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what it is
FTI gets paid when companies, courts, and executives need expensive adults in the room.
how it gets paid
Last year Fti Consulting made $3.8B in revenue. Corporate Finance & Restructuring was the main engine at $1.55B, or 41% of sales.
why it's growing
Revenue grew 2.4% last year. Quarterly revenue hit $2.8B, up 193% vs. prior year, while gross margin came in at 32.5%.
what just happened
FTI posted quarterly EPS of $1.78, beating the $1.43 estimate by 24.48%.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
80/100 earnings predictability — you can trust these numbers
20.9x trailing p/e — priced about right
9.0% return on capital — nothing to write home about
xvary composite: 69/100 — average
What they do
FTI gets paid when companies, courts, and executives need expensive adults in the room.
FTI sells expertise when the stakes are ugly and the bill still gets paid. It has about 8,375 employees, with 6,633 billable consultants, which means roughly 79% of staff directly produce revenue. In restructuring and litigation, switching costs (changing advisers mid-crisis) are brutal, so your client tends to stay once the fire starts.
How they make money
$3.8B
annual revenue · their business grew +2.4% last year
Corporate Finance & Restructuring
$1.55B
+7.0%
Forensic and Litigation Consulting
$1.03B
+4.0%
Economic Consulting
$0.76B
+6.0%
Technology
$0.26B
2.0%
Strategic Communications
$0.19B
1.0%
The products that matter
bankruptcy and turnaround advisory
Corporate Finance & Restructuring
part of a $3.8B firm · 7.2% net margin
this is the practice investors usually watch first because distress cycles can move demand fast. We do not have segment dollars here, so your anchor is the company-level math: $3.8B of revenue, 7.2% net margin, and a model that benefits when corporate situations get uglier.
cycle lever
expert analysis for legal disputes
Forensic & Litigation Consulting
segment revenue not broken out
litigation work is part annuity, part case pipeline. In human-speak: you want matters to stay complex and billable. Without segment detail, you have to read strength through firm-wide figures instead of clean practice-level trends.
case-driven
antitrust and regulatory analysis
Economic Consulting
segment revenue not broken out
this is the specialist work tied to merger reviews, competition disputes, and regulatory fights. The appeal is niche expertise. The catch is the same as the rest of FCN: if demand softens, you feel it through utilization before you see it in the marketing copy.
specialist work
Key numbers
+23%
18-month upside
The central 18-month target is $217 versus $176.81 today, so you have a clean scorecard for whether the market starts paying up.
20.9x
trailing p/e
P/E (price-to-earnings ratio) → how many dollars investors pay for $1 of profit → so what, FCN is priced for steady execution, not chaos.
9.5%
operating margin
Operating margin → profit after running the business → so what, FCN keeps less than 10 cents of each revenue dollar before interest and taxes.
0.55
beta
Beta → how jumpy the stock is versus the market → so what, FCN has been about half as volatile as the market.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $736M (12% of capital)
- net profit margin 7.4% — keeps 7 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in FCN 3 years ago → it's now worth $10,980.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
FTI posted quarterly EPS of $1.78, beating the $1.43 estimate by 24.48%.
Quarterly revenue hit $2.8B, up 193% vs. prior year, while gross margin came in at 32.5%. The bigger picture is calmer: annual revenue was $3.8B, up just 2.4%, so one loud quarter does not erase a slow year.
$2.8B
revenue
$1.78
eps
32.5%
gross margin
the number that mattered
The 24.48% EPS beat mattered most because it showed FCN can still surprise upward even in a year with just 2.4% revenue growth.
-
fti consulting likely posted mixed results in the fourth quarter of 2025.
-
we estimate that revenues rose by a modest 2% vs. prior year, while earnings per share fell by roughly 8%.
-
however, the likely pullback in the bottom line is not overly concerning to us.some quarter-toquarter variation is normal for fti, and our estimates are based in part on the exceptionally strong performance in the third quarter, which we think may have pulled some demand forward.
-
all told, we estimate that the company saw a roughly 6% earnings gain for the full year, despite revenues being largely flat, as it has done an admirable job of navigating through a variety of headwinds.
-
looking ahead, we anticipate strong growth.
source: company earnings report, 2026
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What could go wrong
the core risk is simple: FCN is priced like a steady specialist, but its revenue still depends on a pipeline of messy corporate events. If the cases get smaller, slower, or less urgent, the multiple does not leave you much cover.
med
distress work gets quieter when the corporate world gets calmer
FCN's advisory demand is tied to bankruptcies, disputes, investigations, and regulatory fights. If clients have fewer emergencies, growth cools fast because the product is still expert time.
with the full $3.8B revenue base tied to services, a softer case pipeline makes the roughly $4B revenue target harder to reach.
med
the moat is talent, and talent is expensive
this is a people business. If utilization slips or compensation climbs, the 7.2% net margin does not give you a huge cushion. The quiet part loud: salaries hit before investors do.
that pressure would flow straight into the $9.45 EPS expectation and make 20.9x earnings look less reasonable in a hurry.
med
you are missing clean practice-level visibility in this snapshot
revenue is presented here as one $3.8B total rather than a detailed practice breakdown. That makes it harder for you to see which line of business is carrying growth and which one is slowing down.
when total revenue grew only 2.4% last year, missing detail matters more because there is less momentum to hide behind.
FCN does not look financially fragile. It does look like a business where modest growth, modest margins, and a full valuation all need to stay friends.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next FCN earnings report
watch for quarterly revenue to move clearly above the recent $956M run rate. If it does not, the story stays about discipline instead of growth.
trend
restructuring and litigation demand
FTI often wins work when situations get more complicated. If the environment gets quieter, the move from $3.8B toward roughly $4B in revenue gets harder to defend.
risk
margin discipline
a 7.2% net margin and 9.5% operating margin leave less room for slippage than investors sometimes assume from a premium advisory name.
metric
institutional flow
institutions were net sellers for 2 straight quarters, with 158 buyers versus 217 sellers in 3Q2025. You want that imbalance to stop widening before calling sentiment supportive.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts think FCN can outperform most stocks over the next 12 months.
risk profile
average
stability score 3 — this sits in the middle. Safer than the fragile names, riskier than the real defensive heavyweights.
chart momentum
below average
technical score 4 — the tape is not doing FCN any favors right now.
earnings predictability
80 / 100
management's numbers tend to be reliable. you usually do not get chaos here, which is part of why the multiple stays respectable.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 158 buyers vs. 217 sellers in 3q2025. total institutional holdings: 31.5M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$152
$282
$177
current price
$217
target midpoint · +23% from current · 3-5yr high: $290 (+65% · 13% ann'l return)
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