# CRA International (CRAI.US)

Canonical: https://gigainvestors.com/s/CRAI

Analysis as of: 2026-10-16T07:27:42.799Z. Financial observations: FY1997–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $177.35 per share; close as of 2026-10-15.

Estimated value: low $184.54 per share, central $263.46 per share, high $309.41 per share. Buy at or below the central value $263.46 per share. Valuation as of 2026-10-16T07:27:42.799Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.04×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 18.4%

- ROIC, second-lowest year: 11.2%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 29.8%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 14.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.6%

- FY2017: 16.0%

- FY2018: 13.1%

- FY2019: 9.4%

- FY2020: 11.2%

- FY2021: 22.6%

- FY2022: 20.9%

- FY2023: 22.3%

- FY2024: 25.6%

- FY2025: 26.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $330M

- Net income, five-year total: $225M

- Return on incremental invested capital: 89.6%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.4 pp

- Working capital / revenue, final three-year average: 29.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.56×

- FY2022: 1.50×

- FY2023: 1.61×

- FY2024: 1.22×

- FY2025: 1.47×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 15.6% vs 25.6%

- Per-share earnings: 0.90 to 6.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.1%

- Ordinary dilution, 5-year annual growth: -3.3%

- Market cap gain: $1.0B

- Cumulative retained earnings: $54M

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: -3.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 28.7%

- Per-share value change: $5.86

- Per-share value, starting three-year median: $0.90

- Per-share value, ending three-year median: $6.75

- Buybacks concentrated in cheaper years (correlation): 0.35

- Average buyback yield: 4.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $29M

- Cumulative net income, 10 years: $313M

- ROIC, first three-year median: 15.6%

- ROIC, last three-year median: 25.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.50

- FY2017: $0.90

- FY2018: $2.62

- FY2019: $2.54

- FY2020: $3.08

- FY2021: $5.47

- FY2022: $5.93

- FY2023: $5.41

- FY2024: $6.75

- FY2025: $8.16

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 5.1%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 26.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.41×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.47×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -10.9%

- FY2017: -10.6%

- FY2018: -3.7%

- FY2019: -1.3%

- FY2020: -5.4%

- FY2021: -6.1%

- FY2022: 3.4%

- FY2023: -3.9%

- FY2024: -0.5%

- FY2025: 5.1%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 1.5% a year for ten years · sales +9.3%

Story as of 2026-10-16T09:58:33.952Z; price observation 2026-10-15.

Price needs cash profits to grow 1.5% a year for ten years

- 2025-08-01: CRA International raises 2025 revenue guidance to $730M–$745M with strong antitrust and energy practices ([seekingalpha.com](https://seekingalpha.com/news/4476340-cra-international-raises-2025-revenue-guidance-to-730m-745m-with-strong-antitrust-and-energy?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +9.3%; source https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm; observed 2026-02-26.

- FY2016: $325M 

- FY2017: $370M 

- FY2018: $418M 

- FY2019: $451M 

- FY2020: $508M 

- FY2021: $566M 

- FY2022: $591M 

- FY2023: $624M 

- FY2024: $687M 

- FY2025: $752M 

### Gross margin · FY2025

gross margin 29%; source https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm; observed 2026-02-26.

- FY2016: 30.0% 

- FY2017: 30.1% 

- FY2018: 30.8% 

- FY2019: 29.6% 

- FY2020: 27.1% 

- FY2021: 29.3% 

- FY2022: 30.6% 

- FY2023: 27.5% 

- FY2024: 30.2% 

- FY2025: 29.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in consulting services; annual sales are USD 751.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm (filed 2026-02-26); FY2025: revenue 751583000; grossProfit 218155000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CRAI.US: CRA International, Inc., together with its subsidiaries, provides economic, financial, and management consulting services worldwide. It advises clients on economic and financial matters pertaining to litigation and regulatory proceedings; and guide corporations through business strategy and performance-related issues. The company also offers consulting services, including research and analysis, expert testimony, and comprehensive support in litigation and regulatory proceedings in the areas of finance, accounting, economics, insurance, and forensic accounting and investigations to corporate clients and attorneys. In addition, it provides management consulting services, such as strategy development, performance improvement, corporate strategy and portfolio analysis, estimation of market demand, environmental, social and corporate governance and sustainability strategy and analysis, design and implementation of auction and bidding, new product pricing strategies, survey and market research, valuation of intellectual property and other assets, assessment of competitors' actions, and analysis of new sources of supply. The company serves various industries comprising blockchain and cryptocurrency; communications and media; consumer, health, and wellness products; energy; entertainment and leisure; financial services; healthcare; life sciences; manufacturing and industries; natural resources; retail and distribution; technology; and transportation. The company was incorporated in 1965 and is headquartered in Boston, Massachusetts.

### Why customers stay

Margins ranged from 27.5% to 30.2% during 2023–25; it earns 18.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 27.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 30.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.15586500296935443],[2017,0.1596192790603483],[2018,0.1309624737443483],[2019,0.09350409783051733],[2020,0.11165186478741718],[2021,0.2257923947717157],[2022,0.20871441744134725],[2023,0.22294901597642253],[2024,0.2557122694732611],[2025,0.26093991614214007]]; median 0.18416684825084778. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 47.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 1637942.5248035174; upkeep 11385057.475196483; owner earnings 9377942.524803517. Growth capex / owner earnings = 0.17465904919670372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 898000; upkeep 8859000; owner earnings 7624000. Growth capex / owner earnings = 0.11778593913955929.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 4747721.736961804; upkeep 10699278.263038196; owner earnings 21788721.736961804. Growth capex / owner earnings = 0.21789813070621286.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 16693000; owner earnings 25364000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 17094000; owner earnings 32290000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 2623000; owner earnings 64835000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 3813000; owner earnings 65557000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 2366000; owner earnings 61952000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 16623000; owner earnings 56854000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 3868000; owner earnings 80423000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,1166000],[2017,4941000],[2018,5784000],[2019,6539000],[2020,7395000],[2021,8289000],[2022,9580000],[2023,10807000],[2024,12300000],[2025,13831000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm (filed 2026-02-26); FY2025: cash repurchases 47149000 USD.

### Are managers owners

Insiders own 3.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CRAI.US SharesStats.PercentInsiders = 3.742 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 1.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.008760802050638561. Price 177.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.410657966286025 → FY2025 11.978403336312184. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.14 per share

- 2016-11: $32.86 per share

- 2016-12: $36.60 per share

- 2017-01: $33.23 per share

- 2017-02: $35.86 per share

- 2017-03: $35.33 per share

- 2017-04: $37.94 per share

- 2017-05: $34.57 per share

- 2017-06: $36.32 per share

- 2017-07: $38.81 per share

- 2017-08: $37.53 per share

- 2017-09: $41.05 per share

- 2017-10: $42.26 per share

- 2017-11: $45.20 per share

- 2017-12: $44.95 per share

- 2018-01: $46.43 per share

- 2018-02: $49.99 per share

- 2018-03: $52.29 per share

- 2018-04: $56.47 per share

- 2018-05: $54.10 per share

- 2018-06: $50.89 per share

- 2018-07: $54.12 per share

- 2018-08: $57.16 per share

- 2018-09: $50.22 per share

- 2018-10: $42.15 per share

- 2018-11: $48.75 per share

- 2018-12: $42.55 per share

- 2019-01: $41.74 per share

- 2019-02: $49.96 per share

- 2019-03: $50.54 per share

- 2019-04: $52.08 per share

- 2019-05: $37.44 per share

- 2019-06: $38.33 per share

- 2019-07: $43.42 per share

- 2019-08: $38.89 per share

- 2019-09: $41.97 per share

- 2019-10: $49.25 per share

- 2019-11: $51.27 per share

- 2019-12: $54.47 per share

- 2020-01: $53.28 per share

- 2020-02: $46.51 per share

- 2020-03: $33.41 per share

- 2020-04: $42.13 per share

- 2020-05: $40.39 per share

- 2020-06: $39.50 per share

- 2020-07: $41.77 per share

- 2020-08: $42.51 per share

- 2020-09: $37.47 per share

- 2020-10: $40.95 per share

- 2020-11: $45.85 per share

- 2020-12: $50.93 per share

- 2021-01: $53.21 per share

- 2021-02: $55.17 per share

- 2021-03: $74.64 per share

- 2021-04: $80.26 per share

- 2021-05: $81.86 per share

- 2021-06: $85.60 per share

- 2021-07: $85.73 per share

- 2021-08: $92.99 per share

- 2021-09: $99.34 per share

- 2021-10: $109.82 per share

- 2021-11: $92.07 per share

- 2021-12: $93.36 per share

- 2022-01: $85.06 per share

- 2022-02: $88.83 per share

- 2022-03: $84.26 per share

- 2022-04: $82.37 per share

- 2022-05: $85.73 per share

- 2022-06: $89.32 per share

- 2022-07: $99.01 per share

- 2022-08: $91.41 per share

- 2022-09: $88.74 per share

- 2022-10: $102.74 per share

- 2022-11: $123.26 per share

- 2022-12: $122.43 per share

- 2023-01: $118.84 per share

- 2023-02: $124.47 per share

- 2023-03: $107.82 per share

- 2023-04: $105.14 per share

- 2023-05: $92.67 per share

- 2023-06: $102.00 per share

- 2023-07: $100.09 per share

- 2023-08: $108.63 per share

- 2023-09: $100.76 per share

- 2023-10: $97.11 per share

- 2023-11: $94.77 per share

- 2023-12: $98.85 per share

- 2024-01: $107.24 per share

- 2024-02: $132.54 per share

- 2024-03: $149.58 per share

- 2024-04: $145.09 per share

- 2024-05: $175.97 per share

- 2024-06: $172.22 per share

- 2024-07: $174.80 per share

- 2024-08: $168.60 per share

- 2024-09: $175.32 per share

- 2024-10: $182.14 per share

- 2024-11: $195.03 per share

- 2024-12: $187.20 per share

- 2025-01: $183.58 per share

- 2025-02: $193.15 per share

- 2025-03: $173.20 per share

- 2025-04: $162.20 per share

- 2025-05: $190.05 per share

- 2025-06: $187.37 per share

- 2025-07: $176.66 per share

- 2025-08: $193.76 per share

- 2025-09: $208.53 per share

- 2025-10: $190.49 per share

- 2025-11: $176.34 per share

- 2025-12: $200.70 per share

- 2026-01: $188.94 per share

- 2026-02: $172.66 per share

- 2026-03: $161.88 per share

- 2026-04: $157.47 per share

- 2026-05: $138.75 per share

- 2026-06: $142.30 per share

- 2026-07: $179.03 per share

- 2026-08: $174.50 per share

- 2026-09: $164.15 per share

- 2026-10: $177.35 per share

## Annual estimated value (USD per share)

- FY2016: low $17.39 per share, central $19.03 per share, high $21.22 per share

- FY2017: low $19.23 per share, central $21.13 per share, high $23.65 per share

- FY2018: low $19.70 per share, central $23.02 per share, high $26.25 per share

- FY2019: low $22.64 per share, central $29.95 per share, high $34.74 per share

- FY2020: low $48.86 per share, central $66.49 per share, high $77.25 per share

- FY2021: low $63.92 per share, central $88.23 per share, high $102.39 per share

- FY2022: low $72.04 per share, central $101.77 per share, high $119.08 per share

- FY2023: low $122.98 per share, central $173.68 per share, high $203.21 per share

- FY2024: low $136.19 per share, central $193.75 per share, high $227.27 per share

- FY2025: low $163.32 per share, central $233.10 per share, high $273.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1053706/000105370626000006/crai-20260103.htm); period 2026-01-03, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.