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Montrose Environmental Group, Inc. operates as an environmental services company in the United States, Australia, Canada, and internationally. It operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The company offers scientific advisory and consulting services to support environmental assessments, environmental emergency response and recovery, toxicology consulting and environmental audits and permits for current operations, facility upgrades, new projects, decommissioning projects and development projects. It also provides environmental testing and laboratory services, including source and ambient air testing and monitoring, leak detection, and advanced multi-media laboratory services, including air, soil, stormwater, wastewater and drinking water analysis; and engineering, design, and implementation services comprising treatment technologies which treat contaminated water or soil remediation. The company serves oil and gas, utilities, local, state, provincial and federal government entities, technical services, industrial manufacturing, transportation, chemicals, renewable energy generation, telecommunications, and engineering industries. Montrose Environmental Group, Inc. was founded in 2012 and is headquartered in North Little Rock, Arkansas.
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 | $831M | $82M | $-1M | $90M | -0.2% | 19.3% | -98.6% |
| 2024 | $696M | $14M | $-62M | $-2M | -14.0% | 11.6% | 101.9% |
| 2023 | $624M | $22M | $-31M | $23M | -9.6% | 14.7% | -3.0% |
| 2022 | $544M | $23M | $-32M | $10M | -10.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 544.42 | 624.21 | 696.40 | 830.54 |
| Operating Revenue | - | 544.42 | 624.21 | 696.40 | 830.54 |
| Cost Of Revenue | - | 351.88 | 383.90 | 418.19 | 496.19 |
| Gross Profit | - | 192.53 | 240.30 | 278.20 | 334.35 |
| Operating Expense | - | 223.77 | 268.64 | 314.39 | 321.72 |
| Selling General And Administration | - | 176.30 | 222.86 | 261.63 | 270.81 |
| Total Expenses | - | 575.66 | 652.54 | 732.58 | 817.91 |
| Operating Income | - | -31.24 | -28.34 | -36.19 | 12.62 |
| Total Operating Income As Reported | - | -28.01 | -28.42 | -36.72 | 11.72 |
| EBITDA | - | 23.15 | 21.73 | 14.31 | 81.70 |
| Normalized EBITDA | - | 19.92 | 21.82 | 14.84 | 82.60 |
| EBIT | - | -24.33 | -24.05 | -38.46 | 30.79 |
| Interest Expense | - | 5.24 | 7.79 | 15.86 | 19.57 |
| Net Interest Income | - | -5.24 | -7.79 | -15.86 | -19.57 |
| Other Non Operating Income Expenses | - | 3.68 | 4.37 | -1.74 | 19.06 |
| Other Income Expense | - | 6.91 | 4.29 | -2.27 | 18.16 |
| Interest Expense Non Operating | - | 5.24 | 7.79 | 15.86 | 19.57 |
| Net Non Operating Interest Income Expense | - | -5.24 | -7.79 | -15.86 | -19.57 |
| Pretax Income | - | -29.57 | -31.84 | -54.32 | 11.22 |
| Tax Provision | - | 2.25 | -0.98 | 8 | 12.06 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.68 | 0 | -0.11 | -0.19 |
| Net Income Continuous Operations | - | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income From Continuing And Discontinued Operation | - | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income From Continuing Operation Net Minority Interest | - | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income | - | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income Common Stockholders | - | -48.22 | -47.26 | -73.38 | -4.99 |
| Net Income Including Noncontrolling Interests | - | -31.82 | -30.86 | -62.31 | -0.84 |
| Normalized Income | - | -34.37 | -30.78 | -61.89 | -0.13 |
| Diluted NI Availto Com Stockholders | - | -48.22 | -47.26 | -73.38 | -4.99 |
| Basic Average Shares | - | 29.69 | 30.06 | 33.06 | 35.12 |
| Diluted Average Shares | - | 29.69 | 30.06 | 33.06 | 35.12 |
| Reconciled Depreciation | - | 47.48 | 45.78 | 52.76 | 50.92 |
| Reconciled Cost Of Revenue | - | 351.88 | 383.90 | 418.19 | 496.19 |
| Total Unusual Items | - | 3.23 | -0.08 | -0.53 | -0.90 |
| Total Unusual Items Excluding Goodwill | - | 3.23 | -0.08 | -0.53 | -0.90 |
| Preferred Stock Dividends | - | 16.40 | 16.40 | 11.06 | 4.15 |
| Special Income Charges | - | 3.23 | -0.08 | -0.53 | -0.90 |
| Restructuring And Mergern Acquisition | - | -3.23 | 0.08 | 0.53 | 0.90 |
| Depreciation Amortization Depletion Income Statement | - | 47.48 | 45.78 | 52.76 | 50.92 |
| Depreciation And Amortization In Income Statement | - | 47.48 | 45.78 | 52.76 | 50.92 |
| General And Administrative Expense | 117.66 | 176.30 | - | - | - |
| Other Gand A | 117.66 | 176.30 | - | - | - |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Montrose Environmental Group, Inc.this co. | MEG | $801M | -949.94 | 1.77 | -0.2% | 14.06 |
| Mayville Engineering Company, Inc. | MEC | $833M | -102.73 | 3.46 | -3.4% | 28.48 |
| Quanex Building Products Corporation | NX | $818M | -3.26 | 1.13 | -34.5% | -19.15 |
| Cryoport, Inc. | CYRX | $815M | 10.40 | 1.77 | 17.0% | -378.98 |
| Compass Diversified | CODI |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $803M |
| -3.55 |
| -22.42 |
| 632.3% |
| 164.90 |
| Barrett Business Services, Inc. | BBSI | $798M | 14.66 | 3.31 | 22.6% | 8.34 |
| Apogee Enterprises, Inc. | APOG | $798M | 14.74 | 1.56 | 10.6% | 7.39 |
| Matthews International Corporation | MATW | $796M | -32.53 | 1.66 | -5.1% | 10.13 |
| Spire Global, Inc. | SPIR | $776M | 15.12 | 6.87 | 45.4% | 9.09 |
| Peer Median | - | 3.57 | 1.71 | 13.8% | 8.71 | |