Exponent Inc. (EXPO) intrinsic value & 10-year financials
Exponent Inc. (EXPO) has a Graham intrinsic value of $43.75 per share. At $71.85 on Oct 17, 2026, the stock trades 64% above that value. Over the last 10 fiscal years revenue grew 7.5% a year to $582.0M, with an average return on invested capital of 32.6%.
- Graham intrinsic value
- $43.75
- Share price (Oct 17, 2026)
- $71.85
- Price vs Graham value
- 64% above
- Market cap
- $3.7B
- Revenue (FY2026)
- $582.0M
- Revenue growth (10-yr CAGR)
- 7.5%
- ROIC (10-yr avg)
- 32.6%
- Free cash flow (FY2026)
- $122.3M
EXPO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $582.0M | $106.0M | $2.07 | $122.3M | 20.6% | 35.7% |
| FY2025 | $558.5M | $109.0M | $2.11 | $137.6M | 21.4% | 41.2% |
| FY2023 | $536.8M | $100.3M | $1.94 | $111.0M | 20.7% | 45.2% |
| FY2022 | $513.3M | $102.3M | $1.96 | $81.8M | 27.4% | 62.1% |
| FY2021 | $399.9M | $82.6M | $1.55 | $98.3M | 20.8% | 38.3% |
| FY2020 | $417.2M | $82.5M | $1.53 | $85.0M | 20.4% | 35.1% |
| FY2018 | $379.5M | $72.3M | $1.33 | $74.9M | 24.1% | 23.5% |
| FY2017 | $347.8M | $41.3M | $0.77 | $63.1M | 20.7% | 12.8% |
| FY2016 | $315.1M | $47.5M | $0.88 | $52.6M | 19.6% | 16.4% |
| FY2015 | $304.7M | $40.7M | $0.73 | $43.3M | 20.9% | 15.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
EXPONENT INC has demonstrated mature, steady growth, with revenue compounding at 7.5% annually over the past decade.
EXPONENT INC has earned high returns on invested capital, averaging 32.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
EXPONENT INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, EXPONENT INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $43.75 per share.