olivLaw · US equity research
Mistras Group, Inc. MG
Services-Engineering Services · SIC 8711 · Vertical: Services-Engineering Services (SIC 8711)
Mistras Group provides asset integrity services, non-destructive testing, laboratory testing and data software for the energy, aerospace and infrastructure industries. Revenue in 2025 was 724.0 million USD, and growth continued into the second quarter of 2026, which makes the company relevant for those tracking the shift from oil dependence toward aerospace and infrastructure demand.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Mistras Group, Inc. (MG) stock was 20.23 USD (+0.25% on the day), with market capitalisation 644.7 m USD, P/E 32.1 on diluted EPS of 0.63 USD over the last 12 months, beta 0.99, 52-week range 11.17–21.60 USD. Latest reported quarter (Q3 2026): revenue of 204.6 m USD (+4.6% YoY), net income of 6.9 m USD (−47.0% YoY), diluted EPS 0.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.1
- weak (30–45)
- Bollinger (20, 2)
- 19.81 – 21.81
- in the lower half of the band · %B 0.21 · band width 9.6%
- SMA 50 / 200
- 20.38 / 17.44
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | −1.1% | −0.8 pp | — |
| 3 months | +27.9% | −0.5% | +28.3 pp | — |
| 6 months | +9.2% | +4.4% | +4.8 pp | — |
| Year to date | +59.9% | +12.3% | +47.6 pp | — |
| 1 year | +111.4% | +13.5% | +97.8 pp | −13.7% |
| 3 years | +240.6% | +76.4% | +164.2 pp | +81.4% |
| 5 years | +114.1% | +63.7% | +50.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 172.7 m | 161.6 m | 185.4 m | 195.5 m | 181.5 m | 169.0 m | 193.1 m | 204.6 m |
| Cost of revenue | 120.9 m | 115.3 m | 125.7 m | 131.8 m | 124.3 m | 118.8 m | 131.0 m | 136.3 m |
| Gross profit | 45.8 m | 40.9 m | 53.9 m | 58.2 m | 51.5 m | 44.7 m | 56.4 m | 62.0 m |
| Research & development | 303.0 k | 299.0 k | 269.0 k | 210.0 k | 250.0 k | 221.0 k | 243.0 k | 247.0 k |
| SG&A | 29.8 m | 35.7 m | 39.8 m | 33.5 m | 31.0 m | 37.0 m | 38.7 m | 38.5 m |
| Operating income | 10.5 m | -1.0 m | 8.4 m | 20.4 m | 12.8 m | 4.7 m | 12.9 m | 15.0 m |
| Depreciation & amortisation | 8.3 m | 7.8 m | 2.0 m | 2.2 m | 7.8 m | 8.0 m | 2.5 m | 2.6 m |
| Interest expense | 3.9 m | 3.3 m | 4.2 m | 3.4 m | 3.7 m | 2.9 m | 4.1 m | 3.4 m |
| Pre-tax income | 6.5 m | -4.3 m | 4.2 m | 17.0 m | 5.6 m | 2.7 m | 9.8 m | 11.1 m |
| Income tax | 1.4 m | -1.2 m | 1.1 m | 3.8 m | 1.9 m | 378.0 k | 2.3 m | 4.2 m |
| Net income | 5.2 m | -3.2 m | 3.0 m | 13.1 m | 3.9 m | 2.4 m | 7.6 m | 6.9 m |
| Diluted EPS | 0.16 ≈ | -0.10 | 0.10 | 0.41 | 0.12 ≈ | 0.07 | 0.23 | 0.21 |
| Operating cash flow | 25.7 m | 5.6 m | -9.3 m ≈ | 4.5 m ≈ | 32.1 m | 2.8 m | 14.9 m ≈ | 11.7 m ≈ |
| Capex | 3.6 m | 4.6 m | 5.4 m ≈ | 8.5 m ≈ | 6.1 m | 6.0 m | 4.8 m ≈ | 11.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 27-quarter history (min 15.3, median 50.9, max 26,721.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 742.4 m | 748.6 m | 592.6 m | 677.1 m | 687.4 m | 705.5 m | 729.6 m | 724.0 m |
| Revenue YoY | +5.9% | +0.8% | −20.8% | +14.3% | +1.5% | +2.6% | +3.4% | −0.8% |
| Net income | 6.8 m | 6.1 m | -99.5 m | 3.9 m | 6.5 m | -17.5 m | 19.0 m | 16.8 m |
| Net income YoY | unavailable | −11.4% | −1,741.3% | unavailable | +68.4% | −368.5% | unavailable | −11.2% |
| Diluted EPS | 0.23 | 0.21 | -3.41 | 0.13 | 0.21 | -0.58 | 0.60 | 0.53 |
| Diluted EPS YoY | unavailable | −8.7% | −1,723.8% | unavailable | +61.5% | −376.2% | unavailable | −11.7% |
| net % | 0.9% | 0.8% | -16.8% | 0.6% | 0.9% | -2.5% | 2.6% | 2.3% |
| Free cash flow | 21.1 m | 37.1 m | 52.4 m | 24.1 m | 13.8 m | 5.9 m | 32.2 m | 8.3 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.0 m USD
- Financial debt
- 178.0 m USD
- Net debt
- 150.0 m USD
- Equity
- 235.6 m USD
- Total assets
- 578.8 m USD
- Debt / equity
- 0.76x
- Current ratio
- 1.74x
- ROE
- 7.7%
- ROA
- 3.1%
- FCF margin
- 1.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 592.6 m | 677.1 m | 687.4 m | 705.5 m | 729.6 m | 724.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 391.9 m | 457.0 m | 466.6 m | 497.2 m | 513.9 m | 497.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 178.5 m | 197.1 m | 198.2 m | 184.3 m | 192.2 m | 204.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Research & development | 2.9 m | 2.5 m | 2.0 m | 1.7 m | 1.1 m | 1.0 m | SEC (XBRL)· 11 Mar 2026verified |
| SG&A | 157.2 m | 161.3 m | 166.4 m | 147.2 m | 135.5 m | 139.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | -101.2 m | 18.2 m | 19.8 m | -1.9 m | 39.8 m | 40.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 35.7 m | 34.9 m | 33.3 m | 34.1 m | 33.0 m | 31.0 m | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | -65.5 m ≈ | 53.1 m ≈ | 53.1 m ≈ | 32.2 m ≈ | 72.8 m ≈ | 71.6 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Interest expense | 13.0 m | 10.9 m | 10.5 m | 16.8 m | 17.1 m | 14.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Pre-tax income | -114.2 m | 7.3 m | 9.3 m | -18.7 m | 24.2 m | 22.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | -14.7 m | 3.4 m | 2.7 m | -1.2 m | 5.3 m | 5.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | -99.5 m | 3.9 m | 6.5 m | -17.5 m | 19.0 m | 16.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | -3.41 | 0.13 | 0.21 | -0.58 | 0.60 | 0.53 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 29.1 m | 30.1 m | 30.2 m | 30.3 m | 31.6 m | 32.1 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 25.8 m | 24.1 m | 20.5 m | 17.6 m | 18.3 m | 28.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Inventories | 13.1 m | 12.7 m | 13.6 m | 15.3 m | 14.5 m | 14.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 162.6 m | 161.3 m | 167.9 m | 180.4 m | 172.5 m | 216.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 92.7 m | — | — | — | — | — | SEC (XBRL)· 16 Mar 2021verified |
| Goodwill | 206.0 m | 205.4 m | 199.6 m | 187.4 m | 181.4 m | 184.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 68.6 m | 59.4 m | 49.0 m | 44.0 m | 39.7 m | 38.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 583.3 m | 562.2 m | 534.9 m | 534.8 m | 523.0 m | 578.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 14.2 m | 12.9 m | 12.5 m | 17.0 m | 11.1 m | 14.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Short-term debt | 10.7 m | 20.2 m | 7.4 m | 8.9 m | 11.6 m | 12.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Long-term debt | 209.5 m | 182.4 m | 183.8 m | 181.5 m | 158.1 m | 165.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 109.8 m | 121.4 m | 103.7 m | 116.5 m | 114.9 m | 124.3 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 386.1 m | 361.3 m | 336.2 m | 344.3 m | 324.1 m | 343.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 197.2 m | 200.9 m | 198.7 m | 190.5 m | 198.9 m | 235.6 m | SEC (XBRL)· 11 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 67.8 m | 42.3 m | 26.4 m | 26.7 m | 50.1 m | 33.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 15.4 m | 18.2 m | 12.6 m | 20.9 m | 17.9 m | 24.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | 52.4 m ≈ | 24.1 m ≈ | 13.8 m ≈ | 5.9 m ≈ | 32.2 m ≈ | 8.3 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | -15.0 m | -18.6 m | -12.2 m | -22.1 m | -21.4 m | -25.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | -44.2 m | -23.2 m | -16.3 m | -7.7 m | -27.4 m | -595.0 k | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 46 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 644.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet47
- Growth57
- Valuation40
- Quality43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 14.56 – 36.68 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)14.56 – 27.23 (Mid 19.25)WACC 8.2% · starting FCFF 43.6 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 3.5%
- Peers: EV/EBITDA24.70 – 36.68 (Mid 28.84)4 companies used · median multiple 16.2x · quartiles 14.2x – 19.9xACM, TTEK, VSEC, WLDN
- Peers: P/E15.54 – 19.69 (Mid 16.54)5 companies used · median multiple 26.3x · quartiles 24.7x – 31.3xACFN, ACM, JLHL, TTEK, WLDN
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 46/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.9% | 20 (vs peers) | 12% |
| Net margin · Quality | 2.8% | 25 (vs peers) | 7% |
| FCF conversion · Quality | 161.8% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 1.7% | 15 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 36.2% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 2.3x | 48 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | 3.2x | 26 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 32.1x | 33 (vs peers) | 12% |
| EV/EBITDA · Valuation | 12.0x | 27 (on a fixed band) | 12% |
| FCF yield · Valuation | 5.2% | 65 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 3/3 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality43/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation40/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Mistras Group, Inc. (MG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 724.0 m USD in 2025; YoY growth -0.8%; net margin 2.8%; ROE 8.8%; net debt/EBITDA 2.3x.
The estimated value range is 15.54–27.23 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 19.25 USD, the price of 20.23 USD leaves a potential of -4.9% (value / price − 1) and a margin of safety of -5.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 46/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 161.8%
- EPS CAGR 3Y: 36.2%
- Current ratio: 1.7x
What contradicts it
- ROIC: 7.9%
- Net margin: 2.8%
- Revenue CAGR 3Y: 1.7%
- Interest coverage: 3.2x
- EV/EBITDA: 12.0x
Not assessed (insufficient data or a ratio without meaning): Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Engineering Services (SIC 8711) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTEKTetra Tech Inc | 10.5 bn | 24.7 | 24.3% | 8.6% | +4.7% | +18% / +29% |
| ACMAecom | 8.8 bn | 31.3 | 12.3% | 1.9% | +0.2% | −34% / −23% |
| VSECVse Corporation | 4.6 bn | 59.9 | 3.8% | 5.5% | +41.5% | −9% / +171% |
| WLDNWilldan Group, Inc. | 1.1 bn | 17.4 | 21.2% | 8.8% | unavailable | −26% / +271% |
| MGMistras Group, Inc. | 644.7 m | 32.1 | 8.8% | 2.8% | −0.8% | +111% / +241% |
| JLHLJulong Holding Ltd | 152.3 m | 39.4 | 37.5% | 10,226.0% | unavailable | +76% / unavailable |
| ACFNAcorn Energy, Inc. | 40.4 m | 26.3 | 19.7% | 16.1% | +4.5% | +8% / +133% |
| OFALOFA Group | 7.6 m | — | -68.9% | -1,119.1% | +254.9% | −97% / unavailable |
| STNStantec Inc. | — | — | 15.5% | 5.9% | +8.6% | −18% / +6% |
1- and 3-year price returns: for MG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.05 Total return -40% · Per year -40% | 21.34 Total return 5% · Per year 5% | 32.18 Total return 59% · Per year 59% |
| 3 years | 11.06 Total return -45% · Per year -18% | 22.09 Total return 9% · Per year 3% | 36.67 Total return 81% · Per year 22% |
| 5 years | 10.15 Total return -50% · Per year -13% | 22.87 Total return 13% · Per year 2% | 41.79 Total return 107% · Per year 16% |
- Exit P/E± 5.52
- Net margin± 3.87
- Annual revenue growth± 3.26
- Annual dilution± 0.32
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
In brief
Mistras Group provides asset integrity services, non-destructive testing, laboratory testing and data software for the energy, aerospace and infrastructure industries. Revenue in 2025 was 724.0 million USD, and growth continued into the second quarter of 2026, which makes the company relevant for those tracking the shift from oil dependence toward aerospace and infrastructure demand.
SWOT
Strengths
- The company has an integrated offer combining inspection, laboratories, software and engineering, supported by recurring contracts and long-standing relationships with asset-intensive operators.
- The OneSuite software platform and the PCMS program, used by a significant share of US refiners, give a data advantage that is hard to replicate.
- Recent financial indicators show improved cash flow and lower debt, which could provide flexibility for investment.
Weaknesses
- Dependence on the oil and gas sector remains high, making revenue sensitive to price cycles and customer spending decisions.
- Geographic concentration in North America exposes the company to economic and regulatory conditions in that region.
- Profit margins are relatively modest, and the cost of certified personnel may limit rapid margin expansion.
Opportunities
- Demand in aerospace and defense for advanced materials and composites could grow if the company expands its laboratory capacity.
- Investment in data centers and energy infrastructure could create new demand for quality assurance and integrity services.
- Expanding software and data services could add recurring revenue with higher margins than field services.
Threats
- A prolonged decline in oil and gas activity could reduce demand for the company's traditional inspections.
- Geopolitical tensions and trade tariffs could raise costs and disrupt supply chains in Europe and other regions.
- Climate and reporting regulations could add compliance costs and shift capital allocation in the energy industry.
Risks
- Dependence on oil and gashigh
Customers in this sector account for a major part of revenue, and their investment can fall sharply if prices or demand change 1.
- Customer concentrationmedium
A small group of top customers generates a significant part of revenue, and customers can stop orders with little or no penalty 1.
- International risksmedium
Operations outside the United States expose the company to currency swings, political instability and changes in tariffs 1.
- Regulation of radioactive materialsmedium
Radiography services require licenses from several authorities. A violation or loss of a license could restrict activity 1.
- Execution of the growth strategymedium
Growth and digitalization initiatives could take longer or cost more than expected, and results could fall short of guidance 1.
Investment thesis
What would need to be true (bull case)
- If demand from aerospace, infrastructure and energy continues, the company could keep growing revenue even with weaker oil-related activity.
- Higher cash flow and lower leverage could create room for investment in capacity and technology.
- Software platforms and integrity data could turn services into recurring revenue with better margins over time.
What would break the thesis
- If oil and gas activity falls again, revenue could return to the weak pace seen in 2025, when it declined 0.8 percent.
- Growth depends on attracting certified personnel, and a shortage could limit expansion.
- Geopolitical tensions and tariffs could raise costs and delay customer projects.
What to watch
- Third-quarter results and delivery of the annual revenue and Adjusted EBITDA guidanceQ3 2026
- Development of oil and gas demand and crude prices against the assumptions in the guidance2026
- Progress in reducing debt toward the leverage target the company has statedend 2026
- Effect of the credit facility extension and laboratory capacity investment on marginsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 10-Q (02 Nov 2026).
The business
Mistras Group, Inc. describes itself, in its annual report, as a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving oil and gas, aerospace and defense, power and utilities, manufacturing and civil infrastructure. The offer includes field non-destructive testing (NDT), pipeline inspections, real-time condition monitoring, maintenance and light mechanical services, engineering, access to hard-to-reach locations, and a proprietary software suite, OneSuite, that centralizes integrity data. Much of the work is recurring under a 'run and maintain' model, and some services are performed in the company's laboratory network, mainly for aerospace customers. Revenue is split across three segments: North America, International, and Products and Systems.
The revenue mix shows heavy regional concentration in North America, which generated approximately 81% of revenue in 2025 1. Revenue from outside the United States was approximately 30% of the total in 2025 1. The customer base is diversified, with the top ten customers accounting for approximately 36% of revenue and no customer above 10% 1.
In recent quarters the company has framed its results within the Vision2030 strategic program, which aims for greater diversification toward faster-growing and higher-value markets. Management described the fourth consecutive quarter of mid-single-digit revenue growth as evidence of that transition 3.
Segments
Products and Systems
This segment designs, manufactures and sells NDT equipment and systems, including acoustic emission sensors and ultrasonic systems, mainly in the United States. Revenue was 13.97 million USD in 2025, up 2.3% 1.
Market context
The asset protection services market is fragmented, but customers increasingly consolidate programs around providers able to deliver inspection, data and analytics at scale. Demand is supported by aging infrastructure, regulatory requirements and the digitalization of mechanical integrity programs 1. Exposure to oil and gas remains high, at approximately 55% of 2025 revenue 1, so crude oil prices and upstream investment matter for results.
For 2026 the company points to demand in aerospace and defense, infrastructure and power generation, including investment in data centers, as main growth sources, while oil and gas activity remains volatile 3. The company raised its 2026 guidance to a range of 740.0 to 755.0 million USD in revenue 3.
Trends
- Digitalization of asset integritytailwind
Refineries and pipeline operators are moving from paper-based integrity programs to digital platforms, which could favor providers with integrated software and analytics such as OneSuite. The company integrates more than 90 applications 1.
- Extension of infrastructure lifetailwind
Aging assets require more frequent inspection, which supports recurring service demand. If authorities and companies keep extending facility lives, demand for these services could remain steady 1.
- Oil price volatility and energy investmentheadwind
A fall in oil prices can reduce maintenance spending by oil and gas customers, while high prices can delay inspections because of operating costs. Geopolitical tensions in the Middle East add to this volatility 1.
- Trade tariffs and costsmixed
Tariffs and retaliatory measures could raise operating costs or reduce imports of materials the company inspects. The company said the 2025 impact was not material, but uncertainty remains 1.
Competitive position
The market is dominated by many local providers, but large customers increasingly look for partners able to deliver integrated services at global scale. The company differentiates itself through laboratories certified for aerospace, the OneSuite software platform and its network of centers of excellence. Competition runs on service price as well as technological capability and certified workforce 1.
The competitive environment depends on the ability to attract certified personnel and develop new solutions, a factor highlighted in the company's risk disclosures 3. An advantage could become the share of recurring clients and the integration of past acquisitions, if this translates into better margins.
- Local inspection and maintenance providers
The company describes the market as made up of many local providers that can compete for point services 1.
- Global integrated integrity providers
Customers consolidate programs with providers that have advanced technology and global reach, creating competition for large contracts 1.
- Asset integrity software providers
Data and analytics platforms can compete with OneSuite and PCMS for customers choosing digital solutions 1.
- Aerospace testing laboratories
Nadcap and AS9100 certifications limit the number of rivals in aerospace, but the segment remains contested 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report02 Nov 2026
- Current report28 Oct 2026Other events · Financial statements and exhibits
- Current report18 Sept 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report20 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Annual report11 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Mistras Group, Inc. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mistras Group, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mistras Group, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.