# Exponent, Inc. (EXPO)

> Source: Nexqual · https://nexqual.com/EXPO · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Exponent, Inc. (EXPO), nexqual.com/EXPO" · informational, not investment advice.

**Price:** USD 77.43 (+0.41% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 77.11 · day 75.7–77.69 · 52w 51.91–81.95 · market cap $3.68B · NMS

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $632M, net income $112M (17.7% margin), free cash flow $109M (SEC filings).
- Valuation: P/E 32.9x (avg 41.1x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $1.7M; 4 not under a Rule 10b5-1 plan ($491K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 84 (range 72–90).
- Total return with dividends: 1Y +13.7% vs S&P 500 +13.4%; 5Y -28.1% vs S&P 500 +76.9%.
- Next earnings: 2026-10-29, EPS estimate USD 0.62, revenue estimate $153M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $466M | $513M | $537M | $559M | $582M | $632M |
| Operating income | $109M | $141M | $111M | $120M | $120M | $128M |
| Net income | $101M | $102M | $100M | $109M | $106M | $112M |
| EPS (diluted) | $1.90 | $1.96 | $1.94 | $2.11 | $2.07 | — |
| Free cash flow | $118M | $81.8M | $111M | $138M | $122M | $109M |
| Operating margin | 23.4% | 27.4% | 20.7% | 21.4% | 20.6% | 20.2% |
| Net margin | 21.7% | 19.9% | 18.7% | 19.5% | 18.2% | 17.7% |
| Revenue growth | +16.6% | +10.1% | +4.6% | +4.1% | +4.2% | — |
| Cash + short-term investments | — | — | $187M | $259M | $222M | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 32.9x · P/S 5.8x · P/FCF 33.9x · P/B 12.8x · FCF yield 2.95% · Earnings yield 3.04% · Dividend yield (paid, TTM) 1.67% · Buyback yield (TTM) 5.72%
P/E at fiscal year-ends: Jan 2026 34.7x, Jan 2025 43.4x, Dec 2023 45.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Corrigan Catherine | Chief Executive Officer | 1,707 | $113K | 1.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-15 | Corrigan Catherine | Chief Executive Officer | 1,737 | $109K | 1.5% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15 | Corrigan Catherine | President & CEO | 4,119 | $235K | 3.7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-26 | James Bradley A | Group Vice President | 2,000 | $115K | 64.4% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-19 | Reiss Richard | Group Vice President | 1,672 | $98K | 42.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-15 | Corrigan Catherine | President & CEO | 4,194 | $227K | 3.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-13 | Rakow Joseph | Group Vice President | 2,945 | $161K | 100% | No | Routine (sold in May each year 2023–2025) |
| 2026-05-13 | Sala Joseph | Group Vice President | 2,066 | $117K | 100% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-03-16…2026-04-15 | Corrigan Catherine | President & CEO | 7,821 | $529K | 7% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 84 (low 72, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-31 | UBS | Target lowered | Neutral | $75 → $72 |
| 2026-07-31 | JP Morgan | Target raised | Overweight | $80 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +13.7% | -28.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +13.8% | -6.4% |
| Volatility (annualized) | 33.0% | 31.6% |
| Max drawdown | -32.5% (Feb 2026→May 2026) | -54.6% (Nov 2021→May 2026) |

## Peers (Engineering & Construction)
TPC (Tutor Perini Corporation) USD 76.86 -0.03% · AGX (Argan, Inc.) USD 331.03 +0.22% · ROAD (Construction Partners, Inc.) USD 83.04 -1.06% · GVA (Granite Construction Incorporat) USD 106.45 -0.93% · ECG (Everus Construction Group, Inc.) USD 94.91 -2.21% · KBR (KBR, Inc.) USD 39.23 -0.76%

## More
Full page: https://nexqual.com/EXPO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Engineering & Other Scientific | $148.8M | 86.7% | +23.0% | $49.5M | 33.3% |
| Environmental & Health | $22.8M | 13.3% | +8.6% | $7.6M | 33.5% |
| Corporate costs (not allocated) | — | — | — | -$29.1M | — |
| Total revenue | $171.6M | 100% | — | $28.0M | 16.3% |

## Revenue by region (fiscal year ended 2026-01-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $520.6M | 89.4% | +5.6% |
| Non Us | $61.4M | 10.6% | -6.1% |
| Total revenue | $582.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.62 | $0.64 | -2.6% | $153.4M | 4 |
| Next quarter (ends 2026-12-31) | $0.54 | $0.58 | -7.8% | $145.2M | 4 |
| Current fiscal year (ends 2026-12-31) | $2.41 | $2.47 | -2.4% | $612.1M | 4 |
| Next fiscal year (ends 2027-12-31) | $2.72 | $2.76 | -1.4% | $663.9M | 4 |