Exponent, Inc. (EXPO) 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

-34.6%

$56.62

vs $86.58 price

Levered DCF

$62.04

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.8

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	33.73×	41.74×	44.92×	50.05×	60.8×	56.98×	44.88×	36.44×
P/B	9.15×	10.8×	12.65×	15.98×	14.72×	13.05×	10.6×	8.41×
P/S	6.14×	8.14×	8.39×	9.99×	13.17×	11.79×	8.9×	6.96×
EV / EBITDA	21.81×	27.81×	30×	35.77×	44.27×	50.37×	38.73×	25.72×
Gross margin	25.0%	25.5%	25.3%	32.0%	26.6%	24.0%	93.8%	93.4%
Operating margin	20.6%	21.4%	20.7%	27.4%	23.4%	20.8%	20.4%	24.1%
Net margin	18.2%	19.5%	18.7%	19.9%	21.7%	20.6%	19.8%	19.0%
Current ratio	2.4×	2.74×	2.34×	2.2×	2.96×	3.13×	2.94×	3.32×
Debt / equity	0.21×	0.19×	0.08×	0.06×	0.04×	0.06×	0.07×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	1.7%	1.3%	1.2%	1.0%	0.7%	0.8%	0.9%	1.0%
Payout ratio	58.1%	53.4%	53.9%	48.1%	42.7%	48.2%	40.6%	37.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.2%	25.9%	28.2%	31.9%	24.3%	22.8%	23.5%	23.0%
Return on invested capital	13.5%	14.3%	16.7%	25.2%	16.3%	14.7%	15.1%	19.1%
Return on assets	13.1%	14.0%	15.5%	17.4%	14.8%	13.9%	14.6%	15.4%
Free cash flow yield	3.4%	3.0%	2.5%	1.6%	1.9%	2.1%	2.3%	2.8%
Earnings yield	3.0%	2.4%	2.2%	2.0%	1.6%	1.8%	2.2%	2.7%
Enterprise value	$3.4B	$4.4B	$4.3B	$5B	$5.9B	$4.5B	$3.6B	$2.5B
Net debt / EBITDA	-0.88×	-1.13×	-1.1×	-1.03×	-2.14×	-1.97×	-1.66×	-1.3×
Cash conversion cycle (days)	108	101	110	112	106	98	39	64