Mistras Group IncMistras Group Inc
Mistras Group Inc

Mistras Group Inc

MG
Industrials·Commercial Services & Supplies

MISTRAS Group, Inc. engages in the provision of technology-enabled asset protection solutions. The firm serves the oil and gas, aerospace, power, infrastructure, and manufacturing markets. It operates through the following segments: North America, International Offers Services, and Products and Systems. The North America segment provides asset protection solutions primarily in North America, consisting primarily of non-destructive testing, inspection, mechanical, and engineering services. The International Offers Services segment offers services, products, and systems to markets within Europe, the Middle East, Africa, Asia except, China and South Korea, which are served by the Products and Systems segment, and South America. The Products and Systems segment designs, manufactures, sells, installs, and services the company's asset protection products and systems, including equipment and instrumentation, mainly in the United States. The company was founded by Sotirios J. Vahaviolos in 1978 and is headquartered in Princeton Junction, NJ.

New Jersey; U.S.A
Market cap
$659MNo data
Revenue
$724M−0.8% YoY
Net income
$16.8M−11.2% YoY
Free cash flow
$8.3M−74.2% YoY

Market

Listed stock
MGPriceNYSE
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Financial performance

Revenue
$724M−0.8% YoY
Operating income
$40.6M+1.9% YoY
Net income
$16.8M−11.2% YoY
Free cash flow
$8.3M−74.2% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $677.1M, 2022 $687.4M, 2023 $705.5M, 2024 $729.6M, 2025 $724M. Operating income: 2021 $18.2M, 2022 $19.8M, 2023 $-1.9M, 2024 $39.8M, 2025 $40.6M. Net income: 2021 $3.9M, 2022 $6.5M, 2023 $-17.5M, 2024 $19M, 2025 $16.8M. Free cash flow: 2021 $24.1M, 2022 $13.8M, 2023 $5.9M, 2024 $32.2M, 2025 $8.3M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-0.8%−420 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $18.2M, 2022-12-31 $19.8M, 2023-12-31 $-1.9M, 2024-12-31 $39.8M, 2025-12-31 $40.6M. Net income: 2021-12-31 $3.9M, 2022-12-31 $6.5M, 2023-12-31 $-17.5M, 2024-12-31 $19M, 2025-12-31 $16.8M. Free cash flow: 2021-12-31 $24.1M, 2022-12-31 $13.8M, 2023-12-31 $5.9M, 2024-12-31 $32.2M, 2025-12-31 $8.3M

Growth heatmap

2022202320242025CAGR
Revenue
+1.5%
+2.6%
+3.4%
-0.8%
+1.7%
Gross profit
+0.5%
+2.8%
+4.6%
-4.0%
+0.9%
Operating income
+9.0%
-109.6%
+2191.7%
+1.9%
+22.2%
Free cash flow
-42.7%
-57.3%
+446.8%
-74.2%
-23.4%

Earnings quality

Operating cash flow
$33M−34.2% YoY
Net income
$16.8M−11.2% YoY
Free cash flow
$8.3M−74.2% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 196%, 2024-12-31 264%, 2023-12-31 -153%, 2022-12-31 406%, 2021-12-31 1095%. Free cash flow: 2025-12-31 49%, 2024-12-31 170%, 2023-12-31 -34%, 2022-12-31 213%, 2021-12-31 624%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
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No data
No data