olivLaw · US equity research
Exponent, Inc. EXPO
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
Exponent, Inc. is a science and engineering consulting firm that analyzes accidents, failures and risks for clients in industry, insurance, courts and government. Demand for its expertise stays strong as products grow more complex, including those built on artificial intelligence, and revenues rose 18% in the first half of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Exponent, Inc. (EXPO) stock was 87.43 USD (+1.70% on the day), with market capitalisation 4.2 bn USD, P/E 39.2 on diluted EPS of 2.23 USD over the last 12 months, dividend yield 1.40%, beta 0.52, 52-week range 53.67–87.43 USD. Latest reported quarter (Q2 2027): revenue of 171.6 m USD (+20.9% YoY), net income of 29.4 m USD (+10.7% YoY), diluted EPS 0.60 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 84.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 65.09 – 86.81
- above the upper band · %B 1.03 · band width 28.6%
- SMA 50 / 200
- 71.17 / 66.75
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.24 / 3.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +27.2% | −1.1% | +28.3 pp | — |
| 3 months | +30.7% | −0.5% | +31.2 pp | — |
| 6 months | +36.2% | +4.4% | +31.8 pp | — |
| Year to date | +25.9% | +12.3% | +13.6 pp | — |
| 1 year | +21.9% | +13.5% | +8.4 pp | −28.1% |
| 3 years | +16.6% | +76.4% | −59.8 pp | −29.4% |
| 5 years | −26.1% | +63.7% | −89.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 03 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136.3 m | 136.8 m | 145.5 m | 142.0 m | 147.1 m | 147.4 m | 166.3 m | 171.6 m |
| Operating income | 25.8 m | 27.3 m | 44.4 m | 17.2 m | 29.0 m | 29.1 m | 41.4 m | 28.0 m |
| Depreciation & amortisation | 2.4 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.7 m |
| Pre-tax income | 35.9 m | 31.3 m | 37.8 m | 36.8 m | 38.6 m | 34.1 m | 42.3 m | 40.8 m |
| Income tax | 9.9 m | 7.7 m | 11.1 m | 10.3 m | 10.6 m | 9.3 m | 12.8 m | 11.4 m |
| Net income | 26.0 m | 23.6 m | 26.7 m | 26.6 m | 28.0 m | 24.8 m | 29.6 m | 29.4 m |
| Diluted EPS | 0.50 | 0.46 ≈ | 0.52 | 0.52 | 0.55 | 0.49 ≈ | 0.59 | 0.60 |
| Operating cash flow | 29.7 m ≈ | 56.1 m | 7.3 m | 36.2 m ≈ | 32.7 m ≈ | 55.6 m | -975.0 k | 30.9 m ≈ |
| Capex | 1.7 m ≈ | 2.6 m | 1.8 m | 2.3 m ≈ | 2.7 m ≈ | 2.7 m | 2.5 m | 1.8 m ≈ |
| Dividends paid | 14.2 m | 14.2 m | 16.4 m | 15.2 m | 15.1 m | 14.9 m | 16.6 m | 14.8 m ≈ |
| Share repurchases | -1.0 k ≈ | 1.0 k | — | — | 40.0 m ≈ | 24.4 m | 78.8 m | 67.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 38 percentile of its own 29-quarter history (min 17.2, median 45.4, max 60.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 347.8 m | 379.5 m | 417.2 m | 466.3 m | 513.3 m | 536.8 m | 558.5 m | 582.0 m |
| Revenue YoY | +10.4% | +9.1% | unavailable | +11.8% | +10.1% | +4.6% | unavailable | +4.2% |
| Net income | 41.3 m | 72.3 m | 82.5 m | 101.2 m | 102.3 m | 100.3 m | 109.0 m | 106.0 m |
| Net income YoY | −13.0% | +74.9% | unavailable | +22.7% | +1.1% | −1.9% | unavailable | −2.7% |
| Diluted EPS | 0.77 | 1.33 | 1.53 | 1.90 | 1.96 | 1.94 | 2.11 | 2.07 |
| Diluted EPS YoY | −11.5% | +72.7% | unavailable | +24.2% | +3.2% | −1.0% | unavailable | −1.9% |
| net % | 11.9% | 19.0% | 19.8% | 21.7% | 19.9% | 18.7% | 19.5% | 18.2% |
| Free cash flow | 63.1 m | 74.9 m | 85.0 m | 117.7 m | 81.8 m | 111.0 m | 137.6 m | 122.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2026 · 02 Jan 2026
- Cash
- 221.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 390.3 m USD
- Total assets
- 777.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.40x
- ROE
- 26.1%
- ROA
- 13.6%
- FCF margin
- 21.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 417.2 m | 466.3 m | 513.3 m | 536.8 m | 558.5 m | 582.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 85.1 m | 108.9 m | 140.8 m | 111.3 m | 119.6 m | 119.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 6.8 m | 6.5 m | 7.1 m | 8.9 m | 9.7 m | 10.1 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 91.9 m ≈ | 115.4 m ≈ | 147.9 m ≈ | 120.2 m ≈ | 129.2 m ≈ | 129.9 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 104.2 m | 125.8 m | 132.2 m | 135.9 m | 147.4 m | 147.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 21.7 m | 24.6 m | 29.9 m | 35.6 m | 38.4 m | 41.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 82.5 m | 101.2 m | 102.3 m | 100.3 m | 109.0 m | 106.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.53 | 1.90 | 1.96 | 1.94 | 2.11 | 2.07 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 53.9 m | 53.3 m | 52.3 m | 51.6 m | 51.6 m | 51.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.64 | 0.80 | 0.96 | 1.04 | 1.12 | 1.20 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 176.4 m | 297.7 m | 161.5 m | 187.2 m | 258.9 m | 221.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 120.1 m | 139.9 m | 170.1 m | 167.4 m | 161.4 m | 181.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 364.0 m | 452.8 m | 349.2 m | 379.5 m | 446.9 m | 427.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 61.6 m | 60.0 m | 65.5 m | 75.3 m | 73.0 m | 72.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 8.6 m | 8.6 m | 8.6 m | 8.6 m | 8.6 m | 8.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 563.4 m | 683.7 m | 586.7 m | 646.8 m | 777.3 m | 777.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 4.6 m | 3.2 m | 8.6 m | 4.5 m | 5.3 m | 6.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 124.0 m | 153.0 m | 159.0 m | 161.9 m | 163.2 m | 178.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 213.2 m | 266.7 m | 265.9 m | 290.7 m | 356.2 m | 387.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 350.3 m † | 417.1 m † | 320.8 m † | 356.1 m † | 421.1 m † | 390.3 m † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 108.1 m | 124.6 m | 93.8 m | 127.4 m | 144.5 m | 131.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 23.0 m | 6.8 m | 12.0 m | 16.4 m | 6.9 m | 9.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 85.0 m ≈ | 117.7 m ≈ | 81.8 m ≈ | 111.0 m ≈ | 137.6 m ≈ | 122.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | 4.3 m | 38.2 m | -12.0 m | -16.4 m | -6.9 m | -9.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -63.4 m | -62.8 m | -216.0 m | -86.0 m | -65.1 m | -160.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 33.5 m | 43.2 m | 49.2 m | 54.0 m | 58.2 m | 61.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 22.0 m | 7.0 m | 155.9 m | 24.2 m | 5.7 m | 97.1 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation34
- Returns92
- Quality96
- Balance sheet98
- Growth19
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.77 – 50.92 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E29.34 – 50.92 (Mid 42.29)11 companies used · median multiple 19.0x · quartiles 13.2x – 22.8xAERT, BAH, FCN, G, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
- Dividend discount (DDM)15.77 – 21.21 (Mid 18.09)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.7% | 97 (vs peers) | 10% |
| FCF conversion · Quality | 97.1% | 96 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 2.7% | 23 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 2.2% | 15 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 39.2x | 35 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.6% | 33 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.5% | 93 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 56.5% | 91 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial98/100 · 1/3 factors with a value
- Growth19/100 · 2/2 factors with a value
- Quality96/100 · 2/3 factors with a value
- Returns92/100 · 2/2 factors with a value
- Valuation34/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EXPONENT, INC. (EXPO). Latest full fiscal year: 2026; data up to 2026-07-03.
Figures computed from the financial statements: revenue 582.0 m USD in 2026; YoY growth 4.2%; net margin 17.7%; ROE 31.2%.
The estimated value range is 22.55–36.06 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.19 USD, the price of 87.43 USD leaves a potential of -65.5% (value / price − 1) and a margin of safety of -189.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.7%
- FCF conversion: 97.1%
- Current ratio: 2.0x
- Shareholder yield (distributions): 6.5%
- Payout ratio (FCF): 56.5%
What contradicts it
- Revenue CAGR 3Y: 2.7%
- EPS CAGR 3Y: 2.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +22% / +17% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for EXPO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 53.53 Total return -38% · Per year -38% | 94.72 Total return 10% · Per year 10% | 142.78 Total return 65% · Per year 65% |
| 3 years | 50.12 Total return -39% · Per year -15% | 99.97 Total return 19% · Per year 6% | 165.72 Total return 95% · Per year 25% |
| 5 years | 46.94 Total return -41% · Per year -10% | 105.51 Total return 29% · Per year 5% | 192.35 Total return 131% · Per year 18% |
- Exit P/E± 24.99
- Net margin± 17.49
- Annual revenue growth± 14.61
- Annual dilution± 1.47
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
In brief
Exponent, Inc. is a science and engineering consulting firm that analyzes accidents, failures and risks for clients in industry, insurance, courts and government. Demand for its expertise stays strong as products grow more complex, including those built on artificial intelligence, and revenues rose 18% in the first half of 2026.
SWOT
Strengths
- The company has a broad base of technical disciplines and decades of experience in failure analysis that support its reputation for independent expertise.
- Recent results show sustained revenue growth and high staff utilization, suggesting good use of existing capacity.
- The company keeps a solid balance sheet and returns capital to shareholders through buybacks and dividends without giving up investment in talent.
Weaknesses
- The business is reactive and depends on unforeseen events, so its contracted backlog is small and quarterly revenues can be volatile.
- An important part of revenue depends on a few large clients, and losing one of them could significantly affect results.
- The business is people-intensive, and attracting and retaining experienced specialists remains a constant challenge.
Opportunities
- Demand for testing AI-enabled products and for user research could extend the company's work into new areas.
- Investment in energy infrastructure and energy storage creates long-term consulting projects.
- If the company integrates AI-based tools into its own services, efficiency and margins could improve.
Threats
- Competitors' automated solutions could replace standardized work and put pressure on prices and margins.
- Looser regulation or tort reform could reduce demand for litigation services.
- Government contracts bring audit obligations and the risk of penalties or contract termination that could affect revenues.
- Any damage to professional reputation, whether justified or not, could reduce the company's ability to win new contracts.
Risks
- Quarterly volatilitymedium
Revenues depend on reactive demand and on projects that can be postponed or cancelled at any time, and the contracted backlog is small 1.
- Displacement by artificial intelligencehigh
Clients may demand faster delivery and lower costs, and competitors that adopt AI tools quickly could reduce demand for some services 1.
- Dependence on personnelmedium
The business relies on highly qualified specialists, and departures or difficulty hiring could affect the capacity to deliver services 1.
- Professional liabilitymedium
Dissatisfied clients may bring claims for damages or contest payment of fees, which could generate significant costs 1.
- Information securitylow
Cyber breaches or unauthorized disclosure of confidential data could disrupt operations and lead to legal claims 1.
Investment thesis
What would need to be true (bull case)
- If demand for expertise on AI-enabled products and energy infrastructure holds, revenue growth could continue and margins could stay stable.
- The raised guidance for 2026 and the rapid growth in the second quarter suggest operating momentum that could support the year's performance.
- The buyback and dividend programme reflects financial discipline that could add long-term value for shareholders.
What would break the thesis
- If automated AI solutions replace standardized work, pressure on prices and margins could increase.
- Reactive activity and reliance on a few large clients could make quarterly revenues hard to anticipate.
- If regulation loosens or tort reform advances, demand for litigation services could decline.
What to watch
- Results for the third quarter of 2026 and revenue growth before reimbursements against guidanceQ3 2026
- Development of the EBITDA margin against the range guided for fiscal 20262026
- Contribution of user research on AI-enabled products to revenuesnext 10-K
- Demand trend in the environmental and health segment after a period of slower activity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 8-K (29 Oct 2026 · results).
The business
Exponent is a science and engineering consulting firm that provides solutions to complex problems, with an interdisciplinary team of scientists, physicians, engineers and business consultants drawing from more than 90 technical disciplines 1. The firm dates to 1967, when it began analyzing accidents and failures, and serves clients on fixed-price or time-and-material bases, with standard professional rates from $225 to $1,375 per hour 1. Total revenues were $582 million in fiscal 2025, up 4% 1.
Segments
Engineering and Other Scientific
This main segment accounts for 85% of revenues before reimbursements and includes practices such as biomechanics, electrical engineering, data sciences and mechanical engineering 3. In the second quarter of 2026 segment revenues rose 23% year over year, driven by strong demand for user research on AI-enabled products 2.
Market context
Engineering and scientific consulting for failure and risk analysis operates in a market tied to regulation, litigation and product safety. The company sees demand driven by the energy sector, electrification of transport and digital infrastructure, while deregulation or tort reform could reduce demand for its services 1. Guidance for fiscal 2026 calls for revenues before reimbursements to grow 9% to 10% 3.
Trends
- Artificial intelligence in physical productsmixed
Rapid adoption of AI in products and systems raises the need for user testing and risk evaluation, which generated demand in the second quarter of 2026 2. The company also warns that automated solutions could displace some standardized services.
- Demand for energy and resilient infrastructuretailwind
Investment in energy, battery storage and digital infrastructure creates consulting projects on asset risk and integrity, especially in the utilities sector 13.
- Regulation and tort reformheadwind
Looser regulation or tort reform could reduce manufacturers' exposure to litigation and, with it, demand for litigation support services 1.
- Pressure on talentheadwind
The market for highly qualified specialists remains limited, and competitors pursuing staff could affect personnel costs and margins 1.
Competitive position
Exponent competes with other technical and scientific consulting firms, as well as with providers of automated AI-based solutions that could offer faster or cheaper alternatives 1. Its differentiation rests on professional reputation, independent opinion and multidisciplinary expertise in high-consequence cases 3.
- Multidisciplinary technical consulting firms
Compete for the same failure and risk analysis engagements, with an emphasis on independent technical expertise.
- AI solution providers
Can offer automated services that partly replace the company's standardized work, a pressure named in its risk factors.
- Environmental and health consulting firms
Compete for chemical impact assessment work, a smaller part of the company's activity.
- Construction and project consulting firms
Compete in construction risk and dispute consulting, a field from which the company earns revenue through disputed projects.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- The logarithms of rational numbers have irrationality exponent 2 [pdf]Hacker News · 09 Oct 2026 · EN
- Singapore taekwondo exponent Darren Yap clinches historic Asian Games taekwondo bronzeCNA (Channel NewsAsia) · 01 Oct 2026 · EN
- Wushu exponent Zeanne Law clinches Singapore’s first Aichi-Nagoya Asian Games medalCNA (Channel NewsAsia) · 20 Sept 2026 · EN
The latest news item in our archive is from 09 Oct 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Quarterly report08 May 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement20 Apr 2026
- Current report06 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report27 Feb 2026
- Current report05 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-01-02 · SEC / Exponent, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / Exponent, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Exponent, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.