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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on BWMN

Recent news suggests that Bowman Consulting Group Ltd. is expanding its services through strategic acquisitions, including the purchase of UP Engineering and Surdex for aerial mapping. Additionally, the company has secured contracts for construction oversight, engineering design services, and aerial orthoimagery services, indicating strong demand for its services. However, there is no recent earnings release to analyze. The company's CFO will participate in two investor conferences in March, which may provide further insight into its growth prospects.

1.c. Company Highlights

2. Bowman Consulting Group Ltd. Delivers Record Year with Double-Digit Growth

Bowman Consulting Group Ltd. reported a strong fiscal year 2025 with revenue reaching $490,000,000, a 14.9% increase over the prior year. The company achieved a net-to-gross ratio of 89% and gross margin for the full year was 53.4%, up 120 basis points over last year. Earnings per share (EPS) came in at $0.45, beating analyst estimates of $0.38. The company's adjusted EBITDA margin was also impressive, and the reported backlog of over $479,000,000 as of December 31, 2025, indicates a strong foundation for future growth.

Publication Date: Mar -08

📋 Highlights
  • Revenue Growth:: Achieved $490 million in revenue, a 14.9% increase YoY, with a net-to-gross ratio of 89%.
  • Backlog Expansion:: Record backlog of $479 million as of 12/31/2025, a 20% increase from prior year, driven by power and utilities sector growth.
  • Margin Improvement:: Gross margin rose to 55% in the quarter (up 190 bps YoY) and 53.4% for the full year (up 120 bps YoY).
  • Cash Flow Strength:: Full-year operating cash flow surged 50% to $35.8 million from $24.3 million in 2024.
  • 2026 Guidance:: Raised revenue target to $495–$510 million and adjusted EBITDA margin to 17–17.5%, with 70–80% backlog conversion expected this year.

Segment Performance and Growth Drivers

The company's power and utilities segment was a significant contributor to the growth, with the backlog in this segment increasing substantially. Dan Swayze, Chief Operating Officer, noted that the company is winning in markets where technical depth, geographical reach, and integrated end-to-end ability create a competitive advantage. The acquisition of RPT is expected to drive growth in the midstream movement of natural gas, and the integration is ahead of schedule.

Guidance and Outlook

The company updated its full-year 2026 guidance to a range of $495,000,000 to $510,000,000, representing a revenue growth of around 8.7% at the midpoint, slightly lower than the 14.9% growth achieved in 2025. The adjusted EBITDA margin is expected to be between 17% and 17.5%. Analysts expect the company's revenue growth to be driven by its power, natural resources, and transportation segments.

Valuation and Return Metrics

With a P/E Ratio of 38.48 and an EV/EBITDA of 13.86, the company's valuation appears to be reflecting its strong growth prospects. The Return on Equity (ROE) of 4.94% and Return on Invested Capital (ROIC) of 4.58% indicate a decent return on capital, although not exceptionally high. The Net Debt / EBITDA ratio of 2.92x suggests a moderate level of leverage. The Free Cash Flow Yield of 6.57% is attractive, indicating a potential source of return for investors.

Investment Implications

Bowman Consulting Group Ltd.'s strong financial performance, driven by its diversified service offerings and strategic acquisitions, positions it well for continued growth. While the valuation multiples are relatively high, they appear to be justified by the company's growth prospects and improving operational efficiency. Investors should monitor the company's ability to execute on its backlog and deliver on its guidance.

3. NewsRoom

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Bowman Awarded $4.9 Million Contract to Lead Construction Engineering & Inspection for Major Wastewater Treatment Expansion

Apr -15

Source: globenewswire.com

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Comparing Cintas (NASDAQ:CTAS) and Bowman Consulting Group (NASDAQ:BWMN)

Apr -13

Source: defenseworld.net

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Bowman Consulting Group (NASDAQ:BWMN) vs. Aramark (NYSE:ARMK) Critical Analysis

Apr -10

Source: defenseworld.net

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Bowman Announces Dates for First Quarter 2026 Financial Results

Apr -07

Source: globenewswire.com

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Bowman Consulting: Capturing Utility Growth Without Paying A Premium

Apr -07

Source: seekingalpha.com

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Primech (NASDAQ:PMEC) vs. Bowman Consulting Group (NASDAQ:BWMN) Critical Analysis

Apr -05

Source: defenseworld.net

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Analyzing Bowman Consulting Group (NASDAQ:BWMN) and Worley (OTCMKTS:WYGPY)

Apr -02

Source: defenseworld.net

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Bowman Consulting (BWMN) Surges 11.2%: Is This an Indication of Further Gains?

Mar -24

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.95%)

6. Segments

Building Infrastructure

Expected Growth: 14.0%

Bowman Consulting Group Ltd.'s 14.0% growth in Building Infrastructure is driven by increasing government investments in transportation and public works projects, rising demand for sustainable and resilient infrastructure, and growing adoption of digital technologies such as BIM and construction management software.

Transportation

Expected Growth: 15.0%

Bowman Consulting Group Ltd.'s 15.0% growth in Transportation is driven by increasing infrastructure development, government investments in highway and bridge construction, and rising demand for logistics and supply chain services. Additionally, the growing need for sustainable and environmentally friendly transportation solutions, such as electric and hybrid vehicles, is also contributing to this growth.

Power & Utilities

Expected Growth: 13.0%

Strong demand for renewable energy, increasing investment in grid modernization, and rising electricity consumption driven by electrification of transportation and industrial processes contribute to the 13.0% growth in Power & Utilities segment at Bowman Consulting Group Ltd.

Other Emerging Markets

Expected Growth: 12.0%

Strong economic growth, urbanization, and industrialization in countries like Indonesia, Malaysia, and Thailand drive demand for infrastructure development, leading to increased construction activities and growth in the Other Emerging Markets segment.

7. Detailed Products

Land Development Services

Bowman Consulting Group Ltd. provides land development services, including site planning, zoning, and permitting to help clients navigate the development process.

Transportation Engineering

Bowman Consulting Group Ltd. offers transportation engineering services, including road design, traffic engineering, and transportation planning to improve mobility and safety.

Environmental Services

Bowman Consulting Group Ltd. provides environmental services, including environmental assessments, permitting, and compliance to help clients meet environmental regulations.

Survey and Mapping

Bowman Consulting Group Ltd. offers survey and mapping services, including land surveying, GIS mapping, and 3D scanning to provide accurate spatial data.

Construction Services

Bowman Consulting Group Ltd. provides construction services, including construction management, inspection, and testing to ensure projects are completed on time and within budget.

Geotechnical Engineering

Bowman Consulting Group Ltd. offers geotechnical engineering services, including soil testing, foundation design, and slope stability analysis to ensure structural integrity.

8. Bowman Consulting Group Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bowman Consulting Group Ltd. is medium due to the availability of alternative consulting services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the presence of a large number of consulting firms in the market, giving customers the power to choose from a variety of options.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of a large number of suppliers in the market, giving Bowman Consulting Group Ltd. the power to negotiate prices and terms.

Threat Of New Entrants

The threat of new entrants is medium due to the presence of barriers to entry, such as high startup costs and the need for specialized expertise, which can deter new entrants.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of a large number of consulting firms in the market, leading to intense competition for clients and market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.17%
Debt Cost 3.95%
Equity Weight 64.83%
Equity Cost 9.99%
WACC 7.87%
Leverage 54.25%

11. Quality Control: Bowman Consulting Group Ltd. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 4.3

Growth: 5.2

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Momentum: 4.0

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Bowman Consulting Group

A-Score: 4.8/10

Value: 3.9

Growth: 6.9

Quality: 5.4

Yield: 0.0

Momentum: 8.5

Volatility: 4.0

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Quality: 5.1

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Volatility: 5.0

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A-Score: 3.9/10

Value: 8.9

Growth: 5.0

Quality: 3.7

Yield: 0.0

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Volatility: 1.0

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INNOVATE

A-Score: 3.0/10

Value: 7.0

Growth: 2.3

Quality: 3.6

Yield: 0.0

Momentum: 4.5

Volatility: 0.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

31.82$

Current Price

31.82$

Potential

-0.00%

Expected Cash-Flows