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CRAI

CRA International, Inc.

CRAI

CRA International, Inc. • NASDAQ
$176.34 ▼ -0.58% (-1.02)
Market Cap $1.16 B
52w High $214.66
52w Low $152.57
Dividend Yield 2.28%
P/E 21.19
Volume 49.32K
Outstanding Shares 6.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $185.891M ▼ $33.725M ▼ $11.473M ▼ 6.172% ▼ $1.75 ▼ $25.356M ▼
Q2-2025 $186.878M ▲ $38.609M ▲ $12.122M ▼ 6.487% ▼ $1.81 ▼ $26.339M ▼
Q1-2025 $181.851M ▲ $35.949M ▲ $18.002M ▲ 9.899% ▲ $2.65 ▲ $32.336M ▲
Q4-2024 $176.435M ▲ $34.44M ▲ $14.987M ▲ 8.494% ▲ $2.21 ▲ $29.609M ▲
Q3-2024 $167.748M $34.169M $11.437M 6.818% $1.68 $24.234M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.496M ▲ $629.041M ▲ $427.386M ▲ $201.655M ▲
Q2-2025 $19.448M ▼ $606.777M ▲ $409.777M ▲ $197M ▼
Q1-2025 $25.598M ▼ $590.442M ▲ $363.123M ▲ $227.319M ▲
Q4-2024 $26.711M ▲ $571.439M ▼ $359.366M ▼ $212.073M ▲
Q3-2024 $24.481M $582.343M $377.83M $204.513M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $11.473M ▼ $36.547M ▲ $-650K ▲ $-32.292M ▼ $3.048M ▲ $35.897M ▲
Q2-2025 $12.099M ▼ $5.852M ▲ $-1.189M ▼ $-11.875M ▼ $-6.15M ▼ $4.663M ▲
Q1-2025 $18.002M ▲ $-79.994M ▼ $-974K ▲ $79.058M ▲ $-1.113M ▼ $-80.968M ▼
Q4-2024 $14.987M ▲ $79.424M ▲ $-10.591M ▼ $-64.629M ▼ $2.23M ▲ $68.833M ▲
Q3-2024 $11.412M $31.584M $-2.986M $-29.927M $-168K $28.598M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
FixedPrice Contract
FixedPrice Contract
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
TimeandMaterials Contract
TimeandMaterials Contract
 $140.00M ▲$150.00M ▲$160.00M ▲$150.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, with the top line rising each year and outpacing inflation. Profitability has improved as well: gross margins have inched higher, operating profit has expanded, and net income per share has grown meaningfully compared with five years ago. That suggests good pricing power and effective cost control in a people‑driven business. One nuance is that profit growth has not been explosive; it is more of a consistent, disciplined grind higher, which is typical for a specialized consulting firm dependent on utilization and staffing levels. Overall, the income statement reflects a mature, steadily growing, and reasonably profitable franchise, with limited signs of volatility so far.

Balance Sheet

Balance Sheet The balance sheet looks like a classic asset‑light consulting model: relatively modest physical assets, limited on‑balance‑sheet cash, and a mix of equity and a manageable level of debt. Leverage appears present but not excessive, which can enhance returns in good times but does add some sensitivity if demand softens. With only a partial snapshot available, it’s hard to judge liquidity in detail, but the structure is what you would expect from a professional services firm that relies more on human capital and reputation than on factories or hard assets. The key balance‑sheet risk is less about equipment and more about retaining talent and maintaining billing rates.

Cash Flow

Cash Flow Cash generation appears positive but not extraordinary, with operating cash flow and free cash flow broadly in line with reported earnings in the available year. Capital spending needs are very low, which is a strength: most cash that comes in after paying people can, in principle, go to debt service, buybacks, acquisitions, or reserves rather than heavy reinvestment in equipment. That said, consulting cash flows can be lumpy because of project timing, receivables, and bonuses, so year‑to‑year swings are possible even if the underlying business is healthy. On balance, the cash profile fits a specialized advisory firm: relatively light investment needs but dependent on steady client demand and disciplined working‑capital management.

Competitive Edge

Competitive Edge CRAI holds a strong niche position rather than trying to be a broad, one‑stop consulting shop. Its edge is deepest in high‑stakes areas like antitrust, complex litigation, regulatory economics, life sciences, and forensic investigations. In these fields, reputation matters enormously, and CRAI has built a brand associated with rigorous analysis, credible expert testimony, and academic‑level expertise. The firm competes less on scale and more on the quality and scarcity of its experts, which allows for premium pricing and sticky relationships with blue‑chip clients and top law firms. The flip side is concentration risk: demand in these specialized segments can be influenced by regulatory cycles, M&A activity, and litigation trends. Talent is the other key battleground—retaining top economists and specialists in the face of competition from larger consulting and advisory firms is an ongoing challenge, but also a major source of differentiation when done well.

Innovation and R&D

Innovation and R&D Although CRAI is not a traditional R&D or software company, it invests heavily in analytical innovation and proprietary tools. In life sciences, it has built its own data and dashboard platforms to analyze claims, pricing, and market access, turning raw healthcare data into actionable insight. Across antitrust, disputes, and forensics, the firm leans on advanced statistics, econometrics, machine learning, and digital forensics capabilities, including an accredited cyber and e‑discovery lab. This blend of expert brains and enabling technology gives it leverage: consultants can handle more complex matters with greater speed and defensibility. Looking ahead, the most important innovation themes are broader use of AI and machine learning in analytics, expansion of cybersecurity and data‑privacy work, and selective acquisitions of specialized teams. The key execution risk is staying ahead of fast‑moving technologies without diluting the firm’s core culture of rigorous, bespoke analysis.

Summary

CRAI combines a steadily improving financial profile with a focused, high‑end competitive position. Revenue and profits have trended upward, supported by disciplined cost control and relatively stable margins. The balance sheet is typical for a people‑centric consulting firm, with modest hard assets and manageable leverage, while low capital spending needs support healthy potential cash generation over time. Strategically, the company’s strength lies in its deep specialization in complex, high‑stakes advisory work and its reputation among sophisticated clients. Its ongoing push into advanced analytics, AI‑enabled tools, cybersecurity, and targeted acquisitions suggests room for continued growth, albeit with the usual risks around talent retention, regulatory cycles, and the inherently project‑based nature of consulting demand.

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