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Exponent

EXPO on Nasdaq. Exponent sells engineering and science consulting to companies, governments, and law firms. Market value $3.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
3.3%fair

For every $100 of what the whole company costs, it produced $3.30 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 80 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.

$69.18 a share, 33% above its 1-year low

Over the past year the price has ranged from $51.91 to $81.95.

Dividend: 1.8% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.1
0.1
0.1
0.1
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$466m$513m$537m$559m$582m
Operating margin
23.4%27.4%20.7%21.4%20.6%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 7.8% a year
  • Buying back its own sharesYes, 6% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $172 million last quarter, up 21% on a year ago.
  • Profit: $29 million, up 11% on a year ago.
  • It keeps 20 cents of each $1 of sales as operating profit, about the same as a year earlier.
  • Spare cash over the past 12 months: $109 million, down from $121 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$136m
December 2024$137m
March 2025$146m
June 2025$142m
September 2025$147m
December 2025$147m
March 2026$166m
June 2026$172m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$26m
December 2024$24m
March 2025$27m
June 2025$27m
September 2025$28m
December 2025$25m
March 2026$30m
June 2026$29m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
6 November 2026

Who owns it

2 long-term investors we follow own it, down from 4 last quarter. 340 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $12,594 of shares on the open market. 6 sold $3m, $2m of it under preset trading plans.

  • Souri Shukri Jeries
    Group Vice President
    Bought
    Date
    18 September 2026
    Shares
    184
    Price
    $68.45
    Value
    $12,594
  • Corrigan Catherine
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    17 August 2026
    Shares
    1,707
    Price
    $66.28
    Value
    $113,136
  • Corrigan Catherine
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    15 July 2026
    Shares
    1,737
    Price
    $62.78
    Value
    $109,045
  • Corrigan Catherine
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    4,119
    Price
    $57.13
    Value
    $235,318
  • James Bradley A
    Group Vice President
    Sold
    Date
    26 May 2026
    Shares
    2,000
    Price
    $57.47
    Value
    $114,940
  • Reiss Richard
    Group Vice President
    Sold
    Date
    19 May 2026
    Shares
    1,672
    Price
    $58.65
    Value
    $98,063
  • Corrigan Catherine
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    15 May 2026
    Shares
    4,194
    Price
    $54.06
    Value
    $226,728
  • Rakow Joseph
    Group Vice President
    Sold
    Date
    13 May 2026
    Shares
    2,945
    Price
    $54.66
    Value
    $160,974
  • Sala Joseph
    Group Vice President
    Sold
    Date
    13 May 2026
    Shares
    2,066
    Price
    $56.66
    Value
    $117,060
  • Corrigan Catherine
    President & CEO, Director
    Sold
    under a preset trading plan
    Date
    15 April 2026
    Shares
    3,909
    Price
    $67.70
    Value
    $264,639

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 7 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.