CRA INTERNATIONAL, INC. CRAI
Unless otherwise indicated or required by the context, when we use the terms "CRA", "the Company," "us," "we," or "our" we mean CRA International, Inc., a Massachusetts corporation, and its consolidated subsidiaries.
We are a leading global consulting firm specializing in providing economic, financial and management consulting services. We advise clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guide corporations through critical business strategy and performance-related issues. Since our inception in 1965, we have been engaged by clients for our unique combination of functional expertise and industry knowledge, and for our objective solutions to complex problems. We combine economic and financial analysis with expertise in litigation and regulatory support, business strategy and planning, market and demand forecasting, and policy analysis. We are often retained in high-stakes matters, such as multibillion-dollar mergers and acquisitions, new product introductions, major strategy and capital investment decisions, and complex litigation, the outcomes of which often have significant consequences for the parties involved. These matters often require independent analysis and, as a result, the parties involved must rely on outside experts. Our analytical strength enables us to reach objective, factual conclusions that help clients make important business and policy decisions and resolve critical disputes. Clients turn to us because we can provide highly credentialed and experienced economic and finance experts to address critical, tough assignments, with high-stakes outcomes.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $751.6M | $687.4M | $624.0M | $590.9M | $565.9M | $508.4M | $451.4M | $417.6M | $370.1M | $324.8M |
| Cost of revenue | — | — | — | — | — | — | — | — | $258.8M | $227.4M |
| Gross profit | — | — | — | — | — | — | — | — | $111.2M | $97.4M |
| SG&A | $135.0M | $125.0M | $115.1M | $110.1M | $97.4M | $90.0M | $93.6M | $89.5M | $86.5M | $70.6M |
| Operating income | $83.1M | $70.8M | $57.5M | $58.7M | $55.7M | $34.8M | $29.3M | $28.9M | $15.8M | $18.9M |
| Interest expense | $5.4M | $4.4M | $3.8M | $1.8M | $970.0K | $1.2M | $1.3M | $647.0K | $484.0K | $469.0K |
| Pre-tax income | $76.6M | $66.2M | $52.3M | $58.8M | $54.3M | $33.6M | $26.8M | $28.9M | $15.2M | $21.9M |
| Income tax | $21.8M | $19.6M | $13.8M | $15.2M | $12.6M | $9.1M | $6.0M | $6.5M | $7.5M | $7.7M |
| Net income | $54.8M | $46.7M | $38.5M | $43.6M | $41.7M | $24.5M | $20.7M | $22.5M | $7.6M | $12.9M |
| EPS, basic | 8.23 | 6.82 | 5.48 | 6.02 | 5.59 | 3.14 | — | — | — | — |
| EPS, diluted | 8.14 | 6.74 | 5.39 | 5.91 | 5.45 | 3.07 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $6.7M | $6.9M | $7.1M | $7.4M | $7.6M | $7.9M | $8.2M | $8.6M | $8.5M | $8.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.2M | $26.7M | $45.6M | $31.4M | $66.1M | $45.7M | $25.6M | $38.0M | $54.0M | $53.5M |
| Receivables | $183.3M | $162.3M | $142.7M | $143.6M | $117.0M | $111.6M | $107.8M | $94.5M | $79.8M | $66.9M |
| Total current assets | $303.1M | $269.4M | $265.5M | $248.9M | $249.3M | $220.0M | $184.1M | $181.1M | $184.3M | $170.5M |
| Property, plant and equipment | $36.7M | $45.2M | $38.2M | $45.6M | $53.6M | $62.9M | $61.3M | $48.1M | $44.6M | $36.4M |
| Goodwill | $94.7M | $93.7M | $94.0M | $92.9M | $88.9M | $89.2M | $88.5M | $88.2M | $89.0M | $74.8M |
| Other intangibles | $5.7M | $7.2M | $7.2M | $8.6M | $4.2M | $5.1M | $6.5M | $7.8M | $9.2M | $2.7M |
| Total assets | $628.9M | $571.4M | $553.2M | $550.9M | $555.4M | $558.5M | $533.2M | $370.8M | $361.8M | $323.6M |
| Accounts payable | $30.2M | $28.2M | $28.7M | $27.6M | $23.5M | $19.4M | $26.1M | $21.9M | $18.5M | $13.7M |
| Total current liabilities | $330.0M | $251.3M | $236.1M | $217.1M | $213.1M | $200.1M | $171.4M | $142.5M | $122.0M | $94.1M |
| Retained earnings | $221.1M | $225.5M | $224.3M | $224.4M | $215.8M | $217.0M | $200.2M | $186.2M | $169.4M | $166.9M |
| Total equity | $213.6M | $212.1M | $212.1M | $211.2M | $205.8M | $209.0M | $197.8M | $196.5M | $207.2M | $207.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.4M | $49.7M | $60.1M | $25.1M | $75.7M | $54.7M | $27.8M | $36.2M | $45.9M | $48.2M |
| Depreciation and amortisation | $14.1M | $11.7M | $11.6M | $12.0M | $12.8M | $12.8M | $10.6M | $10.0M | $8.9M | $7.9M |
| Stock-based compensation | $5.9M | $5.3M | $4.4M | $4.8M | $4.1M | $3.2M | $3.5M | $4.8M | $6.6M | $6.9M |
| Capital expenditure | $3.9M | $16.6M | $2.4M | $3.8M | $2.6M | $17.1M | $16.7M | $15.4M | $9.8M | $13.0M |
| Investing cash flow | -$3.9M | -$18.1M | -$2.9M | -$18.2M | -$2.6M | -$17.1M | -$16.7M | -$15.4M | -$25.7M | -$11.9M |
| Financing cash flow | -$29.8M | -$48.9M | -$44.5M | -$39.0M | -$52.0M | -$19.5M | -$23.8M | -$35.7M | -$21.9M | -$19.2M |
| Dividends paid | $13.8M | $12.3M | $10.8M | $9.6M | $8.3M | $7.5M | $6.8M | $5.8M | $4.9M | $1.2M |
| Buybacks | $47.1M | $33.3M | $31.4M | $27.6M | $45.0M | $13.4M | $18.1M | $27.9M | $19.5M | $19.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048570.