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Bowman Consulting Group
(NASDAQ:BWMN)
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Rating:64Neutral
Price Target:
$45.00
▲(5.83% Upside)
Action:Reiterated
Date:09/15/26
The score is driven primarily by middling financial performance (thin margins, sharp TTM revenue and free-cash-flow declines, and higher leverage), partially offset by a highly supportive corporate event (announced $43.00 all-cash take-private transaction). Technicals are trend-positive but look overbought, while valuation is weak due to the very high P/E and lack of dividend support.
Positive Factors
Service growth and EBITDA expansion
Double-digit quarterly revenue and adjusted EBITDA growth indicates continued demand for Bowman’s engineering and consulting services. If sustained, this expansion can improve operating scale, support investment in capabilities, and strengthen the company’s ability to compete for larger infrastructure and development programs.
Negative Factors
Thin profitability and sharp TTM revenue decline
Very thin earnings margins leave limited protection against project delays, cost increases or weaker utilization. The sharp TTM revenue contraction also suggests meaningful volatility in project cadence, backlog timing or acquisition effects, making near-term earnings quality and sustainable operating scale less certain.
Read all positive and negative factors
Positive Factors
Negative Factors
Service growth and EBITDA expansion
Double-digit quarterly revenue and adjusted EBITDA growth indicates continued demand for Bowman’s engineering and consulting services. If sustained, this expansion can improve operating scale, support investment in capabilities, and strengthen the company’s ability to compete for larger infrastructure and development programs.
Read all positive factors
Bowman Consulting Group (BWMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$741.71M
Dividend YieldN/A
Average Volume (3M)384.77K
Price to Earnings (P/E)101.9
Beta (1Y)1.19
Revenue Growth14.16%
EPS Growth-34.06%
CountryUS
Employees2,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.42
Shares Outstanding17,333,752
10 Day Avg. Volume401,669
30 Day Avg. Volume384,770
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 Cap1.02
Enterprise Value/Revenue1.44
Enterprise Value/Gross Profit3.09
Enterprise Value/Ebitda18.80
Forecast
1Y Price Target
$43.00Price Target Upside1.13% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)1.9
Revenue Forecast (FY)$524.67M
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 delivering professional services on a project and contract basis, earning revenue from fees billed for labor (time-and-materials or hourly billing), reimbursable project expenses where applicable, and fixed-fee or m...
Bowman Consulting Group Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 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
GAAP Loss and One-Time/Noncash Charges
Reported a GAAP loss of $3.7 million in the quarter driven by noncash amortization of acquired intangibles, acquisition-related expenses, financing costs, and one-time items including costs related to the CEO transition.
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
58
Neutral
Balance Sheet
60
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 527.60M | 490.02M | 426.56M | 346.26M | 261.71M | 149.97M |
| Gross Profit | 245.54M | 233.98M | 222.80M | 176.03M | 135.13M | 75.44M |
| EBITDA | 40.37M | 38.71M | 25.97M | 17.66M | 17.29M | 6.41M |
| Net Income | 7.07M | 12.23M | 2.80M | -6.62M | 5.00M | 299.00K |
Balance Sheet | ||||||
| Total Assets | 620.06M | 579.68M | 505.88M | 402.79M | 255.76M | 138.17M |
| Cash, Cash Equivalents and Short-Term Investments | 10.49M | 11.07M | 6.70M | 20.69M | 13.28M | 20.62M |
| Total Debt | 284.58M | 146.84M | 150.44M | 140.69M | 81.03M | 28.01M |
| Total Liabilities | 363.57M | 318.58M | 259.77M | 239.50M | 132.90M | 59.76M |
| Stockholders Equity | 256.49M | 261.11M | 246.12M | 163.28M | 122.86M | 78.41M |
Cash Flow | ||||||
| Free Cash Flow | 11.94M | 33.43M | 23.68M | 9.63M | 8.27M | 3.81M |
| Operating Cash Flow | 23.24M | 35.83M | 24.30M | 11.72M | 9.17M | 4.72M |
| Investing Cash Flow | -43.98M | -35.76M | -27.47M | -27.16M | -18.75M | -21.53M |
| Financing Cash Flow | 15.69M | 4.30M | -10.82M | 22.84M | 2.25M | 37.05M |
Bowman Consulting Group Technical Analysis
Positive
42.52
Price Trends
42.59
Positive
36.04
Positive
34.12
Positive
Market Momentum
0.32
Positive
75.68
Negative
54.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BWMN, the sentiment is Positive. The current price of 42.52 is below the 20-day moving average (MA) of 42.73, below the 50-day MA of 42.59, and above the 200-day MA of 34.12, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 75.68 is Negative, neither overbought nor oversold. The STOCH value of 54.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BWMN.
Bowman Consulting Group Risk Analysis
Bowman Consulting Group disclosed 67 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $3.45B | 32.80 | 31.48% | 1.68% | 12.84% | 11.59% | |
74 Outperform | $8.97B | 20.99 | 23.76% | 0.78% | -7.61% | 105.41% | |
71 Outperform | $1.11B | 16.47 | 20.92% | ― | 18.09% | 78.28% | |
64 Neutral | $741.71M | 101.88 | 2.75% | ― | 14.16% | -34.06% | |
64 Neutral | $16.68B | 49.65 | 9.81% | 0.98% | 20.03% | -28.63% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
51 Neutral | $7.59B | 26.92 | 12.54% | 2.08% | -4.24% | -44.22% |
* Industrials Sector Average
BWMN
Bowman Consulting Group
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Bowman Consulting Group Corporate Events
Business Operations and StrategyM&A Transactions
Bowman Consulting Group Moves Forward With Bernhard Merger
Positive
Sep 14, 2026
On September 14, 2026, Bowman Consulting Group announced that the 35-day “go-shop” period tied to its August 10, 2026 merger agreement with entities affiliated with Bernhard Capital Partners expired on September 13, 2026 without any al...
Business Operations and StrategyStock BuybackDelistings and Listing ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Bowman Consulting Group to Be Taken Private in Merger
Positive
Aug 10, 2026
On August 10, 2026, Bowman Consulting Group entered into a definitive merger agreement under which Prive Merger Sub, backed by Bernhard Capital Partners, will merge with Bowman, leaving Bowman as the surviving corporation and taking it private at ...
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.