At a glance
FTI Consulting Inc is worth $4.32B, about 19 times its fiscal 2025 earnings. Revenue grew 2.4% to $3.79B in fiscal 2025, with 7.1% kept as profit; over 5 years it has grown 9.0% a year. It pays no dividend; it spent $1.02B buying back its shares over FY2021–FY2025. The stock returned −6.8% over the past year with dividends reinvested and +1.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 19.7% in the 2020 crash (S&P 500: 33.7%) and 18.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 6 months after the lows.
The business in plain English
FTI Consulting is a global advisory firm that organizations hire when they face a crisis or a big change. It sells expert advice, not products. That includes help with mergers and restructurings (reworking a struggling company's debts and operations), fraud and regulatory investigations, economic analysis and expert testimony in lawsuits and arbitration, legal data and AI services, and crisis and financial communications. Clients include Fortune 500 and FTSE 100 companies, major law firms, private equity firms, global banks and governments. Law firms often hire FTI directly or on behalf of their clients.
FTI earns fees for its experts' work. Its results depend on how many billable professionals it employs (6,421 at December 31, 2025), how fully their time is used and the rates clients accept. Some work also carries success fees, which are paid only when certain outcomes are reached. Revenue was about $3.79 billion in 2025.
Corporate Finance covers deals, business transformation and restructuring. It was the largest of five segments, at 41% of 2025 revenue. Forensic and Litigation Consulting contributed 20%, Economic Consulting (which includes Compass Lexecon) 19%, and Technology and Strategic Communications about 10% each. Professionals based in the U.S. generated about 63% of revenue and those abroad 37%, with the UK alone at about 14%.
Price history
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FCN -6.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Corporate Finance | $1.55B | 40.9% |
| Forensic And Litigation Consulting | $764.7M | 20.2% |
| Economic Consulting | $720.8M | 19% |
| Strategic Communications | $378.5M | 10% |
| Technology | $373.9M | 9.9% |
By geography
| U.S. | $2.39B | 63% |
| All other foreign countries | $888.4M | 23.4% |
| UK | $515.1M | 13.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.01B, up 5.9% from a year earlier, and net income was $63.4M (-23.4%).
- For fiscal 2025, revenue was $3.79B (+2.4% year over year; +9.0% a year from FY2020 to FY2025) with a 7.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 10.3% watch |
| Free cash flow margin | 2.5% watch |
| Return on equity (FY2025) | 15.6% good |
| Return on assets (FY2025) | 7.8% watch |
| Net cash (cash minus debt) | $-763.3M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.46B | $210.7M | $292.2M |
| FY2021 | $2.78B | $235.0M | $286.8M |
| FY2022 | $3.03B | $235.5M | $135.5M |
| FY2023 | $3.49B | $274.9M | $175.0M |
| FY2024 | $3.70B | $280.1M | $359.7M |
| FY2025 | $3.79B | $270.9M | $93.6M |
Valuation snapshot
| Market value | $4.32B |
|---|---|
| P/E ratio | 19.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
FTI Consulting’s market value went from $1.91B at the end of 2016 to $4.32B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.32B | -18.1% |
| 2025 | $5.27B | -23.2% |
| 2024 | $6.87B | -2.9% |
| 2023 | $7.07B | +29.4% |
| 2022 | $5.47B | +3.9% |
| 2021 | $5.26B | +32.0% |
| 2020 | $3.98B | -4.3% |
| 2019 | $4.16B | +62.8% |
| 2018 | $2.56B | +56.9% |
| 2017 | $1.63B | -14.6% |
| 2016 | $1.91B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FCN price data to Oct 28, 2026 | -7.2% | -6.8% | -9.8% | +1.9% | +15.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -7.2% |
| 2025 | -10.6% |
| 2024 | -4.0% |
| 2023 | +25.4% |
| 2022 | +3.5% |
| 2021 | +37.3% |
| 2020 | +1.0% |
| 2019 | +66.1% |
| 2018 | +55.1% |
| 2017 | -4.7% |
| 2016 | +30.1% |
| 2015 | -10.3% |
| 2014 | -6.1% |
| 2013 | +24.7% |
| 2012 | -22.2% |
| 2011 | +13.8% |
| 2010 | -20.9% |
| 2009 | +5.5% |
| 2008 | -27.5% |
| 2007 | +121.0% |
| 2006 | +1.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 13.2% over that stretch · deepest drop along the way 50.7%, back to its old high 112.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 18.1% over that stretch · deepest drop along the way 19.7%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12.5% over that stretch · deepest drop along the way 18.6%, back to its old high 5.9 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 4 open-market purchases ($2.1M) and 2 sales ($1.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 9, 2026 | Curtis P Lu General Counsel | sell | $1.5M |
| May 13, 2026 | Steven Henry Gunby CEO, Chairman and President, Director | buy | $958K |
| May 13, 2026 | Steven Henry Gunby CEO, Chairman and President, Director | buy | $484K |
| May 13, 2026 | Paul Alderman Linton Chief Strategy/Transf. Officer | buy | $346K |
| May 13, 2026 | Eun Nam Chief Financial Officer | buy | $289K |
Who owns it
Large shareholders (13G filings)
| Kayne Anderson Rudnick Investment Management, LLC | 16.07% | Apr 30, 2025 |
| BlackRock, Inc. | 9% | May 31, 2025 |
| T. Rowe Price Associates, Inc. | 6.6% | Jun 30, 2026 |
| Vanguard Capital Management | 5.22% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 4.94% | Jun 30, 2026 |
| Mawer Investment Management Ltd. | 4.29% | Mar 31, 2026 |
| FMR LLC | 4% | Jun 30, 2026 |
ETFs with the most weight in FCN
| GLRY Inspire Momentum ETF | 3.05% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.55% |
| FSGS First Trust SMID Growth Strength ETF | 0.96% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.76% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 0.57% |
| GVLU Gotham 1000 Value ETF | 0.52% |
| IJJ iShares S&P Mid-Cap 400 Value ETF | 0.46% |
| MDYV SPDR S&P 400 Mid Cap Value ETF | 0.45% |
What could go wrong
- Losing key experts to rivals or clients. The business is its people. Experts may leave to join competitors or clients, and FTI may have no legal recourse. The cost of hiring and keeping them is high and expected to rise.
- Income depends on keeping experts busy. FTI is paid largely for its experts' work. Idle staff can cut revenue. So can clients that reject price increases, renegotiate fees, fail to pay, or end work with little notice and no penalty.
- Demand swings with deals, lawsuits and rules. Work depends on deal activity, credit markets, lawsuits, regulation and government enforcement. A drop in any of these, or changes to bankruptcy or antitrust rules, could cut demand for one or more segments.
- Reputation, conflicts and data breaches. FTI holds sensitive client data from investigations and lawsuits. A breach, a claim over its work, bad publicity or a conflict of interest could cost it engagements and new business.
- Fast-changing AI and technology. Fast-moving technology, including AI, could bring new competitors, mistakes that harm FTI's reputation, or legal and regulatory action. FTI also sells AI-powered services through its Technology segment.
- Debt with variable interest rates. Total debt was about $1.02 billion against $164 million of cash as of June 30, 2026. Some carries variable rates, so rising rates raise costs. Breaking loan covenants (lender conditions) could strain finances.
Recent events
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
FTI Consulting pays no dividend, so shareholders get no regular cash income. Any return comes from the share price, and drawing income would mean selling shares. The company returns cash through buybacks instead. It spent about $1.02 billion on buybacks over fiscal 2021–2025, including $859 million in 2025. That was far more than 2025's $94 million of free cash flow (cash left after running and investing in the business). Shares outstanding fell about 19.5% between October 2021 and July 2026.
The stock has held up unevenly in past downturns. It fell 50.7% in the 2008 financial crisis and did not regain its August 2008 peak until July 2018. In the 2020 COVID crash it dropped 19.7% but recovered within about two weeks. From the market's January 2022 peak to its October 2022 low it rose 12.5%, though it had its own 18.6% fall along the way. Single stocks carry more risk than diversified funds.
Questions investors ask
Does FTI Consulting pay a dividend?
No. FTI Consulting paid no dividends from FY2021 through FY2025. It returns cash to shareholders by repurchasing its own stock instead: about $1.02 billion over those five years, including $858.7 million in FY2025 alone. The share count fell 20.7%, from about 34.3 million in February 2022 to about 27.3 million as of October 22, 2026. Investors who rely on regular income from their holdings get none from FCN. Returns come only from changes in the share price.
How does FTI Consulting make money?
FTI Consulting earns fees by advising companies, law firms, banks, private equity firms and governments facing crises, disputes and major changes. Revenue was $3.79 billion in FY2025. Corporate Finance, which covers restructuring, deals and business overhauls, brought in 41%. Forensic and Litigation Consulting added 20%, Economic Consulting 19%, and Strategic Communications and Technology about 10% each. About 63% of revenue came from professionals based in the U.S. Results depend on keeping its 6,421 billable professionals (as of December 31, 2025) busy at healthy rates.
How much debt does FTI Consulting have?
As of September 30, 2026, FTI Consulting had about $851 million of total debt and $88 million of cash and investments. That left net debt of about $763 million. Shareholders' equity was $1.32 billion. The company disclosed new debt agreements in November 2025, March 2026 and July 2026. Some of its borrowing has variable interest rates, so higher rates could raise its costs. In FY2025, share repurchases of $858.7 million far exceeded free cash flow (cash left after running and investing in the business) of $93.6 million.
How has FTI Consulting stock performed?
It has fallen over three years but gained strongly over ten. As of October 28, 2026, FCN shares were down 7.2% year to date, down 6.8% over one year and down 27% in total over three years. Over ten years the price rose about 307%, or 15.1% a year. The stock fell 4.0% in 2024 and 10.6% in 2025. At that date it traded at about 19.2 times FY2025 earnings per share of $8.24. This price-to-earnings ratio shows how much investors pay for each dollar of yearly profit.
Does FTI Consulting do well in a recession?
Not reliably. Its Turnaround & Restructuring practice serves companies in financial trouble, but the 10-K lists economic downturns among the factors that could reduce demand for its services. In the 2008 financial crisis, FCN shares fell 50.7% between August 2008 and February 2009 and took about 113 months to regain their peak. In the 2022 bear market, the stock gained 12.5% over the period when the broader market fell. It still dropped 18.6% along the way, from a July high to a September low.