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Mistras Group, Inc. provides technology-enabled industrial asset integrity and laboratory testing solutions in the United States, Europe, the Middle East, Africa, Asia, and South America. The company offers non-destructive testing (NDT) services; pipeline inspections; Plant Condition Management Software; maintenance planning; and specialized engineering solutions. It also provides maintenance and light mechanical services, such as corrosion removal, mitigation and prevention, insulation installation and removal, electrical services, heat tracing, industrial cleaning, pipefitting, and welding; engineering consulting services, including plant operations and management support, turnaround/shutdown planning, profit improvement, facilities planning studies, engineering design, process safety reviews, energy optimization evaluations, benchmarking/key performance indicator development, and technical training. In addition, the company offers scaffolding and rope access forb at-height and confined assets; certified divers for subsea inspection and maintenance; unmanned aerial, land-based, and subsea systems for inspection applications; portable, handheld, wireless and turnkey NDT equipment; acoustic emission products and sensors, instruments, and turnkey systems for monitoring and testing materials, pressure components, processes, and structures; and ultrasonic testing equipment. Further, it provides asset protection solutions to detect, mitigate, and prevent degradation mechanisms, such as corrosion, cracking, leaks, and manufacturing defects; inspection, maintenance, and monitoring and data services; and quality assurance and quality control solutions for new and existing metal and alloy components, materials, and composites. It serves renewable energy, alternative power generation, natural gas transportation, data centers, pipeline integrity, and additive manufacturing industries. The company was founded in 1978 and is headquartered in Princeton Junction, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $724M | $68M | $17M | $4M | 7.1% | -0.8% | -11.2% |
| 2024 | $730M | $74M | $19M | $27M | 9.5% | 3.4% | - |
| 2023 | $705M | $32M | $-17M | $3M | -9.2% | 2.6% | -368.5% |
| 2022 | $687M | $53M | $6M | $13M | 3.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 687.37 | 705.47 | 729.64 | 724.02 |
| Cost Of Revenue | 489.20 | 521.17 | 537.47 | 519.51 |
| Gross Profit | 198.17 | 184.30 | 192.17 | 204.51 |
| Operating Expense | 179.10 | 159.07 | 147.64 | 151.28 |
| Operating Income | 19.08 | 25.23 | 44.53 | 53.23 |
| EBITDA | 53.09 | 32.20 | 74.32 | 68.13 |
| EBIT | 19.80 | -1.90 | 41.31 | 37.12 |
| Pretax Income | 9.29 | -18.66 | 24.24 | 22.48 |
| Tax Provision | 2.72 | -1.22 | 5.27 | 5.56 |
| Net Income | 6.50 | -17.45 | 18.96 | 16.84 |
| Net Income Common Stockholders | 6.50 | -17.45 | 18.96 | 16.84 |
| Total Expenses | 668.30 | 680.24 | 685.11 | 670.80 |
| Interest Expense | 10.51 | 16.76 | 17.07 | 14.64 |
| Research And Development | 1.99 | 1.72 | 1.12 | 1.03 |
| Selling General And Administration | 166.40 | 147.24 | 135.45 | 139.88 |
| Normalized EBITDA | 52.37 | 59.33 | 79.03 | 80.78 |
| Normalized Income | 5.99 | 7.89 | 22.64 | 26.37 |
| Basic EPS | 0.22 | -0.58 | 0.61 | 0.54 |
| Diluted EPS | 0.21 | -0.58 | 0.60 | 0.53 |
| Tax Effect Of Unusual Items | 0.21 | -1.79 | -1.03 | -3.13 |
| Tax Rate For Calcs | 0.29 | 0.07 | 0.22 | 0.25 |
| Total Unusual Items | 0.72 | -27.14 | -4.71 | -12.65 |
| Total Unusual Items Excluding Goodwill | 0.72 | -27.14 | -4.71 | -12.65 |
| Net Income From Continuing Operation Net Minority Interest | 6.50 | -17.45 | 18.96 | 16.84 |
| Reconciled Depreciation | 33.29 | 34.10 | 33.01 | 31.01 |
| Reconciled Cost Of Revenue | 466.57 | 497.18 | 513.86 | 497.14 |
| Net Interest Income | -10.51 | -16.76 | -17.07 | -14.64 |
| Net Income From Continuing And Discontinued Operation | 6.50 | -17.45 | 18.96 | 16.84 |
| Total Operating Income As Reported | 19.80 | -1.90 | 39.83 | 40.57 |
| Diluted Average Shares | 30.23 | 30.33 | 31.61 | 32.06 |
| Basic Average Shares | 29.90 | 30.33 | 30.93 | 31.41 |
| Diluted NI Availto Com Stockholders | 6.50 | -17.45 | 18.96 | 16.84 |
| Minority Interests | -0.07 | -0.01 | -0.01 | -0.08 |
| Net Income Including Noncontrolling Interests | 6.57 | -17.45 | 18.97 | 16.92 |
| Net Income Continuous Operations | 6.57 | -17.45 | 18.97 | 16.92 |
| Other Income Expense | 0.72 | -27.14 | -3.22 | -16.11 |
| Other Non Operating Income Expenses | 0 | 0 | 1.49 | -3.45 |
| Special Income Charges | 0.72 | -27.14 | -4.71 | -12.65 |
| Other Special Charges | -0.99 | 1.06 | -0.81 | 0 |
| Impairment Of Capital Assets | 0 | 13.80 | 0 | 0 |
| Restructuring And Mergern Acquisition | 0.27 | 12.28 | 5.52 | 12.65 |
| Net Non Operating Interest Income Expense | -10.51 | -16.76 | -17.07 | -14.64 |
| Interest Expense Non Operating | 10.51 | 16.76 | 17.07 | 14.64 |
| Other Operating Expenses | 0 | 0 | 1.66 | 1.74 |
| Provision For Doubtful Accounts | 0.04 | 0 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 10.66 | 10.10 | 9.41 | 8.64 |
| Depreciation And Amortization In Income Statement | 10.66 | 10.10 | 9.41 | 8.64 |
| General And Administrative Expense | 166.59 | 166.75 | 0 | 0 |
| Other Gand A | 166.59 | 166.75 | 0 | 0 |
| Salaries And Wages | 0 | 0 | 0 | 0 |
| Operating Revenue | 687.37 | 705.47 | 729.64 | 724.02 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mistras Group, Inc.this co. | MG | $588M | 34.89↑ premium | 2.48 | 7.1% | 9.91 |
| Himalaya Shipping Ltd. | HSHP | $644M | 36.11 | 3.96 | 10.9% | 13.33 |
| Universal Logistics Holdings, Inc. | ULH | $635M | - | 1.17 | -18.5% | 7.61 |
| Kimball Electronics, Inc. | KE | $634M | 26.85 | 1.09 | 3.0% | 7.32 |
| Spire Global, Inc. | SPIR | $609M |
| 10.61 |
| 4.64 |
| 45.4% |
| -6.38 |
| Cass Information Systems, Inc. | CASS | $598M | 19.90 | 2.47 | 14.5% | 8.02 |
| Energy Recovery, Inc. | ERII | $565M | 25.48 | 2.74 | 11.1% | 17.64 |
| Tejon Ranch Co. | TRC | $531M | - | 1.11 | 0.0% | -291.89 |
| Richtech Robotics Inc. | RR | $530M | - | 1.49 | -5.8% | -8.52 |
| Peer Median | - | 25.48 | 1.98 | 7.0% | 7.46 | |