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MEG

Montrose Environmental Group, Inc.

MEG

Montrose Environmental Group, Inc. • NYSE
$25.65 ▲ 0.00% (+0.00)
Market Cap $905.49 M
52w High $32.00
52w Low $10.51
Dividend Yield 0%
P/E -30.54
Volume 104.15K
Outstanding Shares 35.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $224.888M ▼ $78.667M ▼ $8.378M ▼ 3.725% ▼ $0.237 ▼ $33.856M ▼
Q2-2025 $234.543M ▲ $86.8M ▲ $18.356M ▲ 7.826% ▲ $0.48 ▲ $36.875M ▲
Q1-2025 $177.834M ▼ $80.003M ▼ $-19.359M ▲ -10.886% ▲ $-0.64 ▲ $1.871M ▲
Q4-2024 $189.058M ▲ $99.948M ▲ $-28.223M ▼ -14.928% ▼ $-0.9 ▼ $-1.762M ▼
Q3-2024 $178.687M $74.252M $-10.564M -5.912% $-0.39 $16.604M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.837M ▼ $985.682M ▼ $526.963M ▲ $458.719M ▼
Q2-2025 $10.484M ▼ $998.084M ▲ $494.024M ▲ $504.06M ▼
Q1-2025 $30.276M ▲ $992.161M ▲ $455.089M ▼ $537.072M ▲
Q4-2024 $12.935M ▼ $990.353M ▼ $544.089M ▲ $446.264M ▼
Q3-2024 $13.045M $1.007B $464.774M $542.119M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $8.378M ▼ $28.15M ▲ $-4.672M ▼ $-27.981M ▲ $-3.748M ▲ $22.333M ▲
Q2-2025 $18.356M ▲ $21.894M ▲ $-4.227M ▼ $-37.223M ▼ $-19.792M ▼ $19.931M ▲
Q1-2025 $-19.359M ▲ $5.504M ▼ $-3.705M ▼ $15.962M ▲ $17.341M ▲ $2.35M ▼
Q4-2024 $-28.223M ▼ $31.956M ▲ $-855K ▲ $-30.581M ▼ $-110K ▲ $29.26M ▲
Q3-2024 $-10.564M $11.406M $-49.253M $33.754M $-3.86M $9.932M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Assessment Permitting And Response
Assessment Permitting And Response
 $160.00M ▲$50.00M ▼$100.00M ▲$90.00M ▼
Measurement And Analysis
Measurement And Analysis
 $170.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲
Remediation And Reuse
Remediation And Reuse
 $190.00M ▲$70.00M ▼$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Montrose has grown its revenue steadily over the past several years, and gross profit has risen along with it, showing that the core services are gaining traction. Despite this, the company still reports operating and net losses, and those losses have recently widened again after a period of gradual improvement. EBITDA is slightly positive, which suggests the underlying service business can generate earnings before heavier costs like interest, taxes, and non‑cash items. Overall, the story is one of solid top‑line growth but an income statement that has not yet reached consistent profitability.

Balance Sheet

Balance Sheet The balance sheet has expanded over time, with total assets and shareholders’ equity both moving higher, reflecting ongoing investment and acquisitions. Debt has increased but remains moderate relative to the size of the business, pointing to a leveraged yet not extreme capital structure. The main weak spot is cash: the cash balance has come down notably from earlier years, which reduces financial cushion and flexibility. In short, the company is asset‑rich and equity‑supported, but depends on managing its debt and cash carefully as it scales.

Cash Flow

Cash Flow Montrose is generating positive cash from operations, but the amounts are modest and can fluctuate from year to year. After capital spending, free cash flow has generally been slightly positive, hovering around breakeven rather than building a large surplus. Capital expenditures are not heavy, but they do absorb a meaningful share of operating cash, especially for a growing company with limited cash reserves. The cash flow profile suggests a business that is largely funding itself, yet still has a relatively thin margin for error if growth investments or market conditions change.

Competitive Edge

Competitive Edge Montrose operates as a specialized environmental services provider with a broad, integrated offering that runs from testing and measurement through remediation and ongoing monitoring. This one‑stop model, combined with deep regulatory expertise, helps build sticky relationships with clients who face complex compliance needs. The company focuses on high‑value areas like PFAS cleanup, methane detection, and greenhouse gas management, where technical capability and regulatory knowledge create barriers for smaller, less sophisticated competitors. At the same time, the industry is fragmented and competitive, so execution on project delivery, pricing discipline, and integration of acquired businesses remain critical to preserving its edge.

Innovation and R&D

Innovation and R&D Innovation is a clear cornerstone of Montrose’s strategy. The company has built a sizable portfolio of patents and pending applications in PFAS treatment, waste‑to‑energy, greenhouse gas measurement, and advanced biological remediation. It invests heavily in science‑based solutions such as regenerable PFAS resins, methane detection technologies, and digital platforms that help clients interpret complex environmental data. Partnerships in areas like hydrothermal gasification show a willingness to bet on emerging technologies that could benefit from tightening environmental rules, though these initiatives also carry technical and commercialization risk. Overall, Montrose’s R&D focus enhances its differentiation, but the payoff depends on scaling these technologies profitably.

Summary

Montrose Environmental Group combines steady revenue growth and expanding capabilities with persistent accounting losses and only modest cash generation. The balance sheet shows growing assets and equity with manageable, but rising, debt and a slimmer cash cushion than in prior years. Operationally, the company appears well positioned in attractive niches like PFAS remediation, methane management, and waste‑to‑energy, supported by a strong patent base and regulatory know‑how. The main tension is between its attractive strategic positioning and the financial reality that profitability and cash flow are still developing, making future performance highly dependent on disciplined execution, successful integration of acquisitions, and continued demand driven by environmental regulation.

NEWS

November 13, 2025 · 10:22 AM UTC

Cenovus announces closing of MEG Energy acquisition

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November 12, 2025 · 9:00 AM UTC

Kent County, MI Takes Action on Forever Chemicals with Landmark PFAS Treatment Project with Montrose Environmental Group

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November 4, 2025 · 4:03 PM UTC

Montrose Environmental Group Reports Another Record Quarter and Record First Nine Months; Increases 2025 Guidance

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October 30, 2025 · 9:00 AM UTC

Montrose Environmental Group and Savannah River Site Renew Partnership to Advance Superfund Cleanup

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October 27, 2025 · 6:00 AM UTC

Cenovus announces amendment to agreement with MEG Energy and voting support agreement with Strathcona Resources Ltd.

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