CRA International, Inc. (CRAI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6.4%

$209.83

vs $197.17 price

Levered DCF

$154.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.56

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.36×	27.4×	18.07×	20.34×	16.7×	16.22×	20.37×	15.62×
P/B	6.23×	6.01×	3.27×	4.19×	3.37×	1.89×	2.13×	1.78×
P/S	1.77×	1.85×	1.11×	1.5×	1.22×	0.78×	0.93×	0.84×
EV / EBITDA	12.93×	13.86×	9.29×	11.28×	9.45×	8.42×	11.25×	7.9×
Gross margin	29.0%	30.2%	27.5%	30.6%	29.3%	27.1%	29.6%	30.8%
Operating margin	11.1%	10.3%	9.1%	9.9%	9.8%	6.8%	6.5%	6.9%
Net margin	7.3%	6.8%	6.2%	7.4%	7.4%	4.8%	4.6%	5.4%
Current ratio	0.92×	1.07×	1.12×	1.15×	1.17×	1.1×	1.07×	1.27×
Debt / equity	0.6×	0.49×	0.54×	0.58×	0.67×	0.73×	0.81×	0×
Interest coverage	15.51×	16.02×	14.85×	32.17×	57.46×	28.62×	23.4×	44.72×
Dividend yield	1.0%	1.0%	1.6%	1.1%	1.2%	1.9%	1.6%	1.6%
Payout ratio	25.2%	26.4%	28.1%	22.0%	19.9%	30.6%	32.7%	25.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.6%	22.0%	18.1%	20.7%	20.2%	11.7%	10.5%	11.4%
Return on invested capital	17.0%	14.7%	12.3%	12.5%	12.0%	6.8%	6.1%	9.8%
Return on assets	8.7%	8.2%	7.0%	7.9%	7.5%	4.4%	3.9%	6.1%
Free cash flow yield	1.4%	2.6%	8.3%	2.4%	10.5%	9.5%	2.6%	5.9%
Earnings yield	4.1%	3.7%	5.6%	4.9%	6.0%	6.2%	4.9%	6.4%
Enterprise value	$1.4B	$1.4B	$761.5M	$974.2M	$765.7M	$503M	$555.1M	$312.7M
Net debt / EBITDA	0.98×	0.79×	0.84×	1.05×	0.9×	1.8×	2.71×	-0.96×
Cash conversion cycle (days)	108	99	99	102	90	101	92	86