FCN
FTI CONSULTING, INC
Industrials • CIK: 0000887936
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Market Cap
$5.56B
P/E (TTM)
20.4x
Rev Growth (TTM)
+2.4%
Net Margin (TTM)
7.1%
FCF Yield (TTM)
1.7%
FCF Margin (TTM)
2.5%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$94M
Q4 '25
$351M+88%
Q3 '25
$187M+389%
FCF Margin
TTM2.5%
Q4 '2535.5%+81%
Sector: 5.4%Below Avg
OCF Margin4.0%
OCF/NI0.56x
CapEx Coverage2.6x
FCF Yield1.7%
FCF Growth (2Y)-12%
Cash Conversion Cycle
106 days
DSO: 106+DIO: 0−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM15.5%
Div Yield0.0%
+Buyback (TTM)15.5%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$93.6M
Stock Repurchases (TTM)$858.7M
Capital Return / FCF917.4%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
12.0%
Stable
+0.0% YoY-0.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
7.5%
8Q: 7.8%
Asset Turnover
1.09x
8Q: 1.10x
Leverage (1+D/E)
1.21x
D/E: 0.21x
DuPont: 9.9% ≈ 12.0% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
22.92x
8Q:23.54x
-171.0%
Invested Cap Turn
1.60x
8Q:1.54x
+19.0%
CapEx Intensity
2.5%
8Q:1.9%
CapEx/Depreciation
1.28x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $3.8B | $990.7M↑3.6% | $956.2M↑1.3% | $943.7M↑5.1% | $898.3M↑0.4% | $894.9M↓3.4% | $926.0M↓2.4% | $949.2M↑2.2% | $928.6M |
Operating Income | $389.1M | $93.4M↓20.6% | $117.7M↑18.5% | $99.3M↑26.1% | $78.7M↑49.2% | $52.7M↓42.0% | $90.9M↓12.7% | $104.1M↑4.5% | $99.6M |
Net Income | $270.9M | $54.5M↓34.2% | $82.8M↑15.5% | $71.7M↑16.0% | $61.8M↑24.4% | $49.7M↓25.2% | $66.5M↓20.8% | $83.9M↑5.0% | $80.0M |
Operating Cash Flow | $152.1M | $359.8M↑78.2% | $201.9M↑262.5% | $55.7M↑112.0% | $-465.2M↓247.5% | $315.3M↑43.7% | $219.4M↑62.2% | $135.2M↑149.2% | $-274.8M |
Free Cash Flow | $93.6M | $351.4M↑87.9% | $187.0M↑388.6% | $38.3M↑107.9% | $-483.0M↓260.1% | $301.6M↑42.0% | $212.3M↑69.7% | $125.2M↑144.8% | $-279.5M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
20.4x
Volatile
8Q: 92.5x-2633%
High PEG ratio (3.3x) suggests expensive for growth
Valuation Lenses
Earnings
20.4x
vs – sector
Cash Flow
60.5x
EV/FCF vs –
Growth-Adj
3.3xPEG
Expensive for growth
Quality-Adj
1.7P/E per %ROIC
ROIC: 12.0%
Shareholder Returns
Dividend
–
Buyback
15.5%
Total Yield
15.5%
Market Cap$5.56B
EV$5.66B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
69/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
13.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
12.0%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 7.5%
Asset Turnover: 1.09x
Earnings Quality
Cash Conversion
0.56x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin32.1%
Capital Efficiency
Invested Capital Turnover1.60x
Working Capital
Cash Conversion Cycle106 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
2.4%
OpInc Growth YoY
77.1%
EPS Growth YoY
6.2%
FCF 3Y CAGR
-11.6%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 14.0%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
32.1%
Operating
10.3%
Above Avg in sector
Net
7.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-4.7 pts
FCF: 2.5% | Net: 7.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $99.91M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.21x
Balance sheet risk & solvency analysis