Exponent is a science and engineering consulting firm that investigates failures, analyzes technical problems, and advises clients on risk, safety, and regulatory matters. The firm draws on over 90 technical disciplines — spanning engineering, physical sciences, environmental science, and health sciences — to serve large corporations, law firms, and insurance companies across industries including consumer products, energy, transportation, and chemicals. Exponent's work splits into two broad types: reactive engagements (~60% of revenue), primarily litigation and dispute support such as accident reconstruction and expert testimony, which are non-discretionary and relatively resilient through downturns; and proactive engagements (~40% of revenue), including risk management, product development consulting, and safety testing, which are more discretionary. Exponent operates through two segments: Engineering and Other Scientific (~84% of revenue) and Environmental and Health (~16%). The business model is straightforward — Exponent sells time, billing clients at hourly rates that vary by seniority and expertise. Revenue is driven by headcount, utilization, and annual billing rate increases. Exponent recruits almost exclusively from PhD programs, and its ~730 doctoral-degree staff are central to its market positioning. The firm targets mid-70s utilization and 4%-8% annual headcount growth to produce high single-digit to low double-digit organic revenue growth. Exponent is capital-light and returns cash to shareholders via dividends and buybacks.