CRA International, Inc. (CRAI): Business Model Canvas [Dec-2025 Updated]

You're analyzing a firm that truly thrives when the stakes are highest, and CRA International, Inc. (CRAI) is a fascinating case study in specialized expertise. Honestly, their business model is laser-focused: they are guiding for full-year 2025 revenue between $740 million and $748 million, with about 80% of that coming directly from their Legal & Regulatory consulting services, not general management fluff. Their value isn't in scale, but in scarcity-deploying over 950 credentialed employees to serve clients like 85% of the Fortune 100 with objective, high-rigor analysis for critical disputes. To see exactly how they structure this expert-led machine, keeping overhead tight (SG&A was just 16.3% of revenue in Q2 2025), check out the full breakdown of their Key Resources and Revenue Streams below.

CRA International, Inc. (CRAI) - Canvas Business Model: Key Partnerships

The ability of CRA International, Inc. (CRAI) to deliver objective solutions hinges on its ability to bring in specialized, external knowledge when needed. This network is a core part of their value delivery.

• - Select network of non-employee academic and industry experts.
• - Collaborations with leading universities and research institutions.
• - Strategic alliances with major law firms for litigation support.
• - Technology vendors for specialized data analytics and software.

The firm's internal capacity, which supports these external relationships, stood at 946 consultants as of December 28, 2024. Of the senior staff, 74% hold advanced degrees, with 40% of those advanced degrees being PhDs.

The depth of these external and internal resources supports engagements across a broad client base. For instance, CRA International, Inc. serves clients that include 85% of the Fortune 100 and 98% of Am Law 100 firms.

This partnership model is critical to achieving the firm's financial outlook. Full-year fiscal 2025 revenue guidance was raised to a range of $740 million to $748 million as of October 30, 2025.

Here's a snapshot of the scale and reach that underpins the Key Partnerships block:

The firm's foundation in economic consulting, which began in 1965, relies on bringing in academic and industry experts to apply quantitative tools to client challenges.

The strategic alliances with major law firms are evidenced by the high penetration into the Am Law 100, indicating deep, ongoing relationships for litigation support and regulatory proceedings.

CRA International, Inc. also advises on technology strategy and planning, suggesting active partnerships with technology vendors to support its Intellectual Property & Technology practice.

CRA International, Inc. (CRAI) - Canvas Business Model: Key Activities

You're looking at the core engine of CRA International, Inc. (CRAI), the activities they must execute well to deliver value. It's all about deploying top-tier intellectual capital to solve high-stakes problems.

Delivering expert witness testimony in complex legal and regulatory matters.

This activity is central, driving a significant portion of the firm's revenue. The Legal & Regulatory Consulting segment accounted for approximately 80% of total revenue as of year-end fiscal 2024. You see this in action with CRA experts opining on matters like patent infringement, where analysis demonstrated a claimed royalty of over $1 billion was excessive. Furthermore, CRA advised third parties in a case where the European Commission fined Teva €462.6 million.

Conducting rigorous economic and financial analysis for disputes.

This underpins the expert testimony but also stands alone for due diligence and valuation. The firm's analytical strength is key to resolving critical disputes. For instance, in Q3 2025, year-to-date revenue reached $552.1 million, reflecting strong demand across practices like Antitrust & Competition Economics. The firm leverages data analytics to review millions of financial records, as seen in an investigation for a European tax authority concerning an alleged $2 billion fraud.

Providing high-stakes management consulting and strategy development.

While smaller, this segment is growing; Management Consulting saw revenue increase by roughly 5% year-over-year in Q2 2025. This practice area is more likely to use fixed-price contracts, which represented about 18% of consolidated revenues in fiscal 2024. Key areas include advising on corporate strategy, portfolio management, and navigating the energy landscape, where the practice supported utilities on capital investment plans amid federal incentive shifts.

Recruiting and retaining highly credentialed, senior-level consultants.

The quality of the people is the product, so recruitment and retention are critical activities. As of the end of Q1 2025, the total consultant headcount was 947, comprising 156 officers, 566 other senior staff, and 225 junior staff. The firm maintains high standards: 74% of senior staff have advanced degrees, with 40% of those advanced degrees being PhDs, and CRA accepts less than 2% of campus applicants. Retention is also strong, with less than 10% voluntary turnover among top revenue-generating employees over the last five years. Consulting utilization rates are a key performance indicator; for Q3 2025, it stood at 77%.

Here's a quick look at the consultant base and performance metrics as of recent reports:

The ability to maintain high utilization, like the 76% seen in Q1 2025, is directly tied to successfully generating new business and efficiently deploying these credentialed experts.

Finance: draft 13-week cash view by Friday.

CRA International, Inc. (CRAI) - Canvas Business Model: Key Resources

You're looking at the core assets that let CRA International, Inc. deliver its specialized consulting. These aren't just people; they are deep subject matter experts. Honestly, this human capital is the engine for their entire operation.

• - Highly credentialed employee consultants, with a headcount reported as more than 950 as of August 2025.
• - Senior staff with advanced degrees, approximately 74% of the total.
• - Intellectual property from decades of economic and financial models, which supports services like intellectual property valuation.
• - Global network of more than 20 offices across 10 countries.

The depth of expertise is what you're really paying for here. It's not just about having a large team; it's about the quality of that team, which directly impacts their ability to handle high-stakes assignments.

To give you a clearer picture of the human capital structure, based on late 2024 filings, here's how the consultant base was segmented. Remember, this is the foundation for their reported market capitalization of $1.23B as of August 2025.

The senior staff, making up over half the team, are the ones driving the high-value analysis. Their academic credentials are a key differentiator. Also, consider the client base these resources serve; CRA International, Inc. counts 85% of the Fortune 100 and 98% of Am Law 100 firms among its clients. That kind of client concentration speaks volumes about the perceived value of their resources.

These key resources have also supported significant top-line growth. The firm has seen 52% revenue growth over the past five years, leading to a trailing twelve-month revenue of $731.05M as of the same period. That's the financial proof of their resource effectiveness. Finance: draft 13-week cash view by Friday.

CRA International, Inc. (CRAI) - Canvas Business Model: Value Propositions

You're looking at the core reasons clients choose CRA International, Inc. for their toughest challenges. It's about delivering certainty when the stakes are highest, which you see reflected in their financial structure.

Objective, factual conclusions for high-stakes litigation and regulatory issues.

CRA International, Inc. focuses heavily on this area, which accounted for 80% of its total revenue in its latest corporate overview. This focus is validated by their deep penetration into the legal sector; clients include 98% of the Am Law 100. The firm's analytical strength is positioned to reach objective, factual conclusions that help resolve critical disputes.

Uncommon analytical rigor applied to complex business problems.

The firm's consultants combine uncommon analytical rigor with practical experience. This rigor is what underpins their work in areas that drive significant revenue, such as the Antitrust & Competition Economics practice, which posted a new high for quarterly revenue in the first quarter of fiscal 2025. The commitment to deep analysis helps clients navigate complex legal and regulatory matters.

Expert-led firm model with a high Vice President to non-Vice President ratio.

While the specific Vice President ratio isn't public, the expert-led nature is clear from staff qualifications. As of the third quarter of 2025 reporting, consulting headcount was more than 950, with approximately 74% of senior staff holding advanced degrees. This high concentration of credentialed experts supports the firm's ability to handle critical assignments.

Deep functional expertise across 11 specialized practice areas.

CRA International, Inc. offers expertise across 11 practices spanning multiple fields. This breadth allows them to serve a wide client base, including 85% of the Fortune 100. The strength across these areas is evident in recent performance; for example, in the second quarter of fiscal 2025, seven practices grew year-over-year, with four-Antitrust & Competition Economics, Energy, Intellectual Property, and Labor & Employment-posting double-digit revenue growth.

Here's a look at how the revenue is split across the two main service areas, based on late 2025 reporting:

The firm's overall financial momentum supports this value delivery, with Q2 2025 revenue hitting $186.9 million, and the full-year FY2025 revenue guidance reaffirmed in the range of $730,000,000 to $745,000,000 on a constant currency basis relative to fiscal 2024.

You can see the impact of this specialized expertise in the utilization rate, which improved to 76% in Q1 2025.

CRA International, Inc. (CRAI) - Canvas Business Model: Customer Relationships

CRA International, Inc. engages clients through discrete, project-based, and high-touch assignments, which is evident in their staffing structure. As of December 28, 2024, CRA International, Inc. employed 946 consultants, broken down into 151 officers, 552 other senior staff, and 243 junior staff.

The firm cultivates long-term, trusted advisor relationships, reflected in its deep penetration of key client bases. Clients include 85% of the Fortune 100 and 98% of Am Law 100 firms. In the professional services sector, which CRA International, Inc. operates within, the average customer retention rate is reported at 84%. This focus on retention is financially significant, as retaining existing customers is estimated to cost 5 times less than acquisition.

Personalized service ensures practical, actionable advice, which aligns with the high utilization rates seen in the business. Consulting utilization improved year-over-year to 76% in the first quarter of fiscal 2025, and stood at 77% in the third quarter of fiscal 2025. To be fair, 90% of customers value the experience as much as the product or service itself.

Principled independence maintains objectivity in expert opinions, a cornerstone of trust. This is quantitatively supported by the fact that no single client accounted for more than 10% of CRA International, Inc.'s consolidated revenues in fiscal 2024, fiscal 2023, or fiscal 2022. Furthermore, fixed-price contracts, which often require a high degree of upfront alignment, comprised 18% of consolidated revenues in both fiscal 2024 and fiscal 2023.

Here's a quick look at the scale of client engagement and performance metrics as of late 2025:

The firm's focus on high-value relationships drives financial outcomes; a 5% increase in retention can boost profits by 25% to 95%, and repeat customers spend an average of 67% more than new buyers.

The relationship strategy is supported by the firm's ability to generate strong margins from these engagements. The full-year 2025 non-GAAP EBITDA margin guidance was raised to a range of 12.6% to 13.0%.

You're managing a relationship-driven consultancy; every interaction needs to reinforce the objective, expert positioning. Finance: draft the Q4 2025 utilization vs. revenue variance analysis by next Tuesday.

CRA International, Inc. (CRAI) - Canvas Business Model: Channels

You're looking at how CRA International, Inc. (CRAI) gets its high-value consulting services into the hands of clients who need expert testimony and complex analysis. The channels are deeply rooted in personal relationships and established professional networks.

Direct sales and relationship management by senior consultants.

The primary channel relies on the deep expertise and personal connections held by the senior consulting staff. CRA International, Inc. has a substantial team to manage these relationships; as of late 2025, the firm employs approximately 947 consultants worldwide. This team structure is key, as of December 28, 2024, it included 151 officers and 552 other senior staff. The majority of revenue comes from new engagements with existing clients, meaning relationship maintenance by these senior experts is the core sales engine. The firm is adept at handling critical, tough assignments, which reinforces these direct client ties.

Referrals from major law firms (Am Law 100) and accounting firms.

Referrals from established professional services firms are a massive channel for CRA International, Inc., especially for its Legal & Regulatory Consulting division, which accounts for roughly 80% of its revenue. The firm has built a reputation as a preferred source of sophisticated economic advice for litigation and regulatory matters among leading law firms globally. The penetration here is deep: CRA International, Inc. has worked with 97% of AmLaw 100 firms. Furthermore, the client base includes major accounting firms, corporations, and governments worldwide. For corporate clients, the firm has served 82% of the Fortune 100 in the past two years.

Global office network for local and cross-jurisdictional service delivery.

The physical presence supports localized service delivery and cross-border expertise. CRA International, Inc. maintains a global footprint with more than 20 offices across 10 countries in North America, Europe, and Asia Pacific. While approximately 80% of revenue is generated in North America, the remaining 20% comes from international markets. This network allows them to deploy teams for cross-jurisdictional matters efficiently. The firm's revenue growth in the fourth quarter of fiscal 2024 saw international operations increasing by 15.7% year-over-year, showing the strength of this channel.

Industry conferences and thought leadership publications.

Attracting new business and enhancing reputation is achieved through visible expertise. Consultants publish articles in industry, business, economic, legal, or scientific journals and make speeches and presentations at industry conferences and seminars. CRA International, Inc. supplements personal marketing with virtual and in-person seminars, speaking at and attending relevant conferences, and extensive thought leadership published across various media. This content distribution highlights emerging trends and their capabilities to both existing and potential clients.

Here are the key statistics underpinning these channels:

Finance: draft 13-week cash view by Friday.

CRA International, Inc. (CRAI) - Canvas Business Model: Customer Segments

You're looking at the core client base for CRA International, Inc. (CRAI) as of late 2025. This firm focuses on high-stakes, complex assignments, meaning their customer segments are concentrated among sophisticated entities that need top-tier economic, financial, and business management expertise. Honestly, the client list speaks volumes about the type of work they attract.

The primary segments are clearly defined by the nature of the disputes or critical business decisions they face. Here's how the customer segments break down:

• - Major law firms representing corporate clients in litigation.
• - Large corporations, including 85% of the Fortune 100.
• - Government agencies and regulatory bodies worldwide.
• - Financial institutions and private equity firms requiring valuation.

For the corporate segment, the penetration is deep. As of the latest reports, CRA International, Inc. serves clients that include 85% of the Fortune 100. That's a massive concentration of the largest U.S. companies relying on their analytical rigor. Furthermore, they work with the top tier of the legal community, serving 98% of Am Law 100 firms. This suggests a strong reliance from the largest law firms on CRAI for expert testimony and economic analysis in complex matters.

The litigation and regulatory focus means that activity levels in those markets directly impact demand. For example, in the first quarter of fiscal 2025, revenue from CRA International, Inc.'s legal and regulatory services grew by roughly 5% year-over-year, supported by a 13% increase in total case filings compared to Q1 2024. By the second quarter of 2025, the year-over-year revenue growth in that segment jumped to nearly 11%, with total case filings reportedly increasing by 176% compared to Q2 2024. It's clear that when legal and regulatory activity heats up, so does the need for their services.

To give you a sense of the firm's scale and reach supporting these segments, here's a snapshot of their personnel and geographic footprint as of late 2025, which is crucial for understanding their capacity to serve these demanding clients:

You should also note that CRA International, Inc. maintains a diversified revenue base, which is a positive for stability across these segments. No single client accounted for more than 10% of their revenues in fiscal 2024, fiscal 2023, or fiscal 2022. Also, fixed-price contracts, which are more common in their management consulting practices that serve corporations, made up approximately 18% of consolidated revenues in fiscal 2024 and fiscal 2023. That's a small but notable portion of their overall business model.

The firm's ability to serve global government agencies and financial institutions is supported by its structure. They have more than 20 offices spread across 10 countries. This global presence is necessary to support the worldwide regulatory bodies and international financial institutions that require their specialized valuation and economic analysis, especially given the $885 billion in worldwide M&A activity seen in Q1 2025.

Finance: draft 13-week cash view by Friday.

CRA International, Inc. (CRAI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive CRA International, Inc.'s operations as of late 2025. For a consulting firm, the people and the experts they bring in are the main cost drivers, plain and simple.

The single largest cost component is directly tied to the consultants delivering the work. For the fiscal quarter ended September 27, 2025, the Costs of services (exclusive of depreciation and amortization) consumed 70.7% of the total revenue of $185,891 thousand for that quarter. This category is your primary proxy for consultant compensation, salaries, and associated benefits. This percentage is up from 68.7% of revenue in the comparable quarter of fiscal 2024.

The Selling, General, and Administrative (SG&A) expenses are more granular. For the second quarter of fiscal 2025, the non-GAAP SG&A, which strips out the variable expert fees, settled at 16.3% of revenue. This is slightly better than the 16.4% of revenue seen in Q2 2024. To be fair, the total SG&A for Q1 2025 was higher at 17.9% of revenue, which was $32.5 million in absolute dollars.

Here's a quick look at how the major cost categories stacked up in the most recent reported periods. Remember, the Costs of Services is the big one, representing the direct cost of delivering client work.

When you look at the expert fees specifically, the data from Q1 2025 shows that commissions paid to non-employee experts for specialized testimony were approximately 2.0% of revenue. This cost is variable and depends heavily on litigation and regulatory caseloads requiring specific, high-profile testimony.

The remaining structural costs, like office lease and technology, are embedded within the SG&A line item, which also covers corporate overhead and sales efforts. While we don't have a clean breakout for just office and tech, we know the total non-GAAP SG&A (excluding expert commissions) was 16.3% of revenue in Q2 2025. The company's global footprint, which supports practices like Antitrust & Competition Economics and Energy consulting, necessitates these fixed overheads.

The firm's headcount management is also a cost factor. As of the end of Q2 2025, the consultant headcount was 937, representing a 3.2% year-over-year decrease, even as utilization improved to 76%. This suggests a focus on efficiency in their largest cost center.

• Consultant Utilization (Q2 2025): 76%
• Quarter-End Consultant Headcount (Q2 2025): 937
• Year-over-Year Headcount Change (Q2 2025): -3.2%
• Full-Year 2025 Revenue Guidance (Constant Currency): $730 million to $745 million

Finance: draft 13-week cash view by Friday.

CRA International, Inc. (CRAI) - Canvas Business Model: Revenue Streams

CRA International, Inc. (CRAI) has raised its full-year fiscal 2025 revenue guidance to be between $740 million and $748 million. This updated guidance reflects strong performance through the first three quarters of the fiscal year, where year-to-date revenue reached $552.1 million on a constant currency basis relative to fiscal 2024.

The primary sources of revenue are derived from distinct consulting segments, as detailed below:

The structure of how CRA International, Inc. (CRAI) bills for its services heavily favors models that track actual effort expended over fixed-scope pricing. This is the dominant billing model for the firm.

• Time-and-materials contracts are the dominant billing model.
• Fixed-price contracts represented approximately 18% of consolidated revenues in fiscal 2024.
• Fixed-price contracts represented approximately 18% of consolidated revenues in fiscal 2023.
• Fixed-price contracts represented approximately 19% of consolidated revenues in fiscal 2022.

The company reported Q3 2025 revenue of $185.9 million, with North American operations increasing revenue by 6.8% and international operations expanding by 30.3% year-over-year for that quarter.