Mistras Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mistras Group, Inc. 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	685	701	742	749	593	677	687	705	730	724
Cost of revenue	469	492	512	509	392	457	467	497	514	497
Gross profit	194	188	208	217	179	197	198	184	192	205
Research and development	2.67	2.27	3.31	3.05	2.89	2.52	1.99	1.72	1.12	1.03
Selling, general and administrative	149	152	166	169	157	161	166	147	135	140
Operating income	25.5	4.16	22.2	24.1	-101	18.2	19.8	-1.9	39.8	40.6
Interest expense		4.39	7.95	13.7	13	10.9	10.5	16.8	17.1	14.6
Other non-operating income								0	1.49	-3.45
Pre-tax income	22.5	-0.23	14.3	10.4	-114	7.29	9.29	-18.7	24.2	22.5
Income tax	8.01	1.94	7.43	4.36	-14.7	3.4	2.72	-1.22	5.27	5.56
Net income to minority interests	0.05	0.01	0.01	0.02	-0.01	0.03	0.08	0.01
Net income	14.4	-2.18	6.84	6.06	-99.5	3.86	6.5	-17.5	19	16.8
EBITDA	36.2	35.5	56.6	62.7	-65.5	53.1	53.1	32.2	72.8	71.6
EPS, basic		-0.08	0.24	0.21	-3.41	0.13	0.22	-0.58	0.61	0.54
EPS, diluted		-0.08	0.23	0.21	-3.41	0.13	0.21	-0.58	0.60	0.53
Shares, basic (weighted)	29	28.4	28.4	28.7	29.1	29.6	29.9	30.3	30.9	31.4
Shares, diluted (weighted)	30.1	28.4	29.4	29	29.1	30.1	30.2	30.3	31.6	32.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	19.2	27.5	25.5	15	25.8	24.1	20.5	17.6	18.3	28
Receivables	131	138	148	136	108	110	124	133	127	155
Inventory	10	10.5	13.1	13.4	13.1	12.7	13.6	15.3	14.5	14
Other current assets	16.4	18.9	15.9	14.7	16.1	15	10.2	14.6	12.4	19.5
Total current assets	183	195	203	179	163	161	168	180	172	216
Property, plant and equipment	73.1	87.1	93.9	98.6	92.7	86.6	77.6	81	80.9	93.2
Lease right-of-use assets				45.8	46.7	42.5	36.9	37.5	40.4	38.9
Goodwill	170	203	279	282	206	205	200	187	181	185
Intangible assets	40	63.7	111	110	68.6	59.4	49	44	39.7	38.4
Other non-current assets	2.59	3.51	4.77	48.4	51.3	47.3	40	39.8	42.3	40.8
Total assets	469	554	694	720	583	562	535	535	523	579
Accounts payable	6.81	10.4	13.9	15	14.2	12.9	12.5	17	11.1	14.9
Deferred revenue	3.74	6.34	5.05	5.86	6.54	6.2	7.52	7.14	8.1	9.1
Short-term debt	1.38	2.36	6.83	6.59	10.7	20.2	7.43	8.9	11.6	12.8
Total current liabilities	77.7	90.2	100	109	110	121	104	117	115	124
Long-term debt	85.9	165	284	248	210	182	184	181	158	165
Lease liabilities				36.8	37.7	34	28.1	28.2	30.3	29.4
Other non-current liabilities	7.79	11.4	6.48	42.2	47.4	39.3	32.3	32.4	34	35.1
Total liabilities	199	284	423	434	386	361	336	344	324	343
Total debt	87.3	167	291	255	220	203	191	190	170	178
Paid-in capital	217	222	227	229	235	239	243	247	251	257
Retained earnings	91.8	64.7	71.6	77.6	-21.8	-18	-11.5	-28.9	-9.98	6.85
Treasury stock	-9	0
Other comprehensive income	-29.7	-16.8	-27.6	-21.3	-16.1	-20.3	-33.4	-28.3	-42.7	-29.1
Shareholders' equity	271	271	271	286	197	201	198	190	199	235
Minority interests	0.16	0.17	0.18	0.2	0.2	0.23	0.3	0.31	0.33	0.54
Total equity	271	271	271	286	197	201	199	191	199	236
Total liabilities and equity	469	554	694	720	583	562	535	535	523	579
Shares outstanding				28.9	29.2	29.5	29.9	30.6	31	31.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	14.5	-2.17	6.85	6.08	-99.5	3.89	6.57	-17.4	19	16.9
Depreciation and amortization	10.7	31.4	34.4	38.5	35.7	34.9	33.3	34.1	33	31
Stock-based compensation		6.57	6.11	5.77	5.85	5.42	5.34	5.71	5.07	7.79
Deferred income tax		-4.83	1.28	-3.81	-14.1	-2.18	-1.81	-3.57	-3.64
Change in receivables		2.49	-10.3	8.3	27.3	-3.98	-17.2	-8.03	1.29	-24.9
Change in inventory		-0.12	-2.76	-0.3	0.08	0.28	-1.28	-1.87	0.1	0.77
Cash from operations		55.8	41.7	59.1	67.8	42.3	26.4	26.7	50.1	33
Capital expenditures		-19.3	-20.6	-22	-15.4	-18.2	-12.6	-20.9	-17.9	-24.7
Acquisitions		-83.4	-140	-4.23	0	-0.44	0	0
Cash from investing		-103	-155	-25.3	-15	-18.6	-12.2	-22.1	-21.4	-25.1
Debt issued		6.65	2.36	0.98	2.28	0	125	0.61	0	0
Debt repaid		-2.1	-2.75	-6.86	-5.98	-16.3	-81.4	-7.6	-9.1	-11.9
Stock issued		0.28	0.27	0.03	0	0
Share buybacks		-15.9	0	0
Cash from financing		53	114	-44.1	-44.2	-23.2	-16.3	-7.71	-27.4	-0.6
Exchange rate effect		2.34	-2.18	-0.22	2.08	-2.12	-1.47	0.25	-0.69	2.43
Net change in cash		8.39	-2	-10.5	10.7	-1.65	-3.62	-2.84	0.67	9.69
Free cash flow		36.5	21.1	37.1	52.4	24.1	13.8	5.89	32.2	8.31
Interest paid		4.26	7.75	14.2	12.5	10.1	8.6	17.1	15.6	13.4
Income taxes paid		3.06	11	6.1	-0.54	4.71	-3.07	6.9	6.41	9.33

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $21.52 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.5%	Gross profit / revenue.
Operating margin	6.9%	Operating income / revenue.
EBITDA margin	9.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.8%	Pre-tax income / revenue.
Net margin	3.6%	Net income / revenue.
FCF margin	3.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.3%	Cash from operations / revenue.
Effective tax rate	23.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.6%	Net income / average total assets.
Return on invested capital (ROIC)	9.9%	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%.
R&D / revenue	0.1%	Research and development expense / revenue.
SG&A / revenue	19.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.4%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.1%	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	2.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-11.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	37.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-11.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	36.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-34.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.7%	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	-13.4%	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	-74.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.6%	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	-30.8%	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	18.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.8%	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	3.6%	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	10.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.7%	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	-0.2%	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	1.4%	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	2.0%	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	1.9%	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	1.71x	Current assets / current liabilities.
Quick ratio	1.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.72x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.5%	Total debt / total assets.
Liabilities / assets	58.9%	Total liabilities / total assets.
Net debt	$150.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.60x	Operating income / interest expense.
Working capital	$91.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$19.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.27x	Revenue / average total assets.
Fixed asset turnover	7.37x	Revenue / average property, plant and equipment.
Inventory turnover	30.2x	Cost of revenue / average inventory.
Days inventory	12 days	365 x average inventory / cost of revenue.
Receivables turnover	4.57x	Revenue / average receivables.
Days sales outstanding	80 days	365 x average receivables / revenue.
Days payables	16 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.
FCF conversion	107.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	46.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.82	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	$22.45	Revenue / diluted weighted shares.
FCF per share	$0.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.65	Cash from operations / diluted weighted shares.
Book value per share	$7.53	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.62	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$685.4M	Share price x shares outstanding.
Enterprise value	$835.5M	Market cap + total debt - cash - short-term investments.
P/E	25.4x	Market cap / net income. Only when net income is positive.
P/S	0.93x	Market cap / revenue.
P/B	2.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	34.8x	Market cap / tangible book value, when positive.
P/FCF	23.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.6x	Market cap / cash from operations, when positive.
EV/Sales	1.13x	Enterprise value / revenue.
EV/EBIT	16.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	28.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
PEG	0.70x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Mistras Group, Inc.'s revenue in fiscal 2025?

Mistras Group, Inc. reported revenue of $724.0M for fiscal 2025, 0.8% lower than the year before.

Was Mistras Group, Inc. profitable in fiscal 2025?

Yes. Net income was $16.8M, a net margin of 2.3%.

How much free cash flow did Mistras Group, Inc. generate in fiscal 2025?

Cash from operations of $33.0M minus capital expenditures of $24.7M left free cash flow of $8.3M.

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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