Revenue growth remains inconsistent, fluctuating between a 12.4% contraction in 2025Q1 and a 9.8% expansion in 2024Q1, while gross margins exhibit significant variance from 19.6% to 32.6% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | May'16 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 |
|---|
| Sales/Revenue | 731.44M | 724.02M | 729.64M | 705.47M | 687.37M | 677.13M | 592.57M | 748.59M | 742.35M | 700.97M | 684.76M | 711.25M | 623.45M | 529.28M | 436.88M | 338.59M | 272.13M | 209.13M | 152.27M |
| Revenue Growth % | 3.48% | -0.77% | 3.43% | 2.63% | 1.51% | 14.27% | -20.84% | 0.84% | 5.9% | 2.37% | -3.72% | 14.08% | 17.79% | 21.15% | 29.03% | 24.42% | 30.12% | 37.35% | - |
| Cost of Goods Sold | 535.97M | 529.89M | 516.53M | 501.67M | 489.2M | 479.98M | 414.04M | 531.29M | 534.48M | 513.26M | 516.17M | 526.52M | 450.5M | 380.91M | 307.19M | 235.19M | 188.99M | 139.87M | 97.44M |
| COGS % of Revenue | - | 73.19% | 70.79% | 71.11% | 71.17% | 70.88% | 69.87% | 70.97% | 72% | 73.22% | 75.38% | 74.03% | 72.26% | 71.97% | 70.31% | 69.46% | 69.45% | 66.88% | 63.99% |
| Gross Profit | 195.47M | 194.13M | 213.11M | 203.81M | 198.17M | 197.15M | 178.53M | 217.3M | 207.87M | 187.71M | 168.59M | 184.73M | 172.94M | 148.37M | 129.69M | 103.4M | 83.14M | 69.27M | 54.83M |
| Gross Margin % | 26.72% | 26.81% | 29.21% | 28.89% | 28.83% | 29.12% | 30.13% | 29.03% | 28% | 26.78% | 24.62% | 25.97% | 27.74% | 28.03% | 29.69% | 30.54% | 30.55% | 33.12% | 36.01% |
| Gross Profit Growth % | - | -8.91% | 4.56% | 2.84% | 0.52% | 10.43% | -17.84% | 4.53% | 10.74% | 11.34% | -8.74% | 6.82% | 16.56% | 14.4% | 25.42% | 24.38% | 20.03% | 26.33% | - |
| Operating Expenses | 159.69M | 140.9M | 173.28M | 205.71M | 178.37M | 178.98M | 279.75M | 193.16M | 187.5M | 165.66M | 168.59M | 159.55M | 137.31M | 113.02M | 91.61M | 73.79M | 61.63M | 54.44M | 38.47M |
| OpEx % of Revenue | - | 19.46% | 23.75% | 29.16% | 25.95% | 26.43% | 47.21% | 25.8% | 25.26% | 23.63% | 24.62% | 22.43% | 22.02% | 21.35% | 20.97% | 21.79% | 22.65% | 26.03% | 25.27% |
| Selling, General & Admin | 143.63M | 139.88M | 156.39M | 166.75M | 166.4M | 161.33M | 157.16M | 169.47M | 165.7M | 151.82M | 156.1M | 143.98M | 123.69M | 123.69M | 101.79M | 65.98M | 54.55M | 49.25M | 32.94M |
| SG&A % of Revenue | - | 19.32% | 21.43% | 23.64% | 24.21% | 23.83% | 26.52% | 22.64% | 22.32% | 21.66% | 22.8% | 20.24% | 19.84% | 23.37% | 23.3% | 19.49% | 20.05% | 23.55% | 21.63% |
| Research & Development | 950K | 1.03M | 1.12M | 1.72M | 1.99M | 2.52M | 2.89M | 3.04M | 3.31M | 2.27M | 2.67M | 2.52M | 3M | 2.45M | 2.06M | 2.15M | 2.4M | 1.25M | 954K |
| R&D % of Revenue | - | 0.14% | 0.15% | 0.24% | 0.29% | 0.37% | 0.49% | 0.41% | 0.45% | 0.32% | 0.39% | 0.35% | 0.48% | 0.46% | 0.47% | 0.64% | 0.88% | 0.6% | 0.63% |
| Other Operating Expenses | 2M | 0 | 15.78M | 37.24M | 9.98M | 15.13M | 119.7M | 20.65M | 11.96M | 10.36M | 10.69M | 13.05M | 10.62M | 8.78M | 6.46M | 5.66M | 4.67M | 3.94M | 4.58M |
| Operating Income | 59.26M | 53.23M | 39.83M | -1.9M | 19.8M | 18.17M | -101.22M | 24.14M | 22.22M | 4.16M | 25.55M | 30.35M | 38.3M | 27.55M | 36.77M | 29.61M | 20.9M | 14.82M | 16.36M |
| Operating Margin % | 8.1% | 7.35% | 5.46% | -0.27% | 2.88% | 2.68% | -17.08% | 3.22% | 2.99% | 0.59% | 3.73% | 4.27% | 6.14% | 5.21% | 8.42% | 8.75% | 7.68% | 7.09% | 10.74% |
| Operating Income Growth % | - | 33.65% | 2191.7% | -109.62% | 8.97% | 117.95% | -519.34% | 8.62% | 434.16% | -83.72% | -15.84% | -20.74% | 38.98% | -25.06% | 24.17% | 41.7% | 40.96% | -9.37% | - |
| EBITDA | 90.98M | 85.98M | 72.84M | 32.2M | 53.09M | 53.09M | -65.51M | 62.67M | 56.63M | 35.54M | 58.46M | 43.4M | 66.72M | 36.34M | 43.22M | 35M | 36.08M | 27.46M | 27.78M |
| EBITDA Margin % | 12.44% | 11.87% | 9.98% | 4.56% | 7.72% | 7.84% | -11.06% | 8.37% | 7.63% | 5.07% | 8.54% | 6.1% | 10.7% | 6.87% | 9.89% | 10.34% | 13.26% | 13.13% | 18.24% |
| EBITDA Growth % | 38.57% | 18.04% | 126.23% | -39.36% | 0% | 181.04% | -204.53% | 10.66% | 59.34% | -39.2% | 34.69% | -34.95% | 83.64% | -15.94% | 23.51% | -3% | 31.39% | -1.15% | - |
| D&A (Non-Cash Add-back) | 31.71M | 32.75M | 33.01M | 34.1M | 33.29M | 34.92M | 35.7M | 38.53M | 34.41M | 31.38M | 32.91M | 13.05M | 28.43M | 8.78M | 6.46M | 5.39M | 15.18M | 12.64M | 11.42M |
| EBIT | 49.04M | 53.23M | 41.31M | -1.9M | 19.8M | 18.17M | -101.22M | 24.14M | 22.22M | 4.16M | 25.55M | 43.18M | 30.35M | 38.3M | 27.55M | 36.77M | 29.61M | 20.51M | 14.82M |
| Net Interest Income | -14.2M | -14.64M | -17.07M | -16.76M | -10.51M | -10.88M | -12.96M | -13.7M | -7.95M | -4.39M | -3.08M | -4.76M | -4.62M | -3.19M | -3.29M | -3.13M | -2.77M | -3.53M | -4.61M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.2M | 14.64M | 17.07M | 16.76M | 10.51M | 10.88M | 12.96M | 13.7M | 7.95M | 4.39M | 3.08M | 4.62M | 3.19M | 3.19M | 3.29M | 2.77M | 3.53M | 4.61M | 3.53M |
| Other Income/Expense | -9.91M | -30.75M | -15.58M | -16.76M | -10.51M | -10.88M | -12.96M | -13.7M | -7.95M | -4.39M | 992.92K | -4.76M | -3.46M | -3.19M | -3.29M | -2.46M | -2.77M | -3.92M | -2M |
| Pretax Income | 29.55M | 22.48M | 24.24M | -18.66M | 9.29M | 7.29M | -114.17M | 10.44M | 14.27M | -226K | 22.47M | 25.73M | 35.1M | 24.27M | 33.64M | 26.84M | 16.98M | 10.21M | 12.83M |
| Pretax Margin % | 4.04% | 3.1% | 3.32% | -2.65% | 1.35% | 1.08% | -19.27% | 1.39% | 1.92% | -0.03% | 3.28% | 3.62% | 5.63% | 4.58% | 7.7% | 7.93% | 6.24% | 4.88% | 8.42% |
| Income Tax | 7.1M | 5.56M | 5.27M | -1.22M | 2.72M | 3.4M | -14.71M | 4.36M | 7.43M | 1.94M | 8.01M | 9.74M | 12.53M | 12.63M | 12.29M | 10.5M | 6.53M | 4.56M | 5.38M |
| Effective Tax Rate % | 24.04% | 24.72% | 21.75% | 6.54% | 29.27% | 46.58% | 12.88% | 41.76% | 52.04% | -859.29% | 35.64% | 37.85% | 35.69% | 52.04% | 36.54% | 39.13% | 38.44% | 44.64% | 41.94% |
| Net Income | 22.41M | 16.84M | 18.96M | -17.45M | 6.5M | 3.86M | -99.46M | 6.06M | 6.84M | -2.17M | 14.46M | 16.08M | 22.52M | 11.65M | 21.35M | 16.43M | 10.43M | 5.47M | 7.44M |
| Net Margin % | 3.06% | 2.33% | 2.6% | -2.47% | 0.95% | 0.57% | -16.78% | 0.81% | 0.92% | -0.31% | 2.11% | 2.26% | 3.61% | 2.2% | 4.89% | 4.85% | 3.83% | 2.61% | 4.89% |
| Net Income Growth % | 51.66% | -11.19% | 208.62% | -368.55% | 68.37% | 103.88% | -1741.27% | -11.35% | 414.3% | -115.04% | -10.06% | -28.59% | 93.35% | -45.46% | 29.96% | 57.55% | 90.8% | -26.52% | - |
| Net Income (Continuing) | 22.45M | 16.84M | 18.97M | -17.45M | 6.57M | 3.89M | -99.47M | 6.08M | 6.84M | -2.17M | 16.48M | 24.65M | 15.99M | 22.57M | 11.64M | 21.35M | 16.34M | 10.45M | 5.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 541K | 327K | 311K | 299K | 229K | 198K | 200K | 177K | 173K | 125K | 110K | 288K | 227K | 236K | 329K | 268K | 245K | 58K |
| EPS (Diluted) | 0.69 | 0.53 | 0.60 | -0.58 | 0.22 | 0.13 | -3.41 | 0.21 | 0.23 | -0.08 | 0.48 | 0.54 | 0.77 | 0.40 | 0.74 | 0.61 | 0.43 | 0.42 | 0.36 |
| EPS Growth % | 48.57% | -11.67% | 203.45% | -363.64% | 69.23% | 103.81% | -1723.81% | -8.7% | 400.65% | -115.94% | -11.11% | -29.87% | 92.5% | -45.95% | 21.31% | 41.86% | 2.38% | 16.67% | - |
| EPS (Basic) | - | 0.54 | 0.61 | -0.58 | 0.22 | 0.13 | -3.41 | 0.21 | 0.24 | -0.08 | 0.50 | 0.56 | 0.79 | 0.41 | 0.77 | 0.61 | 0.48 | 0.42 | 0.57 |
| Diluted Shares Outstanding | 32.66M | 32.06M | 31.61M | 30.33M | 30.23M | 30.13M | 29.15M | 29.05M | 29.43M | 28.42M | 30.11M | 29.59M | 29.32M | 29.11M | 28.68M | 26.93M | 24.43M | 13M | 20.43M |
| Basic Shares Outstanding | 31.62M | 31.41M | 30.93M | 30.33M | 29.9M | 29.57M | 29.15M | 28.74M | 28.41M | 27.19M | 28.96M | 28.61M | 28.36M | 28.14M | 27.84M | 26.72M | 21.74M | 13M | 13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High operating margin volatility
As reported in quarterly financial statements, Mistras Group's revenue trajectory remains inconsistent, fluctuating between a 12.4% contraction in 2025Q1 and a 9.8% expansion in 2024Q1, suggesting that the company struggles to maintain a stable growth profile amidst shifting industrial maintenance demand cycles.
The erratic revenue performance indicates a high sensitivity to project-based work and client-specific maintenance schedules. Investors should monitor whether the recent volatility reflects a strategic pivot away from low-margin contracts or an underlying weakness in core end-market demand.
Based on the provided income statement data, Mistras Group's gross margins have demonstrated significant variance, ranging from a low of 19.6% in 2025Q4 to a peak of 32.6% in 2025Q3, highlighting the difficulty of maintaining pricing power in a labor-intensive service environment.
The inability to consistently sustain gross margins above 30% suggests that wage inflation and technician utilization rates exert constant pressure on profitability. This structural limitation appears to hinder the company's ability to scale effectively, as revenue gains are frequently offset by rising direct service costs.
According to the historical income statement data, Mistras Group's operating income frequently fails to scale with revenue, as evidenced by the 2025Q1 period where the company reported an operating loss of $1.0M despite generating $161.6M in top-line revenue during that same quarter.
The lack of consistent operating leverage implies that SG&A expenses remain stubbornly high relative to gross profit, preventing meaningful bottom-line expansion. This suggests that the current cost structure is not yet optimized to benefit from economies of scale, warranting further investigation into overhead efficiency.
As indicated by the reported figures, Mistras Group's net income has experienced extreme swings, including a 173.1% EPS growth in 2026Q1 followed by a 29.4% decline in 2025Q4, which suggests that non-operating items and periodic restructuring charges may be distorting the true quality of earnings.
The presence of stock-based compensation and fluctuating tax impacts complicates the assessment of core operational profitability. Investors should be cautious of relying on headline EPS, as the underlying net margin remains thin at 2.33%, leaving little room for error in operational execution.
Based on the provided financial data, the persistent volatility in operating margins suggests that Mistras Group may be vulnerable to margin compression if it cannot successfully transition from labor-heavy service contracts to higher-margin software-driven revenue streams in the near term.
Short-term performance appears heavily reliant on project-based maintenance cycles, which are inherently unpredictable and susceptible to client budget cuts. If the company fails to improve its utilization of proprietary technology, the current business model may continue to struggle with low profitability and high cyclical exposure.
Quick answers to the most common questions about buying MG stock.
For fiscal year 2025, Mistras Group, Inc. (MG) reported total revenue of $724.0M. This represents a 375.5% increase compared to $152.3M in 2008.
Mistras Group, Inc. (MG) is profitable, generating $16.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.3%.
Mistras Group, Inc. (MG) reported an operating income of $53.2M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Mistras Group, Inc. (MG) generated $194.1M in gross profit for the year, representing a gross profit margin of 26.8%. This demonstrates the company's core pricing power and production efficiency.