Hackett Group

HCKT · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

HCKT · Last close · November 6, 2026

$13.42

Hackett Group's revenue fell 2.6% to $306 million in fiscal 2025. Its operating margin was 7.7%, down from 14.2% a year earlier. Free cash flow was $32 million, down 25.7%. It paid out $82 million in dividends and buybacks, 253% of free cash flow. The diluted share count fell 0.7%.

Hackett Group, Inc. Latest fiscal year ended December 26, 2025 10-K filed February 27, 2026 · 0001193125-26-082863 Updated November 7, 2026

Revenue

$306M

2.6%

Operating margin

7.7%

6.5 pts

Net income

$13M

56.3%

Free cash flow

$32M

25.7%

Return on capital

11.8%

17.0 pts

Market cap

$336M

Nov 6 close

P/E

19.2x

On $0.70 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Hackett Group does

The Hackett Group is a consulting firm that helps large companies change how they operate, with a focus on generative AI. It advises on finance, procurement, technology and other back-office and front-office work. It sells advisory services and implementation of business software from Oracle, SAP and OneStream, and an eProcurement offering. In 2024 it launched an AI assessment platform, AI XPLR, to help clients find and design uses of generative AI.

It also sells benchmarking: studies that compare a client's performance with others. It says it has completed over 28,400 such studies. It reports three segments: Global S&BT (strategy, benchmarking, advisory, generative AI work, OneStream and eProcurement), Oracle Solutions and SAP Solutions. Total revenue for fiscal 2025 was $305.6 million, and one customer made up 6% of it.

The company operates mainly in the United States and Western Europe, and is based in Miami, Florida. On December 26, 2025 it had 1,503 associates, not counting subcontractors.

Its biggest risks, as it describes them

Depending heavily on a limited number of clients, and possibly losing large ones or follow-on work.
Possibly losing money on its contracts.
Highly competitive markets for consulting services.
Quarterly results that swing because projects vary in size, timing and cancellation.
Difficulty hiring, training and keeping enough skilled professionals.

From Hackett Group's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 3.9% a year and net income 5.5% a year, while buybacks cut the share count by 15%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	46	30	21	16	18
Debt incl. finance leases	—	60	33	13	76
Net debt (negative means net cash)	—	29	12	−4	58
Net debt to EBITDA	—	0.5x	0.2x	−0.1x	2.0x
Debt to equity	—	1.0x	0.4x	0.1x	1.1x
Interest coverage	489.2x	383.7x	15.2x	28.0x	13.7x
Current ratio	1.9x	1.4x	1.5x	1.4x	1.7x
Quick ratio	1.9x	1.4x	1.5x	1.4x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Hackett Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Hackett Group's projections

Insider trades

No officer, director or 10% owner of Hackett Group reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	6 of 9	5 of 9
Rule of 40	12.2%	19.7%	8.0%
Altman Z''	4.88	5.22	3.64
Accruals ratio	−1.8%	−9.7%	−13.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	6 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Hackett Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Hackett Group	FY25	−2.6%	7.7%	10.6%	11.8%	2.0x	5
Innodata	FY25	47.6%	15.8%	14.2%	—	—	—	Compare
TSS	FY25	65.9%	2.6%	0.9%	—	−9.1x	5	Compare
Information Services Group	FY25	−1.2%	7.3%	10.2%	8.9%	1.4x	6	Compare
Grid Dynamics Holdings	FY25	17.5%	−0.5%	6.1%	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	289	286	286	282	240	279	294	297	314	306
Revenue growth	10.6%	−0.9%	0.0%	−1.2%	−15.2%	16.4%	5.4%	1.0%	5.8%	−2.6%
Gross profit	97	97	100	97	52	84	90	84	123	117
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	34	29	34	31	9	46	55	49	45	24
Net income	22	27	24	23	6	42	41	34	30	13
Diluted EPS (US$)	0.66	0.85	0.74	0.72	0.17	1.26	1.28	1.24	1.05	0.46
Diluted shares (millions)	33	32	32	32	32	33	32	28	28	28
Cash flow
Cash from operations	33	26	32	42	44	46	59	37	48	40
Capital expenditure	3	6	10	5	2	3	5	4	4	8
Free cash flow	30	20	23	38	42	43	54	33	44	32
Dividends paid	7	9	10	11	15	13	10	12	12	13
Share buybacks	34	16	5	8	2	13	117	1	6	69
Acquisitions	0	11	0	1	0	0	0	0	6	0
Stock-based compensation	9	10	9	8	10	10	10	11	12	11
Balance sheet at fiscal year end
Cash and short-term investments	20	18	14	26	50	46	30	21	16	18
Debt incl. finance leases	7	19	6	—	—	—	60	33	13	76
Total assets	159	185	181	194	192	208	185	181	193	206
Total liabilities	73	78	57	56	52	64	127	91	78	138
Shareholders' equity	86	107	124	138	141	144	58	90	116	68
Margins and ratios
Gross margin	33.5%	33.9%	34.8%	34.3%	21.9%	30.1%	30.5%	28.4%	39.3%	38.3%
Operating margin	11.6%	10.0%	11.7%	11.1%	3.6%	16.7%	18.8%	16.6%	14.2%	7.7%
Net margin	7.5%	9.6%	8.4%	8.2%	2.3%	14.9%	13.9%	11.5%	9.4%	4.2%
Free cash flow margin	10.3%	7.0%	8.0%	13.4%	17.6%	15.5%	18.5%	11.2%	13.9%	10.6%
Rule of 40 (growth + FCF margin)	20.9%	6.1%	8.0%	12.2%	2.4%	31.9%	23.8%	12.2%	19.7%	8.0%
Return on capital	—	28.6%	24.8%	—	—	—	—	38.6%	28.8%	11.8%
Return on equity	22.9%	28.3%	20.7%	17.8%	3.9%	29.2%	40.4%	46.0%	28.8%	14.1%
Return on assets	13.5%	15.9%	13.1%	12.4%	2.8%	20.8%	20.8%	18.6%	15.8%	6.5%
Net debt to EBITDA	−0.3x	0.0x	−0.2x	—	—	—	0.5x	0.2x	−0.1x	2.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Hackett Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Hackett Group.