Bowman Consulting Group Ltd. BWMN

Industrials SIC 8742 - Services-Management Consulting Services NAICS Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Management Consulting Services › Administrative Management and General Management Consulting Services derived Nasdaq

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.

Last close 42.83 2026-10-23
Market cap $742.5M 2026-06-30 share count
52-week range 25.07 - 45.83

Valuation FY2025 figures against the last close

P/S1.5x
P/E58.7x
P/FCF22.2x
EV/EBITDA21.4x
Dividend yield—
Diluted EPS0.73

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 0.740.18-0.530.390.030.17—
EPS, diluted 0.730.17-0.530.370.030.17—
Shares, diluted (wtd. avg.) 16.7M16.1M12.5M11.7M7.6M5.4M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2020: 122M Gross profit, FY2020: 55.5M Net income, FY2020: 990K Revenue, FY2021: 150M Gross profit, FY2021: 75.4M Net income, FY2021: 299K Revenue, FY2022: 261.7M Gross profit, FY2022: 135.1M Net income, FY2022: 5M Revenue, FY2023: 346.3M Gross profit, FY2023: 176M Net income, FY2023: -6.6M Revenue, FY2024: 426.6M Gross profit, FY2024: 222.8M Net income, FY2024: 3M Revenue, FY2025: 490M Gross profit, FY2025: 261.5M Net income, FY2025: 12.8M FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $122.0M $150.0M $261.7M $346.3M $426.6M $490.0M
Gross profit — $55.5M $75.4M $135.1M $176.0M $222.8M $261.5M
Net income — $990.0K $299.0K $5.0M -$6.6M $3.0M $12.8M

Recent filings and events

  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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