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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 | 7.2% | -0.8% | -11.2% |
| 2024 | $730M | $74M | $19M | $27M | 9.5% | 3.4% | -208.6% |
| 2023 | $705M | $32M | $-17M | $3M | -9.2% | 2.6% | -368.5% |
| 2022 | $687M | $53M | $6M | $13M | 3.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 687.37 | 705.47 | 729.64 | 724.02 |
| Operating 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 |
| Research And Development | - | 1.99 | 1.72 | 1.12 | 1.03 |
| Selling General And Administration | - | 166.40 | 147.24 | 135.45 | 139.88 |
| Total Expenses | - | 668.30 | 680.24 | 685.10 | 670.80 |
| Operating Income | - | 19.08 | 25.23 | 44.54 | 53.23 |
| Total Operating Income As Reported | - | 19.80 | -1.90 | 39.83 | 40.57 |
| EBITDA | - | 53.09 | 32.20 | 74.32 | 68.13 |
| Normalized EBITDA | - | 52.37 | 59.33 | 79.03 | 80.78 |
| EBIT | - | 19.80 | -1.90 | 41.31 | 37.12 |
| Interest Expense | - | 10.50 | 16.76 | 17.07 | 14.64 |
| Net Interest Income | - | -10.50 | -16.76 | -17.07 | -14.64 |
| Other Non Operating Income Expenses | - | - | - | 1.48 | -3.45 |
| Other Income Expense | - | 0.72 | -27.14 | -3.22 | -16.10 |
| Interest Expense Non Operating | - | 10.50 | 16.76 | 17.07 | 14.64 |
| Net Non Operating Interest Income Expense | - | -10.50 | -16.76 | -17.07 | -14.64 |
| Pretax Income | - | 9.29 | -18.66 | 24.24 | 22.48 |
| Tax Provision | - | 2.72 | -1.22 | 5.27 | 5.56 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.21 | -1.79 | -1.03 | -3.13 |
| Net Income Continuous Operations | - | 6.57 | -17.44 | 18.97 | 16.92 |
| Net Income From Continuing And Discontinued Operation | - | 6.50 | -17.45 | 18.96 | 16.84 |
| Net Income From Continuing Operation Net Minority Interest | - | 6.50 | -17.45 | 18.96 | 16.84 |
| Net Income | - | 6.50 | -17.45 | 18.96 | 16.84 |
| Net Income Common Stockholders | - | 6.50 | -17.45 | 18.96 | 16.84 |
| Net Income Including Noncontrolling Interests | - | 6.57 | -17.44 | 18.97 | 16.92 |
| Normalized Income | - | 5.99 | 7.89 | 22.64 | 26.37 |
| Diluted NI Availto Com Stockholders | - | 6.50 | -17.45 | 18.96 | 16.84 |
| Basic Average Shares | - | 29.90 | 30.33 | 30.93 | 31.41 |
| Diluted Average Shares | - | 30.23 | 30.33 | 31.61 | 32.06 |
| Reconciled Depreciation | - | 33.29 | 34.10 | 33.01 | 31.01 |
| Reconciled Cost Of Revenue | - | 466.57 | 497.18 | 513.86 | 497.14 |
| Total Unusual Items | - | 0.72 | -27.14 | -4.71 | -12.65 |
| Total Unusual Items Excluding Goodwill | - | 0.72 | -27.14 | -4.71 | -12.65 |
| Minority Interests | - | -0.08 | -0.01 | -0.01 | -0.08 |
| Special Income Charges | - | 0.72 | -27.14 | -4.71 | -12.65 |
| Other Special Charges | 2.04 | -0.99 | 1.06 | -0.81 | - |
| Impairment Of Capital Assets | - | 0 | 13.80 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 0.27 | 12.28 | 5.52 | 12.65 |
| 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 | 161.33 | 166.60 | 166.75 | - | - |
| Other Gand A | 161.33 | 166.60 | 166.75 | - | - |
| Salaries And Wages | 0 | - | - | - | - |
| Other Operating Expenses | - | - | - | 1.66 | 1.74 |
| Provision For Doubtful Accounts | 0 | 0.04 | 0 | 0 | - |
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 | 34.92↑ premium | 2.50 | 7.2% | 11.35 |
| Sturm, Ruger & Company, Inc. | RGR | $628M | - | 2.21 | -1.5% | 33.97 |
| Richtech Robotics Inc. | RR | $610M | -38.75 | 2.26 | -5.8% | -31.05 |
| Cass Information Systems, Inc. | CASS | $606M | 17.25 | 2.49 | 14.5% | - |
| Orion Group Holdings, Inc. | ORN | $574M |
| - |
| - |
| - |
| - |
| - |
| 230.87 |
| 3.61 |
| 1.6% |
| 15.08 |
| Bowman Consulting Group Ltd. | BWMN | $573M | 46.84 | 2.19 | 4.7% | 17.30 |
| Titan Machinery Inc. | TITN | $562M | -10.38 | 0.97 | -9.4% | 38.60 |
| Insteel Industries Inc. | IIIN | $559M | 13.63 | 1.51 | 11.0% | 7.26 |
| Enviri Corporation | NVRI | $554M | -2.43 | -0.91 | 37.5% | 62.25 |
| Peer Median | - | 13.63 | 2.20 | 3.1% | 17.30 | |