Bowman Consulting Group (BWMN)
NASDAQ:BWMN
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Bowman Consulting Group
(NASDAQ:BWMN)
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Rating:63Neutral
Price Target:
$35.00
▲(9.99% Upside)
Action:Reiterated
Date:06/04/26
The score is driven mainly by improving fundamentals (growth, profitability rebound, and positive free cash flow) and a constructive earnings update with raised guidance and record backlog. This is tempered by thin margins and higher recent debt, while technicals are neutral and valuation is stretched with a high P/E and no dividend support.
Positive Factors
Record backlog and raised guidance
A $653M backlog and upgraded FY26 revenue guide (>20% growth) materially improve multi-quarter revenue visibility and reduce top-line uncertainty. This underpinning supports planned margin recovery, steadier hiring/mobilization, and gives management runway to convert bookings into predictable revenue and profitable scale.
Negative Factors
Thin net margins and gross-margin drift
Low-single-digit net margins and recent gross-margin slippage limit the firm's ability to absorb labor or input cost increases and reduce return on invested capital. Persistently thin margins constrain cash flow upside and make sustained profitability more sensitive to execution and pricing pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and raised guidance
A $653M backlog and upgraded FY26 revenue guide (>20% growth) materially improve multi-quarter revenue visibility and reduce top-line uncertainty. This underpinning supports planned margin recovery, steadier hiring/mobilization, and gives management runway to convert bookings into predictable revenue and profitable scale.
Read all positive factors
Bowman Consulting Group (BWMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$548.69M
Dividend YieldN/A
Average Volume (3M)112.59K
Price to Earnings (P/E)47.3
Beta (1Y)1.15
Revenue Growth13.27%
EPS Growth297.82%
CountryUS
Employees2,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.62
Shares Outstanding17,507,734
10 Day Avg. Volume95,892
30 Day Avg. Volume112,589
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)2.08
Price to Sales (P/S)1.11
P/FCF Ratio16.21
Enterprise Value/Market Cap1.41
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit3.31
Enterprise Value/Ebitda16.78
Forecast
1Y Price Target
$46.67Price Target Upside46.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.74
Revenue Forecast (FY)$511.61M
Bowman Consulting Group Business Overview & Revenue Model
Company Description
Bowman Consulting Group Ltd. specializes in delivering a comprehensive suite of solutions for the real estate, energy, infrastructure, and environmental management sectors throughout the United States. Their extensive civil and site engineering se...
How the Company Makes Money
Bowman primarily makes money by providing professional services on infrastructure and development projects and recognizing revenue as it performs work for clients. Its core revenue streams come from (1) engineering and design services (e.g., civil...
Bowman Consulting Group Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, record backlog, margin expansion on an adjusted basis, robust cash generation, upgraded guidance, and a clear strategic focus on technology and targeted M&A — all substantial positives. Notable near-term headwinds include a GAAP loss driven by noncash and transition-related charges, expected pressure on net-to-gross ratios from certain large awards, elevated overhead/SG&A due to timing and mobilization, and some concentration/timing risk in backlog. Management provided explanations and a path to margin recovery as revenue ramps, and they reinforced investments to drive higher-value, differentiated services.Positive Updates
Record Backlog and Upgraded Guidance
Backlog reached a record ~$653 million (up ~56% year-over-year and ~36% sequentially). Management raised full-year 2026 net revenue guidance to $520M–$540M (now expecting >20% revenue growth) and guided adjusted EBITDA margin of 17.25%–17.5%, with midpoint implication of nearly 28% year-over-year adjusted EBITDA growth.
Negative Updates
Backlog Concentration and Timing Risk
Backlog growth was strong but was partly driven by one unusually large organically generated contract; net of that award, backlog grew at a ~20% annualized pace — indicating some concentration and timing risk in the reported backlog growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Backlog and Upgraded Guidance
Backlog reached a record ~$653 million (up ~56% year-over-year and ~36% sequentially). Management raised full-year 2026 net revenue guidance to $520M–$540M (now expecting >20% revenue growth) and guided adjusted EBITDA margin of 17.25%–17.5%, with midpoint implication of nearly 28% year-over-year adjusted EBITDA growth.
Read all positive updates
Company Guidance
Management raised full-year 2026 guidance, now expecting net revenue of $520–$540 million (implying over 20% revenue growth) with adjusted EBITDA margin of 17.25%–17.50% and adjusted EBITDA growth of nearly 28% year‑over‑year at the midpoints; this outlook is supported by a record backlog of about $653 million (up ~56% YoY, 36% sequentially) with roughly $250 million of remaining revenue backed by backlog and ~ $170 million (~40%) to be generated by new bookings (implying a ~0.7x book‑to‑burn to hit guidance), Q1 results of $126.5M gross contract revenue (+12% YoY) and $114.2M net service billing (+14% YoY) with adjusted EBITDA of $16.8M (+14.7%) and GAAP loss of $3.7M, a Q1 net‑to‑gross of ~90% expected to decline ~3–5 points on new awards, contract costs at ~48% of GCR (52% gross margin), cash from operations of $11.6M (~70% conversion of adjusted EBITDA), share repurchases of ~$9.2M, expanded revolver to $250M, and an expected revenue cadence that ramps through H2 with Q3 near the midpoint of Q2 and Q4.Bowman Consulting Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
60
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 503.56M | 490.02M | 426.56M | 346.26M | 261.71M | 149.97M |
| Gross Profit | 233.37M | 233.98M | 222.80M | 176.03M | 135.13M | 75.44M |
| EBITDA | 46.04M | 38.72M | 25.97M | 17.66M | 17.29M | 6.41M |
| Net Income | 10.59M | 12.23M | 2.80M | -6.62M | 5.00M | 299.00K |
Balance Sheet | ||||||
| Total Assets | 589.77M | 579.68M | 505.88M | 402.79M | 255.76M | 138.17M |
| Cash, Cash Equivalents and Short-Term Investments | 12.05M | 11.07M | 6.70M | 20.69M | 13.28M | 20.62M |
| Total Debt | 251.37M | 146.84M | 150.44M | 140.69M | 81.03M | 28.01M |
| Total Liabilities | 338.87M | 318.58M | 259.77M | 239.50M | 132.90M | 59.76M |
| Stockholders Equity | 250.90M | 261.11M | 246.12M | 163.28M | 122.86M | 78.41M |
Cash Flow | ||||||
| Free Cash Flow | 31.76M | 33.43M | 23.68M | 9.63M | 8.27M | 3.81M |
| Operating Cash Flow | 35.37M | 35.83M | 24.30M | 11.72M | 9.17M | 4.72M |
| Investing Cash Flow | -35.88M | -35.76M | -27.47M | -27.16M | -18.75M | -21.53M |
| Financing Cash Flow | 1.85M | 4.30M | -10.82M | 22.84M | 2.25M | 37.05M |
Bowman Consulting Group Technical Analysis
Negative
31.82
Price Trends
31.95
Negative
31.77
Negative
35.12
Negative
Market Momentum
-0.17
Positive
46.64
Neutral
34.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BWMN, the sentiment is Negative. The current price of 31.82 is above the 20-day moving average (MA) of 31.81, below the 50-day MA of 31.95, and below the 200-day MA of 35.12, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 46.64 is Neutral, neither overbought nor oversold. The STOCH value of 34.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BWMN.
Bowman Consulting Group Risk Analysis
Bowman Consulting Group disclosed 59 risk factors in its most recent earnings report. Bowman Consulting Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bowman Consulting Group Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $620.95M | 71.36 | 5.40% | ― | 6.74% | 250.16% | |
64 Neutral | $953.33M | 28.43 | 17.86% | ― | 22.45% | -3.60% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $548.69M | 47.32 | 4.14% | ― | 13.27% | 297.82% | |
63 Neutral | $538.71M | 60.82 | 2.33% | ― | 2.07% | -38.08% | |
59 Neutral | $384.59M | -25.62 | -10.79% | ― | 13.88% | 34.22% |
* Industrials Sector Average
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Bowman Consulting Group Corporate Events
Executive/Board ChangesShareholder Meetings
Bowman Consulting Shareholders Reelect Directors, Ratify Auditor
Positive
Jun 3, 2026
At its annual meeting of stockholders held on May 28, 2026, Bowman Consulting Group shareholders elected two Class II directors, Virginia Grebbien and Patricia Mulroy, to terms expiring at the 2029 annual meeting. The elections, supported by subst...
Executive/Board Changes
Bowman Consulting Group Announces Chief Legal Officer Transition
Neutral
Apr 17, 2026
On April 17, 2026, Bowman Consulting Group announced that Robert Hickey plans to retire from the company effective December 31, 2026, and will resign as Chief Legal Officer, Secretary and Executive Vice President on May 1, 2026. Between May 1 and ...
Business Operations and Strategy
Bowman Secures Major Amendment to U.S. Government Contract
Positive
Mar 20, 2026
On March 13, 2026, Bowman Consulting Group Ltd. entered into a $146.7 million amendment to an existing contract with a U.S. government agency, raising the total contract value from its December 2025 inception to $177.7 million. The services under ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.