Bowman Consulting Group Ltd. BWMN

IndustrialsConstruction & EngineeringUnited States of America

Last close 42.96 USD on Nov 3, 2026, +30.1% year to date

Quant rating

Quant rating C Rank 310 of 486 in Industrials

Growth A 3 of 486
Valuation D 460 of 486
Quality C 286 of 486
Revisions D 414 of 486
Momentum B 102 of 486

Wall Street consensus Hold (3.17)Average target 42.50 USD −1.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 713M
Enterprise value: 934M
52-week range: 25.09 – 45.00
3-year range: 18.39 – 45.00
Dividend yield: –
Beta (5 years): 1.50
Shares outstanding: 16.6M
Next earnings: Nov 3, 2026

About the company

Bowman Consulting Group Ltd is a professional services firm delivering integrated engineering, technical consulting and program management services. The Company provides planning, engineering, program management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other infrastructure management services to customers operating in end markets. It works as both a prime and sub-consultant for a base of public and private sector customers that generally operate in regulated environments. Its public sector assignments originate from customers that are transportation departments, utilities, government agencies, military branches, water authorities and other general public infrastructure operators. Its private sector customers include owners and operators from multiple industries, such as investor-owned utilities, oil & gas extractors and operators, participants in the renewable energy and decarbonization marketplace, data center developers and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	490	427	346	262	150	–
Revenue growth	14.9%	23.2%	32.3%	74.5%	22.9%	32.1%
EPS (basic, normalized)	0.73	0.17	−0.53	0.37	0.03	–
EPS growth	329.4%	–	–	1,133.3%	–	–
Gross margin	53.4%	52.2%	50.8%	51.6%	50.3%	51.7%
Net margin	2.5%	0.7%	−1.9%	1.6%	0.2%	0.6%
ROE	5.1%	1.5%	−4.6%	5.0%	0.6%	1.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	10.5
Current ratio	0.90x
Long-term debt (mil)	57.4
Net debt (mil)	222
Total equity (mil)	256
Net debt / equity	0.86x
Net debt / EBITDA	3.04x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	490	+14.9%	1.9x	72.9	+23.2%	12.8x	0.73	+329.4%	58.8x
2026	599	+22.2%	1.6x	93.2	+28.0%	10.0x	0.75	+3.0%	57.2x
2027	710	+18.5%	1.3x	110	+17.8%	8.5x	1.71	+127.7%	25.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	599	0.0%	+6.4%	+6.1%	0.75	0.0%	−13.6%	−32.7%
2027	710	0.0%	+7.8%	+8.8%	1.71	0.0%	−9.3%	−4.2%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	94.9	105	114	113	113	122	126	129	126	146
Sales mean (mil)	95.6	110	114	110	109	120	130	127	125	139
Surprise	−0.8%	−5.1%	+0.2%	+2.6%	+3.2%	+1.7%	−3.3%	+1.2%	+1.2%	+5.4%
EPS reported	−0.11	−0.13	0.04	0.33	−0.11	0.34	0.37	0.11	−0.22	0.14
EPS mean	−0.08	0.03	0.13	0.06	0.04	0.07	0.34	0.26	0.09	0.33
Surprise	−41.9%	−533.3%	−69.6%	+489.3%	−400.0%	+363.7%	+8.8%	−58.2%	−356.7%	−57.2%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BWMN Bowman Consulting Group Ltd.	713M	3.04x	2.5%	2.89x	57.2x	25.1x	10.0x	8.5x
PWR Quanta Services Inc	99.0B	1.66x	3.6%	9.39x	36.7x	30.7x	23.8x	20.2x
APG APi Group Corporation	19.7B	3.38x	−3.6%	5.68x	26.2x	22.6x	18.6x	16.2x
MTZ MasTec Inc	15.9B	3.33x	2.8%	3.93x	21.7x	16.2x	12.5x	9.9x
KAJMY KAJIMA CORPORATION	14.5B	–	5.8%	1.59x	–	–	–	–
TISCY TAISEI CORPORATION	11.5B	–	8.1%	1.94x	–	–	–	–
Mean		2.85x	3.2%	4.24x	35.4x	23.7x	16.2x	13.7x
Median		3.19x	3.2%	3.41x	31.5x	23.9x	15.6x	13.1x

Technical analysis

1M+0.8%
3M+56.7%
1Y−0.1%
3Y+48.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bowman Consulting Group Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	490	427	346	262	150	122
Cost of revenue	228	204	170	127	74.5	66.5
Gross profit	262	223	176	135	75.4	55.5
Selling, general & administrative expenses	215	197	158	118	69.0	51.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	27.6	27.8	18.7	12.3	6.4	2.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−0.7	−0.5	−0.4	−0.1	−0.1	−0.1
Other operating expenses	0	0	0	0	0	0
Operating income	19.7	−2.0	−0.7	5.1	0.2	1.9
Net interest income (expense)	−7.0	−6.0	−3.6	−1.0	−0.3	−0.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.5	−0.9	−2.2	−2.3	−1.1	0.6
Net income before taxes	11.2	−8.9	−6.4	1.7	−1.3	2.0
Provision for taxes	−1.7	−12.0	0.2	−3.3	−1.6	1.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	12.8	3.0	−6.6	5.0	0.3	1.0
Extraordinary items	–	–	–	–	–	–
Net income	12.8	3.0	−6.6	5.0	0.3	1.0
EBIT, normalized	18.9	−2.5	−1.1	5.0	0	1.8
EBITDA, normalized	46.6	26.0	17.7	17.3	6.4	4.0
Basic EPS, normalized	0.73	0.17	−0.53	0.37	0.03	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bowman Consulting Group Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	11.1	6.7	20.7	13.3	20.6	0.4
Receivables	184	150	122	81.8	48.9	32.4
Total inventory	–	–	–	–	–	–
Prepaid expenses	17.7	19.6	11.8	7.1	4.8	2.3
Other current assets	0	0	0	0	0	0
Total current assets	213	177	155	102	74.4	35.1
Property, plant & equipment	95.0	84.1	68.3	55.4	20.2	15.4
Goodwill	174	135	96.4	53.2	28.5	9.2
Intangibles	88.6	65.4	46.3	27.9	12.3	1.1
Long-term investments	–	–	–	–	–	–
Note receivable	2.0	1.5	2.0	2.3	2.1	2.2
Other long-term assets	7.5	43.6	35.0	14.8	0.7	0.7
Total assets	580	506	403	256	138	63.6
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	60.0	51.6	44.4	40.3	17.9	12.2
Accrued expenses	12.0	11.0	9.0	6.9	–	–
Short-term debt	95.3	37.0	45.3	0	0	3.5
Current portion of long-term debt	36.4	27.5	20.6	15.5	9.6	5.1
Other current liabilities	11.0	7.9	7.5	6.4	5.3	2.6
Total current liabilities	215	135	127	69.1	32.9	23.3
Long-term debt	58.0	37.9	28.1	30.5	18.4	10.3
Minority interest	–	–	–	–	–	–
Other liabilities	45.8	86.9	84.6	33.3	8.5	12.8
Total liabilities	319	260	240	133	59.8	46.5
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.1	0
Additional paid-in capital	355	329	215	163	121	58.3
Retained earnings (accumulated deficit)	−10.5	−23.4	−26.4	−19.8	−24.8	−25.1
Treasury stock	−84.9	−60.9	−26.4	−20.8	−17.5	−16.0
Other equity	0.9	1.1	0.6	0.6	0	0
Total equity	261	246	163	123	78.4	17.1
Total liabilities & shareholders' equity	580	506	403	256	138	63.6

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bowman Consulting Group Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	12.8	3.0	−6.6	5.0	0.3	1.0
Depreciation, depletion & amortization	27.6	28.4	18.7	12.3	6.4	2.3
Deferred taxes	36.5	−20.0	−25.5	−18.0	−2.2	0.3
Non-cash items	20.6	27.3	25.5	16.0	8.6	8.5
Changes in working capital	−61.6	−14.5	−0.3	−6.1	−8.4	−1.3
Cash from operations	35.8	24.3	11.7	9.2	4.7	10.8
Investing activities
Capital expenditures	−2.8	−3.6	−2.1	−0.9	−0.9	−1.3
Other investing cash flows	−33.0	−23.9	−25.1	−17.9	−20.6	−1.1
Cash from investing	−35.8	−27.5	−27.2	−18.8	−21.5	−2.4
Financing activities
Financing cash flow items	−1.4	−2.3	–	0	−0.7	−1.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	5.7	−8.5	22.8	2.2	37.7	−7.5
Cash from financing	4.3	−10.8	22.8	2.2	37.0	−8.5
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	4.4	−14.0	7.4	−7.3	20.2	−0.1
Free cash flow	33.1	20.8	9.6	8.3	3.8	9.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.