# FTI Consulting (FCN.US)

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

Analysis as of: 2026-10-16T07:28:28.515Z. Financial observations: FY1996–FY2026.

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: $146.24 per share; close as of 2026-10-15.

Estimated value: low $164.04 per share, central $233.01 per share, high $273.17 per share. Buy at or below the central value $233.01 per share. Valuation as of 2026-10-16T07:28:28.515Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.11×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.09×

- FY2025: 0.11×

- LTM to Jun 2026: 0.10×

### moat: pass

- ROIC, median of available years: 44.0%

- ROIC, second-lowest year: 24.6%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 32.3%

- Recent gross margin (lower of latest and 3-year median): 32.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 13.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.6%

- FY2017: 24.6%

- FY2018: 36.8%

- FY2019: 56.7%

- FY2020: 62.9%

- FY2021: 58.6%

- FY2022: 45.3%

- FY2023: 42.9%

- FY2024: 45.2%

- FY2025: 35.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.07×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 36.6%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 3.9 pp

- Working capital / revenue, final three-year average: 30.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.16×

- FY2025: 1.17×

### 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: 24.6% vs 42.9%

- Per-share earnings: 2.05 to 7.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.4%

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: $3.4B

- Cumulative retained earnings: $922M

- Diluted shares, 10-year annual growth: -2.4%

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.2%

- Per-share value change: $5.76

- Per-share value, starting three-year median: $2.05

- Per-share value, ending three-year median: $7.81

- Buybacks concentrated in cheaper years (correlation): 0.79

- Average buyback yield: 4.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $99M

- Cumulative net income, 10 years: $2.1B

- ROIC, first three-year median: 24.6%

- ROIC, last three-year median: 42.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.05

- FY2017: $2.75

- FY2018: $3.93

- FY2019: $5.69

- FY2020: $5.67

- FY2021: $6.65

- FY2022: $6.58

- FY2023: $7.71

- FY2024: $7.81

- FY2025: $8.24

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 3.4%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 25.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.56×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.72×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.6%

- FY2017: -1.8%

- FY2018: -3.4%

- FY2019: -0.0%

- FY2020: -4.2%

- FY2021: -3.9%

- FY2022: 1.4%

- FY2023: 1.5%

- FY2024: -3.2%

- FY2025: 3.4%

## Holders

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

## Price story

Down 36% since Aug 2024 · "(FCN) lowered its earnings, adjusted earnings and revenue guidance for the full-year 2025." (nasdaq.com, Jul 2025) · sales +3.6%

Story as of 2026-10-16T09:58:44.672Z; price observation 2026-10-15.

Price needs cash profits to grow 0.5% a year for ten years

- 2025-05-12: FCN Q1 Earnings Call: FTI Consulting Misses on Revenue as Uncertainty Weighs on Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/fcn-q1-earnings-call-fti-103107044.html))

- 2025-07-24: FTI Consulting Trims FY25 Outlook - Update ([nasdaq.com](https://www.nasdaq.com/articles/fti-consulting-trims-fy25-outlook-update))

- 2026-05-05: FTI Consulting Stock Declines 6.3% Since Q2 Earnings Miss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fti-consulting-stock-declines-6-170400618.html))

- 2026-07-31: FTI Consulting (FCN) Could Be 6% Undervalued On Reaffirmed 2026 Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fti-consulting-fcn-could-6-060801269.html))

### Sales · FY2025–2026

sales +3.6%; source https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm; observed 2026-02-26.

- FY2017: $1.8B 

- FY2018: $2.0B 

- FY2019: $2.4B 

- FY2020: $2.5B 

- FY2021: $2.8B 

- FY2022: $3.0B 

- FY2023: $3.5B 

- FY2024: $3.7B 

- FY2025: $3.8B 

- FY2026: $3.9B 

### Gross margin · FY2025

gross margin 32.1%; source https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm; observed 2026-02-26.

- FY2016: 33.1% 

- FY2017: 32.8% 

- FY2018: 34.5% 

- FY2019: 34.8% 

- FY2020: 32.0% 

- FY2021: 31.0% 

- FY2022: 31.8% 

- FY2023: 32.5% 

- FY2024: 32.0% 

- FY2025: 32.1% 

## Owner memo

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

### How it makes money

Operates in consulting services; annual sales are USD 3.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm (filed 2026-02-26); FY2025: revenue 3788857000; grossProfit 1217475000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCN.US: FTI Consulting, Inc. provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company operates through Corporate Finance; Forensic and Litigation Consulting; Economic Consulting; and Technology, and Strategic Communications segments. The Corporate Finance segment provides transactions, transformation and turnaround, and restructuring services. The Forensic and Litigation Consulting segment offers construction, projects and assets and environmental solutions, data and analytics, dispute advisory services, healthcare risk management and advisory, and risk and investigations, which include cybersecurity and financial services-related offerings. The Economic Consulting segment provides antitrust and competition economics, financial economics, and international arbitration services. The Technology segment offers blockchain and digital assets, information governance, privacy and security, investigations, litigation, M&A, and antitrust and competition services. The Strategic Communications segment provides corporate reputation, financial communications, and public affairs services. It serves aerospace and defense, airlines and aviation, blockchain and digital assets, chemicals, construction and environmental solutions, energy, financial services, food and agribusiness, healthcare and life sciences, hospitality, gaming and leisure, automotive and industrial, insurance, mining, power and products, renewable and energy transition, professional services, public sector and government contracts, real estate, retail and consumer products, telecom, media and technology, and transportation and logistics sectors. The company was incorporated in 1982 and is headquartered in Washington, the District of Columbia.

### Why customers stay

Margins ranged from 32% to 32.5% during 2023–25; it earns 44% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 32%.

- Source: https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.22577756964648482],[2017,0.24633480922880308],[2018,0.3684374428194053],[2019,0.567330774690579],[2020,0.6287848199341306],[2021,0.5858402193923009],[2022,0.4525413859100205],[2023,0.42855248909458377],[2024,0.45218750836111],[2025,0.3548370404415601]]; median 0.4403699987278469. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.3100310421861076],[2022,0.3179135846978515],[2023,0.32529300060013033]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 858.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 28935000; owner earnings 105591000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 32004000; owner earnings 117698000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 32270000; owner earnings 158039000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 3767000; upkeep 38305000; owner earnings 216726000. Growth capex / owner earnings = 0.017381394018253463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 34866000; owner earnings 218864000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 23573000; upkeep 45092000; owner earnings 234966000. Growth capex / owner earnings = 0.10032515342645319.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 7778000; upkeep 45541000; owner earnings 235514000. Growth capex / owner earnings = 0.033025637541717265.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 2241000; upkeep 47238000; owner earnings 274892000. Growth capex / owner earnings = 0.008152292536705324.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 2623000; owner earnings 325558000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 4459000; owner earnings 315655000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,0],[2017,0],[2018,316250000],[2019,3171000],[2020,5823000],[2021,2603000],[2022,0],[2023,832726000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/887936/000088793626000013/fcn-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 858681000 USD.

### Are managers owners

Insiders own 2.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FCN.US SharesStats.PercentInsiders = 2.16 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.5% yearly over ten years; actual growth was 17.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.005012772199739446. Price 146.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8637398451915934 → FY2025 9.599920926979106. Closing-price date 2026-10-15.

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

- 2016-10: $38.96 per share

- 2016-11: $42.70 per share

- 2016-12: $45.08 per share

- 2017-01: $42.14 per share

- 2017-02: $40.24 per share

- 2017-03: $41.17 per share

- 2017-04: $34.59 per share

- 2017-05: $34.53 per share

- 2017-06: $34.96 per share

- 2017-07: $32.81 per share

- 2017-08: $33.91 per share

- 2017-09: $35.48 per share

- 2017-10: $42.75 per share

- 2017-11: $43.01 per share

- 2017-12: $42.96 per share

- 2018-01: $43.47 per share

- 2018-02: $47.69 per share

- 2018-03: $48.41 per share

- 2018-04: $58.40 per share

- 2018-05: $61.99 per share

- 2018-06: $60.48 per share

- 2018-07: $78.96 per share

- 2018-08: $76.22 per share

- 2018-09: $73.19 per share

- 2018-10: $69.11 per share

- 2018-11: $70.25 per share

- 2018-12: $66.64 per share

- 2019-01: $68.32 per share

- 2019-02: $74.16 per share

- 2019-03: $76.82 per share

- 2019-04: $84.98 per share

- 2019-05: $83.92 per share

- 2019-06: $83.84 per share

- 2019-07: $104.45 per share

- 2019-08: $108.14 per share

- 2019-09: $105.99 per share

- 2019-10: $108.87 per share

- 2019-11: $108.99 per share

- 2019-12: $110.66 per share

- 2020-01: $120.06 per share

- 2020-02: $112.59 per share

- 2020-03: $119.77 per share

- 2020-04: $127.36 per share

- 2020-05: $120.46 per share

- 2020-06: $114.55 per share

- 2020-07: $119.44 per share

- 2020-08: $114.76 per share

- 2020-09: $105.97 per share

- 2020-10: $98.46 per share

- 2020-11: $105.02 per share

- 2020-12: $111.72 per share

- 2021-01: $109.97 per share

- 2021-02: $114.55 per share

- 2021-03: $140.11 per share

- 2021-04: $138.85 per share

- 2021-05: $137.55 per share

- 2021-06: $136.61 per share

- 2021-07: $145.70 per share

- 2021-08: $139.71 per share

- 2021-09: $134.70 per share

- 2021-10: $143.92 per share

- 2021-11: $146.09 per share

- 2021-12: $153.42 per share

- 2022-01: $145.81 per share

- 2022-02: $146.00 per share

- 2022-03: $157.22 per share

- 2022-04: $157.71 per share

- 2022-05: $168.00 per share

- 2022-06: $180.85 per share

- 2022-07: $163.56 per share

- 2022-08: $160.60 per share

- 2022-09: $165.71 per share

- 2022-10: $155.63 per share

- 2022-11: $172.82 per share

- 2022-12: $158.80 per share

- 2023-01: $159.52 per share

- 2023-02: $183.71 per share

- 2023-03: $197.35 per share

- 2023-04: $180.50 per share

- 2023-05: $188.01 per share

- 2023-06: $190.20 per share

- 2023-07: $175.16 per share

- 2023-08: $185.82 per share

- 2023-09: $178.41 per share

- 2023-10: $212.26 per share

- 2023-11: $220.46 per share

- 2023-12: $199.15 per share

- 2024-01: $191.61 per share

- 2024-02: $206.88 per share

- 2024-03: $210.29 per share

- 2024-04: $213.83 per share

- 2024-05: $214.80 per share

- 2024-06: $215.53 per share

- 2024-07: $217.97 per share

- 2024-08: $228.31 per share

- 2024-09: $227.56 per share

- 2024-10: $195.08 per share

- 2024-11: $202.52 per share

- 2024-12: $191.13 per share

- 2025-01: $195.35 per share

- 2025-02: $165.60 per share

- 2025-03: $164.08 per share

- 2025-04: $166.28 per share

- 2025-05: $164.16 per share

- 2025-06: $161.50 per share

- 2025-07: $166.35 per share

- 2025-08: $168.64 per share

- 2025-09: $161.65 per share

- 2025-10: $165.01 per share

- 2025-11: $163.15 per share

- 2025-12: $170.83 per share

- 2026-01: $174.67 per share

- 2026-02: $164.42 per share

- 2026-03: $176.77 per share

- 2026-04: $179.30 per share

- 2026-05: $153.18 per share

- 2026-06: $149.01 per share

- 2026-07: $159.38 per share

- 2026-08: $150.57 per share

- 2026-09: $134.51 per share

- 2026-10: $146.24 per share

## Annual estimated value (USD per share)

- FY2016: low $24.57 per share, central $29.01 per share, high $33.10 per share

- FY2017: low $25.96 per share, central $29.00 per share, high $33.05 per share

- FY2018: low $41.57 per share, central $47.25 per share, high $53.78 per share

- FY2019: low $58.97 per share, central $74.99 per share, high $86.31 per share

- FY2020: low $75.22 per share, central $102.33 per share, high $118.92 per share

- FY2021: low $101.43 per share, central $137.56 per share, high $159.31 per share

- FY2022: low $107.97 per share, central $146.93 per share, high $170.38 per share

- FY2023: low $119.89 per share, central $168.16 per share, high $196.26 per share

- FY2024: low $135.09 per share, central $185.97 per share, high $215.59 per share

- FY2025: low $136.27 per share, central $192.20 per share, high $224.76 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/887936/000088793626000013/fcn-20251231.htm); period 2025-12-31, 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.