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FTI Consulting, Inc (FCN) stock

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NYSE: FCN NYSE Research & Consulting Services Next results ~January 28, 2027

C+ Fundamentals grade

FTI Consulting, 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

~$180

Cash-flow model

Base case. Range ~$130–$250 across our lower- and higher-growth cases (1.9%–11.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $191.77, November 2, 2026

FTI Consulting, 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.

  • Insiders3 buying, 2 selling4 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds151 adding, 244 cuttingOf 56 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter FTI Consulting files

10-Q filed October 29: FTI Consulting

FTI Consulting's revenue over the twelve months to September 2026 reached $3.98bn, a rise of 7.8% on the year, outpacing the 7.1% growth recorded a quarter earlier. Free-cash-flow margin improved sharply, climbing to 8.9% from just 1.2% a year before. Meanwhile, the diluted share count has shrunk by 14.5% year on year, boosting the claim each remaining share has on earnings. These shifts nudge the fundamentals grade up from C to C+. Our model value holds broadly steady at $145 a share, well below the current price of $159, so the rating remains Hold. At that price, the market appears to be pricing in cash-flow growth of around 8.1% a year over five years, not far off the 7.5% annual revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where FTI Consulting stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.92bn, up 7.1% on a year earlier, faster than 5.6% a quarter earlier. Free-cash-flow margin rose to 9.1% from 1.9% a year earlier. The diluted share count is down 13.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $135 a share, against a share price of $149. At that price, our model says the market is pricing in about 8.5% a year of cash-flow growth for five years, close to the 7.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

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 ~January 28, 2027 (estimated)

FTI Consulting, Inc's trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of 8.9%. Where it stands out: change in share count of -14.5% ranks 1 of 30 research & consulting services companies we cover. Where it lags: days sales outstanding of 110 days ranks 26 of 29 research & consulting services companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$130–$250 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 706.3% while net income fell 12.3%: a 719pp 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

  • Shrinking share count. Diluted shares fell 14.5% in a year, so each share owns more of the business.

Things to watch

  • Below peers: days sales outstanding. Days sales outstanding of 110 days ranks 26 of 29 research & consulting services companies we cover (median 63 days).
  • Below peers: gross margin. Gross margin of 32.2% ranks 20 of 25 research & consulting services companies we cover (median 45.2%).
  • Heavily shorted. 18.2% of the shares available to trade are sold short (5.9 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$3.84 against an average estimate of $2.74: beat by 40.0%
Revenue
$1.01bn, up 5.9% on a year earlier
Share reaction
+5.8% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Guidance given
revenue $3.94bn to $4.1bn (full year 2026); EPS $7.55 to $8.05 (full year 2026)
Next report
October 29, 2026; average EPS estimate $2.10

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

Price chart

  • 1 day+4.9%
  • 1 week+18.8%
  • 1 month+40.6%
  • This year+12.3%
  • 1 year+16.2%
  • 5 years+30.5%
  • 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)
$4B
Operating margin
8.8%
Net margin
5.9%
EPS (TTM, diluted)
$7.98

Growth

Revenue growth
+7.8%
Change in growth rate
+0.7 pts
Share count change
−14.5%

Cash

Free cash flow (TTM)
$354M
FCF margin
8.9%
Stock pay % of revenue
1.1%

Earnings

Last results
October 30, 2026
Next results (est.)
January 28, 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

FTI Consulting, Inc valuation models and calculator

What the price is pricing in

The share price implies about 7.0% a year of cash-flow growth for five years.That is close to the 7.5% a year revenue growth FTI Consulting has delivered.

  • Priced in7.0%
  • Last 12 months7.8%
  • 3 years a year6.0%
  • 5 years a year7.5%

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 ($187.93, 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
Hold12-month view
12-month price target
~$180
Price used
$187.93close November 3, 2026
Implied change
▼ 3%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of FTI Consulting, Inc's free cash flow after stock-based pay with after-tax interest added back ($266M, FY2026 Q3 TTM), growing 5.6% and 6.6% in the next two years (forecasts, guidance and its record), then back to 6.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$250 ; 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 FTI Consulting, Inc's free cash flow after stock-based pay ( $266M, FY2026 Q3 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 FTI Consulting, Inc as an operating company, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.67 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. ~$180 ~$130–$250 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. ~$130 ~$150–$230 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$76–$180 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$110 ~$92–$140 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. ~$150 ~$110–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare FTI Consulting, 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 ▼ −27%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −11%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $113$163$230$318$432$580
8.5% $80$116$164$227$309$414
10% $60$88$125$173$235$315

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$34.66$45.08$42.96$66.64$110.66$111.72$153.42$158.80$199.15$191.13$170.83$191.77
Market value$1.4bn$1.9bn$1.7bn$2.6bn$4.2bn$4.2bn$5.4bn$5.7bn$7.1bn$6.9bn$5.6bn$5.6bn
+ Net debt (− = net cash)$350m$154m$210m$4m−$53m$21m−$178m−$175m−$303m−$660m$100m$764m
Enterprise value$1.8bn$2.0bn$1.9bn$2.6bn$4.2bn$4.2bn$5.2bn$5.5bn$6.8bn$6.2bn$5.7bn$6.4bn
Multiples
Price / sales 0.8x1.0x0.9x1.3x1.8x1.7x2.0x1.9x2.0x1.9x1.5x1.4x
Price / earnings 21.9x22.0x15.6x17.0x19.5x19.7x23.1x24.1x25.8x24.5x20.7x24.0x
Price / free cash flow 13.3x9.2x14.6x12.9x24.0x14.2x18.9x41.9x40.6x19.0x60.0x15.9x
EV / EBITDA 9.2x11.2x13.5x9.9x12.4x13.2x15.1x16.2x16.2x15.8x13.1x15.9x

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

52 /100

Moderate moat

How hard FTI Consulting'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 11 / 20

    Net income has been a median 7.4% of total assets over 10 years.

  • Durability 9 / 20

    Operating margin has been a median 10.4%; its worst year was 4.8%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 17.2% over five years; stock-based pay has been a median 0.9% 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 (67 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 $9.67 +10% $4.0bn +6%
Next $11.31 +17% $4.2bn +6%

Next year's EPS estimate has moved +3.3% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.2% on 90 days ago. In the last 30 days, 0 analysts raised FTI Consulting, Inc's forecast and 1 cut it.

Consensus EPS forecast FTI Consulting, Inc, last 90 days
$9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.28 Current fiscal year, 60 days ago: $9.30 Current fiscal year, 30 days ago: $9.30 Current fiscal year, 7 days ago: $9.27 Current fiscal year, Now: $9.67 $9.67 Next fiscal year, 90 days ago: $10.95 Next fiscal year, 60 days ago: $10.93 Next fiscal year, 30 days ago: $10.93 Next fiscal year, 7 days ago: $10.87 Next fiscal year, Now: $11.31 $11.31

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.28$10.95
60 days ago $9.30$10.93
30 days ago $9.30$10.93
7 days ago $9.27$10.87
Now $9.67$11.31

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.74 $3.84 +40.0%
Jun 2026 $2.26 $1.99 −11.9%
Mar 2026 $2.07 $1.90 −8.1%
Dec 2025 $1.46 $1.78 +21.6%

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

Management guidance

Earnings release, October 30, 2026
  • Revenue full year 2026 $3.94bn to $4.1bn Maintained
    “The Company is reaffirming its full year 2026 revenue guidance range of between $3.940 billion and $4.100 billion.” source
  • EPS full year 2026 $7.55 to $8.05 GAAP Lowered
    “The Company now estimates EPS for full year 2026 will range between $7.55 and $8.05, which compares to the prior range of between $8.70 and $9.30.” source
  • Adjusted EPS full year 2026 $9.50 to $10.00 Non-GAAP Raised
    “The Company estimates Adjusted EPS will range between $9.50 and $10.00, which compares to the prior range of between $9.10 and $9.70.” 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 FTI Consulting, Inc's revenue by +5.6% next year and +6.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.0%, weight 37%) , management guidance (+5.5%, weight 37%) and the company's own record (+6.9%, weight 25%) . How the weights are set.

Analyst recommendations

3 analysts, Oct 2026
Buy133%
Hold267%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123
  3. Aug 2026123

Counts of recommendations published by analysts covering FTI Consulting, 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
18.2%
of tradable shares
Days to cover
5.93
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.2%
of shares
Employees
8,281
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 +16.2%

$165.01 on October 31, 2025 to $191.77

ThenNowEffect
Revenue (last 12 months) $3.7bn $3.9bn +7.1%
Net margin 6.8% 6.4% −5.5%
P/E multiple 23.3x 23.1x −0.7%
Share count 35m 30m +15.6%

Biggest factor: share count.

Last 3 years −10.8%

$215.00 on November 3, 2023 to $191.77

ThenNowEffect
Revenue (last 12 months) $3.2bn $3.9bn +21.8%
Net margin 7.3% 6.4% −11.6%
P/E multiple 32.7x 23.1x −29.3%
Share count 36m 30m +17.2%

Biggest factor: p/e multiple.

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
FCN+37%+4%+25%−4%−11%+12%
Industry peers (median)+35%−22%+10%+2%−15%−3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
FCN50%58%67%67%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
FCN−12%−24%−15%−18%−24%−30%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 44% from December 4, 2023 to September 24, 2026. Getting back needed a 77% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$130.45 – $191.77
From 52-week high
0.0%
vs 50-day average
+29.6%
vs 200-day average
+19.9%
Volatility (1 year)
35%
Beta vs S&P 500
-0.41

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 ±2.8%
After a week
6 up, 5 down
typical move ±3.3%
After a month
5 up, 6 down
typical move ±4.2%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +5.8% −2.2% — —
July 31, 2026 −3.4% +2.2% −7.7% −8.2%
May 1, 2026 −6.3% −0.1% −8.6% −14.4%
February 27, 2026 −2.5% −0.4% +0.2% +3.4%
October 24, 2025 +8.4% +2.0% +7.4% +5.6%
July 25, 2025 −1.6% +0.4% −4.6% −3.8%
April 28, 2025 +1.0% +0.7% +2.3% −0.3%
April 25, 2025 +0.3% +0.8% +2.8% +3.6%
February 24, 2025 −0.3% −1.0% 0.0% −2.1%
February 21, 2025 +1.9% −2.2% +1.6% −1.3%
October 28, 2024 +1.0% +0.5% +0.2% +2.4%
October 25, 2024 −1.5% +0.3% −1.3% +1.4%

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 FTI Consulting, Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

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.

FTI Consulting, Inc in five measures

Fundamentals grade C+
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) FTI Consulting, Inc
$3.4B $3.6B $3.8B $4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.5B Revenue (TTM), FY24 Q1: $3.6B Revenue (TTM), FY24 Q2: $3.7B Revenue (TTM), FY24 Q3: $3.7B Revenue (TTM), FY24 Q4: $3.7B Revenue (TTM), FY25 Q1: $3.7B Revenue (TTM), FY25 Q2: $3.7B Revenue (TTM), FY25 Q3: $3.7B Revenue (TTM), FY25 Q4: $3.8B Revenue (TTM), FY26 Q1: $3.9B Revenue (TTM), FY26 Q2: $3.9B Revenue (TTM), FY26 Q3: $4B $4B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.5B
FY24 Q1 $3.6B
FY24 Q2 $3.7B
FY24 Q3 $3.7B
FY24 Q4 $3.7B
FY25 Q1 $3.7B
FY25 Q2 $3.7B
FY25 Q3 $3.7B
FY25 Q4 $3.8B
FY26 Q1 $3.9B
FY26 Q2 $3.9B
FY26 Q3 $4B
Revenue growth, TTM YoY FTI Consulting, Inc
-5% 0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 15.2% Revenue growth, TTM YoY, FY24 Q1: 16.0% Revenue growth, TTM YoY, FY24 Q2: 14.7% Revenue growth, TTM YoY, FY24 Q3: 11.7% Revenue growth, TTM YoY, FY24 Q4: 6.0% Revenue growth, TTM YoY, FY25 Q1: 1.6% Revenue growth, TTM YoY, FY25 Q2: -0.9% Revenue growth, TTM YoY, FY25 Q3: -0.9% Revenue growth, TTM YoY, FY25 Q4: 2.4% Revenue growth, TTM YoY, FY26 Q1: 5.6% Revenue growth, TTM YoY, FY26 Q2: 7.1% Revenue growth, TTM YoY, FY26 Q3: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 15.2%
FY24 Q1 16.0%
FY24 Q2 14.7%
FY24 Q3 11.7%
FY24 Q4 6.0%
FY25 Q1 1.6%
FY25 Q2 -0.9%
FY25 Q3 -0.9%
FY25 Q4 2.4%
FY26 Q1 5.6%
FY26 Q2 7.1%
FY26 Q3 7.8%
Operating margin (TTM) FTI Consulting, Inc
8% 9% 10% 11% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.8% Operating margin (TTM), FY24 Q1: 11.4% Operating margin (TTM), FY24 Q2: 11.5% Operating margin (TTM), FY24 Q3: 11.0% Operating margin (TTM), FY24 Q4: 9.4% Operating margin (TTM), FY25 Q1: 8.9% Operating margin (TTM), FY25 Q2: 8.8% Operating margin (TTM), FY25 Q3: 9.4% Operating margin (TTM), FY25 Q4: 10.3% Operating margin (TTM), FY26 Q1: 10.2% Operating margin (TTM), FY26 Q2: 9.7% Operating margin (TTM), FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.8%
FY24 Q1 11.4%
FY24 Q2 11.5%
FY24 Q3 11.0%
FY24 Q4 9.4%
FY25 Q1 8.9%
FY25 Q2 8.8%
FY25 Q3 9.4%
FY25 Q4 10.3%
FY26 Q1 10.2%
FY26 Q2 9.7%
FY26 Q3 8.8%
FCF margin (TTM) FTI Consulting, Inc
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.0% FCF margin (TTM), FY24 Q1: 4.6% FCF margin (TTM), FY24 Q2: 8.5% FCF margin (TTM), FY24 Q3: 11.7% FCF margin (TTM), FY24 Q4: 9.7% FCF margin (TTM), FY25 Q1: 4.3% FCF margin (TTM), FY25 Q2: 1.9% FCF margin (TTM), FY25 Q3: 1.2% FCF margin (TTM), FY25 Q4: 2.5% FCF margin (TTM), FY26 Q1: 6.6% FCF margin (TTM), FY26 Q2: 9.1% FCF margin (TTM), FY26 Q3: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.0%
FY24 Q1 4.6%
FY24 Q2 8.5%
FY24 Q3 11.7%
FY24 Q4 9.7%
FY25 Q1 4.3%
FY25 Q2 1.9%
FY25 Q3 1.2%
FY25 Q4 2.5%
FY26 Q1 6.6%
FY26 Q2 9.1%
FY26 Q3 8.9%

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

Where the money goes

FY2025, from the 10-K

Each dollar FTI Consulting 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 $3.8B
  2. Cost of revenue $2.6B · 67.9%
  3. Gross profit $1.2B · 32.1%
  4. Selling, general and admin $800M · 21.1%
  5. Other operating costs $28.8M · 0.8%
  6. Operating income $389M · 10.3%
  7. Income tax $100M · 2.6%
  8. Net income $271M · 7.1%

Shares of revenue. Source: FTI Consulting's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,400 1,401 1,567 1,577 1,652 1,756 1,779 1,810 1,808 2,028 2,353 2,461 2,776 3,029 3,489 3,699 3,789 3,980
Gross profit 628 576 610 596 610 611 608 600 592 700 818 789 861 963 1,135 1,182 1,217 1,282
EBITDA 287 190 234 93 114 183 196 181 140 258 336 315 346 340 419 391 435 402
Operating income 258 158 205 59 81 147 165 142 109 226 306 283 312 304 378 347 389 352
Net income 140 66 104 −37 −11 59 66 86 108 151 217 211 235 236 275 280 271 233
Diluted EPS $2.63 $1.38 $2.39 −$0.92 −$0.27 $1.44 $1.58 $2.05 $2.75 $3.93 $5.69 $5.67 $6.65 $6.58 $7.71 $7.81 $8.24 $7.98
Growth (year on year)
Revenue +8.3% +0.1% +11.8% +0.6% +4.8% +6.3% +1.3% +1.8% −0.1% +12.2% +16.0% +4.6% +12.8% +9.1% +15.2% +6.0% +2.4% +7.8%
EBITDA — −33.9% +23.4% −60.3% +22.7% +60.0% +7.3% −7.7% −22.7% +84.1% +30.4% −6.1% +9.8% −1.9% +23.2% −6.5% +11.1% +2.0%
Operating income +9.7% −38.7% +29.7% −71.3% +37.9% +81.0% +11.6% −13.6% −23.5% +107.9% +35.2% −7.5% +10.4% −2.6% +24.2% −8.0% +12.0% +1.1%
Net income +15.7% −52.8% +57.5% −135.6% — — +12.3% +29.5% +26.2% +39.5% +43.9% −2.8% +11.5% +0.2% +16.7% +1.9% −3.3% −12.3%
Diluted EPS +16.4% −47.5% +73.2% −138.5% — — +9.7% +29.7% +34.1% +42.9% +44.8% −0.4% +17.3% −1.1% +17.2% +1.3% +5.5% +2.6%
Margins
Gross margin 44.8% 41.1% 38.9% 37.8% 36.9% 34.8% 34.2% 33.1% 32.8% 34.5% 34.8% 32.0% 31.0% 31.8% 32.5% 32.0% 32.1% 32.2%
EBITDA margin 20.5% 13.5% 14.9% 5.9% 6.9% 10.4% 11.0% 10.0% 7.7% 12.7% 14.3% 12.8% 12.5% 11.2% 12.0% 10.6% 11.5% 10.1%
Operating margin 18.4% 11.3% 13.1% 3.7% 4.9% 8.4% 9.2% 7.9% 6.0% 11.1% 13.0% 11.5% 11.2% 10.0% 10.8% 9.4% 10.3% 8.8%
Net margin 10.0% 4.7% 6.6% −2.3% −0.6% 3.3% 3.7% 4.7% 6.0% 7.4% 9.2% 8.6% 8.5% 7.8% 7.9% 7.6% 7.1% 5.9%
Free-cash-flow margin 15.9% 12.3% 9.1% 5.9% 9.1% 5.5% 6.1% 11.3% 6.4% 9.8% 7.5% 11.9% 10.3% 4.5% 5.0% 9.7% 2.5% 8.9%
Cash flow
Cash from operations 251 195 174 120 193 135 140 233 148 231 218 327 355 189 224 395 152 392
Capital spending 29 23 31 28 43 39 31 29 32 32 42 35 69 53 49 35 59 39
Free cash flow 222 172 143 92 151 96 109 205 116 198 176 292 287 135 175 360 94 354
Stock-based pay 29 35 37 29 35 23 18 17 16 16 18 23 23 25 30 38 39 43
Free cash flow after stock pay 194 137 105 63 116 73 91 188 100 183 158 269 264 110 145 321 54 311
Balance sheet
Cash 119 385 264 157 206 284 150 216 190 312 369 295 494 492 303 660 265 88
Total debt 417 811 815 723 717 711 500 370 400 316 316 316 316 316 0 0 365 852
Net debt (negative = net cash) 299 426 551 566 511 427 350 154 210 4 −53 21 −178 −175 −303 −660 100 764
Diluted shares 53m 48m 43m 40m 39m 41m 42m 42m 39m 38m 38m 37m 35m 36m 36m 36m 33m 29m
Returned to shareholders
Buybacks 250 41 209 50 67 4 27 21 168 56 106 354 46 85 21 10 859 693
Total returned 250 41 209 50 67 4 27 21 168 56 106 354 46 85 21 10 859 693

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

4 of 7 checks passed · September 30, 2026
What it owns · $3.5bn
Short-term assets $1.5bnLonger-term assets $1.9bn
What it owes, and who funded it · $3.5bn
Short-term liabilities $900mLonger-term liabilities $1.2bnShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $1.5bn of assets due within a year against $900m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.5bn short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $88m of cash against $851m of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 20% to 64% over five years.
  • A year's operating cash flow covers at least 20% of debt $392m of operating cash flow against $851m of debt.
  • Operating profit covers interest at least five times over Operating income of $352m against $39m of interest.

From FTI Consulting, 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 Q3 TTM
Buybacks (TTM)
$693M
Returned to shareholders
196%
of free cash flow
Buybacks, last 3 fiscal years
$890M
Diluted share count
−14.5%
year over year
Total shareholder yield
13.3%
dividends 0.0% + buybacks 13.3% of market value
Sales & admin spending
22.1%
of revenue
Days sales outstanding
110 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in research & consulting services
Last 12 months unless stated FCN NIQ ULS TRU VRSK TTEK Median
Revenue, last 12 months $4.0bn $4.4bn $3.1bn $5.0bn $3.1bn $5.1bn $632m
Revenue growth, last 12 months 7.8% 8.9% 6.6% 13.4% 5.0% −7.6% 4.8%
Revenue growth, 3-year average 6.0% — — 10.1% 6.9% 6.8% 6.8%
Revenue growth, latest quarter 5.9% 8.0% 5.2% 12.2% 4.4% −4.5% 4.4%
Gross margin 32.2% — 50.3% — 70.2% 18.8% 43.9%
Operating margin 8.8% 1.9% 17.9% 19.3% 43.9% 12.1% 6.1%
Operating margin, 3-year average 9.8% — 16.3% 17.2% 43.2% 9.3% 6.0%
Net margin 5.9% −8.0% 16.1% 15.8% 28.2% 8.6% 3.1%
Cash from operations / revenue 9.9% 12.2% 21.6% 24.0% 47.9% 11.2% 9.6%
Free-cash-flow margin 8.9% 11.5% 13.9% 18.1% 39.4% 10.8% 7.4%
Free-cash-flow margin, 3-year average 7.2% — 12.1% 14.3% 34.9% 8.6% 8.6%
Stock pay / revenue 1.1% 1.8% 2.0% 3.0% 1.8% 0.7% 2.5%
Change in share count −14.5% — 0.6% −2.0% −3.6% −2.5% 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 7.8% 4.8% 13 of 33
Change in growth rate Growth +0.7pp +0.6pp 15 of 33
Gross margin Profitability 32.2% 45.2% 20 of 25
Operating margin Profitability 8.8% 6.1% 11 of 31
Net margin Profitability 5.9% 3.1% 13 of 33
Free-cash-flow margin Cash generation 8.9% 7.4% 14 of 33
Stock pay as % of revenue Cash generation 1.1% 2.6% 5 of 30
Long-term debt as % of assets Balance sheet 24.6% 22.7% 12 of 21
Change in share count Balance sheet -14.5% 0.6% 1 of 30
Days sales outstanding Balance sheet 110 days 63 days 26 of 29

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

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $2.4B 63.0% ▲ 0.7%
All Other Countries $888M 23.4% ▲ 5.2%
United Kingdom $515M 13.6% ▲ 6.1%

From FTI Consulting, Inc's 10-K filed February 26, 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
$4.6B
Institutions reporting
376
Shares held vs prior quarter
▼ 4.5%
Positions opened / closed
43 / 69

Top buyers and sellers, Q2 2026: 151 institutions bought and 244 sold ; the biggest buyer was Price T Rowe Associates Inc (+802K shares) and the biggest seller Mawer Investment Management Ltd (−574K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kayne Anderson Rudnick Investment Management LLC $447M 3.0M 9.8% ▼ 7.8%
Blackrock, Inc. $408M 2.7M 8.9% ▼ 0.6%
Price T Rowe Associates Inc $295M 2.0M 6.4% ▲ 68.3%
Victory Capital Management Inc $220M 1.5M 4.8% ▼ 8.0%
Vanguard Capital Management LLC $202M 1.4M 4.4% ▼ 0.5%
Vanguard Portfolio Management LLC $201M 1.4M 4.4% ▼ 4.1%
Black Creek Investment Management Inc. $199M 1.3M 4.4% ▲ 21.5%
FMR LLC $180M 1.2M 3.9% ▼ 21.7%
Alliancebernstein L.P. $158M 893K 3.5% ▲ 11.4%
Dimensional Fund Advisors LP $154M 1.0M 3.4% ▲ 12.3%
State Street Corp $145M 976K 3.2% ▲ 1.3%
Fiduciary Management Inc $143M 958K 3.1% ▲ 16.3%

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 FTI Consulting, Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2.1M 4 trades by 3 insiders, last 12 months Insider sales History → $1.6M 2 trades by 2 insiders · 0% under pre-set plans
Net ▲ $490,300 net buying
Insider Date Trade Shares Price Value
Boglioli Elsy Lisa Director August 11, 2026 Sell 900 $150.22 $135,198
Nam Eun Chief Financial Officer May 13, 2026 Buy 2,000 $144.59 $289,180
Gunby Steven Henry CEO, Chairman and President May 13, 2026 Buy 6,658 $143.87 $957,886
Gunby Steven Henry CEO, Chairman and President May 13, 2026 Buy 3,342 $144.77 $483,821
Linton Paul Alderman Chief Strategy/Transf. Officer May 13, 2026 Buy 2,400 $144.04 $345,696
Lu Curtis P General Counsel March 9, 2026 Sell 8,710 $166.60 $1.5M

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 2 trades and filings

No trades in FTI Consulting, Inc disclosed in the last 12 months; 2 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

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

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • July 31, 2026
  • May 1, 2026
  • February 27, 2026
  • October 24, 2025
  • July 25, 2025

Recent SEC filings

Data status

When each part of this page on FTI Consulting, 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.

FTI Consulting, Inc in brief

What does FTI Consulting, Inc do?
FTI Consulting, Inc is a US-listed company in the research & consulting services industry. Its financial year ends in December.
What is FTI Consulting, Inc's stock ticker?
FTI Consulting, Inc trades under the ticker FCN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is FTI Consulting, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, FTI Consulting, Inc reported revenue of $4B, 7.8% higher than a year earlier, according to its SEC filings.
What is FTI Consulting, Inc's free cash flow?
FTI Consulting, Inc's free-cash-flow margin is 8.9% of revenue over the trailing twelve months, ranking 14 of the 33 research & consulting services companies we cover.
What is FTI Consulting, Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of FTI Consulting, Inc's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$130–$250 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are FTI Consulting, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Kayne Anderson Rudnick Investment Management LLC, Blackrock, Inc. and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is FTI Consulting, Inc buying back stock, and does it pay a dividend?
FTI Consulting, Inc spent $693M on share repurchases over the trailing twelve months, and its diluted share count fell 14.5% over the year.
What is FTI Consulting, Inc's market cap?
On November 2, 2026, FTI Consulting, Inc's market capitalisation was about $5.6B, with a price-to-earnings ratio of 24.0 and net debt of $764M. Market figures come from third-party market data and may be delayed.
How much debt does FTI Consulting, Inc have?
FTI Consulting, Inc's debt-to-equity ratio is 64.3%, from its latest balance sheet (20.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are FTI Consulting, Inc's competitors?
In our Research & Consulting Services peer group, the companies closest to FTI Consulting, Inc are NIQ Global Intelligence plc, UL Solutions Inc., Transunion, Verisk Analytics, Inc. and Tetra Tech Inc. The side-by-side comparison below sets their revenue, margins and growth against FTI Consulting, Inc's.
Are insiders buying or selling FTI Consulting, Inc stock?
Over the last 12 months, FTI Consulting, Inc's directors and officers reported 4 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is FTI Consulting, Inc's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — FTI Consulting, Inc announces its own schedule.