EXPOEXPONENT INC
Services-Management Consulting Services
- Revenue
- $582M
- 4.2% YoY
- Operating margin
- 20.6%
- 3.9% YoY
- EBITDA
- $130M
- 0.5% YoY
- Market cap
- $3.8B
- Employees
- 922
- $631K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 7.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes3 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$4M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo124% of net incomeCash flow under 80% of net income
- Dilutive SBCNo4% of revenueOver 10% of revenue
- Payouts exceed cash flowYes120% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$631K · 88th pctBottom quartile of its SIC industry
- Quiet on AINo7.8 per 10K words · 89th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $513M | $537M | $559M | $582M | 4.2% |
| Operating income | $141M | $111M | $120M | $120M | 0.2% |
| Net income | $102M | $100M | $109M | $106M | 2.7% |
| Operating cash flow | $94M | $127M | $145M | $132M | 8.9% |
| Capex | $12M | $16M | $7M | $9M | 35% |
| Stock-based comp | $20M | $20M | $23M | $24M | 2.4% |
| Buybacks | $156M | $24M | $6M | $97M | 1600% |
| Dividends | $49M | $53M | $57M | $60M | 6.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $13K · 1
- Open-market sells, 12 mo
- $3M · 22
- Net
- −$3M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $4M | $2M | 82 | 157 |
| FY2025 | $3M | $3M | 103 | 145 |
| FY2023 | $4M | $3M | 101 | 126 |
| FY2022 | $4M | $2M | 112 | 108 |
| FY2021 | $3M | $5M | 131 | 125 |