olivLaw · US equity research
FTI Consulting, Inc. FCN
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
FTI Consulting is a global expert firm helping organizations facing crisis or transformation, with services across corporate finance, forensic and litigation consulting, economics, technology and strategic communications. Its fiscal 2025 revenues were 3.8 billion USD, and in the second quarter of 2026 revenues rose 5.3%, in a setting where demand for AI-related and technology-enabled services continues to grow.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, FTI Consulting, Inc. (FCN) stock was 198.32 USD (+2.41% on the day), with market capitalisation 5.4 bn USD, P/E 24.7 on diluted EPS of 8.02 USD over the last 12 months, beta 0.12, 52-week range 130.45–198.32 USD. Latest reported quarter (Q3 2026): revenue of 1.0 bn USD (+5.9% YoY), net income of 63.4 m USD (−23.4% YoY), diluted EPS 2.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 85.7
- overbought (≥ 70)
- Bollinger (20, 2)
- 119.99 – 197.72
- above the upper band · %B 1.01 · band width 48.9%
- SMA 50 / 200
- 149.62 / 160.12
- mixed trend
- MACD (12, 26, 9)
- 12.80 / 7.73
- 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 | +43.7% | −1.1% | +44.8 pp | — |
| 3 months | +29.5% | −0.5% | +29.9 pp | — |
| 6 months | +23.2% | +4.4% | +18.8 pp | — |
| Year to date | +16.1% | +12.3% | +3.8 pp | — |
| 1 year | +18.5% | +13.5% | +4.9 pp | −28.1% |
| 3 years | −7.8% | +76.4% | −84.2 pp | −29.4% |
| 5 years | +37.3% | +63.7% | −26.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 894.9 m | 898.3 m | 943.7 m | 956.2 m | 990.7 m | 983.3 m | 993.5 m | 1.0 bn |
| Cost of revenue | 624.9 m | 608.9 m | 641.1 m | 638.2 m | 683.1 m | 676.5 m | 677.2 m | 661.8 m |
| Gross profit | 270.1 m | 289.4 m | 302.5 m | 317.9 m | 307.7 m | 306.8 m | 316.3 m | 350.8 m |
| SG&A | 208.1 m | 184.3 m | 202.2 m | 199.5 m | 213.6 m | 222.3 m | 230.7 m | 214.4 m |
| Operating income | 52.7 m | 78.7 m | 99.3 m | 117.7 m | 93.4 m | 83.9 m | 85.0 m | 89.8 m |
| Depreciation & amortisation | 11.7 m | 10.1 m | 11.3 m ≈ | 12.1 m ≈ | 12.2 m | 12.3 m | 12.3 m ≈ | 12.8 m ≈ |
| Interest expense | 716.0 k | 968.0 k | 5.3 m | 7.6 m | 7.5 m | 6.4 m | 11.6 m | 13.3 m |
| Pre-tax income | 59.8 m | 80.6 m | 91.9 m | 111.7 m | 86.8 m | 78.5 m | 73.0 m | 77.2 m |
| Income tax | 10.1 m | 18.8 m | 20.2 m | 28.9 m | 32.2 m | 20.9 m | 15.2 m | 13.8 m |
| Net income | 49.7 m | 61.8 m | 71.7 m | 82.8 m | 54.5 m | 57.6 m | 57.8 m | 63.4 m |
| Diluted EPS | 1.39 ≈ | 1.74 | 2.13 | 2.60 | 1.78 ≈ | 1.90 | 1.99 | 2.35 |
| Operating cash flow | 315.3 m | -465.2 m | 55.7 m ≈ | 201.9 m ≈ | 359.8 m | -310.0 m | 152.3 m ≈ | 190.4 m ≈ |
| Capex | 13.7 m | 17.8 m | 17.4 m ≈ | 14.9 m ≈ | 8.4 m | 10.6 m | 11.3 m ≈ | 8.5 m ≈ |
| Share repurchases | 10.2 m | 182.6 m | 354.0 m ≈ | 234.2 m ≈ | 87.8 m | 126.8 m | 393.2 m ≈ | 85.2 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 78 percentile of its own 40-quarter history (min 12.6, median 22.2, max 38.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.4 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.5 bn | 3.7 bn | 3.8 bn |
| Revenue YoY | +12.2% | +16.0% | +4.6% | +12.8% | +9.1% | +15.2% | +6.0% | +2.4% |
| Net income | 150.6 m | 216.7 m | 210.7 m | 235.0 m | 235.5 m | 274.9 m | 280.1 m | 270.9 m |
| Net income YoY | +39.5% | +43.9% | −2.8% | +11.5% | +0.2% | +16.7% | +1.9% | −3.3% |
| Diluted EPS | 3.93 | 5.69 | 5.67 | 6.65 | 6.58 | 7.71 | 7.81 | 8.24 |
| Diluted EPS YoY | +42.9% | +44.8% | −0.4% | +17.3% | −1.1% | +17.2% | +1.3% | +5.5% |
| net % | 7.4% | 9.2% | 8.6% | 8.5% | 7.8% | 7.9% | 7.6% | 7.1% |
| Free cash flow | 198.4 m | 176.1 m | 292.2 m | 286.8 m | 135.5 m | 175.0 m | 359.7 m | 93.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 265.1 m USD
- Financial debt
- 365.0 m USD
- Net debt
- 99.9 m USD
- Equity
- 1.7 bn USD
- Total assets
- 3.5 bn USD
- Debt / equity
- 0.21x
- Current ratio
- 1.56x
- ROE
- 13.6%
- ROA
- 7.6%
- FCF margin
- 2.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.8 bn | 3.0 bn | 3.5 bn | 3.7 bn | 3.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 1.7 bn | 1.9 bn | 2.1 bn | 2.4 bn | 2.5 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 788.6 m ≈ | 860.7 m ≈ | 962.9 m | 1.1 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 488.4 m | 537.8 m | 641.1 m | 751.3 m | 822.2 m | 799.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 282.7 m | 312.0 m | 303.9 m | 377.6 m | 347.4 m | 389.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 32.7 m | 34.3 m | 35.9 m | 41.1 m | 43.9 m | 45.8 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 315.3 m ≈ | 346.3 m ≈ | 339.8 m ≈ | 418.6 m ≈ | 391.3 m ≈ | 434.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 19.8 m | 20.3 m | 10.0 m | 14.3 m | 7.0 m | 21.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 262.4 m | 297.9 m | 297.7 m | 358.4 m | 350.8 m | 371.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 51.8 m | 63.0 m | 62.2 m | 83.5 m | 70.7 m | 100.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 210.7 m | 235.0 m | 235.5 m | 274.9 m | 280.1 m | 270.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 5.67 | 6.65 | 6.58 | 7.71 | 7.81 | 8.24 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 37.1 m | 35.3 m | 35.8 m | 35.6 m | 35.8 m | 32.9 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 295.0 m | 494.5 m | 491.7 m | 303.2 m | 660.5 m | 265.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 711.4 m | 754.1 m | 896.2 m | 1.1 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 1.1 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 101.6 m | 142.2 m | 153.5 m | 159.7 m | 150.3 m | 169.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 41.6 m | 32.0 m | 25.5 m | 18.3 m | 16.8 m | 13.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 2.8 bn | 3.1 bn | 3.2 bn | 3.3 bn | 3.6 bn | 3.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 13.1 m | 16.2 m | 20.3 m | 21.7 m | 26.0 m | 15.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 0 | 0 | 0 | 0 | — | 0 | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | 286.1 m | 297.2 m | 315.2 m | 0 | 0 | 365.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 670.2 m | 718.1 m | 769.5 m | 892.8 m | 931.8 m | 975.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.4 bn | 1.5 bn | 1.6 bn | 1.3 bn | 1.3 bn | 1.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 1.4 bn † | 1.6 bn † | 1.7 bn † | 2.0 bn † | 2.3 bn † | 1.7 bn † | SEC (XBRL)· 26 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 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 327.1 m | 355.5 m | 188.8 m | 224.5 m | 395.1 m | 152.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 34.8 m | 68.7 m | 53.3 m | 49.5 m | 35.4 m | 58.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 292.2 m ≈ | 286.8 m ≈ | 135.5 m ≈ | 175.0 m ≈ | 359.7 m ≈ | 93.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -60.1 m | -79.1 m | -60.1 m | -73.8 m | -10.2 m | -58.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -360.1 m | -61.7 m | -106.0 m | -354.7 m | -15.4 m | -510.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 353.6 m | 46.1 m | 85.4 m | 21.0 m | 10.2 m | 858.7 m | SEC (XBRL)· 26 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: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation62
- Returns100
- Quality80
- Balance sheet73
- Growth58
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: 105.51 – 315.75 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)187.30 – 315.75 (Mid 235.92)WACC 8.6% · starting FCFF 382.5 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 1.0%
- Peers: EV/EBITDA148.29 – 205.34 (Mid 192.32)9 companies used · median multiple 14.9x · quartiles 12.0x – 15.8xACCS, ASTH, BAH, BWMN, HCKT, HURN, ICFI, III, ONT
- Peers: P/E105.51 – 184.79 (Mid 152.11)11 companies used · median multiple 19.0x · quartiles 13.2x – 23.0xAERT, BAH, EXPO, G, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.4% | 72 (vs peers) | 11% |
| Net margin · Quality | 5.9% | 73 (vs peers) | 7% |
| FCF conversion · Quality | 151.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 7.7% | 65 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 7.8% | 52 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.9x | 55 (vs peers) | 11% |
| Interest coverage · Balance sheet | 9.0x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.7x | 76 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 24.7x | 53 (vs peers) | 11% |
| EV/EBITDA · Valuation | 15.4x | 55 (vs peers) | 11% |
| FCF yield · Valuation | 6.5% | 82 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 12.8% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth58/100 · 2/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation62/100 · 3/3 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
FTI CONSULTING, INC (FCN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.8 bn USD in 2025; YoY growth 2.4%; net margin 5.9%; ROE 15.2%; net debt/EBITDA 1.9x.
The estimated value range is 148.29–205.34 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 192.32 USD, the price of 198.32 USD leaves a potential of -3.0% (value / price − 1) and a margin of safety of -3.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.4%
- Net margin: 5.9%
- FCF conversion: 151.5%
- Interest coverage: 9.0x
- Current ratio: 1.7x
- FCF yield: 6.5%
- Shareholder yield (distributions): 12.8%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
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% | +18% / −8% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| 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 FCN 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 | 129.31 Total return -35% · Per year -35% | 228.26 Total return 15% · Per year 15% | 343.35 Total return 73% · Per year 73% |
| 3 years | 133.82 Total return -33% · Per year -12% | 265.00 Total return 34% · Per year 10% | 436.46 Total return 120% · Per year 30% |
| 5 years | 138.49 Total return -30% · Per year -7% | 307.65 Total return 55% · Per year 9% | 554.83 Total return 180% · Per year 23% |
- Exit P/E± 66.25
- Net margin± 46.37
- Annual revenue growth± 36.92
- Annual dilution± 3.90
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 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
FTI Consulting is a global expert firm helping organizations facing crisis or transformation, with services across corporate finance, forensic and litigation consulting, economics, technology and strategic communications. Its fiscal 2025 revenues were 3.8 billion USD 3, and in the second quarter of 2026 revenues rose 5.3% 3, in a setting where demand for AI-related and technology-enabled services continues to grow 1.
SWOT
Strengths
- The company has a five-segment structure that allows it to cover many client needs in complex situations 1. Expertise of its professionals and its reputation in litigation and regulation are its stated strengths 1.
- Revenues in the second quarter of 2026 reached a record level, showing earning power in a demanding environment 3.
- The company generated strong operating cash flow in the second quarter of 2026 and had an additional share repurchase authorization available 3.
Weaknesses
- Revenues and profitability are volatile, and quarterly results are hard to forecast because of the event-driven nature of demand 1.
- The Adjusted EBITDA margin declined in the second quarter of 2026 compared with the prior year, as direct and administrative costs rose 3.
- Net debt increased after share repurchases, which reduces short-term financial flexibility 3.
Opportunities
- Demand for AI-supported services and emerging technologies could grow, and the company is already investing in this direction 1.
- Restructuring activity could rise in difficult periods, which can support the Corporate Finance segment 1.
- International expansion and increasingly complex regulation could generate additional demand for compliance and investigation services 1.
Risks
- Dependence on the economic cycle and M&A activityhigh
Demand for services depends on market conditions, merger and acquisition activity and litigation, factors the company cannot control 1.
- Volatility of resultshigh
Revenues, operating income and cash flows can fluctuate significantly from quarter to quarter, making guidance harder to meet 1.
- Professional utilization and billing ratesmedium
If staff utilization declines or clients refuse rate increases, profitability could be affected 1.
- Non-payment risk and fee renegotiationmedium
Clients in financial difficulty may delay payments or negotiate discounts, and retainers do not always cover the cost of services 1.
- Higher debt after share repurchasesmedium
A rise in net debt after share repurchases could limit financial flexibility if profitability declines 3.
Investment thesis
What would need to be true (bull case)
- The company reported record quarterly revenues and reaffirmed its 2026 revenue guidance, showing solid demand across several segments 3. If M&A and restructuring activity recover, revenues could accelerate.
- Expansion in AI-supported services and steady investment in talent could strengthen the long-term position 13.
- The Technology and Corporate Finance segments grew in the second quarter of 2026, which points to useful diversification 3.
What would break the thesis
- The Adjusted EBITDA margin declined in the second quarter of 2026 compared with the prior year, and net income fell 3. If this trend continues, profitability could be affected.
- Revenues depend on hard-to-predict events, and Economic Consulting declined in the second quarter of 2026 13. Weaker M&A activity could amplify this weakness.
- Higher net debt after share repurchases could limit the company's flexibility if operating results deteriorate 3.
What to watch
- Delivery against 2026 EPS and Adjusted EPS guidanceQ3 2026
- Trend in Adjusted EBITDA margin in Corporate Finance and Economic ConsultingQ3 2026
- Level of net debt and pace of share repurchasesnext 10-Q
- Impact of extraordinary litigation-related expenses on EPS2026
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 31 Jul 2026; since then the company filed 8-K (30 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
FTI Consulting, Inc. presents itself as a leading global expert firm for organizations facing crisis and transformation, and its activity is organized in five reportable segments: Corporate Finance, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications 1. Its clients include Fortune 500 companies, FTSE 100 companies, law firms, private equity firms, global banks and governments 1. The company operates with more than 8,100 employees in 32 countries and territories 3.
Most revenue comes from professional services delivered in the United States, and for 2025 approximately 63% of revenues came from professionals assigned to U.S. locations, while 37% came from international locations 1. Most services are billed on a time and expense basis, but there are also fixed-fee contracts and success fees, which can make revenues harder to predict from one quarter to the next 1.
The company renamed its Corporate Finance & Restructuring segment to Corporate Finance as of December 31, 2025, without changing the segment's composition 1. It also reports non-GAAP measures such as Adjusted EBITDA and Adjusted EPS, which it uses to assess operating performance 1.
Segments
Corporate Finance
Corporate Finance accounted for 41% of consolidated revenues in 2025 and is the company's largest segment 1. In the second quarter of 2026 segment revenues rose 8.5% to 411.4 million USD 3, supported by higher realized bill rates and demand for transformation services 3.
Forensic and Litigation Consulting
The FLC segment provides investigation, litigation and data analytics services to law firms, companies and government entities, with a focus on highly regulated industries 1. It accounted for 20% of revenues in 2025 1, and in the second quarter of 2026 revenues rose 4.1% to 194.3 million USD 3.
Economic Consulting
Economic Consulting analyzes complex economic issues for international arbitration, litigation and strategic decisions, including antitrust and financial valuation 1. The segment accounted for 19% of revenues in 2025, down from 23% in the prior year 1, and in the second quarter of 2026 revenues fell slightly by 1.5% to 188.8 million USD 3.
Market context
Demand for FTI's services depends on merger and acquisition activity, capital markets, litigation, regulation and general economic conditions 1. The company notes that different segments can see different demand in the same cycle: restructuring work tends to rise when conditions are harder, while M&A work tends to grow in more favorable conditions 1.
Guidance for 2026 calls for revenues between 3.940 and 4.100 billion USD, reaffirmed in the second quarter release 3, while the EPS range was updated to 8.70 to 9.30 USD 3. The company has indicated that these estimates could change if quarterly developments differ from expectations 1.
Trends
- Artificial intelligence and emerging technologiestailwind
The company argues that demand for AI-supported consulting services could grow as these capabilities become more sophisticated, and its Technology segment already offers AI-powered tools 1. If clients integrate AI into their operations, demand for governance and compliance consulting could support revenues 1.
- Mergers and acquisitions activitymixed
Deal volume influences demand in Corporate Finance and Economic Consulting, as well as demand for second request services in Technology 1. A decline in M&A activity could reduce revenues in these segments, while more intense activity could be favorable 1.
- Economic and geopolitical instabilitymixed
Recessions, geopolitical conflicts, inflation and interest rate volatility can change demand for restructuring, litigation and crisis communications services 1. The company notes that many of these factors are outside its control 1.
- Pressure on rates and staff utilizationheadwind
Clients may ask for rate discounts or refuse increases, and weak utilization of professionals can affect margins 1. If these pressures intensify, profitability could decline 1.
Competitive position
The SEC filings analyzed do not explicitly name competitors. FTI can be expected to compete with other management consulting, forensic expertise and strategic communications firms, but the list below is limited to what can be confirmed from the available sources. The company supports its position through specialized expertise and its reputation in litigation and regulation 1.
- Other management and transformation consulting firms
Direct competition in Corporate Finance and transformation projects, not named in the sources.
- Forensic accounting and investigations firms
Competition in Forensic and Litigation Consulting, not named in the sources.
- Economic and antitrust consulting firms
Competition in Economic Consulting, not named in the sources.
- Strategic communications and public affairs firms
Competition in Strategic Communications, not named in the sources.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Oct 2026Results of operations · Exit or disposal costs · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Oct 2026
- Current report31 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report01 Jul 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote · Other events · Financial statements and exhibits
- Current report01 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Proxy statement21 Apr 2026
- Current report18 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FTI Consulting, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FTI Consulting, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FTI Consulting, Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.