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Forensic Analysis · Consulting & Engineering Services · as of Nov 9, 2026

Exponent Inc (EXPO)

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

A · High-quality, not compounding
Forensic grade
Safe
Financial health
7.0
Distress distance
Clean
Earnings quality
1
Forensic signals
26.1%
ROE
4.2%
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.

Exponent Inc earns an A (High-quality, not compounding) forensic quality grade, and its balance-sheet distress test reads 7.0, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

129% of FCF
FY2025
Shareholder returns. Returned $158M to shareholders (buybacks + dividends) in FY2025 — 129% of free cash flow. That is $35M (29%) more than free cash flow covered, and more than operating cash flow as well. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $37M over FY2025. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $24M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 148%.

Key fundamentals

Latest Revenue$582.0M
Revenue Growth YoY+4.2%
Revenue CAGR (2yr)+4.1%
Net Margin18.2%
Free Cash Flow$122.3M
Return on Equity26.1%

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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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