Free cash flow remains erratic, with margins fluctuating from a negative 0.6% in 2023Q4 to a peak of 9.7% in 2025Q1, further complicated by significant working capital outflows such as the $59.4 million recorded in 2025Q3.
| Cash from Operations | 35.37M | 35.83M | 24.3M | 11.72M | 9.17M | 4.72M | 10.77M | 8.22M |
| Operating CF Margin % | - | 7.31% | 5.7% | 3.39% | 3.5% | 3.15% | 8.83% | 7.23% |
| Operating CF Growth % | 63.29% | 47.43% | 107.31% | 27.83% | 94.4% | -56.2% | 31.05% | - |
| Net Income | 10.59M | 12.23M | 3.03M | -6.62M | 5M | 299K | 990K | 1.53M |
| Depreciation & Amortization | 29.43M | 27.55M | 28.45M | 18.72M | 12.25M | 6.37M | 2.28M | 797K |
| Stock-Based Compensation | 16.35M | 18.75M | 25.73M | 24.74M | 15.1M | 8.22M | 5.08M | 4.28M |
| Deferred Taxes | 47.47M | 36.5M | -20M | -25.53M | -18.05M | -2.18M | 326K | 431K |
| Other Non-Cash Items | 3.92M | 2.45M | 1.56M | 746K | 918K | 379K | 3.43M | 3.93M |
| Working Capital Changes | -72.7M | -61.65M | -14.46M | -332K | -6.05M | -8.37M | -1.34M | -2.75M |
| Change in Receivables | -27.32M | -31.92M | -9.28M | -24.43M | -13.78M | -8.8M | 4.53M | -5.41M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.3M | 0 | -4.51M |
| Change in Payables | -40.89M | -33.67M | 7.65M | 27.73M | 3.3M | 3.3M | 0 | 4.51M |
| Cash from Investing | -35.88M | -35.76M | -27.47M | -27.16M | -18.75M | -21.53M | -2.41M | -4.27M |
| Capital Expenditures | -3.28M | -2.39M | -626K | -2.09M | -902K | -905K | -924K | -3.37M |
| CapEx % of Revenue | 0.87% | 0.49% | 0.15% | 0.6% | 0.34% | 0.6% | 0.76% | 2.96% |
| Acquisitions | -33.67M | -35.21M | -24.45M | -25.69M | -18.04M | -20.34M | -416K | 118K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 1.08M | 1.84M | -2.39M | 624K | 183K | -284K | -1.07M | -1.02M |
| Cash from Financing | 1.85M | 4.3M | -10.82M | 22.84M | 2.25M | 37.05M | -8.48M | -3.61M |
| Debt Issued (Net) | 77.51M | 27.91M | -23.13M | 26.84M | -11.36M | -9.95M | -6.25M | -3.59M |
| Equity Issued (Net) | -16.04M | -22.23M | 14.61M | -5.58M | 13.6M | 47.08M | -1.2M | 106K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -26.58M | -24.03M | -34.49M | -5.58M | -3.34M | -582K | -1.26M | -24K |
| Other Financing | -59.62M | -1.38M | -2.3M | 1.58M | 0 | -77K | -1.03M | -128K |
| Net Change in Cash | 1.35M | 4.37M | -13.99M | 7.41M | -7.34M | 20.23M | -123K | 337K |
| Free Cash Flow | 32.09M | 33.43M | 23.68M | 9.63M | 8.27M | 3.81M | 9.85M | 4.85M |
| FCF Margin % | 8.51% | 6.82% | 5.55% | 2.78% | 3.16% | 2.54% | 8.07% | 4.27% |
| FCF Growth % | 8.83% | 41.22% | 145.87% | 16.46% | 116.89% | -61.28% | 102.93% | - |
| FCF per Share | 1.95 | 2.00 | 1.47 | 0.77 | 0.71 | 0.33 | 0.98 | 0.51 |
| FCF Conversion (FCF/Net Income) | 3.03x | 2.93x | 8.67x | -1.77x | 1.83x | 15.78x | 10.88x | 5.39x |
| Interest Paid | 1.78M | 0 | 6.55M | 4.21M | 1.9M | 887K | 609K | 634K |
| Taxes Paid | 671K | 0 | 8.45M | 1.13M | 400K | 1.92M | 543K | 362K |
Integration-driven margin compression
As reported in recent financial filings, BWMN exhibits a persistent disconnect between GAAP net income and operating cash flow, with OCF/NI ratios frequently reaching extreme levels, such as the -6.90 observed in 2025Q1, indicating that reported earnings are heavily impacted by non-cash charges and acquisition-related accounting adjustments.
The significant variance between net income and operating cash flow suggests that GAAP profitability is a poor proxy for the firm's actual cash-generating capacity. Investors should monitor the high levels of stock-based compensation and depreciation, which appear to be the primary drivers of this divergence, potentially masking the true economic cost of the company's aggressive acquisition strategy.
Based on historical cash flow statements, BWMN's free cash flow trajectory remains highly erratic, with margins fluctuating from a negative 0.6% in 2023Q4 to a peak of 9.7% in 2025Q1, reflecting the inherent instability of a business model reliant on continuous inorganic expansion and integration.
The lack of a consistent free cash flow trend suggests that the company has yet to reach a steady state of operational maturity. This volatility warrants further investigation into whether the firm can sustain positive cash generation without the constant infusion of new assets or if current cash flows are merely a byproduct of timing differences in project billing.
According to quarterly cash flow data, BWMN experiences significant swings in working capital, including a notable $59.4 million outflow in 2025Q3, which suggests that the firm's cash position is highly sensitive to the timing of project milestones and the efficiency of its accounts receivable collection processes.
The large, irregular fluctuations in working capital indicate that the company's cash flow is susceptible to project-specific delays or potential billing disputes. Such variability may force the firm to maintain higher liquidity buffers than would otherwise be necessary, potentially limiting the capital available for more productive uses like organic growth initiatives.
As evidenced by recent cash flow statements, BWMN prioritizes capital deployment toward aggressive acquisition activity and share repurchases, with quarterly acquisition spending reaching as high as $33.2 million in 2025Q4, while dividends remain largely absent from the firm's capital allocation strategy for shareholders.
The firm's focus on inorganic growth suggests that management views acquisition-led expansion as the primary driver of long-term value. However, the lack of consistent return on investment metrics for these acquisitions makes it difficult to determine if this capital allocation strategy is truly accretive to shareholder value or merely a mechanism to sustain top-line growth.
Quick answers to the most common questions about buying BWMN stock.
Bowman Consulting Group Ltd. (BWMN) generated $35.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bowman Consulting Group Ltd. (BWMN) generated $33.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Bowman Consulting Group Ltd. (BWMN) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Bowman Consulting Group Ltd. (BWMN) spent $24.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.