Mistras Group Inc MG

IndustrialsOil & GasUnited States of America

Last close 20.15 USD on Nov 2, 2026, +59.3% year to date

Quant rating

Quant rating B Rank 146 of 486 in Industrials

Growth C 316 of 486
Valuation B 180 of 486
Quality C 266 of 486
Revisions C 209 of 486
Momentum A 41 of 486

Wall Street consensus Buy (1.67)Average target 22.50 USD +11.7%

Historical valuation

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

Key data

Market cap: 642M
Enterprise value: 821M
52-week range: 9.47 – 21.88
3-year range: 5.32 – 21.88
Dividend yield: –
Beta (5 years): 0.94
Shares outstanding: 31.9M
Next earnings: Nov 2, 2026

About the company

Mistras Group, Inc. is a provider of integrated technology-enabled asset protection solutions. Its segments include North America, International and Products and Systems. Its North America segment provides asset protection solutions in the United States and Canada, which consist primarily of non-destructive testing, inspection, in-laboratory testing, mechanical and engineering services that are used to evaluate the structural integrity and reliability of critical energy, industrial and public infrastructure and commercial aerospace components. Software, digital and data analytical solutions and services are included in this segment. Its International segment offers services, products and systems similar to those of the other segments to select markets within Europe, the Middle East, Africa, Asia and South America. The Products and Systems segment designs, manufactures, sells, installs and services its asset protection products and systems, including equipment and instrumentation.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	724	730	705	687	677	–
Revenue growth	−0.8%	3.4%	2.6%	1.5%	14.3%	4.1%
EPS (basic, normalized)	0.88	0.72	0.21	0.21	0.23	–
EPS growth	22.2%	242.9%	0.0%	−8.7%	–	–
Gross margin	28.2%	29.2%	28.9%	28.8%	29.1%	28.9%
Net margin	2.3%	2.6%	−2.5%	0.9%	0.6%	0.8%
ROE	7.8%	9.8%	−9.0%	3.3%	1.9%	2.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	22.0
Current ratio	1.71x
Long-term debt (mil)	179
Net debt (mil)	179
Total equity (mil)	240
Net debt / equity	0.74x
Net debt / EBITDA	1.96x

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	724	−0.8%	1.1x	91.1	+15.8%	9.0x	0.88	+22.2%	22.9x
2026	748	+3.2%	1.1x	93.5	+2.7%	8.8x	1.00	+13.3%	20.2x
2027	785	+5.0%	1.0x	103	+9.9%	8.0x	1.22	+22.7%	16.5x
2028	822	+4.7%	1.0x	115	+12.1%	7.1x	1.46	+19.3%	13.8x

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	748	0.0%	+0.2%	+0.8%	1.00	0.0%	−4.4%	−2.3%
2027	785	0.0%	+0.5%	+2.1%	1.22	0.0%	−0.1%	+1.9%
2028	822	0.0%	−0.1%	–	1.46	0.0%	−1.4%	–

Earnings surprises EPS beat in 4 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)	184	190	183	173	162	185	196	181	169	193
Sales mean (mil)	175	186	186	172	199	186	188	177	166	190
Surprise	+5.4%	+2.1%	−1.7%	+0.2%	−18.7%	−0.2%	+3.8%	+2.8%	+1.7%	+1.8%
EPS reported	0.07	0.21	0.20	0.24	−0.01	0.19	0.46	0.25	0.08	0.28
EPS mean	0.06	0.17	0.27	0.13	0.13	0.19	0.29	0.21	0.05	0.24
Surprise	+16.7%	+21.2%	−25.0%	+80.0%	−107.5%	+1.8%	+55.9%	+17.6%	+60.0%	+17.9%

Peer comparison Oil & Gas

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
MG Mistras Group Inc	642M	1.96x	2.3%	2.67x	20.2x	16.5x	8.8x	8.0x
GRNT Granite Ridge Resources, Inc.	691M	1.32x	5.3%	1.23x	10.5x	6.0x	3.1x	2.5x
OBE Obsidian Energy Ltd	686M	1.28x	6.2%	0.69x	10.7x	9.0x	3.0x	3.1x
GPRK GeoPark Ltd	674M	1.24x	10.1%	1.85x	10.8x	6.5x	3.5x	2.3x
WHK Whitehawk Minerals Corp	669M	–	−16.2%	2.21x	−18.4x	21.4x	10.4x	8.6x
EGY VAALCO Energy Inc	610M	1.21x	−11.7%	1.60x	−13.5x	23.0x	4.3x	2.8x
Mean		1.40x	−0.6%	1.71x	3.4x	13.7x	5.5x	4.6x
Median		1.28x	3.8%	1.73x	10.6x	12.7x	3.9x	3.0x

Technical analysis

1M−2.4%
3M+32.5%
1Y+111.2%
3Y+278.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mistras Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	724	730	705	687	677	593
Cost of revenue	520	517	502	489	480	414
Gross profit	205	213	204	198	197	179
Selling, general & administrative expenses	136	158	165	167	161	154
Research & development	1.0	1.1	1.7	2.0	2.5	2.9
Depreciation/amortization	8.6	9.4	10.1	10.7	11.9	13.5
Interest expense (income), operating	3.5	−1.8	1.3	−0.2	0.4	3.1
Unusual expense (income)	14.4	6.4	27.1	−0.9	3.2	106
Other operating expenses	0	0	0	0	0	0
Operating income	40.6	39.8	−1.9	19.8	18.2	−101
Net interest income (expense)	−14.6	−17.1	−16.8	−10.5	−10.9	−13.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.5	1.5	0	0	0	0
Net income before taxes	22.5	24.2	−18.7	9.3	7.3	−114
Provision for taxes	5.6	5.3	−1.2	2.7	3.4	−14.7
Minority interest	−0.1	0	0	−0.1	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	16.8	19.0	−17.5	6.5	3.9	−99.5
Extraordinary items	–	–	–	–	–	–
Net income	16.8	19.0	−17.5	6.5	3.9	−99.5
EBIT, normalized	58.5	44.4	26.5	19.6	22.7	10.5
EBITDA, normalized	95.8	82.8	65.8	55.4	57.6	46.2
Basic EPS, normalized	0.88	0.72	0.21	0.21	0.23	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mistras Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	28.0	18.3	17.6	20.5	24.1	25.8
Receivables	155	127	133	124	110	108
Total inventory	14.0	14.5	15.3	13.6	12.7	13.1
Prepaid expenses	19.5	12.4	14.6	10.2	15.0	16.1
Other current assets	0	0	0	0	0	0
Total current assets	216	172	180	168	161	163
Property, plant & equipment	93.2	80.9	118	115	129	139
Goodwill	185	181	187	200	205	206
Intangibles	38.4	39.7	44.0	49.0	59.4	68.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	46.2	48.5	4.6	3.9	7.0	6.7
Total assets	579	523	535	535	562	583
Liabilities
Accounts payable	14.9	11.1	17.0	12.5	12.9	14.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	78.9	77.1	77.2	69.4	75.8	70.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	19.9	16.9	14.1	11.6	23.9	14.4
Other current liabilities	10.6	9.8	8.2	10.2	8.8	10.5
Total current liabilities	124	115	117	104	121	110
Long-term debt	182	173	193	194	192	221
Minority interest	0.5	0.3	0.3	0.3	0.2	0.2
Other liabilities	36.3	36.0	35.0	38.6	47.7	55.6
Total liabilities	344	324	345	336	362	386
Shareholders' equity
Preferred stock	0	0	–	–	–	–
Common stock	0.5	0.4	0.3	0.3	0.3	0.3
Additional paid-in capital	257	251	247	243	239	235
Retained earnings (accumulated deficit)	6.9	−10.0	−28.9	−11.5	−18.0	−21.8
Treasury stock	–	–	–	–	–	–
Other equity	−29.1	−42.7	−28.3	−33.4	−20.3	−16.1
Total equity	235	199	190	198	201	197
Total liabilities & shareholders' equity	579	523	535	535	562	583

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mistras Group Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	16.9	19.0	−17.4	6.6	3.9	−99.5
Depreciation, depletion & amortization	31.0	33.0	34.1	33.3	34.9	35.7
Deferred taxes	0.3	−4.9	−5.3	−0.5	0.1	−13.4
Non-cash items	10.4	3.7	20.4	5.6	6.9	118
Changes in working capital	−25.6	−0.7	−5.1	−18.5	−3.5	27.3
Cash from operations	33.0	50.1	26.7	26.4	42.3	67.8
Investing activities
Capital expenditures	−29.2	−23.0	−23.6	−13.4	−19.3	−15.8
Other investing cash flows	4.1	1.6	1.5	1.2	0.7	0.8
Cash from investing	−25.1	−21.4	−22.1	−12.2	−18.6	−15.0
Financing activities
Financing cash flow items	−1.7	−1.3	−1.6	−1.4	−2.9	−2.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1.1	−26.1	−6.1	−14.9	−20.4	−41.6
Cash from financing	−0.6	−27.4	−7.7	−16.3	−23.2	−44.2
Foreign exchange effects	2.4	−0.7	0.2	−1.5	−2.1	2.1
Net change in cash	9.7	0.7	−2.8	−3.6	−1.6	10.7
Free cash flow	3.8	27.1	3.1	13.0	23.0	52.0

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 2, 2026 after market close.