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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% | - |
| 2024 | $696M | $14M | $-62M | $-2M | -14.0% | 11.6% | - |
| 2023 | $624M | $22M | $-31M | $23M | -9.6% | 14.7% | - |
| 2022 | $544M | $23M | $-32M | $10M | -10.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 544.42 | 624.21 | 696.39 | 830.54 |
| Cost Of Revenue | 351.88 | 383.90 | 418.19 | 496.19 |
| Gross Profit | 192.53 | 240.31 | 278.20 | 334.35 |
| Operating Expense | 223.77 | 268.64 | 314.39 | 321.72 |
| Operating Income | -31.24 | -28.34 | -36.19 | 12.62 |
| EBITDA | 23.15 | 21.73 | 14.31 | 81.70 |
| EBIT | -24.33 | -24.05 | -38.46 | 30.79 |
| Pretax Income | -29.57 | -31.84 | -54.32 | 11.22 |
| Tax Provision | 2.25 | -0.98 | 8 | 12.06 |
| Net Income | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income Common Stockholders | -48.22 | -47.26 | -73.38 | -4.99 |
| Total Expenses | 575.66 | 652.54 | 732.58 | 817.91 |
| Interest Expense | 5.24 | 7.79 | 15.86 | 19.57 |
| Selling General And Administration | 176.29 | 222.86 | 261.63 | 270.81 |
| Normalized EBITDA | 19.92 | 21.82 | 14.84 | 82.60 |
| Normalized Income | -34.37 | -30.78 | -61.89 | -0.13 |
| Basic EPS | -1.62 | -1.57 | -2.22 | -0.14 |
| Diluted EPS | -1.62 | -1.57 | -2.22 | -0.14 |
| Tax Effect Of Unusual Items | 0.68 | 0 | -0.11 | -0.19 |
| Tax Rate For Calcs | 0.21 | 0.03 | 0.21 | 0.21 |
| Total Unusual Items | 3.23 | -0.08 | -0.53 | -0.90 |
| Total Unusual Items Excluding Goodwill | 3.23 | -0.08 | -0.53 | -0.90 |
| Net Income From Continuing Operation Net Minority Interest | -31.82 | -30.86 | -62.31 | -0.84 |
| Reconciled Depreciation | 47.48 | 45.78 | 52.76 | 50.91 |
| Reconciled Cost Of Revenue | 351.88 | 383.90 | 418.19 | 496.19 |
| Net Interest Income | -5.24 | -7.79 | -15.86 | -19.57 |
| Net Income From Continuing And Discontinued Operation | -31.82 | -30.86 | -62.31 | -0.84 |
| Total Operating Income As Reported | -28.01 | -28.42 | -36.72 | 11.72 |
| Diluted Average Shares | 29.69 | 30.06 | 33.06 | 35.12 |
| Basic Average Shares | 29.69 | 30.06 | 33.06 | 35.12 |
| Diluted NI Availto Com Stockholders | -48.22 | -47.26 | -73.38 | -4.99 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Preferred Stock Dividends | 16.40 | 16.40 | 11.06 | 4.15 |
| Net Income Including Noncontrolling Interests | -31.82 | -30.86 | -62.31 | -0.84 |
| Net Income Continuous Operations | -31.82 | -30.86 | -62.31 | -0.84 |
| Other Income Expense | 6.91 | 4.29 | -2.27 | 18.16 |
| Other Non Operating Income Expenses | 3.68 | 4.37 | -1.74 | 19.06 |
| Special Income Charges | 3.23 | -0.08 | -0.53 | -0.90 |
| Restructuring And Mergern Acquisition | -3.23 | 0.08 | 0.53 | 0.90 |
| Net Non Operating Interest Income Expense | -5.24 | -7.79 | -15.86 | -19.57 |
| Interest Expense Non Operating | 5.24 | 7.79 | 15.86 | 19.57 |
| Depreciation Amortization Depletion Income Statement | 47.48 | 45.78 | 52.76 | 50.91 |
| Depreciation And Amortization In Income Statement | 47.48 | 45.78 | 52.76 | 50.91 |
| General And Administrative Expense | 176.29 | 0 | 0 | 0 |
| Other Gand A | 176.29 | 0 | 0 | 0 |
| Operating Revenue | 544.42 | 624.21 | 696.39 | 830.54 |
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 | $736M | - | 1.62 | -0.2% | 16.52 |
| Barrett Business Services, Inc. | BBSI | $775M | 15.18 | 3.30 | 22.6% | 10.07 |
| Ardmore Shipping Corporation | ASC | $728M | 20.27 | 1.15 | 6.5% | 9.99 |
| Janus International Group, Inc. | JBI | $711M | 13.71 | 1.26 | 9.4% | 7.12 |
| Cardinal Infrastructure Group Inc. |
| CDNL |
| $701M |
| 30.18 |
| 11.73 |
| 16.3% |
| 10.97 |
| Transcat, Inc. | TRNS | $695M | 87.59 | 2.34 | 5.1% | 19.97 |
| Hyster-Yale, Inc. | HY | $686M | - | 1.44 | -12.2% | 20.87 |
| Smith & Wesson Brands, Inc. | SWBI | $686M | 64.21 | 1.89 | 3.6% | 14.41 |
| Sturm, Ruger & Company, Inc. | RGR | $684M | - | 2.41 | -1.5% | 51.26 |
| Peer Median | - | 25.23 | 2.11 | 5.8% | 12.69 | |