FTI Consulting closed at 170.53 on July 29 after a steady week of gains — the stock is up from 156.38 on July 22 and has crawled higher each session since.
The reason is straightforward: the top line accelerated in the first half of 2026. For six months, revenue rose 13.6% to $820.9 million, driven by higher demand and realized bill rates in advisory businesses.
"28 Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Revenues increased $98.0 million, or 13.6%, to $820.9 million for the six months ended June 30, 2026, primarily due to higher demand and realized bill rates for our transformation, transactions and turnaround & restructuring services." (FTI Consulting / 10-Q 2026-07-30)
corporate restructuring, deals and transformation projects are busier, and FTI is billing more for that work.
Digging into services, the company said revenue excluding pass-through items rose 12.9% to $186.8 million on stronger demand for corporate reputation, financial communications and public affairs.
"Excluding pass-through revenues, revenues increased $21.4 million, or 12.9%, to $186.8 million, primarily due to higher demand for corporate reputation, financial communications and public affairs services." (FTI Consulting / 10-Q 2026-07-30)
So demand is across several higher‑margin advisory areas, not just one overheated corner.
FTI’s operating and net margins have historically sat around low double digits and high single digits, respectively — operating margin was 10.3% and net margin 7.1% in 2025.
Balance-sheet metrics: market cap 5.6B, enterprise value 5.7B, and net debt of 99.9M.
There’s another piece the filing flags: management tapped capital markets this half.
"The increase in net cash provided by financing activities was primarily due to receipt of $300.0 million in proceeds from the Incremental Term Loan, which was partially offset by a decrease in net borrowings of $115.0 million under our Revolving Credit Facility compared to the six months ended June 30, 2025." (FTI Consulting / 10-Q 2026-07-30)
FTI added $300.0 million of term debt while dialing back revolver borrowings — more term financing, less short-term draw. The firm also noted a $42.1 million tax equity payment and a $13.3 million reduction in capital spending this period.
"The increase in net cash used in investing activities was due to a $42.1 million payment for a tax equity investment, which was partially offset by a $13.3 million decrease in capital expenditures..." (FTI Consulting / 10-Q 2026-07-30)
Here’s the tension: the business shows renewed top‑line momentum after revenue growth slowed to +2.4% in 2025 (3.8B revenue that year), but the stock’s multiple matters far more to returns than a handful of percentage points of extra growth. The company’s own scenario map lays that out mechanically — bull, base and bear cases assume revenue CAGRs of +9.0%, +7.7% and +3.1% respectively, with the exit multiple doing most of the work in the swing between outcomes.
That’s why investors are watching two things at once: whether demand and bill rates keep climbing, and whether the market will pay a richer multiple for a firm that is growing mid‑single digits but earns double‑digit operating margins. Neither side is a secret; both are what will determine the payoff.
Company figures and quotes from FTI Consulting 10-Q filed 2026-07-30.