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CRAI, CRA International Inc.

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Latest annual: FY2026 10-K

CRAI · CRA International Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$752M

+9.3% YoY · 11% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $771M 5-yr avg $632M

Operating margin 9.8% 5-yr avg 9.5%

ROIC 31% 5-yr avg 25%

Owner-earnings margin −2% 5-yr avg 6%

Free cash flow margin −2% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has run about 6.9% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 16%, above 15% in 5 of 9 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 6% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

20% of revenue comes from outside the United States.

Revenue by geography, FY2026

United States80%$602M
United Kingdom13%$101M
Other6%$48M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2026

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2021’21	2022’22	2023’23	2024’24	2026’26	TTMTTMApr 2026
										Income statement
$325M	$370M	$418M	$451M	$508M	$591M	$624M	$687M	$752M	$771M	RevenueRevenue
22%	23%	21%	21%	18%	19%	18%	18%	18%	18%	SG&A / revenueSG&A/rev
$19M	$16M	$29M	$29M	$35M	$59M	$58M	$71M	$83M	$76M	Operating incomeOp. inc.
5.8%	4.3%	6.9%	6.5%	6.8%	9.9%	9.2%	10.3%	11.1%	9.8%	Operating marginOp. mgn
$13M	$8M	$22M	$21M	$25M	$44M	$38M	$47M	$55M	$48M	Net incomeNet inc.
37%	49%	22%	23%	27%	26%	26%	30%	28%	31%	Effective tax rateTax rate
										Cash flow & returns
$48M	$46M	$36M	$28M	$55M	$25M	$60M	$50M	$22M	($11M)	Operating cash flowOp. cash
$8M	$9M	$10M	$11M	$13M	$12M	$12M	$12M	$14M	$14M	DepreciationDeprec.
$21M	$23M	($1M)	($7M)	$14M	($35M)	$6M	($14M)	($52M)	($79M)	Working capital & otherWC & other
$13M	$10M	$15M	$17M	$17M	$4M	$2M	$17M	$4M	$6M	CapexCapex
4.0%	2.6%	3.7%	3.7%	3.4%	0.6%	0.4%	2.4%	0.5%	0.7%	Capex / revenueCapex/rev
$40M	$36M	$26M	$17M	$42M	$21M	$58M	$38M	$19M	($17M)	Owner earningsOwner earn.
12.4%	9.8%	6.3%	3.8%	8.2%	3.6%	9.2%	5.5%	2.5%	−2.2%	Owner earnings marginOE mgn
$35M	$36M	$21M	$11M	$38M	$21M	$58M	$33M	$19M	($17M)	Free cash flowFCF
10.8%	9.8%	5.0%	2.5%	7.4%	3.6%	9.2%	4.8%	2.5%	−2.2%	Free cash flow marginFCF mgn
—	$16M	—	—	$0	$14M	$577K	$2M	$0	$0	AcquisitionsAcquis.
$1M	$5M	$6M	$7M	$8M	$10M	$11M	$12M	$14M	$14M	Dividends paidDiv. paid
$19M	$20M	$28M	$18M	$13M	$28M	$31M	$33M	$47M	—	BuybacksBuybacks
8%	5%	14%	13%	16%	24%	25%	27%	30%	31%	ROICROIC
6%	4%	11%	10%	12%	21%	18%	22%	26%	24%	Return on equityROE
6%	1%	9%	7%	8%	16%	13%	16%	19%	17%	Retained to equityRetained/eq
										Balance sheet
$54M	$54M	$38M	$26M	$46M	$31M	$46M	$27M	$18M	$32M	Cash & investmentsCash+inv
$67M	$80M	$95M	$108M	$112M	$144M	$143M	$162M	$183M	$141M	ReceivablesReceiv.
$14M	$18M	$22M	$26M	$19M	$28M	$29M	$28M	$30M	$24M	Accounts payablePayables
$53M	$61M	$73M	$82M	$92M	$116M	$114M	$134M	$153M	$117M	Operating working capitalOper. WC
$171M	$184M	$181M	$184M	$220M	$249M	$265M	$269M	$303M	$316M	Current assetsCur. assets
$94M	$122M	$142M	$171M	$200M	$217M	$236M	$251M	$330M	$381M	Current liabilitiesCur. liab.
1.8×	1.5×	1.3×	1.1×	1.1×	1.1×	1.1×	1.1×	0.9×	0.8×	Current ratioCurr. ratio
$75M	$89M	$88M	$89M	$89M	$93M	$94M	$94M	$95M	$94M	GoodwillGoodwill
$324M	$362M	$371M	$533M	$559M	$551M	$553M	$571M	$629M	$662M	Total assetsAssets
40.3×	32.6×	44.7×	23.4×	28.6×	60.6×	15.1×	16.0×	15.5×	12.7×	Interest coverageInt. cov.
$207M	$207M	$196M	$198M	$209M	$211M	$212M	$212M	$214M	$198M	Shareholders’ equityEquity
2.1%	1.8%	1.2%	0.8%	0.6%	0.8%	0.7%	0.8%	0.8%	0.8%	Stock comp / revenueSBC/rev
										Per share
8.6M	8.5M	8.6M	8.2M	7.9M	7.4M	7.1M	6.9M	6.7M	6.6M	Shares out (diluted)Shares
$37.76	$43.55	$48.73	$55.27	$63.96	$80.34	$87.66	$99.51	$111.94	$116.99	Revenue / shareRev/sh
$1.50	$0.90	$2.62	$2.54	$3.08	$5.93	$5.41	$6.75	$8.16	$7.27	EPS (diluted)EPS
$4.68	$4.25	$3.06	$2.10	$5.26	$2.90	$8.11	$5.51	$2.76	$-2.58	Owner earnings / shareOE/sh
$4.09	$4.25	$2.42	$1.36	$4.73	$2.90	$8.11	$4.79	$2.76	$-2.58	Free cash flow / shareFCF/sh
$0.14	$0.58	$0.67	$0.83	$0.94	$1.30	$1.52	$1.78	$2.06	$2.15	Dividends / shareDiv/sh
$1.51	$1.15	$1.80	$2.04	$2.15	$0.52	$0.33	$2.41	$0.58	$0.84	Cap. spending / shareCapex/sh
$24.09	$24.35	$22.93	$24.21	$26.30	$28.71	$29.80	$30.70	$31.81	$30.11	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	10-yr	5-yr
Revenue / share	+11.5%/yr	+11.8%/yr
Owner earnings / share	−5.1%/yr	−12.1%/yr
EPS	+18.5%/yr	+21.5%/yr
Dividends / share	+31.3%/yr	+16.9%/yr
Capital spending / share	−9.2%/yr	−23.2%/yr
Book value / share	+2.8%/yr	+3.9%/yr

The record, charted

FY2016–2026

Each measure over its full record; the current point and the worst year marked.

Share count

7Mpeak FY2016

ROIC

30%low FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$19Mowner earningsvs.$55Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2026

Owner-earnings bridge

FY2021–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business reported $55M of profit but $19M of owner earnings: $36M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$55M

Owner earnings$19M · 2% of revenue

	FY2026	FY2024	FY2023	FY2022	FY2021
Reported net income	$55M	$47M	$38M	$44M	$25M
Depreciation & amortizationnon-cash charge added back	+$14M	+$12M	+$12M	+$12M	+$13M
Stock-based compensationreal costnon-cash, but a real cost	+$6M	+$5M	+$4M	+$5M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	−$52M	−$14M	+$6M	−$35M	+$14M
Cash from operations	$22M	$50M	$60M	$25M	$55M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$4M	−$12M	−$2M	−$4M	−$13M
Owner earnings	$19M	$38M	$58M	$21M	$42M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$5M	—	—	−$4M
Free cash flow	$19M	$33M	$58M	$21M	$38M
Owner-earnings marginowner earnings ÷ revenue	2%	6%	9%	4%	8%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $6M), owner earnings is nearer $13M.

Much of fiscal 2026's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 15.5×

Comfortable

Operating income $83M ÷ interest expense $5M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$17M

Net cash

Cash $18M − debt $981K

What this means
Cash and short-term investments exceed every dollar of debt by $17M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 16%

High through the cycle

9-yr median, range 5%–30%; 30% latest = NOPAT $59M ÷ invested capital $196M

Industry peers: median 3%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 30% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 6%

Solid through the cycle

9-yr median margin, range 2%–12%; latest $19M = operating cash $22M − maintenance capex $4M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 2% of revenue this year, a 6% median across 9 years. Treating stock comp as the real expense it is (less $6M of SBC) leaves $13M.
Are earnings backed by cash? 0.41×

Thinly cash-backed

Cash from ops $22M ÷ net income $55M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 329%

Returned more than it generated

Dividends + buybacks $61M ÷ Owner Earnings $19M

What this means
The company returned more than it generated: against $19M of Owner Earnings, $61M (329%) went back to shareholders, $14M dividends, $47M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $6M stock comp, the real buyback was about $41M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 0.27×

Harvesting

Capex $4M ÷ depreciation $14M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $752M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 0.92×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $981K vs ($27M) WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (9-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +225%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.22/share (latest year $8.48), the averaged base the calculator's gate runs on, and book value is $33.05/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 9

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 6% → 10% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 6% early to 10% lately, median 7% — pricing power intact or improving.
Owner earnings growth −3%/yr

What this means
Owner earnings shrank about 3% a year over the record.
Worst year 2017 · 4.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −2.4%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

In its own filing Named as a competitive risk

Its FY2026 10-K names artificial intelligence as a competitive threat.

“Many of our competitors, including possible new entrants, have or may have significantly greater personnel, financial, managerial, technical, and marketing resources than we do, which could enhance their ability to respond more quickly to technological changes (including the adoption of AI), finance acquisitions, and f…”

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 4, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$316M

Cash & short-term investments$32M
Receivables$141M
Other current assets$143M

Current liabilities$381M

Debt due within a year$5M
Accounts payable$24M
Other current liabilities$351M

Current ratio0.83×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.83×stricter: inventory excluded

Cash ratio0.09×strictest: cash alone against what's due

Working capital($64M)the cushion left after near-term bills

Debt due this year vs. cash$5M due · $32M cash covered by cash on hand, no refinancing forced · both figures from the Apr 4, 2026 balance sheet

Cash runway1.9 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago+10.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.1× → 0.8×

Deeper floors

Tangible book value$99Mequity stripped of goodwill & intangibles

Debt incl. operating leases$93M$88M of it operating leases

Deferred revenue$6Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2026

Over the record, the business generated $370M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$99M · 27%
Dividends$73M · 20%
Buybacks$238M · 64%

Returned to owners$310M
104% of the owner earnings the business produced over the span, $73M as dividends and $238M as buybacks.
Source of funding−$39M
Reinvestment and shareholder returns ran $39M beyond the operating cash the business generated, so the gap was financed off the balance sheet: cash and short-term investments drew down $21M.
Average price paid for buybacks$37.64
Across the years where the filing reports a share count, 1M shares were bought for $39M, about $37.64 each.
Net change in share count−23.4%
The diluted count fell from 9M to 7M, so the buybacks outran the stock issued to staff.
Dividend record$2.06/sh
Paid in 9 of the years on record, the per-share dividend growing about 41% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Mr. Maleh	$3.8M	$8.7M	$42M
2022	Mr. Maleh	$3.8M	$6.7M	$21M
2023	Mr. Maleh	$3.6M	$1.7M	$58M
2024	Mr. Maleh	$4.2M	$9.4M	$38M
2026	Mr. Maleh	$4.2M	$4.8M	$19M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership4.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 7% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why CRA International Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2026.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereIs it less profitable than it was?5.8% vs 9.5%
The owner-earnings margin averaged 9.5% early in the record and 5.8% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.

And these came back clean

Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, nearest by economic model

No close industry peers in the catalog yet, so these are the nearest by economic model (general), compared on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CAICaris Life Sciences Inc.	$812M	—	-62.4%	—	-62%
USPHU.S. Physical Therapy	$781M	—	12.8%	14%	12%
ACVAACV Auctions Inc.	$760M	—	-19.5%	-19%	3%
CRAICRA International Inc.	$752M	—	6.9%	16%	6%
PWPPerella Weinberg Partners	$751M	—	-7.6%	—	15%
NEONeoGenomics Inc.	$727M	42%	-8.5%	-7%	-4%
MGMistras Group Inc	$724M	32%	2.9%	3%	4%
WLDNWilldan Group Inc.	$682M	35%	4.9%	8%	4%
Group median	—	—	-2.3%	6%	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what CRA International Inc. has delivered.

CRA International Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, CRA International Inc. earns about $47M on its 6.3% median owner-earnings margin. This year’s 2.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($47M) Net of stock comp (−$6M) Steady-state · maintenance capex (($15M))

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’26−2%/yr

Owner-earnings growth · ’16→’26−3%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($17M) on 6M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $27M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($6M) runs well above depreciation ($14M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about ($15M), the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CRAI against another business →

The owners of CRAI: the meeting and the votes →

Cite: Owner Scorecard, "CRA International Inc. (CRAI), the owner's record," https://ownerscorecard.com/c/CRAI, data as of 2026-07-09.

Manual order: ← CR its page in the Manual CRBG →

Industry order: ← BWMN the Professional Services chapter DFIN →