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Relative to Consumer Discretionary Sector Median (N=442)
Metric
NCI
Benchmark
P/E Ratio
0.1x
-100%
EV/EBITDA
0.2x
-96%
Price / Book
1.4x
Implied Value Audit
UNDERVALUED
Implied Fair Value (vs Sector)
+1712.9%
$9.06Spot: $0.50
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
1650.0%
Sector: 6.2%
Dividend Analysis audit
GROWTH
0.86%
Trailing Yield
$0.86
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
0%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, NAVIGANT CONSULTING INC (NCI) receives a "Hold" rating with a composite score of 42.2/100, ranked #1971 out of 4446 stocks. Key factor scores: Quality 50/100, Value 67/100, Momentum 34/100. This is quantitative analysis only — not investment advice.
NAVIGANT CONSULTING INC (NCI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does NAVIGANT CONSULTING INC Do?
NCI is a one-stop apparel solution services provider. We offer a full suite of services in the apparel supply chain, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management serving customers located in the European and North American markets through Neo-Concept HK. We are committed to reducing our environmental impact through recycling, clean processes, traceable sourcing and other eco-friendly practices. We also push for sustainable solutions to fulfil our customers’ needs throughout garment production. Our principal executive office is located at 10/F, Seaview Centre, No.139-141 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong. Our registered office in the Cayman Islands is located at the office of Osiris International Cayman Limited, Suite #4-210, Governors Square, 23 Lime Tree Bay Avenue, PO Box 32311, Grand Cayman KY1-1209, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor New York, NY. NAVIGANT CONSULTING INC (NCI) is classified as a micro-cap stock in the Consumer Discretionary sector, specifically within the Apparel industry. The company is led by CEO Eva Yuk Yin Siu. With a market capitalization of $16M, NCI is one of the notable companies in the Consumer Discretionary sector.
NAVIGANT CONSULTING INC (NCI) Stock Rating — Hold (April 2026)
As of April 2026, NAVIGANT CONSULTING INC receives a Hold rating with a composite score of 42.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.NCI ranks #1,971 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, NAVIGANT CONSULTING INC ranks #187 of 442 stocks, placing it in the upper half of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
NCI Stock Price and 52-Week Range
NAVIGANT CONSULTING INC (NCI) currently trades at $0.50. The stock lost $0.06 (10.9%) in the most recent trading session. The 52-week high for NCI is $13.81, which means the stock is currently trading -96.4% from its annual peak. The 52-week low is $0.28, putting the stock 78.6% above its annual trough. Recent trading volume was 669K shares, suggesting relatively thin trading activity.
Is NCI Overvalued or Undervalued? — Valuation Analysis
NAVIGANT CONSULTING INC (NCI) carries a value factor score of 67/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 0.09x, compared to the Consumer Discretionary sector average of 24.47x — a discount of 100%. The price-to-book ratio stands at 1.45x, versus the sector average of 1.99x. The price-to-sales ratio is 0.01x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, NCI trades at 0.18x EV/EBITDA, versus 4.91x for the sector.
Overall, NCI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
NAVIGANT CONSULTING INC Profitability — ROE, Margins, and Quality Score
NAVIGANT CONSULTING INC (NCI) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 1650.0%, compared to the Consumer Discretionary sector average of 6.2%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 691.2% versus the sector average of 2.5%.
On a margin basis, NAVIGANT CONSULTING INC reports gross margins of 26.2%, compared to 36.9% for the sector. The operating margin is 5.4% (sector: 3.8%). Net profit margin stands at 15.8%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at -15.7% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
NCI Debt, Balance Sheet, and Financial Health
NAVIGANT CONSULTING INC has a debt-to-equity ratio of 48.0%, compared to the Consumer Discretionary sector average of 89.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $3M. Cash and equivalents stand at $1M.
NCI has a beta of -12.97, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for NAVIGANT CONSULTING INC is 11/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
NAVIGANT CONSULTING INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, NAVIGANT CONSULTING INC reported revenue of $798M and earnings per share (EPS) of $0.01. Net income for the quarter was $121M. Gross margin was 26.2%. Operating income came in at $43M.
In FY 2024, NAVIGANT CONSULTING INC reported revenue of $30M and earnings per share (EPS) of $0.01. Net income for the quarter was $1M. Gross margin was 21.0%. Revenue grew 36.0% year-over-year compared to FY 2023. Operating income came in at $1M.
In FY 2023, NAVIGANT CONSULTING INC reported revenue of $22M and earnings per share (EPS) of $0.03. Net income for the quarter was $565,202. Gross margin was 20.1%. Revenue grew -49.9% year-over-year compared to FY 2022. Operating income came in at $1M.
In FY 2022, NAVIGANT CONSULTING INC reported revenue of $45M and earnings per share (EPS) of $0.69. Net income for the quarter was $2M. Gross margin was 12.0%. Operating income came in at $2M.
Over the past 8 quarters, NAVIGANT CONSULTING INC has demonstrated a growth trajectory, with revenue expanding from $188M to $798M. Investors analyzing NCI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
NCI Dividend Yield and Income Analysis
NAVIGANT CONSULTING INC (NCI) currently pays a dividend yield of 0.9%. At this yield, a $10,000 investment in NCI stock would generate approximately $$86.00 in annual dividend income. With a net margin of 15.8%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
NCI Momentum and Technical Analysis Profile
NAVIGANT CONSULTING INC (NCI) has a momentum factor score of 34/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 27/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 48/100 reflects moderate short selling activity.
NCI vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing NCI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NCI vs S&P 500 (SPY) comparison to assess how NAVIGANT CONSULTING INC stacks up against the broader market across all factor dimensions.
NCI Next Earnings Date
No upcoming earnings date has been announced for NAVIGANT CONSULTING INC (NCI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy NCI? — Investment Thesis Summary
NAVIGANT CONSULTING INC presents a balanced picture with arguments on both sides. The value score of 67/100 suggests attractive pricing relative to fundamentals. Momentum is weak at 34/100, a headwind for near-term performance. High volatility (stability score 11/100) increases portfolio risk.
In summary, NAVIGANT CONSULTING INC (NCI) earns a Hold rating with a composite score of 42.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NCI stock.
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Institutional Research Dossier
NAVIGANT CONSULTING INC (NCI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain our Hold rating on Navigant Consulting Inc. (NCI). The company's recent financial performance, characterized by a significant revenue decline and negative free cash flow, raises concerns about its operational efficiency and strategic direction. While NCI operates in the consumer discretionary sector, its valuation metrics, particularly its extremely high P/E ratio, suggest that the market may be overestimating its growth potential or overlooking its current financial challenges.
The company's transition from higher revenues and net income in prior years to its current state warrants caution. The negative beta, while seemingly attractive, may reflect the stock's lack of correlation with the broader market due to its specific challenges rather than inherent stability. Investors should closely monitor NCI's ability to stabilize revenue, improve cash flow, and demonstrate a clear path to sustainable profitability before considering a more optimistic outlook.
Business Strategy & Overview
Navigant Consulting Inc. (NCI) operates as a one-stop apparel solution services provider, catering primarily to the European and North American markets through its Neo-Concept HK subsidiary. The company's business model encompasses a comprehensive suite of services, including market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. This vertically integrated approach aims to provide clients with a seamless and efficient supply chain solution, from initial concept to final delivery.
NCI's stated commitment to environmental sustainability, through recycling, clean processes, traceable sourcing, and other eco-friendly practices, represents an attempt to differentiate itself in a competitive market. This focus on sustainability could appeal to environmentally conscious consumers and brands, potentially creating a niche market for NCI's services. However, the extent to which these initiatives translate into a tangible competitive advantage remains to be seen.
The company's strategic positioning hinges on its ability to offer a comprehensive and sustainable apparel supply chain solution. However, the recent financial performance, particularly the significant revenue decline, suggests that NCI may be facing challenges in executing this strategy effectively. The company's ability to adapt to changing market conditions, manage its supply chain efficiently, and maintain its commitment to sustainability will be crucial for its long-term success.
Given the limited data on specific product pipelines or new service offerings, it is difficult to assess NCI's innovation and growth prospects. The company's reliance on the apparel industry, which is subject to cyclical trends and evolving consumer preferences, also presents a strategic challenge. NCI must demonstrate its ability to anticipate and respond to these changes to maintain its competitive edge.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-15.7%
Sector: 3.3%
-576% VS SCTR
Economic Moat Analysis
Navigant Consulting Inc. (NCI) likely possesses a narrow economic moat, primarily derived from switching costs and potentially some intangible assets related to its established relationships with clients and its expertise in the apparel supply chain. While the company offers a comprehensive suite of services, the apparel industry is generally characterized by intense competition and relatively low barriers to entry, limiting the potential for a wide moat.
Switching costs may arise from the time and effort required for clients to transition to a new apparel solution services provider. The integrated nature of NCI's services, from design to logistics, could create some stickiness, as clients may be reluctant to disrupt their existing supply chain relationships. However, these switching costs are unlikely to be substantial, as clients can potentially find alternative providers offering similar services.
Intangible assets, such as brand reputation and proprietary knowledge, could also contribute to NCI's narrow moat. The company's experience in the apparel industry and its understanding of market trends and consumer preferences may provide a competitive advantage. However, these intangible assets are difficult to quantify and may not be sufficient to create a significant barrier to entry for competitors.
The absence of strong network effects, cost advantages, or efficient scale further limits NCI's moat potential. The company's services are not inherently network-driven, and it does not appear to have a significant cost advantage over its competitors. While NCI may benefit from economies of scale to some extent, these are unlikely to be substantial enough to create a wide moat.
Overall, NCI's narrow moat provides some protection against competition, but it is not impenetrable. The company must continue to innovate, maintain strong client relationships, and differentiate itself through its commitment to sustainability to preserve its competitive advantage.
Financial Health & Profitability
Navigant Consulting Inc.'s (NCI) financial health presents a mixed picture. While the company exhibits high profitability metrics like ROE and Net Margin compared to the sector, these are juxtaposed against declining revenue, negative free cash flow, and a high P/E ratio, raising concerns about sustainability and valuation.
The company's revenue has declined significantly from $1.03 billion in FY2017 to $30.34 million in FY2024, representing a substantial contraction in its business operations. This decline is a major red flag, indicating potential loss of market share, increased competition, or ineffective strategic execution. The negative revenue growth of -15.7% compared to the sector average of 3.2% further underscores this concern.
Despite the revenue decline, NCI's ROE of 1,650.0% significantly exceeds the sector average of 5.8%. However, such an extraordinarily high ROE, especially in the context of declining revenue and low net income, warrants scrutiny. It may be the result of a small equity base due to accumulated losses or other accounting anomalies, rather than genuine operational efficiency.
NCI's free cash flow has been consistently negative in recent years, with a TTM FCF of $-5.43 million. This indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. The negative FCF raises concerns about NCI's ability to fund its growth initiatives, service its debt, and return value to shareholders.
The company's debt-to-equity ratio of 48.00 is lower than the sector average of 91.00, suggesting a relatively conservative capital structure. However, the low cash balance of $1.18 million and the negative free cash flow raise concerns about NCI's liquidity and its ability to meet its short-term obligations. The current ratio is unavailable, preventing a full assessment of short-term liquidity.
In summary, NCI's financial health is precarious. The declining revenue, negative free cash flow, and high P/E ratio outweigh the seemingly positive ROE and lower D/E ratio. The company needs to stabilize its revenue, improve its cash flow generation, and demonstrate a clear path to sustainable profitability to alleviate these concerns.
Valuation Assessment
Navigant Consulting Inc.'s (NCI) valuation appears significantly stretched based on its current financial performance and sector comparisons. The company's P/E ratio of 890.6x is astronomically high compared to the sector average of 28.0x, suggesting that the market has extremely high expectations for future earnings growth, which may not be justified given the company's recent struggles.
The EV/EBITDA multiple of 15.4x is also higher than the sector average of 5.3x, indicating that NCI is trading at a premium to its peers. This premium may be attributed to the company's potential for growth or its unique business model, but it also reflects the risk associated with its declining revenue and negative free cash flow.
Given the negative free cash flow, a traditional FCF yield analysis is not applicable. However, the lack of positive FCF further reinforces the concern that NCI's valuation is not supported by its current financial performance.
The company's historical financial performance also raises concerns about its valuation. The significant decline in revenue from FY2017 to FY2024 suggests that NCI's growth prospects may be limited. The negative free cash flow in recent years further undermines the argument that the company is undervalued.
Overall, NCI's valuation appears expensive based on its current financial performance and sector comparisons. The high P/E ratio and EV/EBITDA multiple suggest that the market has overly optimistic expectations for the company's future growth. Investors should exercise caution and carefully consider the risks associated with NCI's valuation before investing in the stock.
Risk & Uncertainty
Navigant Consulting Inc. (NCI) faces several specific, idiosyncratic risks that could negatively impact its business and financial performance. These risks include customer concentration, revenue decline, competition, and operational challenges.
Customer concentration poses a significant risk to NCI, as the loss of a major client could have a material adverse effect on its revenue and profitability. The company's reliance on a limited number of clients makes it vulnerable to changes in their purchasing patterns or their decisions to switch to alternative providers. NCI needs to diversify its client base to mitigate this risk.
The declining revenue trend is a major concern, indicating potential loss of market share, increased competition, or ineffective strategic execution. NCI needs to address the underlying causes of the revenue decline and implement strategies to stabilize and grow its revenue base. Failure to do so could further erode its financial performance and valuation.
The apparel industry is highly competitive, with numerous players offering similar services. NCI faces competition from both large, established companies and smaller, niche providers. The company needs to differentiate itself through innovation, superior service, and a strong brand reputation to maintain its competitive edge. The company's commitment to sustainability may provide some differentiation, but it needs to be effectively communicated and executed.
Operational challenges, such as supply chain disruptions, quality control issues, and logistical problems, could also negatively impact NCI's business. The company needs to effectively manage its supply chain, maintain high quality standards, and ensure efficient logistics to minimize these risks. The negative free cash flow further constrains the company's ability to invest in operational improvements.
Bulls Say / Bears Say
The Bull Case
BULL VIEWNCI's commitment to sustainable apparel solutions will attract environmentally conscious brands and consumers, driving future revenue growth.
BULL VIEWThe company's vertically integrated service offering provides a competitive advantage by streamlining the supply chain and reducing costs for clients.
BULL VIEWNCI's low debt-to-equity ratio provides financial flexibility to pursue strategic acquisitions or investments in growth initiatives.
The Bear Case
BEAR VIEWNCI's declining revenue and negative free cash flow indicate fundamental problems with its business model and strategic execution.
BEAR VIEWThe company's extremely high P/E ratio is unsustainable and reflects unrealistic expectations for future earnings growth.
BEAR VIEWNCI's small market capitalization and limited financial resources make it vulnerable to competition from larger, more established players in the apparel industry.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score NCI and 4,400+ other equities.
NAVIGANT CONSULTING INC exhibits a 80% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
691.2%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
26.2%
Sector: 36.9%
Operating Margin
Core business profitability
5.4%
Sector: 3.8%
Net Margin
Bottom-line profitability
15.8%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $86 annually in dividends at the current trailing rate.
