Latest Ratios: P/E Ratio 19.1x · EV/EBITDA 11.4x · ROE 25.7%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.0B | $1.3B | $1.3B | $704M | $900M | $711M | $405M | $445M | $365M | $382M | $315M |
| Enterprise Value | $1.1B | $1.5B | $1.4B | $772M | $991M | $784M | $512M | $579M | $327M | $328M | $261M |
| P/E Ratio → | 19.09 | 24.63 | 27.72 | 18.34 | 20.72 | 17.13 | 16.59 | 21.53 | 16.24 | 50.51 | 24.56 |
| P/S Ratio | 1.34 | 1.79 | 1.88 | 1.13 | 1.52 | 1.26 | 0.80 | 0.99 | 0.87 | 1.03 | 0.97 |
| P/B Ratio | 4.88 | 6.30 | 6.09 | 3.32 | 4.26 | 3.46 | 1.94 | 2.25 | 1.86 | 1.84 | 1.51 |
| P/FCF | 54.12 | 72.55 | 38.98 | 12.19 | 42.26 | 9.74 | 10.77 | 39.94 | 17.58 | 10.58 | 8.96 |
| P/OCF | 44.78 | 60.04 | 25.95 | 11.71 | 35.85 | 9.40 | 7.41 | 15.98 | 10.08 | 8.33 | 6.54 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.94 | 1.99 | 1.24 | 1.68 | 1.39 | 1.01 | 1.28 | 0.78 | 0.89 | 0.80 |
| EV / EBITDA | 11.45 | 14.96 | 14.01 | 9.37 | 11.73 | 9.62 | 8.58 | 11.42 | 8.39 | 13.27 | 9.74 |
| EV / EBIT | 13.39 | 17.76 | 19.35 | 13.77 | 16.35 | 14.19 | 14.70 | 20.63 | 11.04 | 20.96 | 11.69 |
| EV / FCF | — | 78.43 | 41.29 | 13.38 | 46.51 | 10.73 | 13.63 | 51.95 | 15.75 | 9.08 | 7.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.0% | 29.0% | 30.2% | 27.5% | 30.6% | 29.3% | 27.1% | 29.6% | 30.8% | 30.1% | 30.0% |
| Operating Margin | 11.1% | 11.1% | 10.3% | 9.1% | 9.9% | 9.8% | 6.8% | 6.5% | 6.9% | 4.3% | 5.8% |
| Net Profit Margin | 7.3% | 7.3% | 6.8% | 6.2% | 7.4% | 7.4% | 4.8% | 4.6% | 5.4% | 2.1% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.7% | 25.7% | 22.0% | 18.2% | 20.9% | 20.1% | 12.0% | 10.5% | 11.1% | 3.7% | 6.2% |
| ROA | 9.1% | 9.1% | 8.3% | 7.0% | 7.9% | 7.5% | 4.5% | 4.6% | 6.1% | 2.2% | 4.0% |
| ROIC | 20.4% | 20.4% | 18.6% | 14.6% | 15.2% | 14.1% | 8.1% | 9.0% | 13.9% | 7.7% | 8.7% |
| ROCE | 26.9% | 26.9% | 22.2% | 17.4% | 17.4% | 15.9% | 9.7% | 9.9% | 12.4% | 6.7% | 8.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.60 | 0.49 | 0.54 | 0.58 | 0.67 | 0.73 | 0.81 | — | — | — |
| Debt / EBITDA | 1.31 | 1.31 | 1.06 | 1.39 | 1.44 | 1.70 | 2.56 | 3.15 | — | — | — |
| Net Debt / Equity | — | 0.51 | 0.36 | 0.32 | 0.43 | 0.35 | 0.51 | 0.68 | -0.19 | -0.26 | -0.26 |
| Net Debt / EBITDA | 1.12 | 1.12 | 0.78 | 0.83 | 1.07 | 0.89 | 1.80 | 2.64 | -0.98 | -2.19 | -2.00 |
| Debt / FCF | — | 5.88 | 2.31 | 1.19 | 4.25 | 0.99 | 2.86 | 12.01 | -1.83 | -1.50 | -1.52 |
| Interest Coverage | 15.29 | 15.29 | 16.00 | 14.72 | 33.20 | 56.95 | 28.65 | 22.37 | 45.72 | 32.33 | 47.67 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 1.07 | 1.12 | 1.15 | 1.17 | 1.10 | 1.07 | 1.27 | 1.51 | 1.81 |
| Quick Ratio | 0.92 | 0.92 | 1.07 | 1.12 | 1.15 | 1.17 | 1.10 | 1.07 | 1.27 | 1.51 | 1.81 |
| Cash Ratio | 0.06 | 0.06 | 0.11 | 0.19 | 0.14 | 0.31 | 0.23 | 0.15 | 0.27 | 0.44 | 0.57 |
| Asset Turnover | — | 1.20 | 1.20 | 1.13 | 1.07 | 1.02 | 0.91 | 0.85 | 1.13 | 1.02 | 1.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 120.86 | 120.04 | 121.86 | 126.41 | 111.34 | 120.06 | 122.24 | 114.12 | 111.78 | 103.16 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.3% | 1.0% | 1.0% | 1.5% | 1.1% | 1.2% | 1.9% | 1.5% | 1.7% | 1.3% | 0.4% |
| Payout Ratio | 25.2% | 25.2% | 26.4% | 28.1% | 22.0% | 19.9% | 30.6% | 32.7% | 26.9% | 64.8% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 4.1% | 3.6% | 5.5% | 4.8% | 5.8% | 6.0% | 4.6% | 6.2% | 2.0% | 4.1% |
| FCF Yield | 1.8% | 1.4% | 2.6% | 8.2% | 2.4% | 10.3% | 9.3% | 2.5% | 5.7% | 9.5% | 11.2% |
| Buyback Yield | 4.7% | 3.5% | 2.6% | 4.5% | 3.1% | 6.3% | 3.3% | 4.1% | 7.6% | 5.1% | 6.1% |
| Total Shareholder Yield | 6.0% | 4.5% | 3.5% | 6.0% | 4.1% | 7.5% | 5.2% | 5.6% | 9.3% | 6.4% | 6.5% |
| Shares Outstanding | — | $7M | $7M | $7M | $7M | $8M | $8M | $8M | $9M | $8M | $9M |
Working capital liquidity pressure
According to current market data, CRAI trades at a P/E of 17.95, which suggests investors are pricing in a premium for its specialized litigation expertise compared to broader consulting peers, despite the inherent volatility in its quarterly earnings and cash flow generation profiles.
The forward P/E of 17.73 indicates that the market expects relatively stable earnings growth, though the P/FCF of 50.90 highlights a significant disconnect between accounting profits and cash conversion. Investors should monitor whether this valuation multiple can be sustained if the firm's operating margins continue to face pressure from rising talent acquisition costs.
Based on reported figures, CRAI's ROIC has trended downward to 3.5% in 2026Q1 from a peak of 5.7% in 2025Q1, indicating that the firm is struggling to compound returns on its invested capital amidst fluctuating margins and increasing debt-funded working capital requirements.
The decline in ROIC suggests that the firm's capital allocation, particularly regarding recruitment loans and operational overhead, is not currently generating sufficient incremental returns. This trend warrants further investigation into whether the firm's expert-led business model is becoming less efficient at scaling its intellectual capital.
As reported in recent financial statements, CRAI's DSO has remained elevated, reaching 109 days in 2026Q1, which highlights the structural challenge of managing long-duration litigation engagements and the resulting pressure on the firm's cash conversion cycle compared to more transactional consulting peers.
The persistent length of the collection cycle suggests that the firm's liquidity is highly sensitive to the timing of major case milestones and client payment behaviors. This inefficiency forces the firm to rely more heavily on external financing, which may explain the recent increase in leverage observed on the balance sheet.
Based on the company's latest filings, the debt-to-equity ratio has deteriorated to 1.41 in 2026Q1 from 0.60 in 2025Q4, signaling that the firm is increasingly utilizing debt to bridge operational cash gaps, which may limit its future capacity for share repurchases or strategic investments.
While the interest coverage ratio remains at 17.84, the rapid accumulation of debt relative to equity suggests a shift toward a more aggressive capital structure. Investors should monitor whether this leverage is a temporary response to working capital needs or a structural change in the firm's approach to financing its growth.
The P/E ratio is frequently misapplied to CRAI because it fails to account for the significant non-cash amortization of forgivable recruitment loans, which artificially depresses reported earnings and obscures the firm's true underlying profitability and cash-generating capacity in the expert-witness consulting market.
Analysts should instead focus on adjusted EBITDA or cash-based metrics that normalize for these talent-related accounting treatments. Relying solely on P/E may lead to an incorrect assessment of the firm's valuation, as it ignores the long-term value of the expert network being built through these specific compensation structures.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CRAI stock.
CRA International, Inc.'s current P/E ratio is 19.1x. The historical average is 27.1x. This places it at the 33th percentile of its historical range.
CRA International, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
CRA International, Inc.'s return on equity (ROE) is 25.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.6%.
Based on historical data, CRA International, Inc. is trading at a P/E of 19.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CRA International, Inc.'s current dividend yield is 1.33% with a payout ratio of 25.2%.
CRA International, Inc. has 29.0% gross margin and 11.1% operating margin. Operating margin between 10-20% is typical for established companies.
CRA International, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.