olivLaw · US equity research
Bowman Consulting Group Ltd. BWMN
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
Bowman Consulting Group is a professional services firm delivering integrated engineering, technical consulting and program management to owners and operators of the built environment in the United States. The company is at a turning point, as an agreement to be acquired by Bernhard Capital Partners has been announced that would delist its shares from Nasdaq if completed, while gross contract revenue grew to 490 million USD in fiscal 2025.
At the close of 04 Nov 2026, Bowman Consulting Group Ltd. (BWMN) stock was 42.93 USD (−0.07% on the day), with market capitalisation 744.2 m USD, P/E 105.3 on diluted EPS of 0.41 USD over the last 12 months, beta 1.08, 52-week range 25.31–44.43 USD. Latest reported quarter (Q2 2026): revenue of 146.1 m USD (+19.7% YoY), net income of 2.5 m USD (−58.5% YoY), diluted EPS 0.14 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 75.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 42.70 – 42.95
- in the upper half of the band · %B 0.92 · band width 0.6%
- SMA 50 / 200
- 42.67 / 34.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.30
- 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 | +0.4% | −1.1% | +1.5 pp | — |
| 3 months | +59.1% | −0.5% | +59.6 pp | — |
| 6 months | +19.9% | +4.4% | +15.5 pp | — |
| Year to date | +30.0% | +12.3% | +17.7 pp | — |
| 1 year | +1.0% | +13.5% | −12.6 pp | −28.1% |
| 3 years | +48.2% | +76.4% | −28.2 pp | −29.4% |
| 5 years | +149.4% | +63.7% | +85.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 113.9 m | 113.2 m | 112.9 m | 122.1 m | 126.0 m | 129.0 m | 126.5 m | 146.1 m |
| Cost of revenue | 54.3 m | 53.0 m | 54.8 m | 56.5 m | 59.1 m | 58.0 m | 60.6 m | 68.4 m |
| SG&A | 51.9 m | 51.7 m | 50.5 m | 49.8 m | 55.2 m | 59.6 m | 57.8 m | 62.3 m |
| Operating income | 433.0 k | 1.4 m | 1.1 m | 9.0 m | 5.3 m | 4.2 m | 104.0 k | 8.1 m |
| Depreciation & amortisation | 7.4 m | 4.7 m | 3.9 m | 6.5 m | 6.9 m | 4.7 m | 5.1 m | 7.8 m |
| Pre-tax income | -1.1 m | 466.0 k | -975.0 k | 7.4 m | 3.3 m | 1.5 m | -3.3 m | 2.3 m |
| Income tax | -1.9 m | -5.4 m | 769.0 k | 1.4 m | -3.3 m | -516.0 k | 405.0 k | -159.0 k |
| Net income | 771.0 k | 5.9 m | -1.7 m | 6.0 m | 6.6 m | 2.0 m | -3.7 m | 2.5 m |
| Diluted EPS | 0.04 | 0.33 ≈ | -0.11 | 0.34 | 0.37 | 0.12 ≈ | -0.22 | 0.14 |
| Operating cash flow | 6.8 m ≈ | 11.9 m | 12.0 m | 4.3 m ≈ | 10.2 m ≈ | 9.4 m | 11.6 m | -7.9 m ≈ |
| Capex | 219.0 k ≈ | -193.0 k | 1.0 m | 76.0 k ≈ | 57.0 k ≈ | 1.2 m | 1.9 m | 7.5 m ≈ |
| Share repurchases | 11.9 m ≈ | 9.4 m | 4.1 m | 5.4 m ≈ | 0 ≈ | 9.3 m | 9.2 m | 3.0 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 56 percentile of its own 16-quarter history (min 45.5, median 86.7, max 613.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 122.0 m | 150.0 m | 261.7 m | 346.3 m | 426.6 m | 490.0 m |
| Revenue YoY | unavailable | +22.9% | +74.5% | +32.3% | +23.2% | +14.9% |
| Net income | 990.0 k | 299.0 k | 5.0 m | -6.6 m | 3.0 m | 12.8 m |
| Net income YoY | unavailable | −69.8% | +1,573.9% | −232.3% | unavailable | +323.5% |
| Diluted EPS | 0.17 | 0.03 | 0.37 | -0.53 | 0.17 | 0.73 |
| Diluted EPS YoY | unavailable | −82.4% | +1,133.3% | −243.2% | unavailable | +329.4% |
| net % | 0.8% | 0.2% | 1.9% | -1.9% | 0.7% | 2.6% |
| Free cash flow | 9.8 m | 3.8 m | 8.3 m | 9.6 m | 23.7 m | 33.4 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.1 m USD
- Financial debt
- 57.6 m USD
- Net debt
- 46.5 m USD
- Equity
- 261.1 m USD
- Total assets
- 579.7 m USD
- Debt / equity
- 0.22x
- Current ratio
- 0.99x
- ROE
- 5.1%
- ROA
- 2.4%
- FCF margin
- 6.8%
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 | 122.0 m | 150.0 m | 261.7 m | 346.3 m | 426.6 m | 490.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 66.5 m | 74.5 m | 126.6 m | 170.2 m | 203.8 m | 228.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Gross profit | 55.5 m ≈ | 75.4 m ≈ | 135.1 m ≈ | 176.0 m ≈ | 222.8 m ≈ | 261.5 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| SG&A | 51.5 m | 69.0 m | 117.8 m | 158.4 m | 197.5 m | 215.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | 1.9 m | 160.0 k | 5.1 m | -656.0 k | -2.0 m | 19.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 2.0 m | 6.0 m | 8.4 m | 9.7 m | 14.5 m | 17.2 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | 3.9 m ≈ | 6.1 m ≈ | 13.5 m ≈ | 9.1 m ≈ | 12.5 m ≈ | 36.9 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Pre-tax income | 2.0 m | -1.3 m | 1.7 m | -6.4 m | -8.9 m | 11.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | 989.0 k | -1.6 m | -3.3 m | 177.0 k | -12.0 m | -1.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | 990.0 k | 299.0 k | 5.0 m | -6.6 m | 3.0 m | 12.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | 0.17 | 0.03 | 0.37 | -0.53 | 0.17 | 0.73 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 5.4 m | 7.6 m | 11.7 m | 12.5 m | 16.1 m | 16.7 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 386.0 k | 20.6 m | 13.3 m | 20.7 m | 6.7 m | 11.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 24.2 m | 38.5 m | 64.4 m | 87.6 m | 105.1 m | 130.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 35.1 m | 74.4 m | 102.1 m | 154.8 m | 176.6 m | 213.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 15.4 m | 5.4 m | 6.5 m | 8.1 m | 16.0 m | 14.9 m | SEC (XBRL)· 05 Mar 2026verified |
| Goodwill | 9.2 m | 28.5 m | 53.2 m | 96.4 m | 134.7 m | 173.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.1 m | 12.3 m | 28.0 m | 46.3 m | 65.4 m | 88.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 63.6 m | 138.2 m | 255.8 m | 402.8 m | 505.9 m | 579.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 12.2 m | 17.9 m | 40.3 m | 44.4 m | 51.6 m | 60.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Long-term debt | — | 12.9 m | 27.2 m | 28.8 m | 38.1 m | 57.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 23.3 m | 32.9 m | 69.1 m | 126.8 m | 135.0 m | 214.7 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 46.5 m | 59.8 m | 132.9 m | 239.5 m | 259.8 m | 318.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 17.1 m † | 78.4 m † | 122.9 m † | 163.3 m † | 246.1 m † | 261.1 m † | SEC (XBRL)· 05 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.8 m | 4.7 m | 9.2 m | 11.7 m | 24.3 m | 35.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 924.0 k | 905.0 k | 902.0 k | 2.1 m | 626.0 k | 2.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | 9.8 m ≈ | 3.8 m ≈ | 8.3 m ≈ | 9.6 m ≈ | 23.7 m ≈ | 33.4 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | -2.4 m | -21.5 m | -18.8 m | -27.2 m | -27.5 m | -35.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | -8.5 m | 37.1 m | 2.2 m | 22.8 m | -10.8 m | 4.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | 1.3 m | 582.0 k | 0 | 745.0 k | 23.3 m | 18.8 m | SEC (XBRL)· 05 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: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 744.2 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation19
- Returns41
- Quality65
- Balance sheet54
- Growth100
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: 5.47 – 35.99 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)unavailable · input data missing
- Peers: EV/EBITDA27.16 – 35.99 (Mid 34.45)9 companies used · median multiple 14.9x · quartiles 12.0x – 15.6xACCS, ASTH, BAH, FCN, HCKT, HURN, ICFI, III, ONT
- Peers: P/E5.47 – 10.12 (Mid 7.96)12 companies used · median multiple 19.5x · quartiles 13.4x – 24.8xAERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
- 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 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 50 (vs peers) | 12% |
| Net margin · Quality | 1.4% | 55 (vs peers) | 7% |
| FCF conversion · Quality | 170.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 23.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 25.4% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.8x | 73 (vs peers) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 105.3x | 18 (vs peers) | 12% |
| EV/EBITDA · Valuation | 18.4x | 18 (vs peers) | 12% |
| FCF yield · Valuation | 1.7% | 21 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet54/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality65/100 · 3/3 factors with a value
- Returns· partial41/100 · 1/2 factors with a value
- Valuation19/100 · 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
Bowman Consulting Group Ltd. (BWMN). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 490.0 m USD in 2025; YoY growth 14.9%; net margin 1.4%; ROE 2.9%; net debt/EBITDA 0.8x.
The estimated value range is 16.32–23.06 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 21.20 USD, the price of 42.93 USD leaves a potential of -50.6% (value / price − 1) and a margin of safety of -102.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, 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: 170.2%
- Revenue CAGR 3Y: 23.3%
- EPS CAGR 3Y: 25.4%
- Net debt / EBITDA: 0.8x
What contradicts it
- Current ratio: 0.9x
- P/E (TTM): 105.3x
- EV/EBITDA: 18.4x
- FCF yield: 1.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Payout ratio (FCF).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 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 | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +1% / +48% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +40% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for BWMN 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 | 29.29 Total return -32% · Per year -32% | 51.55 Total return 20% · Per year 20% | 77.32 Total return 80% · Per year 80% |
| 3 years | 34.74 Total return -19% · Per year -7% | 68.17 Total return 59% · Per year 17% | 111.34 Total return 159% · Per year 37% |
| 5 years | 41.21 Total return -4% · Per year -1% | 90.15 Total return 110% · Per year 16% | 160.33 Total return 273% · Per year 30% |
- Exit P/E± 17.04
- Net margin± 11.93
- Annual revenue growth± 8.90
- Annual dilution± 1.00
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.
In brief
Bowman Consulting Group is a professional services firm delivering integrated engineering, technical consulting and program management to owners and operators of the built environment in the United States. The company is at a turning point, as an agreement to be acquired by Bernhard Capital Partners has been announced that would delist its shares from Nasdaq if completed, while gross contract revenue grew to 490 million USD in fiscal 2025.
SWOT
Strengths
- The company has long-standing client relationships, broad national coverage and a proven acquisition strategy for integrating firms in the sector.
- Diversification across clients, services and markets reduces dependence on any single sector and supports revenue stability, as described in the annual report.
- Backlog gives visibility into future revenue, and demand in energy and infrastructure appears solid.
Weaknesses
- Margins and cash flow came under pressure in the first half of 2026, with a net loss and negative operating cash flow in the second quarter.
- The company depends on skilled staff and efficient workforce utilization, and swings in utilization can quickly affect profitability.
- The acquisition strategy brings integration risks, debt and unexpected liabilities, and some recent investments have raised short-term costs.
Opportunities
- If federal and state infrastructure programs continue, the company could benefit from sustained demand for public projects.
- Expansion in the southwest and further sector acquisitions could widen geographic reach and capacity for larger projects.
- Automation and geospatial tools could lower costs and improve margins if recent investments deliver the expected returns.
Threats
- Strong competition in bidding can reduce prices and force acceptance of less favorable contract terms.
- Budget or legislative changes in public funding could slow projects and affect the backlog.
- The acquisition agreement and regulatory approvals could change the company's strategy or delay ongoing projects.
Risks
- Pending acquisitionhigh
The company has announced an agreement to be acquired by Bernhard Capital Partners, and completion depends on regulatory approvals and shareholder voting. If the transaction is completed, the shares could be delisted from trading.
- Workforce dependencemedium
Qualified hiring is difficult in some regions, and losing key personnel could limit the ability to complete projects.
- Project and cost riskmedium
Fixed-price contracts can generate losses if costs rise or projects are delayed, and professional errors could lead to damage claims.
- Dependence on public fundingmedium
Government agencies can modify or terminate contracts before completion, which could reduce revenue if the work is not replaced.
- Acquisition integrationlow
Integrating acquired firms can bring unexpected costs, hidden liabilities and cultural difficulties, and the promised synergies may not materialize.
Investment thesis
What would need to be true (bull case)
- If demand for infrastructure and energy stays strong, the growing backlog could support revenue in the second half of 2026.
- The 2026 outlook was reaffirmed in August, which could signal confidence that margins will improve as recent investments are absorbed.
- If the acquisition closes at the announced price, shareholders could receive a clear realization of their investment.
What would break the thesis
- The net loss in the first half and negative operating cash flow could indicate that conversion of revenue into cash remains weak.
- If the acquisition is blocked or delayed, uncertainty could weigh on employee morale and client relationships.
- A competitive bidding market and reliance on tenders could limit margin growth even if revenue rises.
What to watch
- Completion of the acquisition by Bernhard Capital PartnersQ4 2026 or Q1 2027
- Conversion of backlog into revenue and trend in Adjusted EBITDA marginQ3 2026
- Improvement in operating cash flow and debt reduction, stated as priorities by managementQ4 2026
- Trajectory of federal and state infrastructure budgets, which shape public sector demand2027
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.
The business
Public clients include transportation departments, utilities, government agencies, military branches, school systems and water authorities, while private clients include investor-owned utilities, oil and gas operators, data center developers and real estate developers. According to the annual report, a substantial share of revenue comes from repeat customers, which supports demand stability. The company says it is not dependent on any one customer, service line, region or end market.
Growth strategy combines organic expansion with acquisitions, and the company has integrated a large number of firms over the past five years. Investments in technology, including geospatial tools and automation, are presented as sources of operating efficiency, and in the second quarter of 2026 the company acquired a land surveying firm in Nevada to expand its presence in the southwest.
Segments
Engineering and consulting services
This is the core revenue stream, covering planning, engineering, environmental consulting, surveying and land procurement. The company reports a single operating segment, so there is no public breakdown of margins by service line.
Program management and commissioning
This service covers project oversight, cost control, scheduling and facility commissioning. The company links it to infrastructure investment in energy, transportation and data centers, but it does not disclose separate figures for this segment.
Geospatial and imaging services
This segment includes geospatial data collection and processing, photogrammetry and geographic information systems. In 2026 the company invested in equipment and computing infrastructure for this area, which could affect both costs and margins in the short term.
Market context
The annual report cites estimates that US engineering services spending could rise from about 410 billion USD in 2026 to over 530 billion USD by 2031. The market is highly fragmented, with more than 130,000 firms, many of them small or local, which makes consolidation through acquisitions common. Technical complexity and capital requirements limit the entry of new participants.
Demand is supported by federal, state and local funding programs for transportation, utilities and public works, as well as investment in energy, data centers and urban development. The company says it could benefit from these programs if funding remains stable, but public sector demand is also sensitive to legislative or budget changes.
Trends
- Infrastructure investmenttailwind
Funding for transportation, electrical grids and water systems supports long-term demand for engineering and program management services. If these investments continue, they could sustain the company's growth in the coming years.
- Energy and data center demandtailwind
Expansion of data centers, distribution networks and decarbonization projects creates new opportunities for consulting and commissioning. Demand in these areas is described as strong by management, but it depends on the pace of private investment.
- Automation and artificial intelligencemixed
Adoption of automated tools could lower costs for repetitive tasks and improve project margins. At the same time, the required investments and process changes may temporarily weigh on financial results, as seen in the second quarter of 2026.
- Labor cost pressureheadwind
Competition for engineers and skilled specialists could raise wage costs and limit the ability to meet demand. If recruitment becomes harder, margins on more complex projects could be affected.
Competitive position
The annual report states that Bowman competes with many regional, national and multinational firms, and projects are usually awarded through competitive bidding based on price, schedule and technical sophistication. Competitive pressure can reduce contract prices and margins.
The market is shaped by numerous small and local firms, so the company's advantage depends on national coverage, the ability to integrate acquisitions and technical reputation. The company says its scale and capacity for large projects differentiate it from smaller competitors.
- Regional and national engineering firms
The annual report refers to regional, national and multinational firms competing for the same engineering and consulting assignments, without naming them individually.
- Multinational technical consulting firms
These firms compete mainly for large infrastructure and program management projects, where financial capacity and operational scale matter.
- Local and niche firms
The large number of small firms in the sector means competitive pressure varies by region and project type, and many of them may become acquisition targets.
- Bernhard Capital Partners
This group is not a direct competitor in the sources but the buyer party in the acquisition agreement announced in August 2026, which could change the company's ownership structure.
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
- Jamaal Bowman: ‘If I had kept my mouth shut, I’d be in Congress’Al Jazeera — World · 01 Nov 2026 · EN
- Fed’s Bowman Sees No Urgency for Further Action on RatesBloomberg Markets · 14 Oct 2026 · EN
- Bowman Sees No Urgent Need for Fed Rate Moves This YearBloomberg Markets · 01 Oct 2026 · EN
- Bowman Expects Finalized Fed Stress Test Revisions in ‘Coming Weeks’Bloomberg Markets · 18 Sept 2026 · EN
- Fed’s Bowman Urges Global Financial Watchdog to be FlexibleBloomberg Markets · 13 Jul 2026 · EN
- Fed’s Bowman Finalizes Moves to Reshape Bank-Supervision UnitBloomberg Markets · 24 Jun 2026 · EN
- Fed Governor Bowman Spoke at Private Dinner After Policy MeetingBloomberg Markets · 20 Jun 2026 · EN
- Fed’s Bowman Says Too Soon to Judge Iran War Inflation ImpactBloomberg Markets · 29 May 2026 · EN
The latest news item in our archive is from 01 Nov 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Shareholder vote
- Current report27 Oct 2026Other events
- Current report14 Sept 2026Other events · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Material agreement · Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Current report17 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bowman Consulting Group Ltd. · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bowman Consulting Group Ltd. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bowman Consulting Group Ltd. · 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.