| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 21 | 34.8x | 17.3x | Bottom tier | |
Growth | 43 | 12.8% | 7.1% | Around median | |
Quality | 65 | 19.0% | 4.5% | Around median | |
Safety | 87 | 0.1x | 2.6x | Top tier | |
Capital Return | 88 | 1.57% | 0.06% | Top tier | |
Momentum | 78 | -4.5% | -1.6% | Top tier | |
Sentiment | 74 | 3 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
71% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Exponent provides independent science- and engineering-based consulting services to help clients develop complex products and systems, assess safety and reliability, manage risk, and investigate failures and disputes. The company generates revenue from proactive work, including user studies, regulatory compliance, and utility and infrastructure risk management, and from reactive work, including failure analysis, product safety, and litigation in the consumer products, chemicals, and transportation sectors.
In fiscal Q2 2026, total revenue increased 21% to $171.6 million, while revenue before reimbursable expenses increased 12% to $148.9 million. Net income grew 11% to $29.4 million, diluted earnings per share increased 15% to $0.60, and EBITDA rose 16% to $42.7 million, with its margin reaching 28.7% of revenue before reimbursements versus 27.8% a year earlier.
The Engineering and Other Scientific segment represented 85% of revenue before reimbursements in fiscal Q2 2026 and grew 13%, supported by user studies in consumer electronics, utility work, and investigations related to products, chemicals, and transportation. The Environmental and Health segment represented 15% and grew 9%, driven by assessments of the effects of chemicals on human health and the environment. Billable hours reached approximately 390 thousand hours, up 8%, while utilization increased to 74% and the number of full-time technical employees rose to 1,012 employees, up 6%.
The analyst consensus is “Buy,” with an average price target of $72 and identical high and low targets of $72; this target is within the 52-week range of $51.91–$81.95 and approximately 12% below its high. The available data does not include a valid earnings multiple for comparison, so the available valuation of EXPO is based on the narrowly distributed target and fiscal Q2 2026 earnings-per-share growth, balanced against the expected growth slowdown in Q3 and the declining contribution from the large study.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Total revenue increased 21% to $171.6 million, and revenue before reimbursements rose 12% to $148.9 million. A large user study contributed approximately 4% of revenue before reimbursements, exceeding the previous estimate of 2%. Billable hours also increased 8% to approximately 390 thousand hours, and utilization improved from 72% to 74%. As a result, net income grew 11% to $29.4 million, and diluted earnings per share increased to $0.60.
Exponent works with clients integrating artificial intelligence into glasses, immersive technologies, wearable health devices, vehicles, and robots. Its studies combine human factors, biomechanics, engineering, and data science to evaluate how people interact with those systems in real-world environments. Reactive demand extends to analyzing the performance of driver-assistance systems and driver monitoring, as well as failures involving cooling, power converters, and storage batteries in data centers. Management confirmed on the July 30, 2026 call that the number of clients and projects and the types of devices included in studies had expanded.
Automated analysis for informational purposes only — not investment advice.
Management raised its fiscal 2026 outlook to revenue growth before reimbursements of 9%–10% and an EBITDA margin of between 27.8% and 28.1%. For fiscal Q3 2026, it expects growth of 8%–10% and a margin of between 28.0% and 28.5%. It also expects utilization of between 74% and 75% in Q3 and annual realized pricing increases of between 3% and 4%. The contribution from the large user study is expected to decline from 4% in Q2 to approximately 2% of revenue before reimbursements during the remainder of the year.
The Engineering and Other Scientific segment represented 85% of revenue before reimbursements and grew 13%. Its growth came from user studies in consumer electronics, risk management and infrastructure work for utilities, and investigations related to products, chemicals, and transportation. The Environmental and Health segment represented 15% of revenue before reimbursements and grew 9%. This segment benefited from projects assessing the effects of chemicals on human health and the environment.
Exponent spent approximately $211 million on share repurchases during the twelve months ended fiscal Q2 2026. This reduced the diluted weighted-average share count by 5% from 51.5 million to 49 million shares, helping earnings per share grow 15% compared with 11% growth in net income. During the same quarter, the company repurchased $67.4 million of shares and paid $14.8 million in dividends. The board also approved a $50 million increase in the repurchase authorization, while management expects the repurchase rate to be lower than in half 1 of fiscal 2026.
The first risk is the normalization of the large user study's contribution from 4% of revenue before reimbursements in fiscal Q2 2026 to approximately 2% during the remainder of the year. Management also expects revenue growth before reimbursements to slow to 8%–10% in Q3, with a margin below the 28.7% level recorded in Q2. General and administrative expenses increased 20%, and stock-based compensation expense rose from $5.2 million to $6.7 million during the quarter. Additional risks include the concentration of 85% of revenue before reimbursements in the Engineering and Other Scientific segment and the business model's dependence on recruiting scientists and engineers with highly specialized expertise.