Latest Ratios: P/E Ratio 29.6x · EV/EBITDA 21.8x · ROE 26.1%. (1996–2025 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 | $3.0B | $3.6B | $4.6B | $4.5B | $5.2B | $6.2B | $4.8B | $3.8B | $2.7B | $1.9B | $1.6B |
| Enterprise Value | $2.8B | $3.5B | $4.4B | $4.4B | $5.0B | $5.9B | $4.6B | $3.6B | $2.6B | $1.8B | $1.5B |
| P/E Ratio → | 29.56 | 33.89 | 42.14 | 45.38 | 50.56 | 61.44 | 58.08 | 46.05 | 37.53 | 46.17 | 34.66 |
| P/S Ratio | 5.10 | 6.18 | 8.21 | 8.47 | 10.09 | 13.35 | 12.00 | 9.10 | 7.12 | 5.52 | 5.20 |
| P/B Ratio | 8.03 | 9.21 | 10.89 | 12.77 | 16.15 | 14.93 | 13.28 | 10.84 | 8.61 | 6.64 | 5.99 |
| P/FCF | 24.26 | 29.38 | 33.32 | 40.96 | 63.36 | 52.87 | 48.82 | 44.66 | 36.11 | 30.40 | 31.17 |
| P/OCF | 22.53 | 27.29 | 31.72 | 35.70 | 55.22 | 49.98 | 46.47 | 35.14 | 29.65 | 28.28 | 24.47 |
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 | — | 5.94 | 7.89 | 8.17 | 9.81 | 12.75 | 11.56 | 8.74 | 6.79 | 5.16 | 4.83 |
| EV / EBITDA | 21.78 | 26.61 | 34.10 | 36.49 | 34.06 | 51.49 | 51.30 | 39.65 | 26.36 | 22.90 | 22.39 |
| EV / EBIT | 23.62 | 23.46 | 29.91 | 32.28 | 38.10 | 47.22 | 55.54 | 42.82 | 28.18 | 24.90 | 24.60 |
| EV / FCF | — | 28.25 | 32.03 | 39.52 | 61.61 | 50.47 | 47.02 | 42.86 | 34.41 | 28.42 | 28.98 |
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 | 25.0% | 25.0% | 25.5% | 25.3% | 32.0% | 26.6% | 24.0% | 93.8% | 93.4% | 94.8% | 95.0% |
| Operating Margin | 20.6% | 20.6% | 21.4% | 20.7% | 27.4% | 23.4% | 20.8% | 20.4% | 24.1% | 20.7% | 19.6% |
| Net Profit Margin | 18.2% | 18.2% | 19.5% | 18.7% | 19.9% | 21.7% | 20.6% | 19.8% | 19.0% | 11.9% | 15.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.1% | 26.1% | 28.1% | 29.6% | 27.7% | 26.0% | 23.2% | 24.8% | 24.0% | 14.7% | 17.7% |
| ROA | 13.4% | 13.4% | 15.3% | 16.3% | 16.1% | 15.8% | 14.3% | 16.0% | 15.9% | 9.8% | 12.0% |
| ROIC | 36.3% | 36.3% | 40.7% | 44.5% | 67.7% | 51.3% | 32.7% | 33.2% | 39.1% | 33.5% | 31.4% |
| ROCE | 19.2% | 19.2% | 21.8% | 24.4% | 29.4% | 21.6% | 18.2% | 21.0% | 25.5% | 21.5% | 19.6% |
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 | 0.21 | 0.21 | 0.19 | 0.08 | 0.06 | 0.04 | 0.06 | 0.07 | — | — | — |
| Debt / EBITDA | 0.64 | 0.64 | 0.63 | 0.24 | 0.13 | 0.13 | 0.23 | 0.26 | — | — | — |
| Net Debt / Equity | — | -0.36 | -0.42 | -0.45 | -0.45 | -0.68 | -0.49 | -0.43 | -0.40 | -0.43 | -0.42 |
| Net Debt / EBITDA | -1.07 | -1.07 | -1.37 | -1.32 | -0.97 | -2.45 | -1.97 | -1.66 | -1.30 | -1.59 | -1.69 |
| Debt / FCF | — | -1.14 | -1.29 | -1.43 | -1.75 | -2.40 | -1.80 | -1.79 | -1.70 | -1.98 | -2.19 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($222M) exceeds total debt ($83M)
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 | 2.40 | 2.40 | 2.74 | 2.34 | 2.20 | 2.96 | 3.13 | 2.94 | 3.32 | 3.39 | 3.42 |
| Quick Ratio | 2.40 | 2.40 | 2.74 | 2.34 | 2.20 | 2.96 | 3.13 | 2.94 | 3.32 | 3.39 | 3.42 |
| Cash Ratio | 1.25 | 1.25 | 1.59 | 1.16 | 1.02 | 1.95 | 2.07 | 1.87 | 2.12 | 2.11 | 2.17 |
| Asset Turnover | — | 0.72 | 0.72 | 0.83 | 0.87 | 0.68 | 0.67 | 0.74 | 0.81 | 0.79 | 0.78 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 113.83 | 105.48 | 113.80 | 120.97 | 109.48 | 101.83 | 105.11 | 101.76 | 115.55 | 101.26 |
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 | 2.0% | 1.7% | 1.3% | 1.2% | 1.0% | 0.7% | 0.8% | 0.9% | 1.0% | 1.1% | 1.1% |
| Payout Ratio | 58.1% | 58.1% | 53.4% | 53.9% | 48.1% | 42.7% | 48.2% | 40.6% | 37.7% | 52.9% | 39.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 3.0% | 2.4% | 2.2% | 2.0% | 1.6% | 1.7% | 2.2% | 2.7% | 2.2% | 2.9% |
| FCF Yield | 4.1% | 3.4% | 3.0% | 2.4% | 1.6% | 1.9% | 2.0% | 2.2% | 2.8% | 3.3% | 3.2% |
| Buyback Yield | 3.3% | 2.7% | 0.1% | 0.5% | 3.0% | 0.1% | 0.8% | 0.6% | 1.0% | 0.6% | 1.5% |
| Total Shareholder Yield | 5.2% | 4.4% | 1.4% | 1.7% | 4.0% | 0.8% | 1.7% | 1.5% | 2.0% | 1.8% | 2.6% |
| Shares Outstanding | — | $51M | $52M | $52M | $52M | $53M | $53M | $54M | $54M | $54M | $54M |
STEM Talent Wage Inflation
According to current market data, EXPO trades at a P/E of 29.39, which represents a significant premium compared to broader engineering peers, suggesting that investors are pricing in the firm's unique forensic expertise and its role as a high-margin, specialized consultant in complex litigation and safety-validation markets.
The elevated PEG ratio of 4.93 indicates that the market expects sustained, high-quality earnings growth that may not be fully captured by current trailing metrics. Investors should monitor whether this valuation multiple remains supported as the firm attempts to transition from reactive forensic work to proactive, tech-enabled safety consulting.
Based on reported figures, EXPO's ROIC has fluctuated between 4.7% and 12.8% over the last ten quarters, reflecting the inherent difficulty in maintaining consistent capital returns within a project-based consulting model that is highly sensitive to the timing of large-scale, multi-year forensic investigations and litigation support engagements.
The variability in ROIC suggests that while the firm possesses a strong competitive moat, its ability to compound capital is constrained by the lumpy nature of its revenue recognition. Analysts should interpret these returns as a reflection of utilization efficiency rather than pure capital intensity, given the firm's relatively lean asset base.
As reported in recent financial statements, EXPO's DSO has remained elevated, averaging over 100 days across the last ten quarters, which highlights the firm's reliance on client payment cycles and the potential for working capital to act as a drag on overall operational efficiency and cash conversion.
The extended collection period suggests that the firm's forensic consulting engagements are often tied to lengthy legal or regulatory processes, which can create significant cash flow timing mismatches. This inefficiency warrants further investigation into whether the firm's billing terms are sufficiently aligned with the high-value nature of its technical services.
Based on the provided balance sheet data, EXPO maintains a debt-to-equity ratio of 0.24 as of 2026Q1, demonstrating a disciplined capital structure that provides the firm with substantial financial flexibility to navigate cyclical downturns without the burden of significant interest obligations or restrictive debt covenants.
This fortress-like balance sheet appears to be a deliberate strategic choice, allowing the firm to prioritize shareholder returns through dividends and buybacks even during periods of negative free cash flow. Investors should view this low leverage as a critical risk-mitigation tool given the inherent volatility of the firm's project-based revenue stream.
The P/E ratio is frequently misapplied to EXPO's business model because it fails to account for the significant impact of stock-based compensation and the lumpy, project-driven nature of forensic consulting revenue, which can distort earnings quality and mask the firm's true underlying cash-generating capacity.
Analysts should instead focus on 'revenues before reimbursements' and free cash flow margins to better assess the firm's productivity and organic growth potential. Relying solely on P/E multiples may lead to an incomplete understanding of the firm's valuation, particularly as it shifts toward more proactive, tech-enabled service offerings.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying EXPO stock.
Exponent, Inc.'s current P/E ratio is 29.6x. The historical average is 28.2x. This places it at the 62th percentile of its historical range.
Exponent, Inc.'s current EV/EBITDA is 21.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Exponent, Inc.'s return on equity (ROE) is 26.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 16.5%.
Based on historical data, Exponent, Inc. is trading at a P/E of 29.6x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Exponent, Inc.'s current dividend yield is 1.96% with a payout ratio of 58.1%.
Exponent, Inc. has 25.0% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Exponent, Inc.'s Debt/EBITDA ratio is 0.6x, indicating low leverage. A ratio below 2x is generally considered financially healthy.