Exponent is the premier science-and-engineering consulting firm — 950+ consultants and 650+ PhDs across 90+ disciplines who are hired to figure out why things fail (planes, batteries, cars, chemicals, medical devices) and how to keep them from failing. It sells nothing but expert hours: no products, no inventory, almost no debt. ~73% of those hours are billable, which is why ~$537M of fees throws off ~20% net margins and near-total free cash flow.
What Exponent, Inc. really sells
Exponent is the premier science-and-engineering consulting firm — 950+ consultants and 650+ PhDs across 90+ disciplines who are hired to figure out why things fail (planes, batteries, cars, chemicals, medical devices) and how to keep them from failing. It sells nothing but expert hours: no products, no inventory, almost no debt. ~73% of those hours are billable, which is why ~$537M of fees throws off ~20% net margins and near-total free cash flow.