Bowman Consulting Group (BWMN)
NASDAQ:BWMN
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Bowman Consulting Group
(NASDAQ:BWMN)
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Rating:65Neutral
Price Target:
$33.00
▲(3.71% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by solid financial momentum (growth, improved profitability, and positive free cash flow) and supportive near-term technicals. Raised guidance and record backlog from the latest earnings call add upside, but the overall score is held back by thin margins/rising debt risk and weak valuation signals due to negative GAAP earnings and no dividend support.
Positive Factors
Record Backlog & Upgraded Guidance
A record backlog (~$653M, +56% YoY) and upgraded guidance provide durable revenue visibility that supports multi-quarter execution. That backlog underpins management's >20% revenue growth target and allows the firm to layer in higher-utilization and scale benefits, aiding sustained margin recovery as revenue ramps.
Negative Factors
Thin Margins and Gross Margin Drift
Persistently thin net margins and a decline in gross margin vs. prior year indicate limited pricing power and sensitivity to cost changes. Over time this constrains free cash flow expansion and ROE unless the company consistently shifts mix to higher-margin services or extracts efficiency gains across projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Record Backlog & Upgraded Guidance
A record backlog (~$653M, +56% YoY) and upgraded guidance provide durable revenue visibility that supports multi-quarter execution. That backlog underpins management's >20% revenue growth target and allows the firm to layer in higher-utilization and scale benefits, aiding sustained margin recovery as revenue ramps.
Read all positive factors
Bowman Consulting Group (BWMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$574.08M
Dividend YieldN/A
Average Volume (3M)112.59K
Price to Earnings (P/E)49.0
Beta (1Y)1.18
Revenue Growth13.27%
EPS Growth297.82%
CountryUS
Employees2,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.62
Shares Outstanding17,507,734
10 Day Avg. Volume95,892
30 Day Avg. Volume112,589
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)2.08
Price to Sales (P/S)1.11
P/FCF Ratio16.21
Enterprise Value/Market Cap1.42
Enterprise Value/Revenue1.62
Enterprise Value/Gross Profit3.49
Enterprise Value/Ebitda16.39
Forecast
1Y Price Target
$46.67Price Target Upside46.66% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.74
Revenue Forecast (FY)$511.61M
Bowman Consulting Group Business Overview & Revenue Model
Company Description
Bowman Consulting Group Ltd. provides a range of real estate, energy, infrastructure, and environmental management solutions in the United States. It offers civil and site engineering services, such as conceptual land planning, environmental consu...
How the Company Makes Money
Bowman primarily makes money by providing professional services on infrastructure and development projects and recognizing revenue as it performs work for clients. Its core revenue streams come from (1) engineering and design services (e.g., civil...
Bowman Consulting Group Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call emphasized strong top-line growth, record backlog, margin expansion on an adjusted basis, robust cash generation, upgraded guidance, and a clear strategic focus on technology and targeted M&A — all substantial positives. Notable near-term headwinds include a GAAP loss driven by noncash and transition-related charges, expected pressure on net-to-gross ratios from certain large awards, elevated overhead/SG&A due to timing and mobilization, and some concentration/timing risk in backlog. Management provided explanations and a path to margin recovery as revenue ramps, and they reinforced investments to drive higher-value, differentiated services.Positive Updates
Record Backlog and Upgraded Guidance
Backlog reached a record ~$653 million (up ~56% year-over-year and ~36% sequentially). Management raised full-year 2026 net revenue guidance to $520M–$540M (now expecting >20% revenue growth) and guided adjusted EBITDA margin of 17.25%–17.5%, with midpoint implication of nearly 28% year-over-year adjusted EBITDA growth.
Negative Updates
Backlog Concentration and Timing Risk
Backlog growth was strong but was partly driven by one unusually large organically generated contract; net of that award, backlog grew at a ~20% annualized pace — indicating some concentration and timing risk in the reported backlog growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Backlog and Upgraded Guidance
Backlog reached a record ~$653 million (up ~56% year-over-year and ~36% sequentially). Management raised full-year 2026 net revenue guidance to $520M–$540M (now expecting >20% revenue growth) and guided adjusted EBITDA margin of 17.25%–17.5%, with midpoint implication of nearly 28% year-over-year adjusted EBITDA growth.
Read all positive updates
Company Guidance
Management raised full-year 2026 guidance, now expecting net revenue of $520–$540 million (implying over 20% revenue growth) with adjusted EBITDA margin of 17.25%–17.50% and adjusted EBITDA growth of nearly 28% year‑over‑year at the midpoints; this outlook is supported by a record backlog of about $653 million (up ~56% YoY, 36% sequentially) with roughly $250 million of remaining revenue backed by backlog and ~ $170 million (~40%) to be generated by new bookings (implying a ~0.7x book‑to‑burn to hit guidance), Q1 results of $126.5M gross contract revenue (+12% YoY) and $114.2M net service billing (+14% YoY) with adjusted EBITDA of $16.8M (+14.7%) and GAAP loss of $3.7M, a Q1 net‑to‑gross of ~90% expected to decline ~3–5 points on new awards, contract costs at ~48% of GCR (52% gross margin), cash from operations of $11.6M (~70% conversion of adjusted EBITDA), share repurchases of ~$9.2M, expanded revolver to $250M, and an expected revenue cadence that ramps through H2 with Q3 near the midpoint of Q2 and Q4.Bowman Consulting Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
60
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 503.56M | 490.02M | 426.56M | 346.26M | 261.71M | 149.97M |
| Gross Profit | 233.37M | 233.98M | 222.80M | 176.03M | 135.13M | 75.44M |
| EBITDA | 49.62M | 46.48M | 25.97M | 17.66M | 17.29M | 6.41M |
| Net Income | 10.59M | 12.23M | 2.80M | -6.62M | 5.00M | 299.00K |
Balance Sheet | ||||||
| Total Assets | 589.77M | 579.68M | 505.88M | 402.79M | 255.76M | 138.17M |
| Cash, Cash Equivalents and Short-Term Investments | 12.05M | 11.07M | 6.70M | 20.69M | 13.28M | 20.62M |
| Total Debt | 251.37M | 146.84M | 150.44M | 140.69M | 81.03M | 28.01M |
| Total Liabilities | 338.87M | 318.58M | 259.77M | 239.50M | 132.90M | 59.76M |
| Stockholders Equity | 250.90M | 261.11M | 246.12M | 163.28M | 122.86M | 78.41M |
Cash Flow | ||||||
| Free Cash Flow | 31.76M | 33.43M | 23.68M | 9.63M | 8.27M | 3.81M |
| Operating Cash Flow | 35.37M | 35.83M | 24.30M | 11.72M | 9.17M | 4.72M |
| Investing Cash Flow | -35.88M | -35.76M | -27.47M | -27.16M | -18.75M | -21.53M |
| Financing Cash Flow | 1.85M | 4.30M | -10.82M | 22.84M | 2.25M | 37.05M |
Bowman Consulting Group Technical Analysis
Positive
31.82
Price Trends
31.12
Positive
32.27
Positive
35.66
Negative
Market Momentum
0.15
Positive
54.50
Neutral
71.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BWMN, the sentiment is Positive. The current price of 31.82 is below the 20-day moving average (MA) of 32.73, above the 50-day MA of 31.12, and below the 200-day MA of 35.66, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 54.50 is Neutral, neither overbought nor oversold. The STOCH value of 71.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BWMN.
Bowman Consulting Group Risk Analysis
Bowman Consulting Group disclosed 59 risk factors in its most recent earnings report. Bowman Consulting Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bowman Consulting Group Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $580.47M | 64.26 | 5.40% | ― | 6.74% | 250.16% | |
65 Neutral | $574.08M | 49.00 | 4.14% | ― | 13.27% | 297.82% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $949.04M | 27.41 | 17.86% | ― | 22.45% | -3.60% | |
63 Neutral | $399.54M | 60.71 | 2.33% | ― | -4.25% | -67.60% | |
59 Neutral | $372.21M | -24.75 | -10.79% | ― | 13.88% | 34.22% |
* Industrials Sector Average
BWMN
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Bowman Consulting Group Corporate Events
Executive/Board Changes
Bowman Consulting Group Announces Chief Legal Officer Transition
Neutral
Apr 17, 2026
On April 17, 2026, Bowman Consulting Group announced that Robert Hickey plans to retire from the company effective December 31, 2026, and will resign as Chief Legal Officer, Secretary and Executive Vice President on May 1, 2026. Between May 1 and ...
Business Operations and Strategy
Bowman Secures Major Amendment to U.S. Government Contract
Positive
Mar 20, 2026
On March 13, 2026, Bowman Consulting Group Ltd. entered into a $146.7 million amendment to an existing contract with a U.S. government agency, raising the total contract value from its December 2025 inception to $177.7 million. The services under ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.