34 55 55 80 50 205 78 64 159 272

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 3, 2026
What it owns · $653m
Short-term assets $312mLonger-term assets $341m
What it owes, and who funded it · $653m
Short-term liabilities $158mLonger-term liabilities $206mShareholders' equity $289m
  • Short-term assets cover short-term liabilities $312m of assets due within a year against $158m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $312m short-term assets against $206m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Exponent Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$211M
Dividends (TTM)
$61.3M
Returned to shareholders
250%
of free cash flow
Buybacks, last 3 fiscal years
$127M
Diluted share count
−2.7%
year over year
Total shareholder yield
6.4%
dividends 1.4% + buybacks 5.0% of market value
Dividend payout ratio
55%
of net income paid out
Days sales outstanding
126 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated EXPO RMR WLDN MG BWMN ONT Median
Revenue, last 12 months $632m $639m $742m $748m $528m $773m $632m
Revenue growth, last 12 months 12.8% −15.2% 18.1% 4.6% 14.2% −0.9% 4.8%
Revenue growth, 3-year average 5.7% −13.3% 17.6% 2.7% 19.9% 11.3% 6.8%
Revenue growth, latest quarter 20.9% −0.8% 33.2% 4.6% 19.7% −20.4% 4.4%
Gross margin — — 37.8% 28.7% 53.4% 40.4% 43.9%
Operating margin 20.2% 6.4% 7.1% 6.1% 3.4% 1.0% 6.1%
Operating margin, 3-year average 20.9% 5.8% 6.0% 5.2% 1.6% −1.8% 6.0%
Net margin 17.7% 3.1% 8.8% 2.8% 1.4% −1.4% 3.1%
Cash from operations / revenue 18.7% 15.4% 9.6% 8.2% 4.4% 9.6% 9.6%
Free-cash-flow margin 17.2% 14.5% 8.4% 4.5% 2.4% 6.7% 7.4%
Free-cash-flow margin, 3-year average 21.8% 9.2% 8.6% 2.6% 4.4% 4.1% 8.6%
Stock pay / revenue 3.0% 2.6% 2.0% 1.0% 3.6% 4.8% 2.5%
Change in share count −2.7% −11.7% 4.9% 4.3% −0.3% 18.8% 0.5%

Median of all 33 companies we cover in research & consulting services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

33 research & consulting services companies
Measure Company Peer median Rank
Revenue growth Growth 12.8% 4.8% 8 of 33
Change in growth rate Growth +5.0pp +0.6pp 4 of 33
Operating margin Profitability 20.2% 6.1% 2 of 31
Net margin Profitability 17.7% 3.1% 3 of 33
Free-cash-flow margin Cash generation 17.2% 7.4% 3 of 33
Stock pay as % of revenue Cash generation 3.0% 2.6% 20 of 30
Change in share count Balance sheet -2.7% 0.6% 8 of 30
Days sales outstanding Balance sheet 126 days 63 days 28 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 2, 2026
Segments
Line of business Revenue Share YoY
Engineering and Other Scientific $494M 84.9% ▲ 5.2%
Environmental and Health $88.1M 15.1% ▼ 1.0%
Geography
Region Revenue Share YoY
United States $521M 89.4% ▲ 5.6%
Outside the US $61.4M 10.6% ▼ 6.1%

From Exponent Inc's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.7B
Institutions reporting
337
Shares held vs prior quarter
▼ 1.0%
Positions opened / closed
36 / 56

Top buyers and sellers, Q2 2026: 149 institutions bought and 206 sold ; the biggest buyer was Point72 Asset Management, L.P (+395K shares) and the biggest seller Neuberger Berman Group LLC (−724K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $363M 6.2M 13.4% ▲ 1.9%
Kayne Anderson Rudnick Investment Management LLC $235M 4.0M 8.7% ▲ 2.8%
Vanguard Portfolio Management LLC $185M 3.1M 6.8% ▲ 6.7%
Vanguard Capital Management LLC $128M 2.2M 4.7% ▼ 1.4%
State Street Corp $114M 1.9M 4.2% ▲ 2.9%
Geode Capital Management, LLC $103M 1.7M 3.8% ▲ 6.1%
Geneva Capital Management LLC $82.6M 1.4M 3.1% ▼ 21.7%
Royce & Associates LP $77.7M 1.3M 2.9% ▲ 15.6%
Conestoga Capital Advisors, LLC $74.4M 1.3M 2.7% ▼ 33.6%
Morgan Stanley $71.3M 1.2M 2.6% ▲ 13.2%
AQR Capital Management LLC $67.3M 1.1M 2.5% ▲ 16.7%
First Trust Advisors LP $63.7M 1.1M 2.4% ▲ 12.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Exponent Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $12,595 1 trade by 1 insider, last 12 months Insider sales History → $3M 22 trades by 6 insiders · 73% under pre-set plans
Net ▼ $3M net selling
Insider Date Trade Shares Price Value
Souri Shukri Jeries Group Vice President September 18, 2026 Buy 184 $68.45 $12,595
Corrigan Catherine Chief Executive Officer August 17, 2026 Sell pre-set plan 1,707 $66.28 $113,140
Corrigan Catherine Chief Executive Officer July 15, 2026 Sell pre-set plan 1,737 $62.78 $109,049
Corrigan Catherine President & CEO June 15, 2026 Sell pre-set plan 2,326 $57.13 $132,884
Corrigan Catherine President & CEO June 15, 2026 Sell pre-set plan 1,793 $57.13 $102,434
James Bradley A Group Vice President May 26, 2026 Sell 2,000 $57.47 $114,940
Reiss Richard Group Vice President May 19, 2026 Sell 1,672 $58.65 $98,063
Corrigan Catherine President & CEO May 15, 2026 Sell pre-set plan 2,367 $54.06 $127,960
Corrigan Catherine President & CEO May 15, 2026 Sell pre-set plan 1,827 $54.06 $98,768
Sala Joseph Group Vice President May 13, 2026 Sell 2,066 $56.66 $117,060
Rakow Joseph Group Vice President May 13, 2026 Sell 2,945 $54.66 $160,974
Corrigan Catherine President & CEO April 15, 2026 Sell pre-set plan 2,212 $67.70 $149,752

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Exponent Inc disclosed in the last 12 months; 6 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 11, 2025, filed October 22, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded August 13, 2025, filed September 12, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 5, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Exponent Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Exponent Inc in brief

What does Exponent Inc do?
Exponent Inc is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is Exponent Inc's stock ticker?
Exponent Inc trades under the ticker EXPO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Exponent Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Exponent Inc reported revenue of $632M, 12.8% higher than a year earlier, according to its SEC filings.
What is Exponent Inc's free cash flow?
Exponent Inc's free-cash-flow margin is 17.2% of revenue over the trailing twelve months, ranking 3 of the 33 research & consulting services companies we cover.
What is Exponent Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Exponent Inc's free cash flow after stock-based pay gives ~$61 per share in the base case, and ~$46–$81 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Exponent Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Kayne Anderson Rudnick Investment Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Exponent Inc buying back stock, and does it pay a dividend?
Exponent Inc spent $211M on share repurchases over the trailing twelve months, and its diluted share count fell 2.7% over the year.
What is Exponent Inc's market cap?
On November 2, 2026, Exponent Inc's market capitalisation was about $4.3B, with a price-to-earnings ratio of 38.9 and net debt of -$66.6M. Market figures come from third-party market data and may be delayed.
Does Exponent Inc pay a dividend?
Yes: Exponent Inc paid $61.3M in dividends over the trailing twelve months, a dividend yield of 1.45% and a payout ratio of 54.8%.
Who are Exponent Inc's competitors?
In our Research & Consulting Services peer group, the companies closest to Exponent Inc are RMR Group Inc., Willdan Group, Inc., Mistras Group, Inc., Bowman Consulting Group Ltd. and Onterris, Inc. The side-by-side comparison below sets their revenue, margins and growth against Exponent Inc's.
Are insiders buying or selling Exponent Inc stock?
Over the last 12 months, Exponent Inc's directors and officers reported 1 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Exponent Inc's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Exponent Inc announces its own schedule.