Bowman Consulting Group (BWMN) AI Stock Analysis

• Market Cap: $515.25M
• Dividend Yield: N/A
• Average Volume (3M): 112.59K
• Price to Earnings (P/E): 44.3
• Beta (1Y): 1.27
• Revenue Growth: 16.73%
• EPS Growth: N/A
• Country: US
• Employees: 2,300
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.45
• Shares Outstanding: 17,123,508
• 10 Day Avg. Volume: 95,892
• 30 Day Avg. Volume: 112,589
• PEG Ratio: 0.14
• Price to Book (P/B): 2.08
• Price to Sales (P/S): 1.11
• P/FCF Ratio: 16.21
• Enterprise Value/Market Cap: 1.26
• Enterprise Value/Revenue: 1.33
• Enterprise Value/Gross Profit: 2.78
• Enterprise Value/Ebitda: 14.40
• 1Y Price Target: $40.38
• Price Target Upside: 34.18% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.73
• Revenue Forecast (FY): $499.51M

• Rating: 60 Neutral
• Price Target: $32.00 ▲(6.35% Upside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is driven primarily by improving financial quality (profitability recovery and strong cash generation) and a constructive earnings outlook with raised 2026 guidance and record backlog. Offsetting these positives are weak technical trend signals and a demanding valuation (high P/E), with leverage/working-capital needs adding execution risk.

Positive Factors

Backlog & Revenue Visibility

A record backlog (~$479M) and book-to-burn >1x provide multi-quarter revenue visibility and support sustained top-line conversion. This reduces short-term demand risk, underpins the raised 2026 revenue guidance, and supports capacity planning and margin improvement over 2–6 months.

Strong Cash Generation

Consistent operating and free cash flow, with FCF tracking ~93% of net income, signals high earnings quality and internal funding capacity. This durable cash generation supports debt paydown, reinvestment in geospatial assets, and acquisition activity without relying solely on external financing.

Geospatial & Tech Differentiation

A meaningful share from geospatial and targeted investments in scanners, aircraft and UAVs materially raise data-collection efficiency and enable differentiated digital offerings. That structural capability supports higher margin services, cross-selling, and defensible competitive positioning long-term.

Negative Factors

Elevated Leverage

Leverage above historical mid-1.x targets leaves the company exposed to interest and refinancing risk if cash conversion weakens. Elevated net debt constrains strategic optionality and requires sustained cash flow improvement to reach target leverage without hindering M&A or capital investments.

Revenue Volatility

A recent steep TTM revenue decline highlights sensitivity to project timing and sector cycles. Even with recovery signs, high top-line volatility raises execution risk for staffing, margin sustainability, and backlog conversion assumptions over the coming quarters.

Leadership Transition Risk

The founder CEO retirement and ongoing succession introduce execution and cultural risk during a critical growth and integration phase. Even with retention incentives, leadership change can affect strategic continuity, client relationships, and M&A integration over the medium term.

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 consulting and permitting, planning/zoning and entitlements, roadway and highway designs, erosion and sediment designs, stormwater management designs, construction administration, traffic studies, floodplain studies, and utility relocation designs; and commissioning and energy efficiency services comprise construction observation, direct systems functional performance testing, system development readiness checklist, post occupancy review, review of construction documents, deferred/seasonal functional testing, final commissioning report, and commissioning review of submittals. The company also provides construction management services, including constructability review, value engineering, budgeting and cost estimating, interagency and utility coordination, onsite observation and report evaluation, public communication and outreach, and resident engineer services, as well as bid solicitation, documentation, and preparation services; and environmental consulting services consisting of wetlands and waters of the U.S. delineations, natural resources inventories, wildlife and vegetation surveys, threatened and endangered species surveys, endangered species conservation and management, wetland creation and enhancement design, NEPA documentation, section 404/401 permitting and compliance, NPDES permitting, and phase I environmental site assessment. In addition, it offers landscape architecture, land procurement and right-of-way acquisition, structural engineering, surveying and geospatial engineering, and transportation and water resources engineering services, as well as mechanical, electrical, and plumbing engineering services. Bowman Consulting Group Ltd. was incorporated in 1995 and is headquartered in Reston, Virginia.

How the Company Makes Money

Bowman primarily makes money by billing clients for professional services delivered by its technical staff (e.g., engineers, planners, environmental scientists, surveyors, and program/construction managers). Revenue is generally generated under (a) time-and-materials or unit-rate arrangements where the company bills for labor hours at agreed rates plus reimbursable project expenses, and/or (b) fixed-fee or not-to-exceed contracts tied to defined scopes and deliverables. Key revenue streams come from multidisciplinary consulting work supporting infrastructure and land development projects—such as engineering design, planning and permitting support, environmental assessments/compliance services, survey/geospatial data collection and mapping, and program/construction management oversight—performed for government agencies and private developers/owners. Earnings are influenced by utilization (billable hours), labor mix and pricing, project backlog and win rates, and the company’s ability to manage subcontractor costs and reimbursables where applicable. The company has also expanded its revenue base through acquisitions of specialized consulting firms, which can add new service capabilities, geographic coverage, client relationships, and cross-selling opportunities across its platform. Specific information about any single significant partnership materially contributing to earnings is null.

Bowman Consulting Group Financial Statement Overview

Summary

Profitability and cash generation improved (TTM net income recovery, strong ~51% gross margin, and solid operating/free cash flow), and leverage appears generally manageable. The main constraint is the sharp TTM revenue contraction (~-24%) alongside still-thin net margins (~3.5%), which increases sensitivity to project demand and execution.

Income Statement

TTM (Trailing-Twelve-Months) shows solid profitability recovery versus 2023–2024, with net income improving to about $12.5M and operating profit turning meaningfully positive. Gross margin has been consistently strong around ~51% across the period, and EBITDA margin improved notably versus 2024. The key weakness is growth volatility: after strong expansion in 2022–2024, TTM revenue contracted sharply (down ~24%), and net margin remains modest (~3.5%), leaving less cushion if project demand softens further.

Balance Sheet

Leverage looks manageable for the business: TTM debt-to-equity is ~0.56, improved from higher levels in 2023–2024, and equity has grown materially over time. Returns have also improved, with TTM return on equity around ~6.6% versus very low/negative levels in 2023–2024. The main watch-outs are the still meaningful absolute debt load (about $147M) and the historical leverage swings (including higher leverage earlier in the period), which can amplify earnings variability in a downturn.

Cash Flow

Cash generation is a clear positive: TTM operating cash flow (~$35.8M) and free cash flow (~$33.4M) are strong and free cash flow closely tracks reported earnings (free cash flow is ~93% of net income), supporting earnings quality. However, momentum softened slightly with a small TTM decline in free cash flow (about -3%), and operating cash flow relative to revenue remains modest, suggesting working-capital needs can meaningfully influence year-to-year cash results.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	490.02M	426.56M	346.26M	261.71M	149.97M
Gross Profit	233.98M	222.80M	176.03M	135.13M	75.44M
EBITDA	46.48M	25.97M	17.66M	17.29M	6.41M
Net Income	12.23M	2.80M	-6.62M	5.00M	299.00K
Balance Sheet
Total Assets	579.68M	505.88M	402.79M	255.76M	138.17M
Cash, Cash Equivalents and Short-Term Investments	11.07M	6.70M	20.69M	13.28M	20.62M
Total Debt	146.84M	150.44M	140.69M	81.03M	28.01M
Total Liabilities	318.58M	259.77M	239.50M	132.90M	59.76M
Stockholders Equity	261.11M	246.12M	163.28M	122.86M	78.41M
Cash Flow
Free Cash Flow	33.43M	23.68M	9.63M	8.27M	3.81M
Operating Cash Flow	35.83M	24.30M	11.72M	9.17M	4.72M
Investing Cash Flow	-35.76M	-27.47M	-27.16M	-18.75M	-21.53M
Financing Cash Flow	4.30M	-10.82M	22.84M	2.25M	37.05M

Bowman Consulting Group Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 30.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BWMN, the sentiment is Neutral. The current price of 30.09 is above the 20-day moving average (MA) of 29.99, below the 50-day MA of 32.84, and below the 200-day MA of 35.55, indicating a neutral trend. The MACD of -1.56 indicates Negative momentum. The RSI at 48.90 is Neutral, neither overbought nor oversold. The STOCH value of 43.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BWMN.

Bowman Consulting Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GLDD	76 Outperform	$1.13B	11.94	14.83%	―	12.53%	35.68%
LMB	72 Outperform	$903.87M	18.40	22.04%	―	16.56%	35.80%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
BWMN	60 Neutral	$515.25M	44.33	4.94%	―	16.73%	―
MTRX	58 Neutral	$307.16M	-92.28	-13.58%	―	17.16%	24.10%
BBCP	58 Neutral	$360.64M	-30.18	3.32%	―	-8.98%	-38.23%
ORN	55 Neutral	$438.51M	158.32	1.60%	―	7.02%	―

Bowman Consulting Group Corporate Events

Bowman Secures Major Amendment to U.S. Government Contract

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 this expanded agreement are scheduled to be delivered over 36 months, significantly bolstering Bowman’s backlog and underscoring the firm’s deepening role in federally funded infrastructure and technical projects, with implications for revenue visibility and long-term government relationships.

The most recent analyst rating on (BWMN) stock is a Hold with a $38.00 price target. To see the full list of analyst forecasts on Bowman Consulting Group stock, see the BWMN Stock Forecast page.

Bowman Consulting Plans CEO Succession and Leadership Transition

On February 17, 2026, Bowman Consulting Group announced that founder and CEO Gary Bowman plans to retire as chief executive and resign from the board later in 2026 once a successor is appointed. The board has launched a formal search including internal and external candidates, and Bowman is expected to remain CEO and a director until the transition is complete, then serve as a senior advisor to support an orderly handover.

Under his employment agreement, Bowman’s contract will not renew after it expires on December 31, 2026, and he will receive non-renewal benefits, including accelerated vesting of unvested equity awards, with the company emphasizing that his decision was not due to any disagreement over operations or policies. The move caps three decades in which he led Bowman’s evolution into a national engineering firm that has aggressively grown, particularly since its 2021 IPO.

In conjunction with the succession plan, Bowman’s board moved to bolster executive retention and continuity through revised agreements for Chief Financial Officer Bruce Labovitz and Chief Operating Officer Daniel Swayze. On February 12, 2026, the company granted Labovitz a potential $2 million special cash bonus payable in 2027, tightened change-in-control payout conditions and shortened notice periods, while extending Swayze’s employment term to December 31, 2028 and awarding him time-based and performance-based equity incentives vesting over a three-year period.

These measures signal an effort to stabilize leadership and reassure stakeholders as Bowman navigates the transition from its founding leader to a new CEO. By tying significant incentives to retention, performance and change-in-control protections for key executives, the board aims to preserve strategic momentum, maintain its acquisition-driven growth strategy and protect organizational culture during a potentially sensitive change at the top.

The most recent analyst rating on (BWMN) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Bowman Consulting Group stock, see the BWMN Stock Forecast page.