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what it is
CRA sells expert advice and courtroom-grade analysis to companies and law firms when the stakes are expensive.
how it gets paid
Last year Cra International made $752M in revenue. antitrust & competition was the main engine at $188M, or 25% of sales.
why it's growing
Revenue grew 9.3% last year. $2.18 matters most because Q4 EPS was up from $1.62 a year earlier.
what just happened
CRA closed fiscal 2024 with $6.74 in full-year EPS after a $2.18 fourth quarter.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
22.8x trailing p/e — priced about right
1.5% dividend yield — cash in your pocket every quarter
22.0% return on capital — every dollar works hard here
xvary composite: 58/100 — below average
What they do
CRA sells expert advice and courtroom-grade analysis to companies and law firms when the stakes are expensive.
CRA's edge is specialized expertise, not software. When a case can move millions, you hire the firm with expert testimony, antitrust chops, and forensic depth. That model produced a 22.0% return on capital in, which is consultant-speak for turning brainpower into cash better than most firms.
How they make money
$752M
annual revenue · their business grew +9.3% last year
antitrust & competition
$188M
+6.0%
litigation, finance & accounting
$158M
+4.0%
labor & employment
$128M
+15.0%
energy, environment & life sciences
$143M
+9.0%
cyber, risk & transaction support
$135M
+12.0%
The products that matter
expert analysis for disputes
Economic & Financial Consulting
core revenue engine
this sits inside a $752M firm that grew 9.3% last year, and it is the kind of work that supports premium billing when clients need expert testimony or hard economics.
record revenue streak
strategy and operating advice
Management Consulting
part of the same $752M base
management does not break out segment revenue on this page, so you should treat this as part of the broader $752M advisory platform rather than a standalone growth story.
no segment split here
outside specialist network
Non-employee Experts
key operating input
the risk section says revenue depends on key professionals and non-employee experts, which tells you the real product is expert time attached to a $752M client base.
talent matters most
Key numbers
22.0%
return on capital
Return on capital → profit earned on money invested → so what: CRA converts its asset-light model into strong economics.
14.2%
operating margin
Operating margin → profit after running the business → so what: this consulting shop keeps about 14 cents from each revenue dollar before interest and taxes.
$81M
long-term debt
Long-term debt → borrowed money due over years → so what: debt is only 7% of capital, which keeps the balance sheet from becoming the story.
22.8x
trailing p/e
P/E → price divided by earnings → so what: you are paying a premium multiple for a consulting firm with good, but not bulletproof, predictability.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $81M (7% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CRAI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
CRA closed fiscal 2024 with $6.74 in full-year EPS after a $2.18 fourth quarter.
Value Line shows quarterly EPS rising from $1.62 in Q4 2023 to $2.18 in Q4 2024. EDGAR and consensus also point to a $752M trailing revenue base, up 9.3% vs. prior year.
$188M
ttm revenue
$2.18
q4 eps
14.2%
operating margin
the number that mattered
$2.18 matters most because Q4 EPS was up from $1.62 a year earlier, which shows the firm's utilization and pricing held up better than the stock's small-cap label suggests.
source:, EDGAR, and company earnings report, 2026
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What could go wrong
the #1 risk is expert retention in a 2–3% share consulting market.
high
expert retention and poaching
revenue depends on key professionals and non-employee experts. larger rivals can pay up, and CRAI only has an estimated 2–3% share in a fragmented market.
if rainmakers leave, revenue and pricing power can leave with them.
med
cyclical demand for advisory work
consulting demand moves with litigation volume, regulatory intensity, and corporate spending. those are outside management's control.
if demand slows, the 4–7% growth target gets harder to hit quickly.
med
cybersecurity and confidential client data
the firm handles sensitive information. a breach would be more than an IT problem — it would be a trust problem.
damage to client confidence could hit both new work and legal costs at the same time.
med
valuation leaves limited slack
the stock trades at 22.8x trailing earnings while management is guiding to 4–7% revenue growth from a $752M base.
if execution gets merely decent instead of excellent, the multiple can do the damage for you.
you are paying 22.8x earnings for a firm targeting $785–805M in 2026 revenue. if talent retention slips or demand cools, that premium can compress fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 revenue target: $785–805M
that range implies 4–7% growth from $752M. the stock does not need perfection, but it does need the company to stay comfortably inside that band.
profitability
return on capital: 22.0%
this is the quality number. if it starts slipping while growth stays ordinary, the premium multiple gets harder to defend.
calendar
next earnings check-in: may 2026
the next report should tell you whether the raised guidance still looks realistic and whether the record-revenue streak still has momentum.
capital return
$55M added to buybacks + $0.57 quarterly dividend
buybacks matter more than the 1.5% yield here. if management keeps repurchasing stock, it is a signal that cash generation remains healthy.
Analyst rankings
earnings predictability
75 / 100
management has been fairly reliable. in human-speak, analysts think this business is more steady than surprising.
risk rank
3
this sits around the middle. you are not buying a bunker stock, but you are not buying chaos either.
price stability
55 / 100
the stock has been moderately stable. plain english: calmer than many small caps, still not sleepy.
source: institutional data
Institutional activity
institutional ownership data for CRAI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$190
current price
n/a
target midpoint · n/a from current
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