Exponent Inc key statistics and ratios

In fiscal 2025, Exponent Inc had return on equity of 26.1%, an operating margin of 20.6%, debt equal to 0.0% of equity and a current ratio of 2.40. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Exponent Inc: financial ratios, annual
Fiscal year	2009Jan 2010	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Jan 2014	2014Jan 2015	2015Jan 2016	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Jan 2020	2020Jan 2021	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Jan 2025	2025Jan 2026	LTMJul 2026
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%
Return on equity	14.7%	16.5%	17.6%	18.5%	17.1%	17.0%	17.2%	17.7%	14.7%	24.0%	24.8%	23.2%	26.0%	27.7%	29.6%	28.1%	26.1%	32.9%
Return on assets	—	10.6%	12.4%	12.7%	11.7%	11.5%	11.6%	12.0%	9.8%	15.9%	16.0%	14.4%	16.0%	16.1%	16.3%	15.3%	13.6%	15.6%
Asset turnover	—	0.96	1.03	1.00	0.90	0.86	0.83	0.80	0.82	0.84	0.81	0.70	0.74	0.81	0.87	0.78	0.75	0.88
Current ratio	—	3.37	3.27	3.28	3.49	3.22	3.39	3.42	3.39	3.32	2.94	3.13	2.96	2.20	2.34	2.74	2.40	1.98
Debt to equity	—	—	0.0%	—	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	40.2%	41.1%	40.4%	39.7%	39.6%	40.1%	38.7%	31.3%	49.9%	22.6%	20.9%	14.8%	19.6%	22.6%	26.2%	26.0%	28.0%	28.3%
Capital spending as % of revenue	0.9%	1.0%	1.4%	1.7%	2.1%	1.6%	1.7%	4.6%	1.4%	4.3%	5.5%	1.2%	1.5%	2.3%	3.0%	1.2%	1.6%	1.5%
Free cash flow ÷ net income	112.1%	122.0%	130.8%	117.0%	143.8%	106.4%	126.4%	110.7%	152.8%	103.6%	103.1%	119.1%	116.3%	79.9%	110.6%	126.2%	115.4%	97.1%
Dividends ÷ net income	—	—	0.0%	0.0%	20.5%	32.1%	35.9%	39.6%	52.9%	37.7%	40.6%	48.2%	42.7%	48.1%	53.9%	53.4%	58.1%	54.8%
Dividends and buybacks ÷ free cash flow	51.9%	21.3%	94.9%	52.5%	60.2%	101.6%	70.7%	82.3%	53.5%	73.6%	65.2%	81.2%	42.6%	250.8%	70.5%	46.5%	129.7%	250.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Exponent Inc: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Jan 2025	2025 Q1Apr 2025	2025 Q2Jul 2025	2025 Q3Oct 2025	2025 Q4Jan 2026	2026 Q1Apr 2026	2026 Q2Jul 2026
Operating margin	19.0%	19.9%	30.5%	12.1%	19.7%	19.8%	24.9%	16.3%
Net margin	19.1%	17.2%	18.3%	18.7%	19.1%	16.8%	17.8%	17.1%
Free-cash-flow margin	20.5%	39.1%	3.8%	23.9%	20.4%	35.9%	−2.1%	17.0%
Current ratio	3.00	2.74	3.32	3.15	2.69	2.40	2.40	1.98

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: EXPO vs RMR EXPO vs WLDN EXPO vs MG BWMN vs EXPO

More: Research & Consulting Services stocks compared, Industrials sector, rankings of US companies

Figures from Exponent Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Exponent Inc.