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Mistras Group, Inc.

MG

Mistras Group, Inc. • NYSE
$11.99 ▲ 1.10% (+0.13)
Market Cap $378.26 M
52w High $13.43
52w Low $7.06
Dividend Yield 0%
P/E 21.04
Volume 92.99K
Outstanding Shares 31.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $195.549M ▲ $43.342M ▼ $13.108M ▲ 6.703% ▲ $0.42 ▲ $28.072M ▲
Q2-2025 $185.405M ▲ $45.517M ▲ $3.017M ▲ 1.627% ▲ $0.1 ▲ $16.135M ▲
Q1-2025 $161.615M ▼ $41.904M ▲ $-3.186M ▼ -1.971% ▼ $-0.1 ▼ $6.751M ▼
Q4-2024 $172.731M ▼ $40.868M ▼ $5.193M ▼ 3.006% ▼ $0.17 ▼ $18.748M ▼
Q3-2024 $182.694M $42.719M $6.401M 3.504% $0.21 $21.393M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.805M ▲ $596.256M ▲ $368.43M ▲ $227.404M ▲
Q2-2025 $19.957M ▲ $571.043M ▲ $354.868M ▲ $215.848M ▲
Q1-2025 $18.536M ▲ $526.789M ▲ $327.788M ▲ $198.665M ▲
Q4-2024 $18.317M ▼ $523.038M ▼ $324.143M ▼ $198.568M ▼
Q3-2024 $20.36M $551.681M $346.138M $205.204M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $13.108M ▲ $4.462M ▲ $-7.548M ▼ $11.306M ▼ $7.848M ▲ $-4.07M ▲
Q2-2025 $3.126M ▲ $-9.264M ▼ $-6.002M ▼ $15.612M ▲ $1.421M ▲ $-15.736M ▼
Q1-2025 $-3.168M ▼ $5.645M ▼ $-5.414M ▼ $-702K ▲ $219K ▲ $1.09M ▼
Q4-2024 $5.19M ▼ $25.658M ▲ $-4.214M ▲ $-21.151M ▼ $-2.043M ▼ $20.819M ▲
Q3-2024 $6.416M $19.356M $-5.935M $-11.508M $3.183M $13.212M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Aerospace and Defense
Aerospace and Defense
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Industrials
Industrials
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Infrastructure Research and Engineering
Infrastructure Research and Engineering
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Oil Gas
Oil Gas
 $100.00M ▲$100.00M ▲$100.00M ▲$110.00M ▲
Other Process Industries
Other Process Industries
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Other Products and Services
Other Products and Services
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Petrochemical
Petrochemical
 $0 ▲$0 ▲$0 ▲$0 ▲
Power Generation and Transmission
Power Generation and Transmission
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing steadily over the last five years, but from a modest base, and profitability remains thin. Gross profit has held fairly stable as a share of sales, which suggests pricing and direct cost control are reasonably solid. The challenge has been below the gross profit line: operating profit has hovered just above break-even, with occasional dips, showing that overhead and other operating costs still weigh heavily. Earnings have swung from losses to a small profit recently, indicating progress but not yet a consistently strong earnings profile. Overall, this is a slow‑growth, margin‑tight story that appears to be improving, but with limited room for error.

Balance Sheet

Balance Sheet The balance sheet looks adequate but not especially conservative. Total assets have inched down a bit, and the cash balance is small relative to the size of the business, leaving a limited liquidity cushion. Debt sits at a meaningful level compared with equity, pointing to a leveraged, but not extreme, capital structure. Equity has been relatively flat, which reflects only modest value creation so far. The company can operate with this balance sheet, but it does not have a lot of financial slack if conditions worsen or if it wants to fund large growth projects internally.

Cash Flow

Cash Flow Cash generation from operations has been positive each year, which is a key strength, though the amounts are modest. After routine investment in equipment and technology, free cash flow has usually remained positive but thin, with one year slipping close to zero. Capital spending has been steady and relatively low, which helps support free cash flow but also suggests limited room for very large step‑up investments without extra funding. Overall, the cash profile shows a business that can fund itself in normal times, but that has limited flexibility for aggressive expansion or major downturns.

Competitive Edge

Competitive Edge Mistras occupies a specialized niche in asset protection, combining inspection, monitoring, and data analytics for safety‑critical industries. Its integrated “OneSource” model and long history in areas like oil and gas, aerospace, and power generation give it deep domain expertise and sticky customer relationships. Proprietary tools and patents, especially in acoustic emission monitoring and automated inspection, provide some barriers to direct imitation. However, it competes against large, global testing and inspection players that have deeper pockets and broader footprints. Mistras’ edge rests on its focus, technology, and integration of services rather than sheer scale, which is a strength but also a vulnerability if larger rivals aggressively target its niches.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. The company is deliberately shifting from being a traditional testing provider to a data‑centric solutions partner. Platforms like MISTRAS OneSuite, the Mistras Data Solutions umbrella, and the patented Sensoria wind blade monitoring system show a push toward recurring, software‑ and analytics‑driven offerings. In‑house R&D teams and proprietary robotics and monitoring systems reinforce differentiation and allow tailored solutions for demanding customers in aerospace, defense, and energy. The key question is execution: turning pilots and new platforms into scaled, high‑margin, recurring revenue while continuing to refresh the technology against fast‑moving competition.

Summary

Mistras Group looks like a specialized industrial services company in the middle of a strategic transition. Financially, it has delivered slow but steady revenue growth, improving from losses to modest profitability, yet still operates with thin margins and a leveraged but manageable balance sheet. Cash flows are consistently positive but not abundant, limiting the ability to self‑fund very aggressive growth. Strategically, its strength lies in deep technical know‑how, integrated service offerings, and a growing suite of proprietary data and software tools that can deepen customer relationships and potentially lift margins over time. Key risks revolve around competition from larger firms, dependence on cyclical and regulated end markets, and the need to execute well on its data‑centric strategy without overstretching its financial resources. The story is one of gradual operational improvement and increasing emphasis on technology, with meaningful upside potential if the innovation and integration efforts scale, but also clear execution and balance sheet constraints to monitor.

NEWS

November 4, 2025 · 4:53 PM UTC

MISTRAS Announces Third Quarter 2025 Results

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October 23, 2025 · 9:30 AM UTC

MISTRAS Group Announces Conference Call to Discuss Third Quarter Results on November 5, 2025

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October 16, 2025 · 8:00 AM UTC

MISTRAS Group to Participate in Baird's 55th Annual Global Industrial Conference on November 12, 2025

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October 14, 2025 · 8:00 AM UTC

MISTRAS Group Partnering with Villari to Offer Wireless Crack-Detection Sensors for Critical Steel Assets

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September 9, 2025 · 9:00 AM UTC

MISTRAS Group Partners with Batchelor & Kimball to Deliver Advanced Inspection Solutions for Data Centers

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