Very Strong Free Cash Flow ConversionHigh FCF conversion (82% in 2025, FCF $37M) is a durable strength: it funds dividends, debt service, and tuck-in M&A without relying on earnings-based valuation. Strong cash conversion insulates the business from accounting losses and supports investment in growth and buyouts over multiple years.
Predictable, Diversified Retainer RevenueA broad client base and ~90% retainer revenue create durable revenue predictability and low concentration risk. High retention (80–85%) and diverse clients (including nearly half the Fortune 100) support steady organic revenue and make downside from single-client loss unlikely over a 2–6 month horizon.
Sustained Adjusted EBITDA Margins And Record Adjusted ProfitabilityConsistently high adjusted EBITDA (record $45M in 2025, ~24% margin, target ~25%) indicates strong unit economics in advisory services. Margins at this level provide structural capacity to fund M&A, tech investment and dividends while absorbing integration costs, supporting durable cash returns.