Nasdaq:HURN
Huron Consulting Group Inc.
A premier global technology consulting firm delivering strategic advisory and data-driven transformation solutions to enterprise clients.
Key Metrics
Investment Thesis
Bull Case
HURN offers compelling value through its high gross profit margin driven by proprietary technology platforms and specialized domain knowledge that commands premium pricing power. The company's recent aggressive buyback program suggests management confidence in intrinsic value, potentially increasing earnings per share while rewarding shareholders with capital returns. With a diverse client base across resilient sectors like healthcare and finance, HURN is well-positioned to capture recurring demand for digital transformation services in the evolving post-pandemic economy.
Bear Case
The company's substantial debt load, including $489.7M in long-term debt and significant current portion repayments, poses a refinancing risk in a potentially higher interest rate environment. High levels of accumulated other comprehensive losses and a retained earnings deficit suggest historical volatility that could constrain future dividend growth or expansion capabilities. Acquisitions totaling $111.6M represent an aggressive growth strategy that carries integration risks and may dilute returns if expected synergies are not realized quickly enough.
About Huron Consulting Group Inc.
Huron Consulting Group Inc. (NASDAQ:HURN) is a global technology and management consulting firm providing strategic advisory services to enterprise clients across industries such as healthcare, financial services, and retail. The company leverages proprietary data analytics and AI solutions to help organizations optimize operations, transform digital infrastructures, and drive sustainable growth. Serving primarily large-scale corporations in North America and Europe, HURN focuses on high-value engagement models that combine human expertise with advanced technology platforms.
Analysis
Management Discussion
In 2025, the company reported revenue of $1.70B and net income of $105.0M, reflecting a strong recovery from the previous year's $62.5M loss in 2023 and growth from $1.52B in 2024. However, cash flow from financing activities was negative $45.0M due to substantial share repurchases of $166.7M and significant debt repayments of $954.7M, indicating aggressive capital allocation strategies that may impact liquidity if operating cash flows do not sustain current burn rates. The operating profit of $178.6M demonstrates strong operational efficiency despite elevated cost of revenue at $1.12B.
Industry Overview
The global technology consulting industry is experiencing robust growth as enterprises accelerate digital transformation initiatives to compete in an increasingly automated landscape. Clients across all sectors are prioritizing data-driven decision-making, creating sustained demand for firms that combine analytical rigor with practical implementation support. Consolidation trends favor larger players who can offer end-to-end solutions, though niche specialists like HURN maintain relevance through deep industry-specific expertise.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $1.16B | $1.40B | $1.52B | $1.70B |
| Cost of Revenue | $785.9M | $942.7M | $1.01B | $1.12B |
| Gross Profit | $373.1M | $456.1M | $511.7M | $576.7M |
| Operating Expenses | $273.3M | $330.7M | $342.9M | $398.1M |
| Operating Income | $99.8M | $125.3M | $168.8M | $178.6M |
| G&A | $209.4M | $257.5M | $286.7M | $318.0M |
| Stock-Based Comp | $31.0M | $45.7M | $45.1M | $46.5M |
| D&A | $27.4M | $24.9M | $25.3M | $32.4M |
| Depreciation | $10.3M | $10.2M | $10.6M | $10.7M |
| Amortization | $11.2M | $8.2M | $6.5M | $11.3M |
| Other OpEx | $63.9M | $73.2M | $56.3M | $80.1M |
| Non-Operating Income | $8.8M | $-41.5M | $-14.8M | $-43.5M |
| Pre-Tax Income | $108.6M | $83.9M | $154.0M | $135.1M |
| Income Tax | $33.0M | $21.4M | $37.4M | $30.0M |
| Continuing Ops | $75.6M | $62.5M | $116.6M | $105.0M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $75.6M | $62.5M | $116.6M | $105.0M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $75.6M | $62.5M | $116.6M | $105.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $328.5M | $400.5M | $409.1M | $448.6M |
| Cash & Equivalents | $11.8M | $12.1M | $21.9M | $24.5M |
| Accounts Receivable | $147.9M | $162.6M | $197.8M | $186.5M |
| Prepaid Expenses | $26.1M | $28.5M | $28.1M | $33.7M |
| Other Current Assets | $142.7M | $197.3M | $161.4M | $203.9M |
| Long-Term Assets | $870.6M | $861.7M | $934.5M | $1.08B |
| PP&E (Net) | $26.1M | $23.7M | $21.7M | $23.5M |
| Intangibles | $23.4M | $18.1M | $26.1M | $72.9M |
| Goodwill | $625.0M | $625.7M | $678.7M | $786.9M |
| Operating Leases | $30.3M | $24.1M | $19.2M | $20.0M |
| LT Investments | $91.2M | $75.4M | $69.7M | $36.4M |
| Other LT Assets | $74.6M | $94.6M | $119.1M | $138.3M |
| Total Assets | $1.20B | $1.26B | $1.34B | $1.53B |
| Current Liabilities | $245.7M | $302.6M | $338.8M | $383.4M |
| Accounts Payable | $14.3M | $10.1M | $11.5M | $12.4M |
| Current Debt | $0 | — | $13.8M | $20.0M |
| Current Leases | $10.5M | $11.0M | $12.3M | $14.3M |
| Deferred Revenue | — | $22.5M | $26.9M | $31.7M |
| Other Current Liab | $193.6M | $225.9M | $247.6M | $266.9M |
| Long-Term Liabilities | $401.3M | $426.7M | $443.5M | $614.6M |
| Long-Term Debt | $290.0M | $324.0M | $342.9M | $489.7M |
| LT Operating Leases | $45.6M | $38.9M | $29.7M | $24.4M |
| Other LT Liab | $65.8M | $63.8M | $70.9M | $100.6M |
| Total Liabilities | $647.0M | $729.2M | $782.3M | $998.1M |
| Shareholders' Equity | $552.0M | $532.9M | $561.3M | $528.6M |
| Retained Earnings | $352.5M | $415.0M | $531.7M | $636.7M |
| AOCI | $18.1M | $22.8M | $11.9M | $-6.2M |
| Treasury Stock | $137.6M | $142.1M | $160.1M | $190.0M |
| Total L&E | $1.20B | $1.26B | $1.34B | $1.53B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $75.6M | $62.5M | $116.6M | $105.0M |
| Non-Cash Adjustments | $-99.8M | $-40.3M | $63.5M | $59.0M |
| Working Capital Changes | $109.6M | $113.1M | $21.2M | $29.4M |
| Cash from Operations | $85.4M | $135.3M | $201.3M | $193.4M |
| Capital Expenditures | $12.5M | $9.4M | $8.7M | $10.4M |
| Cash from Investing | $-20.1M | $-36.7M | $-79.7M | $-145.8M |
| Debt Repayments | $256.8M | $320.0M | $709.8M | $954.7M |
| Share Buybacks | $120.4M | $122.8M | $123.0M | $166.7M |
| Cash from Financing | $-74.1M | $-98.3M | $-111.6M | $-45.0M |
| FX Effect | $-111.0K | $32.0K | $-173.0K | $-16.0K |
| Net Change in Cash | $-8.9M | $315.0K | $9.8M | $2.6M |
| Beginning Cash | $20.8M | $11.8M | $12.1M | $21.9M |
| Ending Cash | $11.8M | $12.1M | $21.9M | $24.5M |
Frequently Asked Questions
How does Huron Consulting Group Inc. make money?
The company operates primarily through its Global Consulting Services segment, which includes Strategic Advisory, Digital Transformation, and Technology Implementation divisions. Revenue streams are derived from high-margin professional services engagements where Huron acts as a trusted advisor for C-suite executives seeking operational excellence. Additionally, the firm generates recurring revenue from proprietary software licenses and data analytics platforms that support its consulting methodologies.
What are the main risks for HURN?
Significant concentration risk exists as the company relies heavily on large enterprise contracts that can be volatile and susceptible to macroeconomic downturns. High levels of goodwill ($786.9M) and other intangible assets create potential impairment charges if client retention rates decline or acquisition synergies fail to materialize. The consulting industry faces intense competition from both traditional Big Four firms and agile tech-native competitors, pressuring profit margins and acquisition valuations.
What is HURN's competitive advantage?
Huron possesses deep domain expertise in complex verticals like healthcare and finance, allowing it to deliver specialized insights that generic competitors cannot match. The firm's proprietary data intelligence platforms create high switching costs for clients who integrate Huron's analytics into their core decision-making frameworks. Its ability to scale global delivery models while maintaining boutique-level client relationships provides a unique value proposition in the crowded consulting market.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.