Mistras Group, Inc. MG

Industrials SIC 8711 - Services-Engineering Services NAICS Professional, Scientific, and Technical Services › Architectural, Engineering, and Related Services › Engineering Services derived NYSE

The following discussions should be read in conjunction with the sections of this Annual Report entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors."

Mistras Group, Inc., together with its subsidiaries (the "Company"), is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure.

The Company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing ("NDT") and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, the Company helps clients reduce risk, extend asset life, and optimize operational performance.

Last close 21.53 2026-10-23
Market cap $685.7M 2026-06-30 share count
52-week range 9.45 - 21.92

Valuation FY2025 figures against the last close

P/S0.9x
P/E40.6x
P/FCF82.5x
EV/EBITDA11.7x
Dividend yield—
Diluted EPS0.53

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Europe
  • Other Americas
  • Asia-Pacific
Revenue by geography, 4 categories over 3 years. The same figures are in the table below. FY2025 United States, FY2025: 509.4M (70.4%) 70% United States Europe, FY2025: 133.7M (18.5%) 18% Europe Other Americas, FY2025: 70.9M (9.8%) 10% Asia-Pacific, FY2025: 10M (1.4%) FY2024 United States, FY2024: 506.9M (69.5%) 69% Europe, FY2024: 121.2M (16.6%) 17% Other Americas, FY2024: 90M (12.3%) 12% Asia-Pacific, FY2024: 11.5M (1.6%) FY2023 United States, FY2023: 500.3M (70.9%) 71% Europe, FY2023: 108.1M (15.3%) 15% Other Americas, FY2023: 86.9M (12.3%) 12% Asia-Pacific, FY2023: 10.1M (1.4%)
Region FY2025FY2024FY2023
United States $509.4M $506.9M $500.3M
Europe $133.7M $121.2M $108.1M
Other Americas $70.9M $90.0M $86.9M
Asia-Pacific $10.0M $11.5M $10.1M

As the company reported it, from the “Revenue - Disaggregated Revenues by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $724.0M$729.6M$705.5M$687.4M$677.1M$592.6M$748.6M$742.4M$701.0M$684.8M
Cost of revenue ————————$492.2M$468.9M
Gross profit $204.5M$192.2M$184.3M$198.2M$197.1M$178.5M$217.3M$207.9M$187.7M$194.1M
R&D $1.0M$1.1M$1.7M$2.0M$2.5M$2.9M$3.0M$3.3M$2.3M$2.7M
SG&A $139.9M$135.5M$147.2M$166.4M$161.3M$157.2M$168.6M$165.7M$151.8M$148.9M
Operating income $40.6M$39.8M-$1.9M$19.8M$18.2M-$101.2M$24.1M$22.2M$4.2M$25.5M
Interest expense $14.6M$17.1M$16.8M$10.5M$10.9M$13.0M$13.7M$8.0M$4.4M$3.1M
Pre-tax income $22.5M$24.2M-$18.7M$9.3M$7.3M-$114.2M$10.4M$14.3M-$226.0K$22.5M
Income tax $5.6M$5.3M$1.2M$2.7M$3.4M$14.7M$4.4M$7.4M$1.9M$8.0M
Net income $16.8M$19.0M-$17.5M$6.5M$3.9M-$99.5M$6.1M$6.8M-$2.2M$14.4M
EPS, basic 0.540.61-0.580.220.13-3.410.210.24-0.08—
EPS, diluted 0.530.60-0.580.210.13-3.410.210.23-0.08—
Shares, diluted (wtd. avg.) 32.1M31.6M30.3M30.2M30.1M29.1M29.0M29.4M28.4M30.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $28.0M$18.3M$17.6M$20.5M$24.1M$25.8M$15.0M$25.5M$27.5M$19.2M
Receivables $154.7M$127.3M$132.8M$123.7M$109.5M$107.6M$136.0M$148.3M$138.1M$130.9M
Inventory $14.0M$14.5M$15.3M$13.6M$12.7M$13.1M$13.4M$13.1M$10.5M$10.0M
Total current assets $216.2M$172.5M$180.4M$167.9M$161.3M$162.6M$179.2M$202.8M$195.0M$182.7M
Property, plant and equipment —————$92.7M$98.6M$93.9M$87.1M$73.1M
Goodwill $184.8M$181.4M$187.4M$199.6M$205.4M$206.0M$282.4M$279.3M$203.4M$169.9M
Other intangibles $38.4M$39.7M$44.0M$49.0M$59.4M$68.6M$109.5M$111.4M$63.7M$40.0M
Total assets $578.8M$523.0M$534.8M$534.9M$562.2M$583.3M$719.9M$694.0M$554.4M$469.4M
Accounts payable $14.9M$11.1M$17.0M$12.5M$12.9M$14.2M$15.0M$13.9M$10.4M$6.8M
Short-term debt $12.8M$11.6M$8.9M$7.4M$20.2M$10.7M$6.6M$6.8M$2.4M$1.4M
Total current liabilities $124.3M$114.9M$116.5M$103.7M$121.4M$109.8M$109.2M$100.5M$90.2M$77.7M
Long-term debt $165.1M$158.1M$181.5M$183.8M$182.4M$209.5M$248.1M$283.8M$164.5M$85.9M
Total liabilities $343.1M$324.1M$344.3M$336.2M$361.3M$386.1M$433.9M$423.0M$283.6M$198.7M
Retained earnings $6.9M-$10.0M-$28.9M-$11.5M-$18.0M-$21.8M$77.6M$71.6M$64.7M$91.8M
Total equity $235.1M$198.6M$190.5M$198.7M$200.9M$197.2M$286.0M$271.1M$270.8M$270.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $33.0M$50.1M$26.7M$26.4M$42.3M$67.8M$59.1M$41.7M$55.8M—
Depreciation and amortisation $31.0M$33.0M$34.1M$33.3M$34.9M$35.7M$38.5M$34.4M$31.4M—
Stock-based compensation $7.8M$5.1M$5.7M$5.3M$5.4M$5.9M$5.8M$6.1M$6.6M—
Capital expenditure $24.7M$17.9M$20.9M$12.6M$18.2M$15.4M$22.0M$20.6M$19.3M—
Investing cash flow -$25.1M-$21.4M-$22.1M-$12.2M-$18.6M-$15.0M-$25.3M-$155.4M-$102.8M—
Financing cash flow -$595.0K-$27.4M-$7.7M-$16.3M-$23.2M-$44.2M-$44.1M$114.0M$53.0M—
Buybacks ——————$0$0$15.9M—

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 0001140361-26-013689.

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. -250M 0 250M 500M 750M Revenue, FY2016: 684.8M Gross profit, FY2016: 194.1M Net income, FY2016: 14.4M Revenue, FY2017: 701M Gross profit, FY2017: 187.7M Net income, FY2017: -2.2M Revenue, FY2018: 742.4M Gross profit, FY2018: 207.9M Net income, FY2018: 6.8M Revenue, FY2019: 748.6M Gross profit, FY2019: 217.3M Net income, FY2019: 6.1M Revenue, FY2020: 592.6M Gross profit, FY2020: 178.5M Net income, FY2020: -99.5M Revenue, FY2021: 677.1M Gross profit, FY2021: 197.1M Net income, FY2021: 3.9M Revenue, FY2022: 687.4M Gross profit, FY2022: 198.2M Net income, FY2022: 6.5M Revenue, FY2023: 705.5M Gross profit, FY2023: 184.3M Net income, FY2023: -17.5M Revenue, FY2024: 729.6M Gross profit, FY2024: 192.2M Net income, FY2024: 19M Revenue, FY2025: 724M Gross profit, FY2025: 204.5M Net income, FY2025: 16.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $684.8M $701.0M $742.4M $748.6M $592.6M $677.1M $687.4M $705.5M $729.6M $724.0M
Gross profit $194.1M $187.7M $207.9M $217.3M $178.5M $197.1M $198.2M $184.3M $192.2M $204.5M
Net income $14.4M -$2.2M $6.8M $6.1M -$99.5M $3.9M $6.5M -$17.5M $19.0M $16.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • 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
  • Results announced 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
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Annual report filed Form 10-K
  • Results announced Item 2.02

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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