CRAI Stock: Insider Activity, Filings & Research

CRA International, Inc. (CRAI) — Drillr’s hub for CRAI insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, CRAI insiders filed 0 open-market buys and 13 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$1.9M

Insider trades by month Buys Sells

Jul

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May

Context3-month price -22.6%Institutions mixed (13F)

Date	Insider	Type	Shares	Price
May 22, 2026	Holmes Chad Mofficer: EVP AND CHIEF CORP DEV OFFICER	Tax	99	$148.01
May 22, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Option	225	—
May 22, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Tax	66	$148.01
May 22, 2026	Maleh Paul Adirector, officer: PRESIDENT AND CEO	Option	1,111	—
May 22, 2026	Holmes Chad Mofficer: EVP AND CHIEF CORP DEV OFFICER	Option	211	—
May 22, 2026	Maleh Paul Adirector, officer: PRESIDENT AND CEO	Tax	531	$148.01
May 20, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Sell	400	$147.44
May 20, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Sell	1,600	$148.00
May 20, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Sell	250	$146.37
May 1, 2026	Holmes Chad Mofficer: EVP AND CHIEF CORP DEV OFFICER	Option	276	—
May 1, 2026	Maleh Paul Adirector, officer: PRESIDENT AND CEO	Tax	685	$154.55
May 1, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Tax	85	$154.55
May 1, 2026	Holmes Chad Mofficer: EVP AND CHIEF CORP DEV OFFICER	Tax	128	$154.55
May 1, 2026	Maleh Paul Adirector, officer: PRESIDENT AND CEO	Option	1,447	—
May 1, 2026	Yellin Jonathan Dofficer: EVP AND GENERAL COUNSEL	Option	293	—

Source: CRAI SEC Form 4 filings, latest May 22, 2026. For informational purposes only — not investment advice.

Overview

CRA International, Inc. (NASDAQ:CRAI) is a Boston-based economic, financial, and management consulting firm that has been serving clients since its incorporation in 1965. The company went public in 1998 and has established itself as a leading provider of specialized consulting services to corporations, law firms, and government agencies across the United States, United Kingdom, and internationally. Over nearly six decades, CRA has built a reputation for delivering expert analysis and strategic guidance in complex economic and financial matters, particularly in litigation support and regulatory proceedings.

Business

CRA International operates in the professional services consulting industry, providing specialized economic, financial, and management consulting services. The company's expertise centers around helping clients navigate complex business challenges through rigorous analytical frameworks and expert testimony. The firm operates through two primary business segments. Legal and Regulatory Services represents the larger portion of revenue, focusing on litigation support, regulatory proceedings, and expert witness services. This segment includes practices such as Antitrust and Competition Economics, Financial Economics, Intellectual Property, Labor and Employment, and Risk Investigations and Analytics. These services involve providing economic analysis, expert testimony, and forensic investigations in legal disputes and regulatory matters. Management Consulting Services comprises the smaller segment, offering strategic business advisory services including corporate strategy development, performance improvement, market analysis, pricing strategies, intellectual property valuation, and competitive assessments. Key practices in this segment include Energy consulting, Life Sciences advisory, and general management consulting across various industries. The company serves diverse industries including communications and media, consumer products, energy, entertainment, financial services, healthcare, life sciences, manufacturing, natural resources, retail, technology, and transportation. CRA's consultants, numbering approximately 946 as of recent reports, combine deep industry knowledge with advanced analytical capabilities to address clients' most challenging business problems.

Revenue model

CRA International generates revenue primarily through professional service fees charged to clients for consulting engagements. The company operates on a project-based model where clients pay for specific consulting assignments, expert witness services, and ongoing advisory relationships. Revenue is typically recognized as services are performed, with billing rates varying based on the seniority and specialization of consultants involved. The firm's paying customers include large corporations facing litigation or regulatory challenges, law firms representing clients in complex disputes, government agencies requiring economic analysis, and companies seeking strategic business guidance. Legal and Regulatory Services, which generates the majority of revenue, tends to command higher billing rates due to the specialized nature of expert witness work and litigation support. Several factors influence CRA's profitability margins. Positive margin drivers include strong demand for regulatory and antitrust expertise driven by increased government scrutiny of mergers and business practices, the firm's ability to maintain premium pricing due to specialized expertise, high consultant utilization rates (currently around 76-78%), and successful talent retention reducing recruitment costs. The company has also benefited from expanding into high-growth areas like intellectual property litigation and energy consulting. Margin pressures come from intense competition for top-tier consulting talent leading to wage inflation, the cyclical nature of litigation and M&A activity affecting demand, potential regulatory changes that could reduce antitrust enforcement, and the need for continuous investment in technology and methodologies to maintain competitive advantages. Economic downturns can also reduce corporate spending on consulting services, particularly discretionary management consulting engagements.

Competitive moat

CRA International's competitive moat is moderately strong but faces ongoing challenges. The firm's primary competitive advantage lies in its specialized expertise and reputation in niche consulting areas, particularly antitrust economics, financial economics, and intellectual property analysis. This specialization creates high switching costs for clients who value the firm's track record and established relationships with expert witnesses and regulatory bodies. The company benefits from network effects within the legal and regulatory community, where successful case outcomes and expert testimony build credibility that attracts new clients and referrals. CRA's consultants often become recognized authorities in their fields, creating personal brands that clients follow. The firm's international presence also provides advantages in cross-border regulatory matters. However, CRA's moat faces several vulnerabilities. The consulting industry has relatively low barriers to entry, and competitors can recruit away key talent to establish competing practices. Large management consulting firms like McKinsey, BCG, and Bain have resources to enter specialized markets, while boutique firms can compete on agility and lower costs. The firm's dependence on regulatory enforcement cycles creates vulnerability to policy changes that could reduce demand for antitrust and compliance services. Additionally, technological disruption poses a long-term threat as artificial intelligence and data analytics tools could commoditize some analytical services. The personal nature of expert witness work provides some protection, but routine economic analysis may become increasingly automated. CRA's ability to maintain its moat depends on continuous innovation, talent retention, and expansion into emerging regulatory areas.

Risks & safety

CRA International presents a moderate margin of safety with mixed financial health indicators. • Liquidity and Solvency: Current ratio of 1.03 indicates tight but adequate short-term liquidity. Cash position of $26 million is relatively modest given the firm's size, though consulting firms typically generate strong cash flows from operations. • Debt Management: Debt-to-equity ratio of 0.49 represents manageable leverage levels. The company has demonstrated ability to service debt obligations through operating cash flows. • Profitability Trends: Strong revenue growth trajectory with seven consecutive years of record revenues. EBITDA margins around 12-13% indicate healthy profitability for a professional services firm. • Valuation Metrics: Trading at approximately 16x earnings and 12x EBITDA, which appears reasonable for a growing consulting firm. Price-to-book ratio of 5.2x reflects the asset-light nature of the business. • Cash Flow Volatility: Free cash flow can be volatile due to working capital changes and seasonal billing patterns typical in consulting. Recent quarters showed negative free cash flow, requiring monitoring. • Key Risks: High dependence on skilled labor creates vulnerability to talent retention issues. Cyclical nature of legal and regulatory work creates revenue volatility risks.

Recent development

Over the past few years, CRA International has pursued several strategic initiatives to strengthen its market position and expand service capabilities. The company has focused heavily on organic growth in high-demand practices, particularly Antitrust and Competition Economics, which has achieved record quarterly revenues and nearly 30% growth rates. This practice has benefited from increased regulatory scrutiny of major technology companies and complex merger transactions. The firm has made strategic talent acquisitions and practice expansions, including adding a 20-person team to its Intellectual Property practice and opening a new Houston office to better serve the patent litigation market. CRA acquired bioStrategies Group to strengthen its Life Sciences consulting capabilities, reflecting the growing importance of healthcare and pharmaceutical regulatory matters. Geographic expansion has been another key focus, with international operations growing nearly 20% year-over-year and contributing meaningfully to overall revenue growth. The company has strengthened its presence in European markets to capture cross-border regulatory work and antitrust investigations. CRA has also invested in technology and operational efficiency, implementing new project management systems and analytical tools while maintaining focus on consultant utilization rates, which have improved from 73% to 78% over recent periods. The firm has conducted modest restructuring efforts to optimize its service portfolio and reallocate resources toward higher-growth practices. Looking forward, management has provided guidance for continued growth with expected 2025 revenues of $715-735 million, representing ongoing expansion from the record $687 million achieved in 2024.

CRAI company profile · for informational purposes only — not investment advice.

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