Charles River Associates (CRAI) Financials

$190.35 +4.92 (+2.65%)

Closing price 04:00 PM Eastern

Extended Trading

$190.21 -0.14 (-0.07%)

As of 04:10 PM Eastern

Annual Income Statements for Charles River Associates

This table shows Charles River Associates' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Net Income / (Loss) Attributable to Common Shareholders	14	7.66	13	7.62	22	21	25	42	44	38	47
Consolidated Net Income / (Loss)	13	6.33	14	7.70	22	21	25	42	44	38	47
Net Income / (Loss) Continuing Operations	13	6.33	14	7.70	22	21	25	42	44	38	47
Total Pre-Tax Income	23	12	22	15	29	27	34	54	59	52	66
Total Operating Income	24	12	19	16	29	29	35	56	59	58	71
Total Gross Profit	100	96	97	111	128	134	138	166	181	184	207
Total Revenue	306	304	325	370	418	451	508	566	591	624	687
Operating Revenue	306	304	325	370	418	451	508	566	591	624	687
Total Cost of Revenue	207	208	227	259	289	318	371	400	410	440	480
Operating Cost of Revenue	207	208	227	259	289	318	371	400	410	440	480
Total Operating Expenses	76	84	78	95	100	104	103	110	122	127	137
Selling, General & Admin Expense	69	72	71	87	90	94	90	97	110	115	125
Depreciation Expense	6.44	6.55	7.90	8.95	10.00	11	13	13	12	12	12
Total Other Income / (Expense), net	-0.73	-0.58	2.97	-0.63	-0.00	-2.55	-1.17	-1.46	0.06	-5.26	-4.51
Interest Expense	0.43	-0.07	0.47	0.48	0.65	1.25	1.22	0.97	1.83	3.81	4.42
Other Income / (Expense), net	-0.30	-0.65	3.44	-0.15	0.65	-1.30	0.04	-0.49	1.89	-1.45	-0.09
Income Tax Expense	9.91	5.49	7.66	7.46	6.46	6.05	9.12	13	15	14	20
Basic Earnings per Share	$1.40	$0.84	$1.50	$0.91	-	$2.63	$3.14	$5.59	$6.02	$5.48	$6.82
Weighted Average Basic Shares Outstanding	9.75M	9.01M	8.50M	8.29M	8.11M	7.87M	7.77M	7.42M	7.22M	7.01M	6.82M
Diluted Earnings per Share	$1.38	$0.83	$1.49	$0.89	-	$2.53	$3.07	$5.45	$5.91	$5.39	$6.74
Weighted Average Diluted Shares Outstanding	9.90M	9.20M	8.60M	8.50M	8.57M	8.17M	7.95M	7.62M	7.36M	7.12M	6.91M
Weighted Average Basic & Diluted Shares Outstanding	9.21M	8.93M	8.54M	8.38M	8.05M	7.85M	7.65M	7.40M	7.18M	6.96M	6.79M
Cash Dividends to Common per Share	-	-	$0.14	$0.59	$0.71	$0.83	$0.95	$1.09	$1.29	$1.50	$1.75

This table shows Charles River Associates' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2026	Q2 2026
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Net Income / (Loss) Attributable to Common Shareholders	8.67	8.92	9.51	8.60	11	14	6.54	11	15	18	12
Consolidated Net Income / (Loss)	8.67	8.92	9.51	8.60	11	14	6.54	11	15	18	12
Net Income / (Loss) Continuing Operations	8.67	8.92	9.51	8.60	11	14	6.54	11	15	18	12
Total Pre-Tax Income	11	13	14	11	16	19	9.61	16	22	25	17
Total Operating Income	13	14	16	11	17	20	11	18	21	26	20
Total Gross Profit	-163	45	49	42	49	53	46	53	56	61	58
Total Revenue	145	153	162	148	162	172	171	168	176	182	187
Operating Revenue	145	153	162	148	162	172	171	168	176	182	187
Total Cost of Revenue	308	108	113	106	113	119	125	115	121	120	129
Operating Cost of Revenue	-	108	113	106	113	119	125	115	121	120	129
Total Operating Expenses	-176	31	33	31	32	33	35	34	34	36	39
Selling, General & Admin Expense	28	28	30	28	29	30	32	31	31	33	35
Depreciation Expense	2.94	2.94	2.87	2.95	2.80	2.79	2.81	2.90	3.17	3.41	3.53
Total Other Income / (Expense), net	-2.16	-1.10	-2.30	-0.27	-1.59	-0.61	-1.67	-2.36	0.13	-0.90	-2.61
Interest Expense	0.48	0.57	1.62	1.03	0.60	0.46	1.48	1.46	1.01	0.43	1.80
Other Income / (Expense), net	-1.68	-0.53	-0.69	0.76	-0.99	-0.14	-0.19	-0.90	1.15	-0.47	-0.82
Income Tax Expense	2.47	3.68	4.10	1.93	4.10	5.32	3.08	4.59	6.60	6.64	4.99
Basic Earnings per Share	-	$1.25	$1.36	$1.22	$1.65	$1.97	$0.96	$1.68	$2.21	$2.65	$1.81
Weighted Average Basic Shares Outstanding	7.22M	7.12M	6.98M	6.98M	7.01M	6.93M	6.83M	6.76M	6.82M	6.78M	6.69M
Diluted Earnings per Share	-	$1.23	$1.34	$1.21	$1.61	$1.95	$0.94	$1.67	$2.18	$2.62	$1.79
Weighted Average Diluted Shares Outstanding	7.36M	7.25M	7.08M	7.08M	7.12M	7.01M	6.91M	6.84M	6.91M	6.86M	6.75M
Weighted Average Basic & Diluted Shares Outstanding	7.18M	7.03M	7.00M	7.00M	6.96M	6.92M	6.78M	6.78M	6.79M	6.81M	6.58M

This table details how cash moves in and out of Charles River Associates' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Net Change in Cash & Equivalents	-3.05	-10	15	0.51	-15	-12	20	20	-35	14	-19
Net Cash From Operating Activities	30	20	48	46	36	28	55	76	25	60	50
Net Cash From Continuing Operating Activities	30	20	48	46	36	28	59	76	25	60	50
Net Income / (Loss) Continuing Operations	13	6.33	14	7.70	22	21	25	42	44	38	47
Consolidated Net Income / (Loss)	13	6.33	14	7.70	22	21	25	42	44	38	47
Depreciation Expense	6.44	6.54	7.88	8.86	10.00	11	13	13	12	12	12
Amortization Expense	-	-	-	-	0.00	11	12	13	14	14	15
Non-Cash Adjustments To Reconcile Net Income	6.86	16	17	9.88	-12	-13	0.88	10	-11	2.60	-7.21
Changes in Operating Assets and Liabilities, net	3.45	-8.56	9.40	19	16	-1.05	8.91	-1.91	-33	-6.85	-17
Net Cash From Investing Activities	-5.86	-16	-12	-26	-15	-17	-17	-2.62	-18	-2.94	-18
Net Cash From Continuing Investing Activities	-5.86	-16	-12	-26	-15	-17	-17	-2.62	-18	-2.94	-18
Purchase of Property, Plant & Equipment	-4.19	-18	-13	-9.76	-15	-17	-17	-2.62	-3.81	-2.37	-17
Acquisitions	-1.78	-	0.00	-16	-	-	0.00	0.00	-14	-0.58	-1.50
Net Cash From Financing Activities	-26	-13	-19	-22	-36	-24	-20	-52	-39	-44	-49
Net Cash From Continuing Financing Activities	-26	-13	-19	-22	-36	-24	-20	-52	-39	-44	-49
Repayment of Debt	-0.03	-4.30	-7.58	-12	-30	-54	-77	-74	-127	-105	-102
Repurchase of Common Equity	-25	-13	-19	-20	-28	-18	-13	-45	-28	-31	-33
Payment of Dividends	-	-	-1.17	-5.48	-6.08	-6.79	-7.50	-8.29	-9.58	-11	-12
Issuance of Debt	-	4.00	7.50	12	30	54	77	74	126	105	102
Issuance of Common Equity	0.47	0.60	2.85	6.42	2.17	3.21	2.24	5.16	1.41	0.81	0.00
Other Financing Activities, net	-0.83	-0.54	-1.49	-3.26	-3.95	-2.18	-0.86	-3.89	-2.15	-3.06	-3.21
Effect of Exchange Rate Changes	-1.46	-0.94	-1.66	2.17	-	0.29	1.97	-0.63	-2.69	1.49	-1.63
Cash Interest Paid	0.44	0.24	0.41	0.31	0.51	1.16	1.16	0.73	1.58	3.54	4.15
Cash Income Taxes Paid	16	9.69	6.18	7.42	4.81	7.59	6.54	15	16	14	21

This table details how cash moves in and out of Charles River Associates' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2026	Q2 2026
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Net Change in Cash & Equivalents	7.35	4.07	-21	13	18	-8.46	-12	-0.17	2.23	-1.11	-6.15
Net Cash From Operating Activities	60	-70	5.07	65	60	-63	1.81	32	79	-80	5.85
Net Cash From Continuing Operating Activities	60	-70	5.07	65	60	-63	1.81	32	79	-81	6.45
Net Income / (Loss) Continuing Operations	8.67	8.92	9.51	8.60	11	14	6.54	11	15	18	12
Consolidated Net Income / (Loss)	8.67	8.92	9.51	8.60	11	14	6.54	11	15	18	12
Depreciation Expense	2.94	2.94	2.87	2.95	2.80	2.79	2.81	2.90	3.17	3.41	3.53
Amortization Expense	3.50	3.57	3.62	3.41	3.67	3.57	3.90	3.85	3.84	3.85	3.90
Non-Cash Adjustments To Reconcile Net Income	24	-32	0.59	2.63	32	-16	-16	-13	38	-44	-5.36
Changes in Operating Assets and Liabilities, net	21	-53	-12	47	10	-67	4.83	26	19	-62	-7.74
Net Cash From Investing Activities	-4.98	-1.13	-0.72	-0.73	-0.36	-0.73	-3.82	-2.99	-11	-0.97	-1.19
Net Cash From Continuing Investing Activities	-4.98	-1.13	-0.72	-0.73	-0.36	-0.73	-3.82	-2.99	-11	-0.97	-1.19
Purchase of Property, Plant & Equipment	-0.81	-0.56	-0.72	-0.73	-0.36	-0.73	-2.32	-2.99	-11	-0.97	-1.19
Net Cash From Financing Activities	-48	75	-26	-51	-43	56	-10	-30	-65	79	-12
Net Cash From Continuing Financing Activities	-48	75	-26	-51	-43	56	-10	-30	-65	79	-12
Repayment of Debt	-47	-5.00	-20	-48	-32	0.00	-6.00	-29	-67	-5.00	-7.00
Repurchase of Common Equity	-	-21	-3.00	-	-7.84	-9.24	-24	-	-	0.00	-43
Payment of Dividends	-2.72	-2.70	-2.53	-2.54	-3.03	-3.08	-2.90	-2.87	-3.45	-3.49	-3.37
Issuance of Debt	2.00	105	-	-	-	70	23	2.00	7.00	90	42
Other Financing Activities, net	-1.14	-1.87	-0.14	-0.03	-1.02	-1.63	-0.35	-0.05	-1.18	-2.45	-0.36
Effect of Exchange Rate Changes	0.41	0.41	0.06	-0.31	1.33	-0.71	-0.11	1.16	-1.97	0.80	1.06
Cash Interest Paid	0.55	0.12	2.05	0.73	0.64	0.09	1.44	1.55	1.06	0.13	1.54
Cash Income Taxes Paid	4.24	1.08	5.14	3.74	4.06	1.53	11	4.40	4.36	3.18	12

This table presents Charles River Associates' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Total Assets	313	314	324	362	371	533	559	555	551	553	571
Total Current Assets	145	141	171	184	181	184	220	249	249	265	269
Cash & Equivalents	48	38	54	54	38	26	46	66	31	46	27
Note & Lease Receivable	2.45	4.40	5.90	5.54	6.10	6.75	15	11	9.67	8.76	6.54
Accounts Receivable	83	86	92	113	131	144	152	162	195	200	220
Prepaid Expenses	11	12	19	11	6.42	7.28	7.07	11	13	12	17
Plant, Property, & Equipment, net	15	31	36	45	48	61	63	54	46	38	45
Total Noncurrent Assets	154	142	117	133	142	288	276	252	256	250	257
Goodwill	82	77	75	89	88	89	89	89	93	94	94
Intangible Assets	4.76	3.59	2.69	9.21	7.85	6.48	5.11	4.18	8.59	7.20	7.22
Noncurrent Deferred & Refundable Income Taxes	19	19	10	8.71	9.33	11	9.67	9.32	9.16	14	17
Other Noncurrent Operating Assets	48	42	29	26	36	182	172	150	146	134	139
Total Liabilities & Shareholders' Equity	313	314	324	362	371	533	559	555	551	553	571
Total Liabilities	99	103	116	155	174	335	349	350	340	341	359
Total Current Liabilities	88	86	94	122	142	171	200	213	217	236	251
Short-Term Debt	-	0.08	-	0.00	-	-	-	-	-	-	0.00
Accounts Payable	14	14	14	18	22	26	19	24	28	29	28
Accrued Expenses	67	65	75	95	108	121	136	156	156	171	181
Current Deferred Revenue	7.84	6.80	4.52	8.03	8.68	6.72	9.87	13	12	12	14
Current Employee Benefit Liabilities	0.18	0.81	0.57	0.91	3.65	4.47	21	6.10	5.69	7.58	8.92
Other Current Liabilities	-	-	-	-	-	13	14	14	16	16	19
Total Noncurrent Liabilities	10	16	22	33	32	164	149	136	123	105	108
Noncurrent Deferred & Payable Income Tax Liabilities	1.61	-	0.12	0.37	0.30	0.50	0.73	1.03	0.95	1.06	1.19
Noncurrent Employee Benefit Liabilities	3.37	4.36	6.35	12	7.96	15	9.19	11	16	12	22
Other Noncurrent Operating Liabilities	-	-	-	-	-	147	139	124	106	92	85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	215	211	208	207	196	198	209	206	211	212	212
Total Preferred & Common Equity	214	212	207	207	196	198	209	206	211	212	212
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	214	212	207	207	196	198	209	206	211	212	212
Common Stock	73	66	54	47	23	9.27	0.50	0.00	1.74	0.00	1.66
Retained Earnings	148	155	167	169	186	200	217	216	224	224	225
Accumulated Other Comprehensive Income / (Loss)	-6.70	-9.25	-14	-9.90	-13	-12	-8.48	-9.95	-15	-12	-15

This table presents Charles River Associates' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2026	Q2 2026
Period end date	7/2/2022	10/1/2022	4/1/2023	7/1/2023	9/30/2023	3/30/2024	6/29/2024	9/28/2024	3/29/2025	6/28/2025
Total Assets	547	554	562	551	539	553	546	582	590	607
Total Current Assets	241	257	258	255	249	275	271	286	278	293
Cash & Equivalents	16	24	36	14	28	37	25	24	26	19
Note & Lease Receivable	12	10	14	12	10	15	14	10	12	18
Accounts Receivable	200	209	197	213	193	209	217	233	223	235
Prepaid Expenses	13	14	12	15	17	14	16	18	18	21
Plant, Property, & Equipment, net	49	47	44	42	40	37	37	38	43	41
Total Noncurrent Assets	257	250	260	254	250	240	238	258	270	272
Goodwill	90	89	94	94	93	94	94	95	94	95
Intangible Assets	7.78	7.47	8.23	7.89	7.54	6.85	7.98	7.60	6.83	6.45
Noncurrent Deferred & Refundable Income Taxes	9.47	9.45	9.40	9.40	10	14	14	13	18	17
Other Noncurrent Operating Assets	150	144	149	143	139	126	122	143	151	154
Total Liabilities & Shareholders' Equity	547	554	562	551	539	553	546	582	590	607
Total Liabilities	349	354	365	348	331	341	354	378	363	410
Total Current Liabilities	222	231	254	239	224	237	253	268	271	317
Short-Term Debt	70	45	100	80	32	70	87	60	85	120
Accounts Payable	25	26	23	23	25	33	23	28	20	25
Accrued Expenses	102	133	104	107	138	106	113	146	134	140
Current Deferred Revenue	6.85	7.33	8.91	9.00	7.87	9.08	8.48	8.45	10	9.04
Current Employee Benefit Liabilities	2.67	4.20	1.44	3.52	5.55	1.59	3.98	6.47	2.00	5.19
Other Current Liabilities	15	15	16	16	16	17	17	19	19	19
Total Noncurrent Liabilities	127	123	112	109	107	104	102	110	93	92
Noncurrent Deferred & Payable Income Tax Liabilities	0.92	0.85	0.98	1.00	0.97	1.05	1.05	1.12	1.23	1.30
Noncurrent Employee Benefit Liabilities	11	13	8.60	10	10	14	16	19	10	5.99
Other Noncurrent Operating Liabilities	115	109	102	98	95	89	84	89	81	85
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	198	201	197	203	208	212	192	205	227	197
Total Preferred & Common Equity	198	201	197	203	208	212	192	205	227	197
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	198	201	197	203	208	212	192	205	227	197
Common Stock	0.00	1.03	0.00	0.47	1.36	0.00	0.00	1.31	0.60	0.00
Retained Earnings	213	218	211	215	221	225	205	214	240	206
Accumulated Other Comprehensive Income / (Loss)	-15	-19	-14	-13	-15	-13	-14	-11	-13	-9.49

This table displays calculated financial ratios and metrics derived from Charles River Associates' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	1/3/2015	1/2/2016	12/31/2016	12/30/2017	12/29/2018	12/28/2019	1/2/2021	1/1/2022	12/31/2022	12/30/2023	12/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.03%	-0.92%	6.99%	13.95%	12.86%	8.07%	12.63%	11.32%	4.41%	5.60%	10.17%
EBITDA Growth	21.72%	-39.41%	65.31%	-19.05%	61.71%	24.72%	20.98%	35.68%	6.61%	-5.14%	18.97%
EBIT Growth	29.50%	-50.53%	90.33%	-30.16%	89.45%	-5.17%	24.20%	58.58%	9.74%	-7.47%	25.95%
NOPAT Growth	19.07%	-52.01%	85.41%	-34.92%	180.72%	1.11%	11.62%	68.76%	1.80%	-2.81%	17.66%
Net Income Growth	19.33%	-52.82%	125.03%	-45.89%	191.81%	-7.68%	18.12%	70.07%	4.65%	-11.78%	21.24%
EPS Growth	0.00%	-39.86%	79.52%	-40.27%	0.00%	0.00%	21.34%	77.52%	8.44%	-8.80%	25.05%
Operating Cash Flow Growth	63.43%	-32.26%	135.82%	-4.79%	-21.08%	-23.09%	96.40%	38.48%	-66.81%	139.13%	-17.21%
Free Cash Flow Firm Growth	581.97%	-94.61%	2,671.17%	-70.39%	87.93%	-47.43%	276.99%	94.66%	-94.63%	1,456.11%	-44.22%
Invested Capital Growth	-3.96%	3.29%	-10.78%	-0.75%	3.43%	8.63%	-5.10%	-14.47%	28.63%	-7.34%	11.32%
Revenue Q/Q Growth	0.92%	-1.94%	2.24%	4.95%	2.89%	2.38%	3.70%	-0.47%	1.76%	2.74%	2.20%
EBITDA Q/Q Growth	2.91%	-31.61%	25.66%	-14.35%	32.45%	2.12%	6.85%	3.27%	-0.55%	5.92%	7.71%
EBIT Q/Q Growth	3.36%	-42.05%	35.90%	-21.58%	45.33%	-6.84%	9.16%	5.42%	-0.82%	8.79%	10.03%
NOPAT Q/Q Growth	-0.49%	-48.68%	57.95%	-35.44%	61.95%	-3.26%	8.41%	3.14%	3.02%	5.76%	4.72%
Net Income Q/Q Growth	0.20%	-50.03%	48.76%	-36.03%	68.05%	-9.10%	8.61%	4.94%	0.01%	7.81%	8.18%
EPS Q/Q Growth	0.00%	-38.97%	35.45%	-36.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.24%
Operating Cash Flow Q/Q Growth	-34.94%	40.53%	16.05%	15.39%	21.96%	12.79%	47.39%	-4.44%	-6.19%	-0.06%	63.55%
Free Cash Flow Firm Q/Q Growth	-45.11%	181.09%	48.35%	27.99%	130.42%	4.68%	150.48%	-3.94%	-68.50%	12.73%	55.63%
Invested Capital Q/Q Growth	-7.37%	-11.33%	-15.21%	-18.20%	-18.19%	-17.46%	-25.17%	-26.71%	-18.90%	-21.59%	-22.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.50%	31.59%	29.99%	30.06%	30.76%	29.60%	27.08%	29.31%	30.60%	29.52%	30.18%
EBITDA Margin	9.85%	6.02%	9.31%	6.61%	9.48%	10.94%	11.75%	14.32%	14.62%	13.13%	14.18%
Operating Margin	7.85%	4.08%	5.83%	4.26%	6.93%	6.50%	6.84%	9.85%	9.94%	9.22%	10.29%
EBIT Margin	7.75%	3.87%	6.88%	4.22%	7.08%	6.21%	6.85%	9.76%	10.26%	8.99%	10.28%
Profit (Net Income) Margin	4.38%	2.08%	4.38%	2.08%	5.38%	4.60%	4.82%	7.36%	7.38%	6.17%	6.79%
Tax Burden Percent	57.50%	53.53%	65.02%	50.78%	77.67%	77.42%	72.89%	76.79%	74.18%	73.59%	70.43%
Interest Burden Percent	98.19%	100.58%	97.90%	97.12%	97.81%	95.53%	96.51%	98.24%	96.99%	93.21%	93.75%
Effective Tax Rate	42.50%	46.47%	34.98%	49.22%	22.33%	22.58%	27.11%	23.21%	25.82%	26.41%	29.57%
Return on Invested Capital (ROIC)	8.09%	3.90%	7.52%	5.21%	14.42%	13.75%	15.12%	28.25%	27.28%	24.46%	28.32%
ROIC Less NNEP Spread (ROIC-NNEP)	8.94%	4.62%	3.30%	5.77%	14.43%	19.95%	17.52%	30.26%	27.19%	34.51%	37.11%
Return on Net Nonoperating Assets (RNNOA)	-1.98%	-0.93%	-0.72%	-1.50%	-3.29%	-3.22%	-3.07%	-8.16%	-6.36%	-6.28%	-6.32%
Return on Equity (ROE)	6.10%	2.97%	6.79%	3.71%	11.13%	10.53%	12.05%	20.09%	20.92%	18.18%	22.00%
Cash Return on Invested Capital (CROIC)	12.13%	0.66%	18.91%	5.96%	11.05%	5.48%	20.35%	43.85%	2.23%	32.08%	17.61%
Operating Return on Assets (OROA)	7.49%	3.75%	7.02%	4.56%	8.08%	6.21%	6.38%	9.92%	10.96%	10.16%	12.57%
Return on Assets (ROA)	4.23%	2.02%	4.47%	2.25%	6.13%	4.59%	4.49%	7.48%	7.89%	6.97%	8.30%
Return on Common Equity (ROCE)	6.08%	2.97%	6.80%	3.70%	11.12%	10.53%	12.05%	20.09%	20.92%	18.18%	22.00%
Return on Equity Simple (ROE_SIMPLE)	6.26%	2.99%	6.87%	3.72%	11.44%	10.49%	11.72%	20.25%	20.66%	18.14%	22.00%
Net Operating Profit after Tax (NOPAT)	14	6.63	12	8.01	22	23	25	43	44	42	50
NOPAT Margin	4.51%	2.19%	3.79%	2.16%	5.38%	5.03%	4.99%	7.56%	7.37%	6.79%	7.25%
Net Nonoperating Expense Percent (NNEP)	-0.86%	-0.73%	4.22%	-0.57%	0.00%	-6.20%	-2.40%	-2.01%	0.10%	-10.04%	-8.78%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	20.64%	19.97%	23.50%
Cost of Revenue to Revenue	67.50%	68.41%	70.01%	69.94%	69.24%	70.40%	72.92%	70.69%	69.40%	70.48%	69.82%
SG&A Expenses to Revenue	22.55%	23.86%	21.73%	23.38%	21.44%	20.74%	17.71%	17.21%	18.63%	18.45%	18.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.65%	27.51%	24.16%	25.80%	23.83%	23.10%	20.23%	19.46%	20.66%	20.30%	19.89%
Earnings before Interest and Taxes (EBIT)	24	12	22	16	30	28	35	55	61	56	71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	30	18	30	24	40	49	60	81	86	82	97
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	0.70	1.30	1.59	1.55	1.96	1.81	3.26	4.03	3.23	5.97
Price to Tangible Book Value (P/TBV)	2.02	1.13	2.08	3.03	3.03	3.77	3.30	5.95	7.77	6.17	11.40
Price to Revenue (P/Rev)	0.84	0.49	0.83	0.89	0.73	0.86	0.74	1.18	1.44	1.10	1.84
Price to Earnings (P/E)	18.81	19.37	20.93	43.25	13.52	18.67	15.42	16.08	19.53	17.80	27.15
Dividend Yield	0.00%	0.00%	0.43%	1.45%	1.89%	1.66%	1.95%	1.21%	1.08%	1.53%	0.94%
Earnings Yield	5.32%	5.16%	4.78%	2.31%	7.40%	5.36%	6.48%	6.22%	5.12%	5.62%	3.68%
Enterprise Value to Invested Capital (EV/IC)	1.25	0.63	1.40	1.80	1.68	2.10	2.03	4.32	4.56	3.84	6.69
Enterprise Value to Revenue (EV/Rev)	0.69	0.36	0.67	0.75	0.64	0.80	0.65	1.07	1.39	1.02	1.80
Enterprise Value to EBITDA (EV/EBITDA)	6.95	5.99	7.17	11.28	6.72	7.33	5.57	7.46	9.50	7.80	12.72
Enterprise Value to EBIT (EV/EBIT)	8.84	9.32	9.70	17.68	8.99	12.89	9.54	10.94	13.53	11.40	17.55
Enterprise Value to NOPAT (EV/NOPAT)	15.18	16.51	17.62	34.48	11.83	15.92	13.10	14.12	18.83	15.10	24.89
Enterprise Value to Operating Cash Flow (EV/OCF)	6.96	5.36	4.50	6.02	7.35	13.00	6.08	7.98	32.65	10.64	24.93
Enterprise Value to Free Cash Flow (EV/FCFF)	10.12	98.06	7.00	30.12	15.44	39.95	9.74	9.09	229.83	11.51	40.02
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.22	-0.20	-0.22	-0.26	-0.23	-0.16	-0.18	-0.27	-0.23	-0.18	-0.17
Leverage Ratio	1.44	1.47	1.52	1.65	1.81	2.29	2.68	2.69	2.65	2.61	2.65
Compound Leverage Factor	1.42	1.48	1.49	1.60	1.78	2.19	2.59	2.64	2.57	2.43	2.49
Debt to Total Capital	0.45%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.29%	-0.33%	0.32%	0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.26%	100.29%	99.68%	99.85%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-1.56	-2.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.03	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.07	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-3.42	-5.74	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.66	2.86	3.63	3.31	3.26	2.27	2.35	3.12	3.58	3.30	4.32
Noncontrolling Interest Sharing Ratio	0.33%	-0.02%	-0.01%	0.24%	0.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.64	1.63	1.81	1.51	1.27	1.07	1.10	1.17	1.15	1.12	1.07
Quick Ratio	1.52	1.49	1.61	1.42	1.23	1.03	1.06	1.12	1.09	1.08	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	21	1.12	31	9.16	17	9.05	34	66	3.57	56	31
Operating Cash Flow to CapEx	739.33%	124.40%	369.83%	470.00%	234.28%	166.73%	319.78%	2,885.93%	658.83%	2,538.97%	299.19%
Free Cash Flow to Firm to Interest Expense	48.10	0.00	66.00	18.94	26.62	7.22	28.07	68.50	1.95	14.57	7.01
Operating Cash Flow to Interest Expense	69.95	0.00	102.69	94.75	55.93	22.19	44.95	78.04	13.76	15.76	11.26
Operating Cash Flow Less CapEx to Interest Expense	60.49	0.00	74.93	74.59	32.06	8.88	30.90	75.34	11.67	15.14	7.50
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.97	0.97	1.02	1.08	1.14	1.00	0.93	1.02	1.07	1.13	1.22
Accounts Receivable Turnover	3.71	3.58	3.65	3.61	3.42	3.28	3.42	3.60	3.31	3.16	3.28
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	20.19	13.19	9.59	9.13	9.01	8.25	8.19	9.72	11.91	14.90	16.49
Accounts Payable Turnover	15.06	15.18	16.61	16.08	14.31	13.24	16.30	18.63	16.05	15.63	16.88
Days Sales Outstanding (DSO)	98.46	101.93	100.12	101.15	106.59	111.19	106.58	101.43	110.27	115.40	111.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.24	24.04	21.98	22.71	25.50	27.57	22.40	19.59	22.74	23.36	21.62
Cash Conversion Cycle (CCC)	74.23	77.89	78.14	78.45	81.08	83.62	84.18	81.84	87.53	92.04	89.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	167	173	154	153	158	172	163	140	180	167	185
Invested Capital Turnover	1.79	1.78	1.98	2.41	2.68	2.73	3.03	3.74	3.70	3.60	3.91
Increase / (Decrease) in Invested Capital	-6.91	5.52	-19	-1.16	5.25	14	-8.77	-24	40	-13	19
Enterprise Value (EV)	210	110	217	276	266	362	332	604	820	639	1,240
Market Capitalization	256	148	270	330	304	387	378	670	852	685	1,267
Book Value per Share	$22.47	$23.61	$25.05	$25.52	$24.25	$25.55	$26.88	$27.71	$29.59	$30.29	$31.28
Tangible Book Value per Share	$13.33	$14.63	$15.68	$13.40	$12.40	$13.28	$14.75	$15.18	$15.37	$15.84	$16.39
Total Capital	216	211	208	207	196	198	209	206	211	212	212
Total Debt	0.98	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-47	-38	-54	-54	-38	-26	-46	-66	-31	-46	-27
Capital Expenditures (CapEx)	4.08	16	13	9.76	15	17	17	2.62	3.81	2.37	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	8.06	16	23	8.27	0.62	-13	-26	-30	0.29	-16	-8.66
Debt-free Net Working Capital (DFNWC)	56	54	76	62	39	13	20	36	32	29	18
Net Working Capital (NWC)	56	54	76	62	39	13	20	36	32	29	18
Net Nonoperating Expense (NNE)	0.42	0.31	-1.93	0.30	0.00	1.98	0.86	1.12	-0.05	3.87	3.18
Net Nonoperating Obligations (NNO)	-47	-38	-54	-54	-38	-26	-46	-66	-31	-46	-27
Total Depreciation and Amortization (D&A)	6.44	6.54	7.88	8.86	10.00	21	25	26	26	26	27
Debt-free, Cash-free Net Working Capital to Revenue	2.63%	5.36%	7.05%	2.23%	0.15%	-2.87%	-5.08%	-5.28%	0.05%	-2.60%	-1.26%
Debt-free Net Working Capital to Revenue	18.36%	17.92%	23.53%	16.83%	9.25%	2.81%	3.90%	6.41%	5.37%	4.71%	2.63%
Net Working Capital to Revenue	18.36%	17.90%	23.53%	16.83%	9.25%	2.81%	3.90%	6.41%	5.37%	4.71%	2.63%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$0.00	$1.50	$0.91	$2.76	$2.63	$0.00	$5.59	$6.02	$5.48	$6.82
Adjusted Weighted Average Basic Shares Outstanding	9.75M	9.01M	8.50M	8.29M	8.11M	7.87M	7.77M	7.42M	7.22M	7.01M	6.82M
Adjusted Diluted Earnings per Share	$1.38	$0.00	$1.49	$0.89	$2.61	$2.53	$0.00	$5.45	$5.91	$5.39	$6.74
Adjusted Weighted Average Diluted Shares Outstanding	9.90M	9.20M	8.60M	8.50M	8.57M	8.17M	7.95M	7.62M	7.36M	7.12M	6.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	9.21M	8.93M	8.54M	8.38M	8.05M	7.85M	7.65M	7.40M	7.18M	6.96M	6.79M
Normalized Net Operating Profit after Tax (NOPAT)	14	9.06	12	8.01	22	23	25	43	44	42	50
Normalized NOPAT Margin	4.51%	2.98%	3.79%	2.16%	5.38%	5.03%	4.99%	7.56%	7.37%	6.79%	7.25%
Pre Tax Income Margin	7.61%	3.89%	6.74%	4.10%	6.93%	5.94%	6.61%	9.59%	9.95%	8.38%	9.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	55.10	0.00	47.67	32.26	45.72	22.37	28.65	56.95	33.20	14.72	16.00
NOPAT to Interest Expense	32.08	0.00	26.23	16.54	34.74	18.12	20.86	44.13	23.86	11.11	11.28
EBIT Less CapEx to Interest Expense	45.63	0.00	19.90	12.10	21.84	9.06	14.59	54.25	31.11	14.10	12.23
NOPAT Less CapEx to Interest Expense	22.61	0.00	-1.54	-3.62	10.86	4.81	6.80	41.42	21.77	10.49	7.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	8.19%	71.17%	27.07%	32.70%	30.62%	19.89%	21.96%	28.08%	26.36%
Augmented Payout Ratio	190.14%	202.47%	143.90%	324.75%	151.15%	119.79%	85.18%	127.80%	85.31%	109.73%	97.85%

This table displays calculated financial ratios and metrics derived from Charles River Associates' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2026	Q2 2026
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.58%	3.01%	8.63%	-0.60%	11.48%	12.39%	5.85%	13.69%	9.17%	0.00%	0.00%
EBITDA Growth	-2.58%	-10.89%	-6.41%	-22.26%	25.35%	31.28%	-18.04%	35.36%	30.84%	0.00%	0.00%
EBIT Growth	-4.12%	-16.30%	-8.89%	-30.27%	39.01%	47.94%	-27.13%	51.43%	39.85%	0.00%	0.00%
NOPAT Growth	15.41%	-15.19%	3.31%	-20.78%	21.95%	45.70%	-30.94%	48.83%	17.96%	0.00%	0.00%
Net Income Growth	0.07%	-21.95%	-18.34%	-27.62%	32.12%	53.52%	-31.24%	33.05%	30.79%	0.00%	0.00%
EPS Growth	0.00%	0.00%	0.00%	-25.77%	0.00%	58.54%	-29.85%	38.02%	35.40%	0.00%	0.00%
Operating Cash Flow Growth	-2.68%	-13.28%	129.88%	48.30%	-0.06%	9.95%	-64.37%	-51.37%	32.16%	0.00%	0.00%
Free Cash Flow Firm Growth	-190.92%	-564.39%	60.52%	190.99%	187.08%	217.96%	538.84%	-180.67%	-115.31%	0.00%	0.00%
Invested Capital Growth	28.63%	15.85%	6.40%	-4.16%	-7.34%	-6.35%	-5.37%	13.03%	11.32%	0.00%	0.00%
Revenue Q/Q Growth	-2.33%	5.43%	5.97%	-8.90%	9.53%	6.30%	-0.20%	-2.15%	5.18%	0.00%	2.76%
EBITDA Q/Q Growth	-21.60%	8.99%	10.39%	-17.58%	26.41%	14.14%	-31.08%	36.11%	22.19%	0.00%	-18.55%
EBIT Q/Q Growth	-29.81%	13.26%	15.67%	-24.17%	39.93%	20.53%	-43.02%	57.58%	29.23%	0.00%	-24.58%
NOPAT Q/Q Growth	-6.97%	-6.36%	14.64%	-20.69%	43.22%	11.88%	-45.66%	70.93%	13.52%	0.00%	-25.13%
Net Income Q/Q Growth	-26.98%	2.82%	6.62%	-9.59%	33.31%	19.48%	-52.25%	74.93%	31.04%	0.00%	-32.66%
EPS Q/Q Growth	0.00%	0.00%	8.94%	-9.70%	33.06%	21.12%	-51.79%	77.66%	30.54%	0.00%	-31.68%
Operating Cash Flow Q/Q Growth	37.31%	-216.49%	107.24%	1,180.60%	-7.47%	-204.96%	102.86%	1,647.87%	151.47%	0.00%	107.32%
Free Cash Flow Firm Q/Q Growth	-49.50%	12.15%	80.67%	458.45%	43.09%	19.00%	-28.10%	-165.89%	72.85%	0.00%	0.00%
Invested Capital Q/Q Growth	-18.90%	45.38%	2.78%	-20.92%	-21.59%	46.93%	3.86%	-5.54%	-22.78%	0.00%	3.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-112.32%	29.45%	30.03%	28.23%	30.27%	30.80%	26.90%	31.33%	31.68%	33.82%	31.22%
EBITDA Margin	12.45%	12.87%	13.41%	12.13%	14.00%	15.04%	10.39%	14.45%	16.78%	17.78%	14.09%
Operating Margin	9.17%	8.96%	9.83%	7.31%	10.61%	11.42%	6.58%	10.96%	12.16%	14.05%	10.56%
EBIT Margin	8.02%	8.61%	9.40%	7.83%	10.00%	11.34%	6.47%	10.42%	12.81%	13.79%	10.12%
Profit (Net Income) Margin	5.98%	5.83%	5.87%	5.83%	7.09%	7.97%	3.81%	6.82%	8.49%	9.90%	6.49%
Tax Burden Percent	77.85%	70.81%	69.85%	81.69%	73.65%	72.01%	68.01%	71.35%	69.43%	73.05%	70.82%
Interest Burden Percent	95.84%	95.66%	89.39%	91.12%	96.29%	97.62%	86.64%	91.67%	95.52%	98.29%	90.50%
Effective Tax Rate	22.15%	29.19%	30.15%	18.31%	26.35%	27.99%	32.00%	28.65%	30.57%	26.95%	29.18%
Return on Invested Capital (ROIC)	26.43%	15.52%	16.03%	16.73%	28.16%	20.90%	11.18%	23.26%	32.99%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	29.87%	13.59%	13.35%	14.98%	31.20%	20.00%	9.40%	14.82%	32.73%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-6.99%	2.70%	4.00%	0.93%	-5.68%	4.77%	3.05%	1.43%	-5.58%	0.00%	0.00%
Return on Equity (ROE)	19.44%	18.22%	20.03%	17.65%	22.48%	25.67%	14.23%	24.69%	27.41%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	2.23%	2.52%	10.05%	22.71%	32.08%	25.05%	22.10%	8.80%	17.61%	0.00%	0.00%
Operating Return on Assets (OROA)	8.57%	9.22%	10.42%	8.70%	11.30%	13.08%	7.70%	12.51%	15.66%	0.00%	0.00%
Return on Assets (ROA)	6.39%	6.24%	6.50%	6.47%	8.01%	9.19%	4.54%	8.18%	10.38%	0.00%	0.00%
Return on Common Equity (ROCE)	19.44%	18.22%	20.03%	17.65%	22.48%	25.67%	14.23%	24.69%	27.41%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	0.00%	20.89%	19.22%	17.16%	0.00%	20.42%	21.01%	21.09%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	10	9.70	11	8.82	13	14	7.68	13	15	19	14
NOPAT Margin	7.14%	6.34%	6.86%	5.98%	7.81%	8.22%	4.48%	7.82%	8.44%	10.26%	7.48%
Net Nonoperating Expense Percent (NNEP)	-3.45%	1.93%	2.68%	1.74%	-3.03%	0.90%	1.78%	8.44%	0.25%	1.11%	1.84%
Return On Investment Capital (ROIC_SIMPLE)	4.90%	-	-	-	5.95%	5.01%	-	-	7.02%	5.98%	4.41%
Cost of Revenue to Revenue	212.32%	70.55%	69.97%	71.77%	69.73%	69.20%	73.10%	68.67%	68.32%	66.18%	68.78%
SG&A Expenses to Revenue	19.36%	18.56%	18.43%	18.92%	17.93%	17.75%	18.67%	18.64%	17.72%	17.89%	18.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-121.50%	20.49%	20.20%	20.92%	19.66%	19.38%	20.31%	20.37%	19.52%	19.77%	20.66%
Earnings before Interest and Taxes (EBIT)	12	13	15	12	16	19	11	17	23	25	19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	18	20	22	18	23	26	18	24	30	32	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.03	3.87	3.49	3.35	3.23	4.87	6.21	5.57	5.97	5.18	6.46
Price to Tangible Book Value (P/TBV)	7.77	8.02	7.00	6.52	6.17	9.28	13.25	11.12	11.40	9.32	13.32
Price to Revenue (P/Rev)	1.44	1.28	1.16	1.15	1.10	1.60	1.83	1.69	1.84	0.00	0.00
Price to Earnings (P/E)	19.53	18.52	18.15	19.52	17.80	23.84	29.57	26.39	27.15	0.00	0.00
Dividend Yield	1.08%	1.26%	1.38%	1.45%	1.53%	1.05%	0.94%	1.00%	0.94%	1.05%	1.01%
Earnings Yield	5.12%	5.40%	5.51%	5.12%	5.62%	4.19%	3.38%	3.79%	3.68%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.56	3.16	2.88	3.30	3.84	4.35	4.93	4.89	6.69	4.31	4.62
Enterprise Value to Revenue (EV/Rev)	1.39	1.39	1.27	1.15	1.02	1.66	1.92	1.75	1.80	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	9.50	9.84	9.37	9.06	7.80	12.08	14.89	12.97	12.72	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	13.53	14.23	13.66	13.60	11.40	17.05	21.51	18.28	17.55	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	18.83	19.73	18.27	17.51	15.10	22.76	28.93	24.67	24.89	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	32.65	48.85	19.85	11.67	10.64	15.87	19.65	38.60	24.93	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	229.83	134.86	29.55	14.23	11.51	16.79	21.71	58.96	40.02	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.51	0.39	0.15	0.00	0.33	0.45	0.29	0.00	0.37	0.61
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.23	0.20	0.30	0.06	-0.18	0.24	0.32	0.10	-0.17	0.26	0.51
Leverage Ratio	2.65	2.74	2.74	2.68	2.61	2.73	2.78	2.72	2.65	2.60	3.08
Compound Leverage Factor	2.54	2.62	2.45	2.44	2.51	2.66	2.41	2.49	2.53	2.55	2.79
Debt to Total Capital	0.00%	33.69%	28.29%	13.34%	0.00%	24.84%	31.21%	22.68%	0.00%	27.22%	37.85%
Short-Term Debt to Total Capital	0.00%	33.69%	28.29%	13.34%	0.00%	24.84%	31.21%	22.68%	0.00%	27.22%	37.85%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	66.31%	71.71%	86.66%	100.00%	75.16%	68.79%	77.32%	100.00%	72.78%	62.15%
Debt to EBITDA	0.00	1.19	0.97	0.41	0.00	0.79	1.03	0.66	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.77	0.80	0.06	0.00	0.37	0.74	0.39	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	2.39	1.89	0.80	0.00	1.50	2.01	1.26	0.00	0.00	0.00
Net Debt to NOPAT	0.00	1.54	1.55	0.11	0.00	0.70	1.44	0.75	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.29	2.92	2.99	3.09	3.06	3.75	3.85	3.61	4.04	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	1.02	1.07	1.11	1.12	1.16	1.07	1.06	1.07	1.03	0.92
Quick Ratio	1.09	0.97	1.00	1.03	1.08	1.10	1.01	1.00	1.01	0.96	0.86
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-30	-26	-5.03	18	26	31	22	-15	-3.95	0.00	0.00
Operating Cash Flow to CapEx	7,387.72%	-12,464.59%	704.44%	8,946.56%	16,787.43%	-8,641.10%	78.02%	1,057.74%	749.92%	-8,212.94%	492.18%
Free Cash Flow to Firm to Interest Expense	-61.38	-45.61	-3.12	17.60	43.03	66.22	14.90	-9.99	-3.90	0.00	0.00
Operating Cash Flow to Interest Expense	124.51	-122.68	3.14	63.37	100.17	-135.95	1.22	21.68	78.40	-186.47	3.26
Operating Cash Flow Less CapEx to Interest Expense	122.82	-123.67	2.69	62.66	99.57	-137.52	-0.34	19.63	67.95	-188.74	2.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.07	1.11	1.11	1.13	1.15	1.19	1.20	1.22	0.00	0.00
Accounts Receivable Turnover	3.31	3.21	2.95	3.02	3.16	3.16	3.04	3.16	3.28	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	11.91	12.46	13.26	13.97	14.90	15.96	16.46	17.15	16.49	0.00	0.00
Accounts Payable Turnover	16.05	24.03	26.31	24.85	15.63	16.04	1.00	1.22	16.88	0.00	0.00
Days Sales Outstanding (DSO)	110.27	113.69	123.86	120.85	115.40	115.40	120.19	115.64	111.27	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.74	15.19	13.87	14.69	23.36	22.75	363.67	299.97	21.62	0.00	0.00
Cash Conversion Cycle (CCC)	87.53	98.50	109.99	106.16	92.04	92.65	-243.48	-184.33	89.65	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	180	261	269	212	167	245	254	240	185	287	298
Invested Capital Turnover	3.70	2.45	2.34	2.80	3.60	2.54	2.50	2.97	3.91	0.00	0.00
Increase / (Decrease) in Invested Capital	40	36	16	-9.23	-13	-17	-14	28	19	0.00	0.00
Enterprise Value (EV)	820	826	773	701	639	1,064	1,253	1,174	1,240	1,237	1,374
Market Capitalization	852	761	707	697	685	1,031	1,191	1,138	1,267	1,178	1,273
Book Value per Share	$29.59	$27.40	$28.86	$29.70	$30.29	$30.41	$27.73	$30.17	$31.28	$33.47	$28.93
Tangible Book Value per Share	$15.37	$13.22	$14.38	$15.27	$15.84	$15.95	$13.00	$15.09	$16.39	$18.60	$14.04
Total Capital	211	297	283	240	212	282	279	265	212	312	317
Total Debt	0.00	100	80	32	0.00	70	87	60	0.00	85	120
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-31	64	66	4.40	-46	33	62	36	-27	59	101
Capital Expenditures (CapEx)	0.81	0.56	0.72	0.73	0.36	0.73	2.32	2.99	11	0.97	1.19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.29	69	81	29	-16	72	81	53	-8.66	67	76
Debt-free Net Working Capital (DFNWC)	32	105	96	56	29	109	106	77	18	93	96
Net Working Capital (NWC)	32	4.51	16	24	29	39	19	17	18	7.62	-24
Net Nonoperating Expense (NNE)	1.68	0.78	1.61	0.22	1.17	0.44	1.14	1.68	-0.09	0.66	1.85
Net Nonoperating Obligations (NNO)	-31	64	66	4.40	-46	33	62	36	-27	59	101
Total Depreciation and Amortization (D&A)	6.43	6.51	6.50	6.36	6.47	6.36	6.71	6.75	7.01	7.26	7.43
Debt-free, Cash-free Net Working Capital to Revenue	0.05%	11.59%	13.39%	4.75%	-2.60%	11.13%	12.39%	7.85%	-1.26%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	5.37%	17.55%	15.74%	9.30%	4.71%	16.90%	16.17%	11.49%	2.63%	0.00%	0.00%
Net Working Capital to Revenue	5.37%	0.76%	2.59%	4.03%	4.71%	6.01%	2.84%	2.57%	2.63%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.22	$1.65	$1.97	$0.96	$1.68	$2.21	$2.65	$1.81
Adjusted Weighted Average Basic Shares Outstanding	7.22M	7.12M	6.98M	6.98M	7.01M	6.93M	6.83M	6.76M	6.82M	6.78M	6.69M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.21	$1.61	$1.95	$0.94	$1.67	$2.18	$2.62	$1.79
Adjusted Weighted Average Diluted Shares Outstanding	7.36M	7.25M	7.08M	7.08M	7.12M	7.01M	6.91M	6.84M	6.91M	6.86M	6.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	7.18M	7.03M	7.00M	7.00M	6.96M	6.92M	6.78M	6.78M	6.79M	6.81M	6.58M
Normalized Net Operating Profit after Tax (NOPAT)	10	9.70	11	8.82	13	14	7.68	13	15	19	14
Normalized NOPAT Margin	7.14%	6.34%	6.86%	5.98%	7.81%	8.22%	4.48%	7.82%	8.44%	10.26%	7.48%
Pre Tax Income Margin	7.68%	8.24%	8.40%	7.13%	9.63%	11.07%	5.61%	9.56%	12.23%	13.55%	9.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.07	23.06	9.42	11.27	26.93	41.97	7.48	12.00	22.31	58.45	10.53
NOPAT to Interest Expense	21.44	16.98	6.88	8.60	21.05	30.45	5.18	9.01	14.70	43.50	7.78
EBIT Less CapEx to Interest Expense	22.38	22.07	8.98	10.56	26.34	40.40	5.92	9.95	11.85	56.18	9.87
NOPAT Less CapEx to Interest Expense	19.75	16.00	6.43	7.89	20.45	28.87	3.61	6.96	4.25	41.23	7.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.96%	24.09%	26.10%	29.40%	28.08%	25.85%	28.68%	27.56%	26.36%	0.00%	0.00%
Augmented Payout Ratio	85.31%	129.30%	99.42%	95.45%	109.73%	72.28%	130.92%	123.07%	97.85%	0.00%	0.00%

Key Financial Trends

Charles River Associates (NASDAQ: CRAI) Financial Summary over Last Four Years:

Charles River Associates has demonstrated steady growth in key financial metrics throughout the last four years through Q2 2026. Below is an analysis of its income statement, cash flow statement, and balance sheet trends which will help investors understand the company’s financial health and operational efficiency.

Revenue Growth: Operating revenue increased consistently from approximately $149.1 million in Q2 2022 to about $186.9 million in Q2 2026, indicating steady top-line growth.
Net Income Growth: Net income attributable to common shareholders rose from $11.64 million in Q2 2022 to $12.12 million in Q2 2026. Although fluctuating quarter to quarter, the trend over four years shows resilience and gradual improvement in profitability.
Gross Profit Improvement: Gross profit margins appear solid with total gross profit rising alongside revenues, from $48.6 million in Q2 2022 to $58.3 million in Q2 2026, reflecting effective cost management on major cost drivers.
Strong Operating Income: Operating income demonstrated growth from $15.0 million in Q2 2022 to $19.7 million in Q2 2026, aided by controlled operating expenses compared to revenue gains.
Cash from Operating Activities Fluctuation with Recent Recovery: Net cash from continuing operating activities saw significant volatility, ranging from negative $63 million in Q1 2026 to positive $64 million in Q2 2026. The recent recovery indicates improved operational cash flow management.
Asset Base Growth: Total assets increased steadily from $547 million in Q2 2022 to $607 million in Q2 2026, supported by growth in goodwill and other noncurrent assets, possibly from acquisitions and investments.
Equity Position Flexibility: Total common equity grew from approximately $198 million in Q2 2022 to $197 million reported in Q2 2026 (fluctuations reflect share buybacks and earnings retention), demonstrating a stable capital structure.
Share Repurchases: The company has executed significant repurchases of common equity, with $43.15 million repurchased in Q2 2026 alone, which may support share price through earnings per share accretion.
Debt Management Variability: Short-term debt fluctuated materially, e.g., $70 million in Q2 2022, escalating to $120 million in Q2 2026. Issuances and repayments of debt were active, suggesting strategic debt management but warrant monitoring for leverage levels.
Negative Free Cash Flow in Early 2026: The company recorded negative net cash from operating activities around Q1 2026 (-$80.6 million) and negative free cash flow due to continuing investing activities. This represents a temporary dip in liquidity that investors should watch closely.

Additional Observations:

Dividends have been steadily paid each quarter, around $0.42 per share annually, supporting income-seeking investors.
Amortization and depreciation expense levels remained consistent around $3.5 million per quarter, indicating stable asset base usage.
Income tax payments tend to be substantial, aligning with reported profitability and taxable income.
Accounts receivable grew over time alongside revenue, so working capital management remains critical.
Fluctuations in accrued expenses and liabilities may signal changing operational needs or seasonality that may impact quarterly performance.

Summary: Charles River Associates shows a positive revenue and earnings trajectory with improved operating income and a stable balance sheet. However, significant swings in operating cash flow and rising short-term debt suggest investors should monitor liquidity and leverage risks. The aggressive share repurchase program may boost shareholder value, but effective management of operational cash flow and debt will be key to sustaining financial health.

08/12/25 06:19 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Charles River Associates' Financials

When does Charles River Associates' financial year end?

According to the most recent income statement we have on file, Charles River Associates' fiscal year ends in December. Their fiscal year 2024 ended on December 28, 2024.

How has Charles River Associates' net income changed over the last 10 years?

Charles River Associates' net income appears to be on an upward trend, with a most recent value of $46.65 million in 2024, rising from $13.41 million in 2014. The previous period was $38.48 million in 2023. View Charles River Associates' forecast to see where analysts expect Charles River Associates to go next.

What is Charles River Associates' operating income?

Charles River Associates' total operating income in 2024 was $70.75 million, based on the following breakdown:

Total Gross Profit: $207.48 million
Total Operating Expenses: $136.73 million

How has Charles River Associates' revenue changed over the last 10 years?

Over the last 10 years, Charles River Associates' total revenue changed from $306.37 million in 2014 to $687.41 million in 2024, a change of 124.4%.

How much debt does Charles River Associates have?

Charles River Associates' total liabilities were at $359.37 million at the end of 2024, a 5.4% increase from 2023, and a 263.8% increase since 2014.

How much cash does Charles River Associates have?

In the past 10 years, Charles River Associates' cash and equivalents has ranged from $25.64 million in 2019 to $66.13 million in 2021, and is currently $26.71 million as of their latest financial filing in 2024.

How has Charles River Associates' book value per share changed over the last 10 years?

Over the last 10 years, Charles River Associates' book value per share changed from 22.47 in 2014 to 31.28 in 2024, a change of 39.2%.

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This page (NASDAQ:CRAI) was last updated on 8/12/2025 by MarketBeat.com Staff

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Charles River Associates (CRAI) Financials

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