MISTRAS Announces Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
MISTRAS (NYSE: MG) reported Q4 2025 revenue of $181.5M (+5.1%), gross profit of $51.5M (28.4% margin), net income of $3.9M and diluted EPS of $0.12. Q4 adjusted EBITDA was a record $24.8M (+18.2%) with a 13.7% margin.
For full year 2025, revenue was $724.0M, gross profit $204.5M (28.2% margin), net income $16.8M (EPS $0.53) and record adjusted EBITDA of $91.1M (+10.5%). Cash from operations fell to $33.0M, free cash flow (non-GAAP) to $3.8M. Gross debt was $178.0M, net debt $150.0M, and bank leverage ~2.5X, under the 3.75X covenant.
Positive
- Record adjusted EBITDA of $91.1M for 2025 (+10.5%)
- Q4 adjusted EBITDA growth of 18.2% to $24.8M
- Bank leverage ~2.5X, within covenant (3.75X) at year-end
Negative
- Free cash flow declined to $3.8M from $27.1M year-over-year
- Net income fell to $16.8M from $19.0M year-over-year (≈11.6% decline)
- Net cash provided by operations reduced to $33.0M from $50.1M
Key Figures
Market Reality Check
Peers on Argus
MG gained 1.11% while peers were mixed: NL +2.76%, BAER +3.54%, NSSC +0.07%, CIX flat, EVLV -1.31%. This points to a company-specific move around earnings rather than a broad sector rotation.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 04 | Q3 2025 earnings | Positive | +23.2% | Record Adjusted EBITDA, margin expansion and raised full-year 2025 guidance. |
| Aug 06 | Q2 2025 earnings | Positive | +10.4% | Record Q2 Adjusted EBITDA and higher margins despite modest revenue decline. |
| May 07 | Q1 2025 earnings | Negative | -17.5% | Revenue drop, net loss and lower Adjusted EBITDA driven by Oil & Gas softness. |
| Mar 05 | FY 2024 results | Positive | +12.2% | Strong FY 2024 with surging net income, higher Adjusted EBITDA and cash flow. |
| Oct 30 | Q3 2024 earnings | Positive | -23.9% | Revenue and EBITDA growth with guidance increase but followed by sharp share decline. |
Earnings releases have usually produced meaningful moves, with most positive or negative fundamentals aligning with the subsequent price reaction; only one recent quarter showed a sharp divergence.
Over the past year, MISTRAS has reported a series of earnings updates, including Q3 2024 on Oct 30, 2024, FY 2024 on Mar 5, 2025, and all three interim 2025 quarters. FY 2024 and later Q2–Q3 2025 emphasized expanding Adjusted EBITDA and gross margins, while Q1 2025 highlighted revenue pressure and a net loss. Market reactions ranged from a -23.87% drop in Q3 2024 to a 23.2% gain in Q3 2025, indicating that investors closely reassessed valuation each quarter as profitability and guidance evolved toward record Adjusted EBITDA.
Historical Comparison
Across the last five earnings releases, MG’s average move was 0.89%, with four reactions aligning to fundamental tone and one sharp divergence in Q3 2024.
Earnings updates trace a path from solid FY 2024 growth into a weak Q1 2025, then recovering through record Adjusted EBITDA in Q2 and Q3 2025. The latest Q4/FY 2025 release continues this focus on margin expansion, profitability, and leverage control, framing 2025 as a transition year toward higher-margin growth while managing debt and cash flow.
Market Pulse Summary
This announcement highlights MG’s 2025 shift toward higher profitability, with FY Adjusted EBITDA reaching a record $91.1 million and margins improving to 12.6% alongside gross margins of 28.2%. At the same time, free cash flow of $3.8 million, gross debt of $178.0 million, and net debt of $150.0 million underscore the importance of cash generation and deleveraging. Relative to prior quarters, investors may watch upcoming guidance, working capital trends, and any further restructuring costs to gauge the durability of margin gains.
Key Terms
adjusted ebitda financial
basis points financial
free cash flow financial
net debt financial
leverage ratio financial
non-destructive testing technical
AI-generated analysis. Not financial advice.
Solid Quarterly Revenue Growth of
with an Expansion in Gross Profit Margin of 190 Basis Points,
Generating Net Income of
Achieving Record Fourth Quarter Adjusted EBITDA of
PRINCETON JUNCTION, N.J., March 04, 2026 (GLOBE NEWSWIRE) -- MISTRAS Group, Inc. (NYSE: MG), a global leader in technology-enabled industrial asset integrity and testing solutions, reported financial results for its fourth quarter and twelve months ended December 31, 2025.
Fourth Quarter 2025 Key Figures*
- Revenue of
$181.5 million , an increase of5.1% , with growth across all segments - Gross profit of
$51.5 million , reflecting a gross margin of28.4% , an expansion of 190 basis points - Net income of
$3.9 million and Earnings Per Diluted Share of$0.12 - Record Adjusted EBITDA of
$24.8 million , an increase of18.2% , with an Adjusted EBITDA margin of13.7% , up 160 basis points
Full Year 2025 Key Figures*
- Revenue of
$724.0 million , a slight increase after giving effect to the exclusion of voluntary Laboratory consolidations of$7.0 million - Gross profit of
$204.5 million , with a gross margin of28.2% , an expansion of 190 basis points - Net income of
$16.8 million and Earnings Per Diluted Share of$0.53 - Record Adjusted EBITDA of
$91.1 million , an increase of10.5% , with an Adjusted EBITDA margin of12.6% , up 130 basis points
*All comparisons are consolidated and versus the equivalent prior year period, unless otherwise noted and give effect to the reclassification of certain overhead and personnel expenses in the Unaudited Consolidated Statements of Income from SG&A to Cost of revenue. Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP financial measures set forth in tables attached to this press release.
Executive Leadership Comments:
Natalia Shuman, President and Chief Executive Officer, said, “Our 2025 performance demonstrates meaningful progress in profitability, achieving our record Adjusted EBITDA of
Manny Stamatakis, Executive Chairman of the Board commented, “As we enter 2026, the Board of Directors fully supports management’s strategy of continuing to invest in transforming and modernizing our platform. In our industry, long-term value is created by investing to meet demand within our end markets — in data integrity, digital inspection capabilities, specialized talent, and accreditation for higher-complexity Aerospace and Defense work. Most importantly, the Board of Directors views 2026 as an opportunity to accelerate our strategy via increased investments and a deliberate step to deepen our technical differentiation and expand our relevance to customers operating in regulated, mission-critical environments. We are confident in our execution plan, capital allocation priorities, and long-term ambitions. The Board of Directors views 2026 as a targeted year, which will strengthen the foundation for future growth.”
Fourth Quarter and Twelve Months 2025 Additional Detailed Highlights:
The Company’s results for the year ended 2024 reflect the reclassification of certain overhead and personnel expenses in the Consolidated Statements of Income, from SG&A to cost of revenue. The reclassification recorded within the financials was
Income from operations was
The Company recorded
Net income was
For the year ended December 31, 2025, net cash provided by operating activities was
The Company’s gross debt was
2026 Guidance Outlook
The Company will be providing guidance on its scheduled conference call; see details below.
Conference Call
MISTRAS will hold a conference call on March 5, 2026, at 9:00 a.m. EST to discuss this earnings release. To listen to the live webcast of the conference call, visit the Investor Relations section of MISTRAS Group’s website at www.mistrasgroup.com. Individuals wishing to participate in the live question and answer session may pre-register at: https://mistras-q4-earnings-2025.open-exchange.net/.
About MISTRAS Group, Inc. - Be a Step Ahead
MISTRAS Group, Inc. (NYSE: MG) is a global leader in technology-enabled industrial asset integrity and laboratory testing solutions, serving critical industries including oil & gas, aerospace & defense, power & utilities, manufacturing, and civil infrastructure. The Company provides a diversified portfolio of products and services, ranging from advanced non-destructive testing and pipeline inspections to real-time condition monitoring, maintenance planning, and specialized engineering, powered by a proprietary management software suite that centralizes integrity data for predictive analytics and benchmark analysis. With a long-standing track record of innovation and deep industry expertise, MISTRAS helps clients reduce risk, extend asset life, and optimize operational performance. Learn more at www.mistrasgroup.com.
INVESTORS’ CONTACT:
Edward J. Prajzner
Senior Executive Vice President & Chief Financial Officer
+1 (833) MISTRAS | investors@mistrasgroup.com
Forward-Looking and Cautionary Statements
Certain statements contained in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, investments in our platforms and integrated solutions, demand growth in certain of our end markets, the Company's expectations regarding continued growth and margin expansion, the Company's operational and strategic actions that it expects to take for future growth. Such forward-looking statements relate to MISTRAS' financial results and estimates, products and services, business model, operational and strategic initiatives to improve operating leverage, strategy, growth opportunities, profitability and competitive position, and other matters. These forward-looking statements generally use words such as "future," "possible," "potential," "targeted," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict," "project," "will," "may," "should," "could," "would" and other similar words and phrases. Such statements are not guarantees of future performance or results and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved, if at all. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in these statements. Such risks, uncertainties and contingencies include, among others: risks related to our dependency on customers in the oil and gas industry and the impact of global energy market volatility; risks related to ongoing geopolitical conflicts, including the war between Russia and Ukraine and the unrest in the Middle East; risks related to climate change; risks related to a reduction in business with our significant customers; risks related to our international operations; any failure in our initiatives to improve our financial performance or a delay in achieving expected results within expected time frames; risks in the inability to attract and retain a sufficient number of certified technicians, engineers and scientists; our ability to develop new asset protection solutions, increase the functionality of our current offerings and meet the needs and demands of our customers; risks regarding our information technology and security; our use of ratification intelligence in our business; changes to U.S. tariffs and import/export regulations; risks related to the concentrated ownership of our common stock. A list, description and discussion of these and other risks and uncertainties can be found in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission on March 11, 2025, as updated by our reports on Form 10-Q and Form 8-K. The forward-looking statements are made as of the date hereof, and MISTRAS undertakes no obligation to update such statements as a result of new information, future events or otherwise.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), this press release also contains adjusted financial measures that are not prepared in accordance with GAAP and that we believe provide investors and management with supplemental information relating to the Company’s operating performance and trends that facilitate comparisons between periods and with respect to trends and projected information. The term "Adjusted EBITDA" used in this release is a financial measure not calculated in accordance with GAAP and is defined by the Company as net income attributable to MISTRAS Group, Inc. plus: interest expense, provision for income taxes, depreciation and amortization, share-based compensation expense, certain acquisition related costs (including transaction due diligence costs and adjustments to the fair value of contingent consideration), foreign exchange (gain) loss, other income, non-cash impairment charges, reorganization and other costs and, if applicable, certain additional special items which are noted. A reconciliation of Adjusted EBITDA to Net Income (Loss) as computed under GAAP is set forth in a table attached to this press release. The Company also uses the term “free cash flow,” a non-GAAP financial measure. The Company defines "free cash flow" as cash provided by operating activities less capital expenditures (which is classified as an investing activity). The Company additionally uses the terms: “Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP)”, “Net Income (Loss) (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP)” which reconciles the non-GAAP amounts to the GAAP financial measure. The non-GAAP financial performance measure "Income (loss) from operations before special items” is used for each of our three operating segments, the Corporate segment and the "Total Company". Income (Loss) from operations before Special Items excludes: (a) transaction expenses related to acquisitions, such as professional fees and due diligence costs, (b) the net changes in the fair value of acquisition-related contingent consideration liabilities, (c) impairment charges, (d) reorganization and other costs, which includes items such as severance, labor relations matters and asset and lease termination costs and (e) other special items such as environmental expense and legal settlement and insurance recoveries. These adjustments have been excluded from the GAAP measure because these expenses and credits are not related to our or any individual segment's core business operations. The acquisition related costs and special items can be a net expense or credit in any given period. This press release also includes the term “net debt”, a non-GAAP financial measure which the Company defines as the sum of the current and long-term portions of long-term debt, less cash and cash equivalents. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are also set forth in tables attached to this press release. Each of these non-GAAP financial measures has material limitations as a performance or liquidity measure and should not be considered alternatives to Net Income (Loss) or any other measures derived in accordance with GAAP. Because Income (loss) from operations before special items and other non-GAAP financial measures used in this press release may not be calculated in the same manner by all companies, these measures may not be comparable to other similarly titled measures used by other companies.
| Mistras Group, Inc. and Subsidiaries Unaudited Summary Consolidated Balance Sheets (in thousands, except share and per share data) | |||||
| December 31, | |||||
| 2025 | 2024 | ||||
| ASSETS | |||||
| Cash and cash equivalents | $ | 28,008 | $ | 18,317 | |
| Accounts receivable, net | 154,673 | 127,281 | |||
| Other current assets | 33,511 | 26,872 | |||
| Property, plant and equipment, net | 93,164 | 80,892 | |||
| Goodwill | 184,829 | 181,442 | |||
| Other long-term assets | 84,596 | 88,234 | |||
| Total Assets | $ | 578,781 | $ | 523,038 | |
| LIABILITIES AND EQUITY | |||||
| Accounts payable | $ | 14,943 | $ | 11,128 | |
| Current portion of long-term debt | 12,849 | 11,591 | |||
| Other current liabilities | 96,516 | 92,206 | |||
| Long-term debt, net of current portion | 165,143 | 158,056 | |||
| Other long-term liabilities | 53,685 | 51,162 | |||
| Equity | $ | 235,645 | $ | 198,895 | |
| Total Liabilities and Equity | $ | 578,781 | $ | 523,038 | |
| Mistras Group, Inc. and Subsidiaries Unaudited Consolidated Statements of Income (in thousands, except per share data) | ||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | $ | 181,455 | $ | 172,731 | $ | 724,024 | $ | 729,640 | ||||||
| Cost of revenue | 124,292 | 120,908 | 497,143 | 513,864 | ||||||||||
| Depreciation | 5,682 | 6,047 | 22,370 | 23,603 | ||||||||||
| Gross profit | 51,481 | 45,776 | 204,511 | 192,173 | ||||||||||
| Selling, general and administrative expenses | 33,373 | 29,739 | 139,876 | 135,452 | ||||||||||
| Reorganization and other costs | 4,852 | 2,085 | 12,654 | 5,517 | ||||||||||
| Environmental expense | 486 | 872 | 1,743 | 1,660 | ||||||||||
| Legal settlement and litigation charges (benefit), net | — | — | — | (808 | ) | |||||||||
| Research and engineering | 250 | 303 | 1,028 | 1,119 | ||||||||||
| Depreciation and amortization | 2,165 | 2,237 | 8,638 | 9,407 | ||||||||||
| Income from operations | 10,355 | 10,540 | 40,572 | 39,826 | ||||||||||
| Other expense (income), net | 1,031 | (6 | ) | 3,451 | (1,485 | ) | ||||||||
| Interest expense | 3,699 | 3,883 | 14,643 | 17,067 | ||||||||||
| Income before provision for income taxes | 5,625 | 6,663 | 22,478 | 24,244 | ||||||||||
| Provision for income taxes | 1,865 | 1,365 | 5,557 | 5,274 | ||||||||||
| Net income | 3,760 | 5,298 | 16,921 | 18,970 | ||||||||||
| Less: net income (loss) attributable to noncontrolling interests, net of taxes | (138 | ) | 20 | 84 | 12 | |||||||||
| Net income attributable to Mistras Group, Inc. | $ | 3,898 | $ | 5,278 | $ | 16,837 | $ | 18,958 | ||||||
| Earnings per common share | ||||||||||||||
| Basic | $ | 0.12 | $ | 0.17 | $ | 0.54 | $ | 0.61 | ||||||
| Diluted | $ | 0.12 | $ | 0.17 | $ | 0.53 | $ | 0.60 | ||||||
| Weighted average common shares outstanding: | ||||||||||||||
| Basic | 31,547 | 31,002 | 31,408 | 30,926 | ||||||||||
| Diluted | 32,315 | 31,660 | 32,058 | 31,608 | ||||||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Operating Data by Segment (in thousands) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| North America | $ | 146,628 | $ | 136,938 | $ | 584,131 | $ | 593,527 | |||||||
| International | 36,031 | 34,998 | 143,843 | 135,969 | |||||||||||
| Products and Systems | 4,103 | 3,802 | 13,970 | 13,661 | |||||||||||
| Corporate and eliminations | (5,307 | ) | (3,007 | ) | (17,920 | ) | (13,517 | ) | |||||||
| Total | $ | 181,455 | $ | 172,731 | $ | 724,024 | $ | 729,640 | |||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Gross profit | |||||||||||||||
| North America | $ | 38,867 | $ | 33,603 | $ | 154,520 | $ | 146,026 | |||||||
| International | 10,601 | 9,990 | 43,149 | 39,058 | |||||||||||
| Products and Systems | 2,233 | 2,161 | 7,385 | 6,997 | |||||||||||
| Corporate and eliminations | (220 | ) | 22 | (543 | ) | 92 | |||||||||
| Total | $ | 51,481 | $ | 45,776 | $ | 204,511 | $ | 192,173 | |||||||
| Gross profit as a % of Revenue | 28.4 | % | 26.5 | % | 28.2 | % | 26.3 | % | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Revenues by Category (in thousands) | |||||||||||||||
| Revenue by industry was as follows: | |||||||||||||||
| Three months ended December 31, 2025 | North America | International | Products & Systems | Corp/Elim | Total | ||||||||||
| Oil & Gas | $ | 84,309 | $ | 7,403 | $ | 66 | $ | — | $ | 91,778 | |||||
| Aerospace & Defense | 18,541 | 6,626 | 35 | — | 25,202 | ||||||||||
| Industrials | 11,480 | 7,130 | 1,302 | — | 19,912 | ||||||||||
| Power Generation & Transmission | 10,954 | 2,009 | 331 | — | 13,294 | ||||||||||
| Other Process Industries | 5,083 | 4,898 | 8 | — | 9,989 | ||||||||||
| Infrastructure, Research & Engineering | 6,496 | 3,932 | 1,252 | — | 11,680 | ||||||||||
| Petrochemical | 3,684 | 6 | — | — | 3,690 | ||||||||||
| Other | 6,081 | 4,027 | 1,109 | (5,307 | ) | 5,910 | |||||||||
| Total | $ | 146,628 | $ | 36,031 | $ | 4,103 | $ | (5,307 | ) | $ | 181,455 | ||||
| Three months ended December 31, 2024 | North America | International | Products & Systems | Corp/Elim | Total | ||||||||||
| Oil & Gas | $ | 86,490 | $ | 10,474 | $ | 35 | $ | — | $ | 96,999 | |||||
| Aerospace & Defense | 14,959 | 5,693 | 20 | — | 20,672 | ||||||||||
| Industrials | 11,263 | 7,018 | 379 | — | 18,660 | ||||||||||
| Power Generation & Transmission | 8,082 | 1,612 | 285 | — | 9,979 | ||||||||||
| Other Process Industries | 6,221 | 4,853 | 147 | — | 11,221 | ||||||||||
| Infrastructure, Research & Engineering | 4,869 | 2,844 | 1,499 | — | 9,212 | ||||||||||
| Petrochemical | 2,970 | 234 | — | — | 3,204 | ||||||||||
| Other | 2,084 | 2,270 | 1,437 | (3,007 | ) | 2,784 | |||||||||
| Total | $ | 136,938 | $ | 34,998 | $ | 3,802 | $ | (3,007 | ) | $ | 172,731 | ||||
| Year ended December 31, 2025 | North America | International | Products & Systems | Corp/Elim | Total | ||||||||||
| Oil & Gas | $ | 360,158 | $ | 36,117 | $ | 552 | $ | — | $ | 396,827 | |||||
| Aerospace & Defense | 67,071 | 26,316 | 428 | — | 93,815 | ||||||||||
| Industrials | 50,284 | 28,017 | 2,387 | — | 80,688 | ||||||||||
| Power Generation and Transmission | 33,572 | 8,805 | 1,847 | — | 44,224 | ||||||||||
| Other Process Industries | 22,183 | 17,828 | 54 | — | 40,065 | ||||||||||
| Infrastructure, Research & Engineering | 18,943 | 14,124 | 4,463 | — | 37,530 | ||||||||||
| Petrochemical | 13,013 | 132 | — | — | 13,145 | ||||||||||
| Other | 18,907 | 12,504 | 4,239 | (17,920 | ) | 17,730 | |||||||||
| Total | $ | 584,131 | $ | 143,843 | $ | 13,970 | $ | (17,920 | ) | $ | 724,024 | ||||
| Year ended December 31, 2024 | North America | International | Products & Systems | Corp/Elim | Total | ||||||||||
| Oil & Gas | $ | 376,333 | $ | 42,315 | $ | 275 | $ | — | $ | 418,923 | |||||
| Aerospace & Defense | 63,111 | 23,785 | 120 | — | 87,016 | ||||||||||
| Industrials | 44,310 | 25,498 | 1,857 | — | 71,665 | ||||||||||
| Power Generation and Transmission | 27,035 | 7,629 | 1,854 | — | 36,518 | ||||||||||
| Other Process Industries | 32,353 | 17,190 | 302 | — | 49,845 | ||||||||||
| Infrastructure, Research & Engineering | 19,155 | 10,606 | 3,400 | — | 33,161 | ||||||||||
| Petrochemical | 14,437 | 1,134 | — | — | 15,571 | ||||||||||
| Other | 16,793 | 7,812 | 5,853 | (13,517 | ) | 16,941 | |||||||||
| Total | $ | 593,527 | $ | 135,969 | $ | 13,661 | $ | (13,517 | ) | $ | 729,640 | ||||
Consolidated Revenue by type was as follows:
| Three months ended December 31, | Year ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Revenue by type | |||||||||||
| Field Services | $ | 116,045 | $ | 114,681 | $ | 475,577 | $ | 502,810 | |||
| Laboratories | 24,849 | 15,417 | 72,398 | 64,564 | |||||||
| Data Analytical Solutions | 15,889 | 17,353 | 67,800 | 69,152 | |||||||
| Other | 24,672 | 25,280 | 108,249 | 93,114 | |||||||
| Total | $ | 181,455 | $ | 172,731 | $ | 724,024 | $ | 729,640 | |||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Segment and Total Company Income (Loss) from Operations (GAAP) to Income (Loss) from Operations before Special Items (non-GAAP) (in thousands) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| North America: | |||||||||||||||
| Income from operations (GAAP) | $ | 16,762 | $ | 12,544 | $ | 62,788 | $ | 62,286 | |||||||
| Reorganization and other costs | 1,533 | 1,119 | 4,287 | 2,046 | |||||||||||
| Legal settlement and insurance recoveries, net | — | — | — | (808 | ) | ||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 18,295 | $ | 13,663 | $ | 67,075 | $ | 63,524 | |||||||
| International: | |||||||||||||||
| Income from operations (GAAP) | $ | 1,430 | $ | 1,727 | $ | 10,353 | $ | 6,275 | |||||||
| Reorganization and other costs | 1,149 | 676 | 1,590 | 1,086 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 2,579 | $ | 2,403 | $ | 11,943 | $ | 7,361 | |||||||
| Products and Systems: | |||||||||||||||
| Income from operations (GAAP) | $ | 937 | $ | 1,031 | $ | 2,651 | $ | 2,510 | |||||||
| Reorganization and other costs | 205 | — | 356 | 184 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 1,142 | $ | 1,031 | $ | 3,007 | $ | 2,694 | |||||||
| Corporate and Eliminations: | |||||||||||||||
| Loss from operations (GAAP) | $ | (8,774 | ) | $ | (4,762 | ) | $ | (35,220 | ) | $ | (31,245 | ) | |||
| Environmental expense | 486 | 872 | 1,743 | 1,660 | |||||||||||
| Reorganization and other costs | 1,965 | 291 | 6,421 | 2,201 | |||||||||||
| Loss before special items (unaudited, non-GAAP) | $ | (6,323 | ) | $ | (3,599 | ) | $ | (27,056 | ) | $ | (27,384 | ) | |||
| Total Company | |||||||||||||||
| Income from operations (GAAP) | $ | 10,355 | $ | 10,540 | $ | 40,572 | $ | 39,826 | |||||||
| Legal settlement and insurance recoveries, net | — | — | — | (808 | ) | ||||||||||
| Environmental expense | 486 | 872 | 1,743 | 1,660 | |||||||||||
| Reorganization and other costs | 4,852 | 2,086 | 12,654 | 5,517 | |||||||||||
| Income before special items (unaudited, non-GAAP) | $ | 15,693 | $ | 13,498 | $ | 54,969 | $ | 46,195 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Summary Cash Flow Information (in thousands) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by (used in): | |||||||||||||||
| Operating activities | $ | 32,138 | $ | 25,658 | $ | 32,981 | $ | 50,129 | |||||||
| Investing activities | (6,158 | ) | (4,214 | ) | (25,122 | ) | (21,366 | ) | |||||||
| Financing activities | (26,811 | ) | (21,151 | ) | (595 | ) | (27,398 | ) | |||||||
| Effect of exchange rate changes on cash | 1,034 | (2,337 | ) | 2,427 | (694 | ) | |||||||||
| Net change in cash and cash equivalents | $ | 203 | $ | (2,044 | ) | $ | 9,691 | $ | 671 | ||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP) (in thousands) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 32,138 | $ | 25,658 | $ | 32,981 | $ | 50,129 | |||||||
| Less: | |||||||||||||||
| Purchases of property, plant and equipment | (6,140 | ) | (3,587 | ) | (24,674 | ) | (17,902 | ) | |||||||
| Purchases of intangible assets | (1,352 | ) | (1,252 | ) | (4,518 | ) | (5,084 | ) | |||||||
| Free cash flow (non-GAAP) | $ | 24,646 | $ | 20,819 | $ | 3,789 | $ | 27,143 | |||||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Gross Debt (GAAP) to Net Debt (non-GAAP) (in thousands) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Current portion of long-term debt | $ | 12,849 | $ | 11,591 | ||||
| Long-term debt, net of current portion | 165,143 | 158,056 | ||||||
| Total Gross Debt (GAAP) | 177,992 | 169,647 | ||||||
| Less: Cash and cash equivalents | (28,008 | ) | (18,317 | ) | ||||
| Total Net Debt (non-GAAP) | $ | 149,984 | $ | 151,330 | ||||
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (GAAP) to Adjusted EBITDA (non-GAAP) (in thousands) | ||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net income | $ | 3,760 | $ | 5,298 | $ | 16,921 | $ | 18,970 | ||||||
| Less: Net income (loss) attributable to noncontrolling interests, net of taxes | (138 | ) | 20 | 84 | 12 | |||||||||
| Net income attributable to Mistras Group, Inc. | $ | 3,898 | $ | 5,278 | $ | 16,837 | $ | 18,958 | ||||||
| Interest expense | 3,699 | 3,922 | 14,643 | 17,067 | ||||||||||
| Income tax expense | 1,865 | 1,365 | 5,557 | 5,274 | ||||||||||
| Depreciation and amortization | 7,847 | 8,284 | 31,008 | 33,010 | ||||||||||
| Share-based compensation expense(1) | 1,118 | 957 | 5,216 | 5,071 | ||||||||||
| Other income | — | (6 | ) | — | (1,485 | ) | ||||||||
| Reorganization and other costs(1) | 4,852 | 2,085 | 12,654 | 5,517 | ||||||||||
| Environmental expense | 486 | 872 | 1,743 | 1,660 | ||||||||||
| Legal settlement and insurance recoveries, net | — | — | — | (808 | ) | |||||||||
| Foreign exchange (gain) loss | 1,031 | (1,782 | ) | 3,451 | (1,805 | ) | ||||||||
| Adjusted EBITDA | $ | 24,796 | $ | 20,975 | $ | 91,109 | $ | 82,459 | ||||||
(1) For the three months ended December 31, 2025, the Company recognized share-based compensation expense within Reorganization and other costs of
| Mistras Group, Inc. and Subsidiaries Unaudited Reconciliation of Net Income (GAAP) and Diluted EPS (GAAP) to Net Income Excluding Special Items (non-GAAP) and Diluted EPS Excluding Special Items (non-GAAP) (tabular dollars in thousands, except per share data) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income attributable to Mistras Group, Inc. (GAAP) | $ | 3,898 | $ | 5,278 | $ | 16,837 | $ | 18,958 | |||||||
| Special items | 5,338 | 2,952 | 14,397 | 4,884 | |||||||||||
| Tax impact on special items | (1,218 | ) | (705 | ) | (3,181 | ) | (1,168 | ) | |||||||
| Special items, net of tax | $ | 4,120 | $ | 2,247 | $ | 11,216 | $ | 3,716 | |||||||
| Net income attributable to Mistras Group, Inc. Excluding Special Items (non-GAAP) | $ | 8,018 | $ | 7,525 | $ | 28,053 | $ | 22,674 | |||||||
| Diluted EPS (GAAP)(1) | $ | 0.12 | $ | 0.17 | $ | 0.53 | $ | 0.60 | |||||||
| Special items, net of tax | $ | 0.13 | $ | 0.07 | $ | 0.35 | $ | 0.12 | |||||||
| Diluted EPS Excluding Special Items (non-GAAP) | $ | 0.25 | $ | 0.24 | $ | 0.88 | $ | 0.72 | |||||||
(1) For the three months ended December 31, 2025, 7,000 shares related to restricted stock units ("RSUs") were anti-dilutive and therefore were excluded from the calculation of diluted earnings per share. For the year ended December 31, 2025, 11,000 shares, related to stock options and 17,000 shares, related to RSUs were anti-dilutive and therefore were excluded from the calculation of diluted earnings per share.
FAQ
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