Mistras Group, Inc. MG
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.54 | 0.61 | -0.58 | 0.22 | 0.13 | -3.41 | 0.21 | 0.24 | -0.08 | — |
| EPS, diluted | 0.53 | 0.60 | -0.58 | 0.21 | 0.13 | -3.41 | 0.21 | 0.23 | -0.08 | — |
| Shares, diluted (wtd. avg.) | $32.1M | $31.6M | $30.3M | $30.2M | $30.1M | $29.1M | $29.0M | $29.4M | $28.4M | $30.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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