FTI Consulting, Inc.

FCN ·Industrials, Consulting Services, United States
Analysis › Moat Score

Moat Score — FTI Consulting, Inc.

Total Moat Score 12 / 30
Moat Factor Score Analysis
Intangible Assets Patents, trademarks, brand strength, or regulatory licenses that protect a company's products or services from being freely copied by competitors. 4 / 5 FTI's reputation and subsidiary brands like Compass Lexecon in antitrust/competition economics carry decades of built credibility with courts, regulators, and Fortune 500 clients that a new entrant cannot replicate quickly, even though this value rests heavily on individual expert reputations rather than patents.
Cost Advantage A durable ability to produce goods or services more cheaply than competitors — through scale, unique access to cheap inputs, location, or process — that lets a company undercut rivals or out-earn them at the same price. 1 / 5 FTI competes on expertise and reputation rather than price in most segments, and explicitly notes that only its Technology segment faces meaningful price-based competition, meaning the firm has no broad structural cost advantage over peer consultancies.
Pricing Power The ability to raise prices without losing meaningful business, because the product or service is differentiated, mission-critical, or has few good substitutes. 3 / 5 High-stakes litigation, antitrust, and restructuring engagements where FTI's experts are viewed as best-in-class support premium billing rates, though large accounting firms and investment banks with comparable expertise constrain how far that pricing power extends.
Network Effect The product or service becomes more valuable to every user as more people or organizations use it, making an established leader harder to displace. 0 / 5 Expert consulting and litigation advisory services carry no network effect; the value of FTI's advice to one client does not increase because the firm serves more unrelated clients.
Switching Costs The money, time, or operational disruption a customer would face switching to a competitor, which locks in existing customers and supports renewals. 2 / 5 Once a client has engaged FTI experts deep into a multi-year restructuring, litigation, or antitrust matter, switching advisors mid-engagement is costly and risky, creating real but engagement-specific switching costs rather than a durable, firm-wide lock-in.
Efficient Scale A market that can only profitably support a small number of players, so incumbents face limited threat from new entrants even without other defenses. 2 / 5 The market for elite expert consulting in restructuring, antitrust, and forensic litigation is concentrated among a relatively small number of globally scaled firms and specialty boutiques, giving FTI some efficient-scale advantage, though global accounting firms and investment banks remain credible competitors at the high end.