Bowman Consulting Group (BWMN)
NASDAQ:BWMN
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Bowman Consulting Group
(NASDAQ:BWMN)
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Rating:60Neutral
Price Target:
$32.00
▲(2.11% Upside)
Action:ReiteratedDate: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
Record backlog
A ~$479M record backlog with book-to-burn above 1x provides multi-quarter revenue visibility and supports management's raised 2026 revenue guidance. Durable backlog reduces near-term demand risk, smooths revenue conversion and underpins capacity planning and margin improvement over the next 2–6 months.
Negative Factors
Elevated leverage
Leverage above the firm's target range constrains financial flexibility and increases sensitivity to interest costs or revenue shocks. While management plans to reduce debt with higher operating cash flow, elevated net debt amplifies execution risk from project delays or weaker demand over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog
A ~$479M record backlog with book-to-burn above 1x provides multi-quarter revenue visibility and supports management's raised 2026 revenue guidance. Durable backlog reduces near-term demand risk, smooths revenue conversion and underpins capacity planning and margin improvement over the next 2–6 months.
Read all positive factors
Bowman Consulting Group (BWMN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$536.65M
Dividend YieldN/A
Average Volume (3M)112.59K
Price to Earnings (P/E)44.3
Beta (1Y)1.21
Revenue Growth16.73%
EPS GrowthN/A
CountryUS
Employees2,300
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.45
Shares Outstanding17,123,508
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 Cap1.27
Enterprise Value/Revenue1.39
Enterprise Value/Gross Profit2.92
Enterprise Value/Ebitda15.09
Forecast
1Y Price Target
$40.38Price Target Upside28.84% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.72
Revenue Forecast (FY)$500.00M
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 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...
Bowman Consulting Group Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call presented a materially positive operational and financial story: record revenue, margin expansion, return to GAAP profitability, strong backlog, improved cash flow, and targeted investments (notably geospatial and digital offerings). The company also raised 2026 net revenue guidance and maintained healthy liquidity while executing acquisitions that expand capabilities. Offsetting items include elevated leverage from acquisition activity, working capital inefficiencies that management plans to address, some quarter-to-quarter margin variability, and an upcoming CEO transition (mitigated by retention steps). Overall, the positives (significant growth, profitability turnaround, backlog, cash flow improvement, and strategic investments) meaningfully outweigh the manageable near-term challenges.Positive Updates
Record Annual Revenue and Net Revenue Growth
Full-year gross revenue reached $490,000,000 (up ~14.9% YoY) and net revenue was $434,800,000 (up ~14.5% YoY), representing a record year for the company.
Negative Updates
Elevated Leverage Following Acquisitions
Net debt at year-end was $179,000,000. Leverage was ~2.45x trailing twelve months and ~2.06x at the midpoint of 2026 guidance; management expects to reduce leverage with improved cash flow but leverage is above the company’s typical mid-1.x to ~2x target range in the near term.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Net Revenue Growth
Full-year gross revenue reached $490,000,000 (up ~14.9% YoY) and net revenue was $434,800,000 (up ~14.5% YoY), representing a record year for the company.
Read all positive updates
Company Guidance
Management raised 2026 net‑revenue guidance to $495–$510 million with an adjusted EBITDA margin target of 17.0–17.5%; at an 88% net‑to‑gross ratio this implies gross revenue of roughly $563–$580 million and, at the midpoint, about 16% growth vs. 2025 (pro forma organic net‑revenue growth ex‑RPT of just over 12%). They reiterated a non‑linear revenue cadence (~47% of net revenue in Q1+Q4, ~53% in Q2+Q3), highlighted a record backlog of ~$479 million ( ~$473M excluding purchase backlog) and a book‑to‑burn >1x, and noted trailing net debt of $179M (leverage 2.45x TTM, ~2.06x at the 2026 midpoint) with ~ $150M available liquidity and a $250M credit facility. Management expects continued margin expansion (another ~50–80 bps), higher operating cash flow to pay down debt (2025 cash from operations $35.8M, up ~50% YoY), ongoing BIG Fund investment ($25M fund, roughly half committed), and modestly elevated CapEx (vs. a historical ~3–4% of revenue) to modernize the geospatial fleet.Bowman Consulting Group Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
64
Positive
| 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
Neutral
31.34
Price Trends
31.18
Positive
33.01
Negative
35.71
Negative
Market Momentum
0.04
Negative
58.42
Neutral
88.10
Negative
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 31.34 is above the 20-day moving average (MA) of 29.04, above the 50-day MA of 31.18, and below the 200-day MA of 35.71, indicating a neutral trend. The MACD of 0.04 indicates Negative momentum. The RSI at 58.42 is Neutral, neither overbought nor oversold. The STOCH value of 88.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $1.00B | 18.61 | 22.04% | ― | 16.56% | 35.80% | |
64 Neutral | $389.94M | -30.18 | 3.32% | ― | -8.98% | -38.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $536.65M | 44.33 | 4.94% | ― | 16.73% | ― | |
58 Neutral | $342.60M | -92.28 | -13.58% | ― | 17.16% | 24.10% | |
55 Neutral | $475.39M | 158.32 | 1.60% | ― | 7.02% | ― |
* Industrials Sector Average
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Bowman Consulting Group Corporate Events
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 ...
Business Operations and StrategyExecutive/Board Changes
Bowman Consulting Plans CEO Succession and Leadership Transition
Neutral
Feb 17, 2026
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 int...
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.