Mistras Financials
This page shows Mistras (MG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Margin recovery held on slightly lower sales, but cash conversion weakened as reinvestment absorbed more of the profit.
By FY2025, operating margin was5.6% , roughly back to FY2024 levels even though revenue slipped, showing the recovery came from better cost absorption or mix rather than from volume. Yet free cash flow fell to$8.3M from$32.2M , so the profit rebound was far less liquid once working capital and capex were funded.
Gross margin climbed to
Balance-sheet posture improved: debt-to-equity fell to 0.7x and the current ratio rose to 1.7x, giving the company more room to fund operations internally. Still, goodwill of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Mistras's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mistras has an operating margin of 5.6%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is up from 5.5% the prior year.
Mistras's revenue declined 0.8% year-over-year, from $729.6M to $724.0M. This contraction results in a growth score of 36/100.
Mistras has a moderate D/E ratio of 0.70. This balance of debt and equity financing earns a leverage score of 32/100.
Mistras's current ratio of 1.74 indicates adequate short-term liquidity, earning a score of 50/100. The company can meet its near-term obligations, though with limited headroom.
While Mistras generated $33.0M in operating cash flow, capex of $24.7M consumed most of it, leaving $8.3M in free cash flow. This results in a low score of 36/100, reflecting heavy capital investment rather than weak cash generation.
Mistras's ROE of 7.2% shows moderate profitability relative to equity, earning a score of 54/100. This is down from 9.6% the prior year.
Mistras scores 2.60, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Mistras passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Mistras generates $1.96 in operating cash flow ($33.0M OCF vs $16.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mistras earns $2.8 in operating income for every $1 of interest expense ($40.6M vs $14.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mistras generated $724.0M in revenue in fiscal year 2025. This represents a decrease of 0.8% from the prior year.
Mistras's EBITDA was $71.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.7% from the prior year.
Mistras reported $16.8M in net income in fiscal year 2025. This represents a decrease of 11.2% from the prior year.
Mistras earned $0.53 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 11.7% from the prior year.
Cash & Balance Sheet
Mistras generated $8.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 74.2% from the prior year.
Mistras held $28.0M in cash against $165.1M in long-term debt as of fiscal year 2025.
Mistras had 32M shares outstanding in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Margins & Returns
Mistras's gross margin was 28.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Mistras's operating margin was 5.6% in fiscal year 2025, reflecting core business profitability. This is up 0.1 percentage points from the prior year.
Mistras's net profit margin was 2.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.3 percentage points from the prior year.
Mistras's ROE was 7.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.4 percentage points from the prior year.
Capital Allocation
Mistras invested $1.0M in research and development in fiscal year 2025. This represents a decrease of 8.1% from the prior year.
Mistras invested $24.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 37.8% from the prior year.
MG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $169.0M-6.8% | $181.5M-7.2% | $195.5M+5.5% | $185.4M+14.7% | $161.6M-6.4% | $172.7M-5.5% | $182.7M-3.7% | $189.8M |
| Cost of Revenue | $118.8M-4.4% | $124.3M-5.7% | $131.8M+4.8% | $125.7M+9.1% | $115.3M-4.7% | $120.9M-5.6% | $128.1M-3.4% | $132.5M |
| Gross Profit | $44.7M-13.1% | $51.5M-11.5% | $58.2M+7.9% | $53.9M+31.9% | $40.9M-10.7% | $45.8M-6.4% | $48.9M-4.7% | $51.3M |
| R&D Expenses | $221K-11.6% | $250K+19.0% | $210K-21.9% | $269K-10.0% | $299K-1.6% | $304K+26.1% | $241K+4.3% | $231K |
| SG&A Expenses | $37.0M+19.5% | $31.0M-7.5% | $33.5M-15.9% | $39.8M+11.6% | $35.7M+19.6% | $29.8M-10.2% | $33.2M-8.2% | $36.2M |
| Operating Income | $4.7M-63.4% | $12.8M-37.3% | $20.4M+141.8% | $8.4M+932.8% | -$1.0M-109.7% | $10.5M-11.8% | $11.9M-0.8% | $12.0M |
| Interest Expense | $2.9M-22.2% | $3.7M+9.4% | $3.4M-20.2% | $4.2M+27.5% | $3.3M-15.2% | $3.9M-8.9% | $4.3M-2.5% | $4.4M |
| Income Tax | $378K-79.7% | $1.9M-50.9% | $3.8M+257.2% | $1.1M+191.0% | -$1.2M-185.6% | $1.4M-47.9% | $2.6M+123.2% | $1.2M |
| Net Income | $2.4M-38.7% | $3.9M-70.3% | $13.1M+334.5% | $3.0M+194.7% | -$3.2M-161.4% | $5.2M-18.9% | $6.4M+0.5% | $6.4M |
| EPS (Diluted) | $0.07 | N/A | $0.41+310.0% | $0.10+200.0% | $-0.10 | N/A | $0.200.0% | $0.20 |
MG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $572.7M-1.1% | $578.8M-2.9% | $596.3M+4.4% | $571.0M+8.4% | $526.8M+0.7% | $523.0M-5.2% | $551.7M+0.6% | $548.1M |
| Current Assets | $210.9M-2.5% | $216.2M-9.0% | $237.5M+11.3% | $213.3M+21.2% | $176.0M+2.0% | $172.5M-10.8% | $193.3M-0.1% | $193.5M |
| Cash & Equivalents | $25.0M-10.8% | $28.0M+0.7% | $27.8M+39.3% | $20.0M+7.7% | $18.5M+1.2% | $18.3M-10.0% | $20.4M+18.5% | $17.2M |
| Inventory | $15.3M+9.1% | $14.0M-5.4% | $14.8M-2.1% | $15.1M+6.9% | $14.1M-2.4% | $14.5M-0.2% | $14.5M-2.9% | $14.9M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $183.7M-0.6% | $184.8M+0.6% | $183.7M-0.8% | $185.1M+2.0% | $181.5M0.0% | $181.4M-2.4% | $185.9M+0.5% | $185.0M |
| Total Liabilities | $339.1M-1.2% | $343.1M-6.9% | $368.4M+3.8% | $354.9M+8.3% | $327.8M+1.1% | $324.1M-6.4% | $346.1M-2.4% | $354.7M |
| Current Liabilities | $116.8M-6.0% | $124.3M-1.2% | $125.8M-2.1% | $128.5M+9.3% | $117.6M+2.3% | $114.9M-0.2% | $115.2M+0.5% | $114.5M |
| Long-Term Debt | $168.5M+2.0% | $165.1M-12.7% | $189.2M+7.3% | $176.3M+10.6% | $159.5M+0.9% | $158.1M-11.7% | $179.0M-5.6% | $189.7M |
| Total Equity | $233.2M-0.8% | $235.1M+3.4% | $227.4M+5.4% | $215.8M+8.6% | $198.7M0.0% | $198.6M-3.2% | $205.2M+6.2% | $193.2M |
| Retained Earnings | $9.2M+34.8% | $6.9M+131.9% | $3.0M+129.1% | -$10.2M+22.9% | -$13.2M-31.9% | -$10.0M+34.2% | -$15.2M+29.7% | -$21.6M |
MG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.8M-91.3% | $32.1M+620.3% | $4.5M+148.2% | -$9.3M-264.1% | $5.6M-78.0% | $25.7M+32.6% | $19.4M+329.1% | $4.5M |
| Capital Expenditures | $6.0M-2.8% | $6.1M-28.0% | $8.5M+56.6% | $5.4M+19.6% | $4.6M+27.0% | $3.6M-23.9% | $4.7M-1.6% | $4.8M |
| Free Cash Flow | -$3.2M-112.2% | $26.0M+738.8% | -$4.1M+72.3% | -$14.7M-1449.6% | $1.1M-95.1% | $22.1M+50.8% | $14.6M+5254.9% | -$284K |
| Investing Cash Flow | -$5.6M+9.7% | -$6.2M+18.4% | -$7.5M-25.8% | -$6.0M-10.9% | -$5.4M-28.5% | -$4.2M+29.0% | -$5.9M-6.6% | -$5.6M |
| Financing Cash Flow | -$349K+98.7% | -$26.8M-337.1% | $11.3M-27.6% | $15.6M+2323.9% | -$702K+96.7% | -$21.2M-83.8% | -$11.5M-8688.1% | $134K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.5%-1.9pp | 28.4%-1.4pp | 29.8%+0.7pp | 29.1%+3.8pp | 25.3%-1.2pp | 26.5%-0.3pp | 26.8%-0.3pp | 27.1% |
| Operating Margin | 2.8%-4.3pp | 7.0%-3.4pp | 10.4%+5.9pp | 4.5%+5.2pp | -0.6%-6.7pp | 6.0%-0.4pp | 6.5%+0.2pp | 6.3% |
| Net Margin | 1.4%-0.7pp | 2.1%-4.6pp | 6.7%+5.1pp | 1.6%+3.6pp | -2.0%-5.0pp | 3.0%-0.5pp | 3.5%+0.1pp | 3.4% |
| Return on Equity | 1.0%-0.6pp | 1.7%-4.1pp | 5.8%+4.4pp | 1.4%+3.0pp | -1.6%-4.2pp | 2.6%-0.5pp | 3.1%-0.2pp | 3.3% |
| Return on Assets | 0.4%-0.3pp | 0.7%-1.5pp | 2.2%+1.7pp | 0.5%+1.1pp | -0.6%-1.6pp | 1.0%-0.2pp | 1.2%0.0pp | 1.2% |
| Current Ratio | 1.81+0.1 | 1.74-0.1 | 1.89+0.2 | 1.66+0.2 | 1.500.0 | 1.50-0.2 | 1.68-0.0 | 1.69 |
| Debt-to-Equity | 0.72+0.0 | 0.70-0.1 | 0.83+0.0 | 0.82+0.0 | 0.800.0 | 0.80-0.1 | 0.87-0.1 | 0.98 |
| FCF Margin | -1.9%-16.2pp | 14.3%+16.4pp | -2.1%+5.8pp | -7.9%-8.6pp | 0.7%-12.1pp | 12.8%+4.8pp | 8.0%+8.2pp | -0.1% |
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Frequently Asked Questions
What is Mistras's annual revenue?
Mistras (MG) reported $724.0M in total revenue for fiscal year 2025. This represents a -0.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Mistras's revenue growing?
Mistras (MG) revenue declined by 0.8% year-over-year, from $729.6M to $724.0M in fiscal year 2025.
Is Mistras profitable?
Yes, Mistras (MG) reported a net income of $16.8M in fiscal year 2025, with a net profit margin of 2.3%.
What is Mistras's EBITDA?
Mistras (MG) had EBITDA of $71.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mistras have?
As of fiscal year 2025, Mistras (MG) had $28.0M in cash and equivalents against $165.1M in long-term debt.
What is Mistras's gross margin?
Mistras (MG) had a gross margin of 28.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Mistras's operating margin?
Mistras (MG) had an operating margin of 5.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Mistras's net profit margin?
Mistras (MG) had a net profit margin of 2.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Mistras's return on equity (ROE)?
Mistras (MG) has a return on equity of 7.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mistras's free cash flow?
Mistras (MG) generated $8.3M in free cash flow during fiscal year 2025. This represents a -74.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Mistras's operating cash flow?
Mistras (MG) generated $33.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mistras's total assets?
Mistras (MG) had $578.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mistras's capital expenditures?
Mistras (MG) invested $24.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Mistras spend on research and development?
Mistras (MG) invested $1.0M in research and development during fiscal year 2025.
What is Mistras's current ratio?
Mistras (MG) had a current ratio of 1.74 as of fiscal year 2025, which is generally considered healthy.
What is Mistras's debt-to-equity ratio?
Mistras (MG) had a debt-to-equity ratio of 0.70 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Mistras's return on assets (ROA)?
Mistras (MG) had a return on assets of 2.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Mistras's Altman Z-Score?
Mistras (MG) has an Altman Z-Score of 2.60, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Mistras's Piotroski F-Score?
Mistras (MG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Mistras's earnings high quality?
Mistras (MG) has an earnings quality ratio of 1.96x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Mistras cover its interest payments?
Mistras (MG) has an interest coverage ratio of 2.8x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Mistras?
Mistras (MG) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.