CRA International (CRAI) Stock Forecast & Price Target

CRA International Inc. demonstrated strong financial performance in Q3/25, with a year-over-year revenue increase of 10.8% to $185.9 million, surpassing both internal estimates and consensus forecasts. The company's diversification across its consulting practices is noteworthy, as evidenced by an 11.5% revenue growth in its legal and regulatory consulting practices, and particularly robust demand in key areas such as Intellectual Property and Antitrust & Competition Economics. Additionally, CRA's record non-GAAP EBITDA margin of 13.2% in fiscal year 2024, alongside consistent dividend increases since 2016, reinforces a positive long-term financial outlook amidst favorable market conditions for M&A activities and heightened legal activity.

CRA International Inc. reported a year-over-year decline in consultant headcount of 1.0% by the end of Q3 2025, indicating ongoing portfolio optimization efforts that may signal restructuring challenges. Furthermore, the sustained high level of regulatory scrutiny in Europe could impede the company's growth prospects and increase operational risks. Although the company achieved a record non-GAAP EBITDA margin of 13.2% in fiscal year 2024, these positive financial metrics are overshadowed by the implications of reduced workforce and external regulatory pressures.