Bowman Consulting Group Ltd. BWMN
Bowman is a professional services firm delivering integrated engineering, technical consulting and program management services to customers who own, develop, and maintain the built environment. We provide planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other infrastructure management services to customers operating in a diverse set of end markets.
Over the approximately 5 years since our IPO, we have experienced a more than four-fold increase in gross contract revenue to $490 million for the year ended December 31, 2025 (we interchangeably refer to gross contract revenue as "revenue"). We have achieved this increase in revenue through both organic growth and acquisitions. In 2025, we ranked 72nd on the ENR Top 500 Design Firms list, up from 144th in 2021, the year of our initial public offering and 78th in 2024. As of December 31, 2025, we have a workforce of over 2,300 employees that provides services for thousands of customer projects both big and small, as well as both short- and long-term. We operate from more than 135 locations throughout the United States and four offices in Mexico. As of December 31, 2025, we have approximately 10,000 active projects in our backlog.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $490.0M | $426.6M | $346.3M | $261.7M | $150.0M | $122.0M | — |
| Cost of revenue | $228.5M | $203.8M | $170.2M | $126.6M | $74.5M | $66.5M | — |
| Gross profit | $261.5M | $222.8M | $176.0M | $135.1M | $75.4M | $55.5M | — |
| SG&A | $215.1M | $197.5M | $158.4M | $117.8M | $69.0M | $51.5M | — |
| Total operating expenses | $241.9M | $224.8M | $176.7M | $130.0M | $75.3M | $53.6M | — |
| Operating income | $19.7M | -$2.0M | -$656.0K | $5.1M | $160.0K | $1.9M | — |
| Pre-tax income | $11.2M | -$8.9M | -$6.4M | $1.7M | -$1.3M | $2.0M | — |
| Income tax | $1.7M | $12.0M | $177.0K | $3.3M | $1.6M | $989.0K | — |
| Net income | $12.8M | $3.0M | -$6.6M | $5.0M | $299.0K | $990.0K | — |
| EPS, basic | 0.74 | 0.18 | -0.53 | 0.39 | 0.03 | 0.17 | — |
| EPS, diluted | 0.73 | 0.17 | -0.53 | 0.37 | 0.03 | 0.17 | — |
| Shares, diluted (wtd. avg.) | $16.7M | $16.1M | $12.5M | $11.7M | $7.6M | $5.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $11.1M | $6.7M | $20.7M | $13.3M | $20.6M | $386.0K | $509.0K |
| Receivables | $130.6M | $105.1M | $87.6M | $64.4M | $38.5M | $24.2M | — |
| Total current assets | $213.0M | $176.6M | $154.8M | $102.1M | $74.4M | $35.1M | — |
| Property, plant and equipment | $14.9M | $16.0M | $8.1M | $6.5M | $5.4M | $15.4M | — |
| Goodwill | $173.6M | $134.7M | $96.4M | $53.2M | $28.5M | $9.2M | — |
| Other intangibles | $88.6M | $65.4M | $46.3M | $27.9M | $12.3M | $1.1M | — |
| Total assets | $579.7M | $505.9M | $402.8M | $255.8M | $138.2M | $63.6M | — |
| Accounts payable | $60.0M | $51.6M | $44.4M | $40.3M | $17.9M | $12.2M | — |
| Total current liabilities | $214.7M | $135.0M | $126.8M | $69.1M | $32.9M | $23.3M | — |
| Long-term debt | $57.6M | $38.1M | $28.8M | $27.2M | $12.9M | — | — |
| Total liabilities | $318.6M | $259.8M | $239.5M | $132.9M | $59.8M | $46.5M | — |
| Retained earnings | -$10.5M | -$23.4M | -$26.4M | -$19.8M | -$24.8M | -$25.1M | — |
| Total equity | $261.1M | $246.1M | $163.3M | $122.9M | $78.4M | $17.1M | -$23.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $35.8M | $24.3M | $11.7M | $9.2M | $4.7M | $10.8M | — |
| Depreciation and amortisation | $17.2M | $14.5M | $9.7M | $8.4M | $6.0M | $2.0M | — |
| Stock-based compensation | $18.8M | $25.7M | $24.7M | $15.1M | $8.2M | $5.1M | — |
| Capital expenditure | $2.4M | $626.0K | $2.1M | $902.0K | $905.0K | $924.0K | — |
| Investing cash flow | -$35.8M | -$27.5M | -$27.2M | -$18.8M | -$21.5M | -$2.4M | — |
| Financing cash flow | $4.3M | -$10.8M | $22.8M | $2.2M | $37.0M | -$8.5M | — |
| Buybacks | $18.8M | $23.3M | $745.0K | $0 | $582.0K | $1.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-015252.
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