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Forensic Analysis · General / Diversified · as of Nov 9, 2026

Cra International, Inc. (CRAI)

A forensic read on Cra International, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
2
Forensic signals
25.7%
ROE
9.3%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cra International, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

329% of FCF
FY2025
Shareholder returns. Returned $61M to shareholders (buybacks + dividends) in FY2025 — 329% of free cash flow. That is $42M (229%) more than free cash flow covered, and more than operating cash flow as well. The balance sheet's own liquid holdings covered part of it: cash fell $9M over FY2025 — $9M of the $42M; total debt is not on file on the same basis at both year ends, so whether new borrowing also covered part of it cannot be read. The FY2025 cash-flow statement filed net cash used in investing activities of $4M; net cash used in financing activities of $30M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $6M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 360%.
0.95×
FY2023–FY2025
Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was 0.95× cumulative net income. Cash is lagging reported profit. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

Key fundamentals

Latest Revenue$751.6M
Revenue Growth YoY+9.3%
Revenue CAGR (2yr)+9.8%
Net Margin7.3%
Free Cash Flow$18.6M
Return on Equity25.7%
Debt / Equity0.00x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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