FTI Consulting, Inc. (FCN) 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

+123.3%

$427.12

vs $191.32 price

Levered DCF

$399.58

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.7

Safe zone

Rating

A-

Overall 4 / 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	20.51×	24.01×	24.59×	22.72×	21.85×	18.87×	18.79×	16.41×
P/B	3.21×	2.98×	3.41×	3.18×	3.25×	2.84×	2.73×	1.83×
P/S	1.47×	1.82×	1.94×	1.77×	1.85×	1.62×	1.73×	1.22×
EV / EBITDA	13.4×	15.55×	15.98×	15.36×	14.33×	12.83×	12.1×	8.83×
Gross margin	32.1%	32.0%	32.5%	31.8%	31.0%	32.0%	34.8%	34.5%
Operating margin	10.9%	9.4%	10.8%	10.0%	11.2%	11.5%	13.0%	11.1%
Net margin	7.1%	7.6%	7.9%	7.8%	8.5%	8.6%	9.2%	7.4%
Current ratio	1.56×	1.95×	1.74×	1.96×	1.91×	1.69×	1.92×	2×
Debt / equity	0.36×	0.11×	0.13×	0.34×	0.36×	0.35×	0.33×	0.2×
Interest coverage	19.37×	49.97×	26.35×	30.25×	15.38×	14.27×	15.91×	8.32×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.6%	12.4%	13.9%	14.0%	14.8%	15.0%	14.6%	11.2%
Return on invested capital	11.9%	10.3%	11.7%	9.6%	10.2%	10.6%	10.4%	8.6%
Return on assets	7.8%	7.8%	8.3%	7.3%	7.6%	7.6%	7.8%	6.3%
Free cash flow yield	2.8%	5.9%	2.6%	2.5%	5.6%	7.3%	4.3%	8.0%
Earnings yield	4.9%	4.2%	4.1%	4.4%	4.6%	5.3%	5.3%	6.1%
Enterprise value	$5.9B	$6.3B	$6.7B	$5.4B	$5.2B	$4.2B	$4.2B	$2.4B
Net debt / EBITDA	0.82×	-1.03×	-0.11×	0.22×	0.19×	0.6×	0.34×	-0.17×
Cash conversion cycle (days)	108	102	117	109	101	109	121	173