BWMN · Industrials(services-management consulting services) · 8 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Bowman Consulting Group Ltd. reported revenue of $490.0 million in fiscal 2025. Of the $96.5 million its operations generated over 8 years, 128.6% went to acquisitions and 46.4% to buybacks. On the accounting screens, it passes 6 of 9 Piotroski tests, its Altman Z'' of 1.01 is in the distress zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2025490.0M
Operating margin4.0%gross margin 53.4%
Return on invested capital5.2%0.1% on average over 4 years
Free cash flow after stock pay14.7M3.0% of revenue
Net debt ÷ EBITDA1.3×net debt 46.5M
Piotroski F-score6/9tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2021.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-200.0M0200.0M400.0M600.0M
2019
2020Revenue 122.0MOperating income 1.9M
2021Revenue 150.0MOperating income 160,000
2022
2022Revenue 261.7MOperating income 5.1M
2023Revenue 346.3MOperating income -656,000
2024Revenue 426.6MOperating income -2.0M
2025Revenue 490.0MOperating income 19.7M
20192020202120222022202320242025
Compound growth a year
3 yrs
5 yrs
7 yrs
Revenue
+23.3%
+26.7%
—
Operating income
+56.6%
+161.8%
—
Net income
+36.9%
+112.1%
—
Earnings per share
+21.4%
+81.3%
—
Free cash flow per share
+41.3%
+31.9%
—
Shares
+12.8%
+17.0%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
4.9%
Return on assets
2.2%
Asset turnover
0.85×
Overheads (SG&A)
43.9% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-20.0M020.0M40.0M
2019
2020Net income 990,000Free cash flow 9.8MAfter stock-based pay 4.8M
2021Net income 299,000Free cash flow 3.8MAfter stock-based pay -4.4M
2022
2022Net income 5.0MFree cash flow 8.3MAfter stock-based pay -6.8M
2023Net income -6.6MFree cash flow 9.6MAfter stock-based pay -15.1M
2024Net income 3.0MFree cash flow 23.7MAfter stock-based pay -2.1M
2025Net income 12.8MFree cash flow 33.4MAfter stock-based pay 14.7M
20192020202120222022202320242025
Where 8 years of operating cash went, 2019–2025
96.5M generated by the business. Each band is its share of that total.
Reinvested in the business 8%7.8M
Acquisitions 129%124.1M
Dividends 0%0
Share buybacks 46%44.7M
More than it generated: funded with cash or new debt -83%-80.2M
Over the same years it paid 97.6M in stock. The buybacks did not even cover what was handed out in stock.
Per share
Earnings per shareFree cash flow per shareDividend per share
$-1.00$0.00$1.00$2.00
2019
2020Earnings per share $0.18Free cash flow per share $1.82
2021Earnings per share $0.04Free cash flow per share $0.50
2022
2022Earnings per share $0.43Free cash flow per share $0.71
2023Earnings per share $-0.53Free cash flow per share $0.77
2024Earnings per share $0.19Free cash flow per share $1.47
2025Earnings per share $0.77Free cash flow per share $2.00
20192020202120222022202320242025
Shares outstanding
Diluted shares
5.0M10.0M15.0M20.0M
2019
2020Diluted shares 5.4M
2021Diluted shares 7.6M
2022
2022Diluted shares 11.7M
2023Diluted shares 12.5M
2024Diluted shares 16.1M
2025Diluted shares 16.7M
20192020202120222022202320242025
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-20.0M020.0M40.0M60.0M
2019
2020
2021Net debt -7.8M
2022
2022Net debt 13.9M
2023Net debt 8.1M
2024Net debt 31.4M
2025Net debt 46.5M
20192020202120222022202320242025
Net debt ÷ EBITDA
1.3×
Interest coverage
— operating income ÷ interest
Current ratio
0.99 current assets ÷ current liabilities
Cash conversion cycle
— collects in 97d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 9 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
✓Better gross marginGross margin higher than a year beforepassed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
1.01distress zone
1.12.6
Working capital ÷ assets -0.00 × 6.56-0.02
Retained earnings ÷ assets -0.02 × 3.26-0.06
Operating income ÷ assets 0.03 × 6.72+0.23
Equity ÷ liabilities 0.82 × 1.05+0.86
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.60below the -1.78 line
-1.78
Receivables vs sales 1.08+1.00
Gross margin slipping 0.98+0.52
Soft assets 0.98+0.40
Sales growth 1.15+1.02
Slower depreciation 0.89+0.10
Overheads vs sales 0.95-0.16
Profit not in cash -0.04-0.19
Leverage rising 1.37-0.45
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (2M) is well below depreciation (17M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$2.9M5 sale(s) by 4 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Companies like this one
Same SEC industry (services-management consulting services) first, then the rest of industrials.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
