Charles River Associates

Charles River Associates

Global litigation, regulatory, and financial consulting

Overview

Charles River Associates (CRA) is a global consulting firm that specializes in litigation, regulatory, financial, and management consulting. It provides economic and financial analysis to support litigation and regulatory proceedings, helping clients make informed choices in strategy and operations. Services include expert economic testimony, financial advisory, and custom consulting for corporations, law firms, and government agencies. CRA distinguishes itself through deep functional expertise and industry knowledge applied to complex problems, supported by offices around the world. The firm’s goal is to deliver objective, high-value analysis and advice that helps clients navigate legal, regulatory, and business challenges and improve decision-making and outcomes.

Funded Recently

About Charles River Associates

Simplify's Rating
Why Charles River Associates is rated
B-
Rated B on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Data & Analytics

Consulting

Financial Services

Company Size

1,001-5,000

Company Stage

IPO

Headquarters

City of Brussels, Belgium

Founded

1978

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Simplify's Take

What believers are saying

  • Q2 2026 revenue hit $210.8 million, up 12.8%, with record results.
  • Management raised 2026 revenue guidance to $805 million-$820 million after broad-based practice growth.
  • August 6, 2026 credit facility expansion to $400 million funds hiring, working capital, acquisitions.

What critics are saying

  • First-half 2026 operating cash burned $118.3 million while net debt reached $197.6 million.
  • Non-GAAP EBITDA margin slipped to 12.1%; forgivable-loan amortization adds roughly $15 million in 2026.
  • Merger-review demand drives growth; DOJ tightening and AI commoditization can crush antitrust pricing.

What makes Charles River Associates unique

  • CRA’s 2026 edge is expert testimony across antitrust, litigation, and regulatory matters.
  • Yale professor Kevin Williams joined July 21, 2026, deepening pricing and industrial-organization expertise.
  • Twelve GCR Awards nominations and DoorDash trial wins reinforce credibility in marquee disputes.

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Funding

Total Funding

$650M

Above

Industry Average

Funded Over

2 Rounds

Post IPO Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Debt Funding Comparison
Coming Soon

Benefits

Wellness Program

Flexible Work Hours

Remote Work Options

Professional Development Budget

Stock Price

Growth & Insights and Company News

Headcount

6 month growth

4%

1 year growth

4%

2 year growth

4%
Yahoo Finance
Aug 15th, 2026
CRA International beats Q2 estimates with $210.8M revenue, driven by double-digit growth in forensic services and AI complexity

CRA International reported second-quarter revenue of $210.8 million and adjusted earnings per share of $2.16, both exceeding analyst expectations. The consulting firm saw 12.8% year-on-year revenue growth driven by double-digit expansion across Energy, Life Sciences, and Forensic Services practices. CEO Paul Maleh noted that eight practices, representing 95% of total revenue, grew year-on-year. Both North American and international operations contributed to the performance. During the earnings call, analysts questioned the sustainability of growth in management consulting and the potential impact of Department of Justice changes to merger reviews. Maleh highlighted historically high conversion rates in Life Sciences and Energy, whilst acknowledging challenges in forecasting from "unprecedented performance peaks". The company's market capitalisation stands at $1.06 billion.

Yahoo Finance
Aug 12th, 2026
CRA International raises revenue outlook but margin pressures and $198M net debt weigh on valuation premium

CRA International reported 12.8% year-over-year revenue growth in Q2, reaching $210.8 million, with management consulting revenues up 25.5%. The firm raised its fiscal 2026 revenue guidance to $805-820 million from $785-805 million, supported by growth across eight practices representing 95% of revenues. However, profitability pressures persist. Cost of services rose to 71.3% of first-half revenues from 67.5% last year, whilst non-GAAP EBITDA margin declined to 12.1% from 13%. Management expects non-cash forgivable-loan amortisation to increase by roughly $15 million in fiscal 2026. First-half operating activities consumed $118.3 million in cash, up from $74.1 million previously. CRAI ended Q2 with $21.4 million cash and $197.6 million net debt. The stock trades at 18.7 times forward earnings, above the consulting sub-industry's 14.6 times multiple.

Yahoo Finance
Aug 10th, 2026
CRAI beats Q2 estimates with $210.8M revenue as demand surges across eight practices

CRA International reported second-quarter revenue of $210.8 million, beating analyst estimates of $198.9 million and marking 12.8% year-on-year growth. The economic consulting firm's adjusted earnings per share of $2.16 also exceeded expectations. The company saw double-digit growth across six practices, including Energy, Life Sciences, and Forensic Services. Antitrust & Competition Economics achieved a quarterly revenue high. International revenues rose 32.9% year-on-year, driven by organic growth. CEO Paul Maleh cited "peak levels of new project opportunities and historically high conversion rates", particularly in Life Sciences and Energy. The company increased consultant headcount by 3.3%, with utilisation reaching 77%. Management attributed demand to rising legal case filings and record merger and acquisition activity, though cautioned that geopolitical and macroeconomic conditions could affect future performance.

Pulse 2.0
Aug 7th, 2026
Charles River Associates expands credit facility to $400M with six-bank syndicate

Charles River Associates has expanded its credit facility to $400 million through a six-bank lending syndicate. The five-year agreement includes a $75 million term loan and a $325 million revolving credit facility, replacing a previous $300 million facility set to mature in August 2027. The revolving facility can be reduced to $250 million between 16 July and 15 January each year when working-capital requirements are lower. CRA will use proceeds to repay outstanding borrowings, support working capital, fund growth investments, and cover general corporate purposes. The lending group includes Bank of America, Citizens Financial Group, Eastern Bank, and Beacon Bank & Trust, with BMO and M&T Bank joining as new lenders. The expanded facility provides additional liquidity as the consulting firm invests in its global economic, financial, and management advisory operations.

Yahoo Finance
Aug 6th, 2026
CRA International hits record revenue with 12.8% growth as M&A activity reaches $1.6T

CRA International reported record quarterly revenue with 12.8% year-over-year growth, with 95% of its portfolio contributing to expansion. The consulting firm's Antitrust & Competition Economics practice achieved its sixth consecutive record quarter, benefiting from global M&A activity that reached $1.6 trillion in Q2. International revenue grew 32.9%, driven by organic expansion in European Life Sciences and Antitrust practices. The company's Forensic Services division also saw increased demand due to sophisticated cyber threats requiring incident response services. CRA raised its full-year 2026 revenue guidance to $805 million–$820 million. The firm maintained its non-GAAP EBITDA margin guidance of 12.0%–13.0%, despite expecting a $15 million increase in noncash forgivable loan amortisation. The company expanded its credit facility to $400 million and returned $31.4 million to shareholders through dividends and share repurchases.

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