Strong Free Cash FlowConsistent positive operating and free cash flow, with 2025 FCF up ~51% YoY, provides durable liquidity to fund dividends, selective M&A and technology investments. Strong cash conversion cushions the business through revenue cyclicality and supports balance‑sheet repair over the medium term.
Improving Adjusted ProfitabilitySustained adjusted EBITDA margins (~22% in Q1, guided 22%–23% for FY26) indicate scalable service economics and operational leverage in advisory operations. This level of adjusted profitability supports reinvestment, dividend capacity and a path toward the company's longer‑term ~25% margin target if maintained.
Diversified, Sticky Client BaseLow client concentration (top 10 = 8%, no single client >2%) plus employee equity ownership (~200/450 employees) reduce revenue volatility and support retention. That combination strengthens recurring retainer business, aids institutional knowledge continuity and bolsters durable client relationships over the medium term.