HURNHuron Consulting Group Inc.

Services-Management Consulting Services

Revenue: $1.7B; 12% YoY
Operating margin: 10.7%; 5.5% YoY
EBITDA: $211M; 8.7% YoY
Market cap: $3.2B
Employees: 3,500; $475K revenue each
Net debt / EBITDA: 1.2×; $264M net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
184% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
86% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
50% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$475K · 84th pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$906M	$1.1B	$1.4B	$1.5B	$1.7B	12%
Operating income	$53M	$100M	$125M	$169M	$179M	5.8%
Net income	$63M	$76M	$62M	$117M	$105M	9.9%
Operating cash flow	$18M	$85M	$135M	$201M	$193M	3.9%
Capex	$11M	$13M	$9M	$9M	$10M	21%
Stock-based comp	$26M	$31M	$46M	$45M	$47M	3.2%
Buybacks	$65M	$120M	$123M	$123M	$167M	36%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 52
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.