Bowman Consulting Group Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Bowman Consulting Group Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	122	150	262	346	427	490
Cost of revenue	66.5	74.5	127	170	204	228
Gross profit	55.5	75.4	135	176	223	262
Selling, general and administrative	51.5	69	118	158	197	215
Operating expenses	53.6	75.3	130	177	225	242
Operating income	1.87	0.16	5.12	-0.66	-2	19.7
Other non-operating income	0.11	-1.44	-3.38	-5.79	-6.95	-8.5
Pre-tax income	1.98	-1.28	1.74	-6.45	-8.95	11.2
Income tax	0.99	-1.58	-3.27	0.18	-12	-1.69
Net income	0.99	0.3	5.01	-6.62	3.03	12.8
EBITDA	3.91	6.13	13.5	9.08	12.5	36.9
EPS, basic	0.17	0.03	0.39	-0.53	0.18	0.74
EPS, diluted	0.17	0.03	0.37	-0.53	0.17	0.73
Shares, basic (weighted)	5.4	7.53	10.9	12.5	15.8	16.4
Shares, diluted (weighted)	5.41	7.64	11.7	12.5	16.1	16.7

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.39	20.6	13.3	20.7	6.7	11.1
Receivables	24.2	38.5	64.4	87.6	105	131
Other current assets	2.27	4.85	7.07	11.8	19.6	17.7
Total current assets	35.1	74.4	102	155	177	213
Property, plant and equipment	15.4	5.41	6.52	8.06	16	14.9
Lease right-of-use assets			30.3	40.7	42.1	45.8
Goodwill	9.18	28.5	53.2	96.4	135	174
Intangible assets	1.13	12.3	28	46.3	65.4	88.6
Other non-current assets	0.67	0.68	1.02	1.18	1.52	1.71
Total assets	63.6	138	256	403	506	580
Accounts payable	12.2	17.9	40.3	44.4	51.6	60
Deferred revenue	1.94	4.62	6.37	7.48	7.91	11
Total current liabilities	23.3	32.9	69.1	127	135	215
Long-term debt	2.83	8.41	16.3	13.7	20	34.3
Lease liabilities		0	28.1	37.7	37.1	40.4
Other non-current liabilities	1.24	0	0.36	42.3	45.1	0.38
Total liabilities	46.5	59.8	133	240	260	319
Total debt		12.9	27.2	28.8	38.1	57.6
Paid-in capital	58.9	121	163	215	329	355
Retained earnings	-25.1	-24.8	-19.8	-26.4	-23.4	-10.5
Treasury stock	-16	-17.5	-20.8	-26.4	-60.9	-84.9
Other comprehensive income		0	0.58	0.59	1.15	0.9
Shareholders' equity	17.1	78.4	123	163	246	261
Total equity	17.1	78.4	123	163	246	261
Total liabilities and equity	63.6	138	256	403	506	580
Shares outstanding	5.74	11.5	13.6	15.1	17.4	17.2

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	0.99	0.3	5.01	-6.62	3.03	12.8
Depreciation and amortization	2.04	5.97	8.36	9.73	14.5	17.2
Stock-based compensation	5.09	8.22	15.1	24.7	25.7	18.8
Deferred income tax	0.33	-2.18	-17.8	-25.5	-19.7	36.4
Change in receivables	1.51	-8.8	-13.8	-13.6	-9.28	-23.1
Change in payables	-0.52	3.3	15.8	27.7	7.65	-33.7
Cash from operations	10.8	4.72	9.17	11.7	24.3	35.8
Capital expenditures	-0.92	-0.91	-0.9	-2.09	-0.63	-2.39
Acquisitions	-0.42	-20.3	-18	-25.7	-24.5	-35.2
Cash from investing	-2.41	-21.5	-18.8	-27.2	-27.5	-35.8
Stock issued	0.06	0.56	1.47	1.58	1.95	1.8
Share buybacks	-1.26	-0.58	0	-0.75	-23.3	-18.8
Cash from financing	-8.48	37.1	2.25	22.8	-10.8	4.3
Net change in cash	-0.12	20.2	-7.34	7.41	-14	4.37
Free cash flow	9.85	3.81	8.27	9.63	23.7	33.4
Interest paid	0.61	0.89	1.9	4.21	6.56	7.71
Income taxes paid	0.54	1.92	0.4	1.13	8.45	0.7

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $43.00 on November 5, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	53.0%	Gross profit / revenue.
Operating margin	2.9%	Operating income / revenue.
EBITDA margin	7.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.1%	Pre-tax income / revenue.
Net margin	-0.2%	Net income / revenue.
FCF margin	0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.4%	Cash from operations / revenue.
Return on equity (ROE)	-0.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	44.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	23.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	32.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	24.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	36.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	56.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	60.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	195.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	39.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	56.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	323.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	36.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	67.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	329.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	47.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	57.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	41.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	59.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	72.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	31.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	55.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	12.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	25.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.91x	Current assets / current liabilities.
Quick ratio	0.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.13x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.5%	Total debt / total assets.
Liabilities / assets	58.9%	Total liabilities / total assets.
Net debt	$30.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.73x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$25.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.86x	Revenue / average total assets.
Fixed asset turnover	20.4x	Revenue / average property, plant and equipment.
Receivables turnover	3.73x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
Days payables	105 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	77.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.07	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$33.37	Revenue / diluted weighted shares.
FCF per share	$0.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.13	Cash from operations / diluted weighted shares.
Book value per share	$15.09	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.45	Tangible book value / shares outstanding.
Cash per share	$0.30	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	514.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$745.4M	Share price x shares outstanding.
Enterprise value	$775.7M	Market cap + total debt - cash - short-term investments.
P/S	1.35x	Market cap / revenue.
P/B	2.83x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	94.3x	Market cap / tangible book value, when positive.
P/FCF	178x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	40.0x	Market cap / cash from operations, when positive.
EV/Sales	1.41x	Enterprise value / revenue.
EV/EBIT	49.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	185x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.6%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.9%	(Dividends paid + share buybacks) / market cap.

What was Bowman Consulting Group Ltd.'s revenue in fiscal 2025?

Bowman Consulting Group Ltd. reported revenue of $490.0M for fiscal 2025, 14.9% higher than the year before.

Was Bowman Consulting Group Ltd. profitable in fiscal 2025?

Yes. Net income was $12.8M, a net margin of 2.6%.

How much free cash flow did Bowman Consulting Group Ltd. generate in fiscal 2025?

Cash from operations of $35.8M minus capital expenditures of $2.4M left free cash flow of $33.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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