Detailed financial statements for Exponent, Inc. (EXPO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Exponent, Inc. functions as a global leader in scientific and engineering consulting, operating through its subsidiaries. The firm's activities are divided into two principal segments: Engineering and Other Scientific, and Environmental and Health.
Analysis Summary
Exponent, Inc. reported revenue of $582.0M in the most recent fiscal year, growing at a 5-year CAGR of 7.8%. Net income reached $106.0M, with a 5.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 25.5%, operating margin 21.3%, net margin 17.4%. Free cash flow grew at 4.5% CAGR over 5 years.
At $80.26 (closing price, October 30, 2026), EXPO trades at a P/E of 34.59 and an ROE of 34.61%. Market capitalisation stands at $3.8B.
Balance sheet quality for EXPO: current ratio of 2.4, net cash position of $139.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $122.3M represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $315.1M | $347.8M | $379.5M | $417.2M | $399.9M | $466.3M | $513.3M | $536.8M | $558.5M | $582.0M |
| Cost of Revenue | $15.9M | $18.1M | $24.9M | $25.8M | $303.8M | $342.1M | $348.8M | $401.0M | $416.2M | $436.7M |
| Gross Profit | $299.2M | $329.7M | $354.6M | $391.4M | $96.1M | $124.2M | $164.5M | $135.8M | $142.3M | $145.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $208.9M | $228.1M | $232.6M | $272.7M | $262.9M | $293.3M | $287.9M | $24.4M | $22.7M | $25.5M |
| Operating Expenses | $253.2M | $275.7M | $288.1M | $306.3M | $12.9M | $15.3M | $23.7M | $24.4M | $22.7M | $25.5M |
| Operating Income | $61.9M | $72.1M | $91.5M | $85.1M | $83.2M | $108.9M | $140.8M | $111.3M | $119.6M | $119.8M |
| EBITDA | $68.0M | $78.3M | $97.7M | $91.9M | $90.1M | $132.3M | $139.3M | $144.8M | $157.1M | $157.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $69.1M | $82.5M | $93.3M | $104.2M | $96.9M | $125.8M | $132.2M | $135.9M | $147.4M | $147.3M |
| Income Tax | $21.6M | $41.2M | $21.1M | $21.7M | $14.4M | $24.6M | $29.9M | $35.6M | $38.4M | $41.3M |
| Net Income | $47.5M | $41.3M | $72.3M | $82.5M | $82.6M | $101.2M | $102.3M | $100.3M | $109.0M | $106.0M |
| EPS | $0.90 | $0.78 | $1.37 | $1.57 | $1.58 | $1.92 | $1.98 | $1.96 | $2.13 | $2.08 |
| EPS (Diluted) | $0.87 | $0.77 | $1.33 | $1.53 | $1.55 | $1.90 | $1.96 | $1.94 | $2.11 | $2.07 |
| Shares Outstanding (Diluted) | 54.3 M | 54.0 M | 54.2 M | 53.9 M | 53.3 M | 53.3 M | 52.3 M | 51.6 M | 51.6 M | 51.2 M |
Income Statement (Quarterly)
| Year | 2026-Q1 | 2026-Q2 | 2026-Q3 | 2026-Q4 |
|---|---|---|---|---|
| Revenue | $147.4M | $166.3M | $171.6M | $173.7M |
| Gross Profit | $35.9M | $47.6M | $35.4M | $49.2M |
| Operating Income | $29.1M | $41.4M | $28.0M | $41.9M |
| EBITDA | $36.6M | $44.9M | $30.7M | $45.6M |
| Net Income | $24.8M | $29.6M | $29.4M | $30.9M |
| EPS | $0.49 | $0.59 | $0.60 | $0.64 |
| EPS (Diluted) | $0.49 | $0.59 | $0.60 | $0.64 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $115.0M | $124.8M | $127.1M | $176.4M | $197.5M | $297.7M | $161.5M | $187.2M | $258.9M | $221.9M |
| Short-term Investments | $58.8M | $71.6M | $81.5M | $55.2M | $45.0M | 0 | 0 | 0 | 0 | 0 |
| Receivables | $87.4M | $110.1M | $105.8M | $120.1M | $111.6M | $139.9M | $170.1M | $167.4M | $161.4M | $181.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $274.0M | $315.5M | $326.6M | $364.0M | $366.8M | $452.8M | $349.2M | $379.5M | $446.9M | $427.6M |
| Property, Plant & Equipment | $36.7M | $35.0M | $46.1M | $84.6M | $79.1M | $74.3M | $83.5M | $99.9M | $148.3M | $145.4M |
| Goodwill | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M | $8.6M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $403.7M | $439.6M | $468.9M | $563.4M | $593.8M | $683.7M | $586.7M | $646.8M | $777.3M | $808.6M |
| Accounts Payable | $3.2M | $2.8M | $2.6M | $4.6M | $3.3M | $3.2M | $8.6M | $4.5M | $5.3M | $6.9M |
| Short-term Debt | 0 | 0 | 0 | $5.9M | $6.0M | 0 | 0 | 0 | 0 | $6.9M |
| Total Current Liabilities | $80.2M | $93.1M | $98.3M | $124.0M | $117.3M | $153.0M | $159.0M | $161.9M | $163.2M | $178.0M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $130.4M | $150.5M | $155.0M | $213.2M | $232.3M | $266.7M | $265.9M | $290.7M | $356.2M | $418.3M |
| Retained Earnings | $291.2M | $304.0M | $342.0M | $384.7M | $421.8M | $478.4M | $528.8M | $574.1M | $624.2M | $668.4M |
| Total Equity | $273.3M | $289.1M | $313.9M | $350.3M | $361.5M | $417.1M | $320.8M | $356.1M | $421.1M | $390.3M |
| Total Debt | 0 | 0 | 0 | $24.1M | $20.3M | $15.0M | $18.6M | $28.3M | $81.5M | $82.8M |
| Net Debt | -$173.7M | -$196.4M | -$208.6M | -$207.5M | -$222.2M | -$282.7M | -$142.9M | -$158.9M | -$177.4M | -$139.1M |
| Working Capital | $193.8M | $222.4M | $228.3M | $240.1M | $249.5M | $299.8M | $190.1M | $217.6M | $283.7M | $249.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $207.4M | $221.9M | $118.6M | $66.6M |
| Total Assets | $761.4M | $808.6M | $687.4M | $652.7M |
| Total Liabilities | $358.6M | $418.3M | $349.0M | $364.1M |
| Total Equity | $402.9M | $390.3M | $338.3M | $288.6M |
| Total Debt | $82.6M | $82.8M | $81.0M | $80.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $47.5M | $41.3M | $72.3M | $82.5M | $82.6M | $101.2M | $102.3M | $100.3M | $109.0M | $106.0M |
| Depreciation & Amortization | $6.1M | $6.3M | $6.3M | $6.8M | $6.9M | $6.5M | $7.1M | $8.9M | $9.7M | $10.1M |
| Stock-based Compensation | $13.3M | $16.2M | $17.0M | $17.5M | $17.3M | $19.3M | $20.4M | $20.4M | $23.2M | $23.8M |
| Change in Working Capital | $490,000 | -$9.8M | -$2.5M | $2.5M | -$1.4M | $1.7M | -$31.7M | -$5.6M | $1.5M | -$1.2M |
| Operating Cash Flow | $66.9M | $67.8M | $91.2M | $108.1M | $103.3M | $124.6M | $93.8M | $127.4M | $144.5M | $131.7M |
| Capital Expenditure | -$14.4M | -$4.7M | -$16.3M | -$23.0M | -$5.0M | -$6.8M | -$12.0M | -$16.4M | -$6.9M | -$9.4M |
| Acquisitions | 0 | 0 | 0 | $23.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$24.5M | -$11.9M | -$27.9M | -$22.0M | -$40.0M | -$7.0M | -$155.9M | -$24.2M | -$5.7M | -$97.1M |
| Dividends Paid | -$18.8M | -$21.8M | -$27.2M | -$33.5M | -$39.8M | -$43.2M | -$49.2M | -$54.0M | -$58.2M | -$61.5M |
| Free Cash Flow | $52.6M | $63.1M | $74.9M | $85.0M | $98.3M | $117.7M | $81.8M | $111.0M | $137.6M | $122.3M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $32.7M | $55.6M | -$975,000 | $30.9M |
| Capital Expenditure | -$2.7M | -$2.7M | -$2.5M | -$1.8M |
| Free Cash Flow | $30.0M | $52.9M | -$3.4M | $29.1M |
| Dividends Paid | -$15.1M | -$14.9M | -$16.6M | -$14.8M |
| Stock-based Compensation | $5.3M | $5.0M | $9.1M | $6.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +10.4% | +9.1% | +9.9% | -4.1% | +16.6% | +10.1% | +4.6% | +4.1% | +4.2% | |
| Net Income Growth (YoY) | -13.0% | +74.9% | +14.1% | +0.1% | +22.6% | +1.1% | -1.9% | +8.6% | -2.7% | |
| EPS Growth (YoY) | -13.3% | +75.6% | +14.6% | +0.6% | +21.5% | +3.1% | -1.0% | +8.7% | -2.3% | |
| Shares Change (YoY) | -0.7% | +0.4% | -0.5% | -1.0% | +0.0% | -2.0% | -1.2% | -0.1% | -0.6% | |
| FCF Growth (YoY) | +20.1% | +18.7% | +13.5% | +15.6% | +19.7% | -30.6% | +35.8% | +24.0% | -11.1% | |
| Gross Margin | 95.0% | 94.8% | 93.4% | 93.8% | 24.0% | 26.6% | 32.0% | 25.3% | 25.5% | 25.0% |
| Operating Margin | 19.6% | 20.7% | 24.1% | 20.4% | 20.8% | 23.4% | 27.4% | 20.7% | 21.4% | 20.6% |
| EBITDA Margin | 21.6% | 22.5% | 25.8% | 22.0% | 22.5% | 28.4% | 27.1% | 27.0% | 28.1% | 27.0% |
| Net Margin | 15.1% | 11.9% | 19.0% | 19.8% | 20.6% | 21.7% | 19.9% | 18.7% | 19.5% | 18.2% |
| FCF Margin | 16.7% | 18.1% | 19.7% | 20.4% | 24.6% | 25.3% | 15.9% | 20.7% | 24.6% | 21.0% |
| Effective Tax Rate | 31.3% | 49.9% | 22.6% | 20.9% | 14.8% | 19.6% | 22.6% | 26.2% | 26.0% | 28.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.97 | $1.17 | $1.38 | $1.58 | $1.84 | $2.21 | $1.56 | $2.15 | $2.67 | $2.39 |
| Dividends Per Share | $0.35 | $0.40 | $0.50 | $0.62 | $0.75 | $0.81 | $0.94 | $1.05 | $1.13 | $1.20 |
| Shares Outstanding (Basic) | 53.0 M | 52.7 M | 52.9 M | 52.7 M | 52.4 M | 52.6 M | 51.7 M | 51.2 M | 51.1 M | 50.9 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 34.61% |
| Return on Invested Capital | 19.41% |
| Return on Assets | 16.54% |
| Gross Margin | 25.50% |
| Operating Margin | 21.31% |
| Net Margin | 17.40% |
Financial Health
| Debt / Equity | 0.26 |
| Current Ratio | 1.94 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 7.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2020 | 2021 | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 33.50 | 45.58 | 36.44 | 44.88 | 56.98 | 60.80 | 50.05 | 44.92 | 41.74 | 33.73 |
| P/B | 5.84 | 6.48 | 8.41 | 10.60 | 13.05 | 14.72 | 15.98 | 12.65 | 10.80 | 9.15 |
| P/S | 5.07 | 5.39 | 6.96 | 8.90 | 11.79 | 13.17 | 9.99 | 8.39 | 8.14 | 6.14 |
| Gross Margin | 95.0% | 94.8% | 93.4% | 93.8% | 24.0% | 26.6% | 32.0% | 25.3% | 25.5% | 25.0% |
| Operating Margin | 19.6% | 20.7% | 24.1% | 20.4% | 20.8% | 23.4% | 27.4% | 20.7% | 21.4% | 20.6% |
| Net Margin | 15.1% | 11.9% | 19.0% | 19.8% | 20.6% | 21.7% | 19.9% | 18.7% | 19.5% | 18.2% |
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Explore sector: Industrials · Engineering & Construction
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