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ZYBERNO

Stock Report

Updated Sep 1, 2026

CRA International, Inc. (CRAI)

NASDAQ

$174.99

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

37.0/100

WEAK BUSINESS

CRA International, Inc. (CRAI) scores 37/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full CRAI quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-12.3%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full CRAI valuation analysis · → View full CRAI Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):POOR (1.24x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):EXCELLENT (22.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

CRA International, Inc. (CRAI) stock report — Zyberno Score 37/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, CRA International, Inc. (CRAI) shows a Brina Gap of -12.3%, which weakens the case: based on the company's ROIC (22.8%) and reinvestment rate (-18.4%), the business can fundamentally grow at -4.2% — but the current enterprise value implies the market expects 8.1%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:174.99

Market Cap:$1.11B

Valuation Multiples (2)

P/B Ratio:6.11x

Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$1.17B

Ev Ebitda Ratio:12.07x

Pfcf Ratio:59.86x

Price Action & Momentum (3)

12-1 Momentum:

-8.7% (20th pctile)

📈 Click to view full CRAI Momentum analysis →

Momentum Percentile:20 / 100

% of 52-Week High:77.0%

B. Profitability Assessment

Return Metrics (5)

Roic:

22.8%

📊 Click to view full CRAI ROIC analysis →

Reinvestment Rate:-18.4%

Fundamental Growth Rate (g):-4.2%

Market-Implied Growth Rate:8.1%

Brina Gap:

-12.3%

☷ Click to view full CRAI Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:12.9%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:1.2%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.32

📊 Click to view full CRAI Earnings Surprise analysis →

EPS Surprise vs Expected:-6.6%

Latest Earnings Filed:2025-10-30

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):8.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):5.3%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):32.8%

Operating Cash Flow Growth Rate (Linear):3.6%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):10.1%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.82x

Quick Ratio:0.82x

Cash Ratio:0.05x

Leverage Analysis (3)

Debt To Equity Ttm:1.24x

Debt-to-Equity Ratio:1.24x

Debt To Ebitda:0.87x

Coverage Ratios (2)

Interest Coverage Ratio:12.35x

Times Interest Earned:12.35

Capital Structure (4)

Working Capital:-76,233,000.00

Cash And Cash Equivalents:21,442,000.00

Long Term Debt:$66.96M

Net Debt:$63.21M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $751.58M

Linear Growth: 8.9%

📊 Click to view full CRAI Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $83.12M

Linear Growth: 10.1%

📊 Click to view full CRAI Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $54.78M

Linear Growth: 5.3%

📊 Click to view full CRAI Net Income analysis & methodology →

Income Before Tax:$75.33M

Ebitda Ttm:97,264,000.00

Operating Expenses (5)

Operating Expenses:0.00

R And D Expense:0.00

Sga Expense:134,773,000.00

Income Tax Expense:$24.23M

Interest Expense:6,728,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:63.9%

Ebitda Margin:12.9%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$678.48M

Current Assets:$338.98M

Ppe Net:34,917,000.00

Goodwill:94,585,000.00

Intangible Assets:$4.92M

Liability Structure (4)

Total Liabilities:496,629,000.00

Current Liabilities:415,208,000.00

Long Term Debt:$66.96M

Short Term Debt:$17.70M

Equity & Capital (3)

Equity:$181.85M

Retained Earnings:$192.24M

Common Stock:25,000,000.00

Working Capital Items (3)

Accounts Receivable:168,076,000.00

Inventory:0.00

Accounts Payable:138,776,000.00

Special Items (2)

Contract Liabilities:3,832,000.00

Stock Based Compensation:1,366,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $22.42M

Linear Growth: 3.6%

Free cash flow TTM: $18.56M

Linear Growth: 32.8%

📊 Click to view full CRAI Free Cash Flow analysis & methodology →

Investment Activities (1)

Investing Cash Flow:-$2.65M

Financing Activities (3)

Financing Cash Flow:$131.28M

Dividends Paid Ttm:13,031,000.00

Stock Repurchase:21,463,000.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$8.63

Revenue & Cash Per Share (2)

Sales Per Share Ttm:118.40

Operating Cash Flow Per Share:$3.53

Book Value & Capital (2)

Book Value Per Share:$28.65

Cash Per Share:3.38

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.18x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:4.47x

Days Sales Outstanding Ttm:81.62

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:67.40

Cash Conversion Cycle:-984.77

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:40.00

Quality Score:65.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-18.4%

Fundamental Growth Rate (g):-4.2%

Market-Implied Growth Rate:8.1%

Brina Gap:

-12.3%

☷ Click to view full CRAI Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):8.9%

Net Income Growth Rate (Linear):5.3%

Operating Income Growth Rate (Linear):10.1%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):32.8%

Operating Cash Flow Growth Rate (Linear):3.6%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-0.9%

C. Company Profile & Context

Corporate Information (6)

Symbol:CRAI

Company Name:CRA International, Inc.

Sector:Unknown

Industry:Services-Legal Services

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:6.35M

Shares Outstanding Basic:6.35M

Shares Outstanding Diluted:6.41M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 04:54:40 UTC

Data Timestamp:2026-09-01T04:54:40.097442