Forensic Analysis · Professional & Commercial Services · as of Aug 11, 2026
Fti Consulting, Inc (FCN)
A forensic read on Fti Consulting, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.0
Distress distance
Clean
Earnings quality
4
Forensic signals
16.6
P / E (ttm)
15.6%
ROE
$4.2B
Market cap
2.4%
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 (red flags, auditor quality, say on pay, board independence). 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.
Fti Consulting, Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
917% of FCF
FY2025
Shareholder returns.Returned $859M to shareholders (buybacks + dividends) in FY2025 — 917% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $39M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 959%.
0.93×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was 0.93× 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.
+13.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.7% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 42% against +2% in cost of sales. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 7% of net operating assets.
12.6%
FY2025
Return on invested capital.Return on invested capital is 12.6% in the latest fiscal year and steady — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.
Key fundamentals
Latest Revenue$3.79B
Revenue Growth YoY+2.4%
Revenue CAGR (3yr)+7.7%
Net Margin7.1%
Free Cash Flow$93.6M
Return on Equity15.6%
Debt / Equity0.21x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Fti Consulting, Inc's actual 10-K/10-Q/8-K filings?