Exponent, Inc. (EXPO) Key Metrics
EXPO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.42B
- Enterprise value
- $3.13B
- P/E (TTM)
- 32.2 10-yr median 50.3
- Forward P/E
- 31.5
- PEG ratio
- 2.03
- Price / sales
- 6.0 10-yr median 10.3
- Price / book
- 10.8 10-yr median 12.8
- EV / EBITDA
- 23.6 10-yr median 36.8
- Dividend yield
- 1.71% $1.23 a year
- Beta
- 0.70
EXPO key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsEXPO valuation Price multiples at each fiscal year-end price.
EXPO returns How much profit the business earns on the capital it uses.
EXPO per-share figures Results divided by the shares outstanding at year-end.
EXPO financial health Debt, liquidity and how easily interest is covered.
EXPO efficiency & capital use Working capital cycle and where the cash goes.
EXPO valuation history
EXPO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
EXPO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
EXPO cash returned to shareholders
EXPO price vs earnings per share
EXPO key metrics
2020–2025| 2025 | 2024 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.56B | $4.59B | $4.55B | $4.55B | $5.36B | $5.18B | $5.07B | $6.23B | $4.40B | $4.80B |
| Enterprise value | $3.42B | $4.42B | $4.39B | $4.39B | $5.22B | $5.04B | $4.78B | $5.94B | $4.18B | $4.58B |
| P/E ratio | 33.6 | 42.2 | 45.4 | 45.3 | 52.4 | 50.6 | 50.1 | 61.5 | 53.3 | 58.2 |
| Price / sales | 6.1 | 8.2 | 8.5 | 8.5 | 10.4 | 10.1 | 10.9 | 13.4 | 11.0 | 12.0 |
| Price / book | 9.1 | 10.9 | 12.8 | 12.8 | 16.7 | 16.2 | 12.1 | 14.9 | 12.2 | 13.3 |
| Price / free cash flow | 29.1 | 33.4 | — | 41.0 | — | 63.4 | — | 52.9 | — | 48.8 |
| Price / operating cash flow | 27.0 | 31.8 | — | 35.7 | — | 55.2 | — | 50.0 | — | 46.5 |
| EV / sales | 5.9 | 7.9 | 8.2 | 8.2 | 10.2 | 9.8 | 10.3 | 12.7 | 10.5 | 11.4 |
| EV / EBITDA | 21.7 | 28.1 | 36.6 | 30.3 | 37.0 | 34.1 | 43.9 | 51.5 | 50.2 | 50.8 |
| EV / free cash flow | 28.0 | 32.1 | — | 39.5 | — | 61.6 | — | 50.5 | — | 46.6 |
| Earnings yield | 3.0% | 2.4% | 2.2% | 2.2% | 1.9% | 2.0% | 2.0% | 1.6% | 1.9% | 1.7% |
| Free cash flow yield | 3.4% | 3.0% | — | 2.4% | — | 1.6% | — | 1.9% | — | 2.0% |
| Dividend yield | 1.7% | 1.3% | — | 1.2% | — | 1.0% | — | 0.7% | — | 0.8% |
| Shareholder yield (dividends + buybacks) | 4.5% | 1.4% | — | 1.7% | — | 4.0% | — | 0.8% | — | 1.7% |
| Share price at fiscal year-end | $69.46 | $89.10 | $88.19 | $88.04 | $102.54 | $99.09 | $94.98 | $116.73 | $82.58 | $90.03 |
| Per share | ||||||||||
| Revenue per share | $11.36 | $10.83 | $10.40 | $10.40 | $9.82 | $9.82 | $8.74 | $8.74 | $7.50 | $7.50 |
| Earnings per share | $2.07 | $2.11 | $1.94 | $1.94 | $1.96 | $1.96 | $1.90 | $1.90 | $1.55 | $1.55 |
| Operating cash flow per share | $2.57 | $2.80 | — | $2.47 | — | $1.79 | — | $2.34 | — | $1.94 |
| Free cash flow per share | $2.39 | $2.67 | — | $2.15 | — | $1.56 | — | $2.21 | — | $1.84 |
| Cash per share | $4.33 | $5.02 | $3.62 | $3.62 | $3.09 | $3.09 | $5.58 | $5.58 | $4.55 | $4.55 |
| Book value per share | $7.62 | $8.17 | $6.90 | $6.90 | $6.14 | $6.14 | $7.82 | $7.82 | $6.78 | $6.78 |
| Tangible book value per share | $7.45 | $8.00 | $6.73 | $6.73 | $5.97 | $5.97 | $7.66 | $7.66 | $6.62 | $6.62 |
| Dividends per share | $1.20 | $1.13 | — | $1.05 | — | $0.94 | — | $0.81 | — | $0.75 |
| Capex per share | $0.18 | $0.13 | — | $0.32 | — | $0.23 | — | $0.13 | — | $0.09 |
| Debt per share | $1.62 | $1.58 | $0.55 | $0.55 | $0.36 | $0.36 | $0.28 | $0.28 | $0.38 | $0.38 |
| Shares outstanding | 51.2M | 51.6M | 51.6M | 51.6M | 52.3M | 52.3M | 53.3M | 53.3M | 53.3M | 53.3M |
| Change in shares outstanding | −0.6% | −0.1% | 0.0% | −1.2% | 0.0% | −2.0% | 0.0% | +0.0% | 0.0% | −1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 26.1% | 28.1% | 28.2% | 29.6% | 31.9% | 27.7% | 24.3% | 26.0% | 22.8% | 23.2% |
| Return on invested capital (ROIC) | 34.8% | 40.1% | 41.7% | 43.8% | 61.3% | 69.8% | 65.2% | 64.0% | 50.9% | 50.3% |
| Return on assets (ROA) | 13.4% | 15.1% | 15.3% | 16.3% | 17.4% | 16.1% | 14.8% | 16.0% | 14.1% | 14.3% |
| Return on tangible assets | 13.3% | 14.2% | 15.3% | 15.7% | 17.7% | 17.7% | 15.0% | 15.0% | 14.4% | 14.1% |
| Free cash flow margin | 21.0% | 24.6% | — | 20.7% | — | 15.9% | — | 25.3% | — | 24.6% |
| Income quality (OCF / net income) | 1.24 | 1.33 | — | 1.27 | — | 0.92 | — | 1.23 | — | 1.25 |
| Financial health | ||||||||||
| Total debt | $82.8M | $81.5M | $28.3M | $28.3M | $18.6M | $18.6M | $15.0M | $15.0M | $20.3M | $20.3M |
| Cash & short-term investments | $221.9M | $258.9M | $187.2M | $187.2M | $161.5M | $161.5M | $297.7M | $297.7M | $242.5M | $242.5M |
| Net debt | −$139.1M | −$177.4M | −$158.9M | −$158.9M | −$142.9M | −$142.9M | −$282.7M | −$282.7M | −$222.2M | −$222.2M |
| Debt / equity | 0.21 | 0.19 | 0.08 | 0.08 | 0.06 | 0.06 | 0.04 | 0.04 | 0.06 | 0.06 |
| Debt / assets | 0.10 | 0.10 | 0.04 | 0.04 | 0.03 | 0.03 | 0.02 | 0.02 | 0.04 | 0.03 |
| Net debt / EBITDA | −0.88 | −1.13 | −1.32 | −1.10 | −1.01 | −0.97 | −2.60 | −2.45 | −2.67 | −2.47 |
| Current ratio | 2.40 | 2.74 | 2.34 | 2.34 | 2.20 | 2.20 | 2.96 | 2.96 | 3.13 | 3.13 |
| Quick ratio | 2.40 | 2.74 | 2.34 | 2.34 | 2.20 | 2.20 | 2.96 | 2.96 | 3.13 | 3.13 |
| Interest coverage | — | — | — | — | 67.2 | 67.2 | — | 4.7 | — | 4.0 |
| Working capital | $249.6M | $283.7M | $217.6M | $217.6M | $190.1M | $190.1M | $299.8M | $299.8M | $249.5M | $249.5M |
| Invested capital | $251.2M | $243.6M | $197.2M | $197.2M | $177.9M | $177.9M | $134.3M | $134.3M | $139.3M | $139.3M |
| Tangible asset value | $381.7M | $412.5M | $347.5M | $347.5M | $312.1M | $312.1M | $408.5M | $408.5M | $352.9M | $352.9M |
| Net current asset value | $9.3M | $90.7M | $73.3M | $88.8M | $83.2M | $83.2M | $186.1M | $186.1M | $148.2M | $134.6M |
| Graham number | $18.83 | $19.71 | $17.36 | $17.36 | $16.44 | $16.44 | $18.27 | $18.27 | $15.37 | $15.37 |
| Graham net-net per share | −$1.18 | $0.46 | $0.12 | $0.43 | $0.44 | $0.44 | $2.55 | $2.55 | $2.02 | $1.76 |
| Capital allocation | ||||||||||
| Dividends paid | $61.5M | $58.2M | — | $54.0M | — | $49.2M | — | $43.2M | — | $39.8M |
| Share buybacks (net) | $97.1M | $5.7M | — | $24.2M | — | $155.9M | — | $7.0M | — | $40.0M |
| Dividend payout ratio | 58.1% | 53.4% | — | 53.9% | — | 48.1% | — | 42.7% | — | 48.2% |
| Dividends + buybacks / free cash flow | 129.7% | 46.5% | — | 70.5% | — | 250.8% | — | 42.6% | — | 81.2% |
| Capex / revenue | 1.6% | 1.2% | — | 3.0% | — | 2.3% | — | 1.5% | — | 1.2% |
| Capex / operating cash flow | 7.1% | 4.8% | — | 12.8% | — | 12.8% | — | 5.5% | — | 4.8% |
| Capex / depreciation | 0.93 | 0.72 | — | 1.83 | — | 1.70 | — | 1.05 | — | 0.73 |
| Stock-based compensation / revenue | 4.1% | 4.2% | — | 3.8% | — | 4.0% | — | 4.1% | — | 4.3% |
| SG&A / revenue | 4.4% | 4.1% | 64.1% | 4.6% | 56.1% | 56.1% | 62.9% | 62.9% | 65.7% | 65.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 107.5 | 107.4 | 113.8 | 114.7 | 121.0 | 110.2 | 109.5 | 98.4 | 101.8 | 105.7 |
| Days of inventory on hand | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Days payables outstanding | 5.1 | 4.3 | 4.1 | 15.3 | 196.4 | 172.4 | 155.1 | 109.3 | 11.8 | 4.8 |
| Cash conversion cycle (days) | 102.5 | 103.1 | 109.7 | 99.4 | -75.4 | -62.2 | -45.6 | -10.9 | 90.0 | 101.0 |
| Receivables turnover | 3.39 | 3.40 | 3.21 | 3.18 | 3.02 | 3.31 | 3.33 | 3.71 | 3.58 | 3.45 |
| Payables turnover | 71.91 | 85.28 | 89.33 | 23.87 | 1.86 | 2.12 | 2.35 | 3.34 | 30.99 | 76.68 |
| Inventory turnover | — | — | 401,004,000.00 | 401,004,000.00 | 35,083,000.00 | 35,083,000.00 | 32,594,000.00 | 32,594,000.00 | 303,763,000.00 | 303,763,000.00 |
| Asset turnover | 0.73 | 0.78 | 0.82 | 0.87 | 0.87 | 0.81 | 0.68 | 0.74 | 0.68 | 0.69 |
| Average receivables | $171.5M | $164.4M | $167.4M | $168.7M | $170.1M | $155.0M | $139.9M | $125.7M | $111.6M | $115.9M |
| Average payables | $6.1M | $4.9M | $4.5M | $16.8M | $18.9M | $16.6M | $13.8M | $9.8M | $9.8M | $4.0M |
| Average inventory | — | — | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Intangibles / total assets | 1.1% | 1.1% | 1.3% | 1.3% | 1.5% | 1.5% | 1.3% | 1.3% | 1.5% | 1.4% |
Computed from EXPO's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
EXPO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Exponent traded at 33.6 times earnings, against a 10-year median of 50.3. Based on the latest twelve months, the trailing P/E is 32.2 and the forward P/E is 31.5. Exponent earned a return on equity of 26.1% and a return on invested capital of 34.8% in fiscal 2025. It ended the year with $82.8 million of debt and $221.9 million in cash and short-term investments, a net cash position of $139.1 million. It returned $158.6 million to shareholders: $61.5 million in dividends and $97.1 million in share buybacks, 130% of free cash flow. The share count fell 3.9% from 53.3M to 51.2M over 9 years.
See the EXPO income statement, the EXPO chart for price history, or the EXPO stock overview for the latest quote and news.
EXPO key metrics FAQ
What is Exponent's P/E ratio?
Exponent's trailing P/E ratio is 32.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 31.5. At the end of fiscal 2025 it was 33.6, compared with a 10-year median of 50.3.
What is Exponent's EV/EBITDA?
Exponent's enterprise value was 21.7 times EBITDA at the end of fiscal 2025 (enterprise value $3.4 billion, EBITDA $157.4 million); the current EV/EBITDA is 23.6.
What is Exponent's return on equity?
Exponent's return on equity (ROE) was 26.1% in fiscal 2025: net income of $106.0 million on average shareholders' equity of $405.7 million.
What is Exponent's ROIC?
Exponent's return on invested capital was 34.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Exponent have?
Exponent had total debt of $82.8 million at the end of fiscal 2025, a debt-to-equity ratio of 0.21 and more cash than debt.
What is Exponent's dividend yield?
Exponent's forward dividend yield is 1.71%. Exponent paid $61.5 million in dividends in fiscal 2025 ($1.20 per share), a payout ratio of 58.1%.
Does Exponent buy back its shares?
Yes. Exponent spent $97.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.6% over the year, to 51.2M..
What is Exponent's free cash flow yield?
Exponent generated $122.3 million of free cash flow in fiscal 2025, a free cash flow yield of 3.4% on its market value at year-end ($3.6 billion).
What is Exponent's current ratio?
Exponent's current ratio was 2.40 at the end of fiscal 2025: current assets were 2.40 times current liabilities.