A Business at a Glance
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Bowman is a professional services firm delivering innovative engineering, technology and program management services to customers who own, develop, and maintain the built environment. We provide planning, engineering, construction management, commissioning, environmental consulting, geospatial imaging, surveying, land procurement and other technical services to customers operating in a diverse set of end markets. Gary Bowman, our Chairman, Chief Executive Officer, and largest individual stockholder, founded Bowman in 1995. Over the past 10 years, we have experienced a roughly five-fold increase in gross contract revenue to $427 million for the year ended December 31, 2024 (we interchangeably refer to gross contract revenue as "revenue" or "gross contract revenue"). We have achieved this increase in revenue through both organic growth and acquisitions.
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 474M | 427M | 346M | 262M | 150M | 122M |
| Net Income | 17M | 2.8M | -6.6M | 4.2M | 243K | 935K |
| EPS | $0.97 | $0.17 | $-0.53 | $0.37 | $0.03 | $0.17 |
| Free Cash Flow | 37M | 24M | 9.6M | 8.3M | 3.8M | 9.8M |
| ROIC | 11.3% | 1.1% | -0.4% | 18.0% | 0.2% | 4.6% |
| Gross Margin | - | 63.2% | 63.0% | 61.8% | 60.4% | 60.5% |
| Debt/Equity | 0.00 | 0.08 | 0.08 | 0.13 | 0.11 | 0.17 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 17M | -2.0M | -656K | 5.1M | 160K | 1.9M |
| Operating Margin | 3.6% | -0.5% | -0.2% | 2.0% | 0.1% | 1.5% |
| ROE | 6.4% | 1.4% | -4.1% | 3.4% | 0.3% | 5.5% |
| Shares Outstanding | 17M | 16M | 12M | 11M | 8M | 6M |
| Metric | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|
| Income Statement | ||||||
| Revenue | 122M | 150M | 262M | 346M | 427M | 474M |
| Gross Margin | 60.5% | 60.4% | 61.8% | 63.0% | 63.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 1.9M | 160K | 5.1M | -656K | -2.0M | 17M |
| Op. Margin | 1.5% | 0.1% | 2.0% | -0.2% | -0.5% | 3.6% |
| Net Income | 935K | 243K | 4.2M | -6.6M | 2.8M | 17M |
| Net Margin | 0.8% | 0.2% | 1.6% | -1.9% | 0.7% | 3.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||
| ROIC | 4.6% | 0.2% | 18.0% | -0.4% | 1.1% | 11.3% |
| ROE | 5.5% | 0.3% | 3.4% | -4.1% | 1.4% | 6.4% |
| ROA | 1.5% | 0.2% | 1.7% | -1.6% | 0.6% | 3.3% |
| Cash Flow | ||||||
| Op. Cash Flow | 11M | 4.7M | 9.2M | 12M | 24M | 38M |
| Free Cash Flow | 9.8M | 3.8M | 8.3M | 9.6M | 24M | 37M |
| Owner Earnings | 3.6M | -9.5M | -14M | -23M | -16M | -1.8M |
| CapEx | 924K | 905K | 902K | 2.1M | 626K | 983K |
| Maint. CapEx | 2.0M | 6.0M | 8.4M | 9.7M | 14M | 14M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.0M | 6.0M | 8.4M | 9.7M | 14M | 14M |
| CapEx/OCF | N/A | 19.2% | 9.8% | 17.9% | 2.6% | 2.6% |
| Capital Allocation | ||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 1.3M | 582K | 0 | 745K | 23M | 23M |
| Buyback Yield | N/A | 0.3% | N/A | 0.2% | 5.8% | 4.2% |
| Stock-Based Comp | 5.1M | 8.2M | 15M | 25M | 26M | 26M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||
| Net Debt | 2.4M | -12M | 3.0M | -6.9M | 13M | -16M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | 16M |
| Long-Term Debt | 2.8M | 8.4M | 16M | 14M | 20M | 20M |
| Debt/Equity | 0.17 | 0.11 | 0.13 | 0.08 | 0.08 | 0.00 |
| Interest Coverage | 3.1 | 0.2 | 2.7 | -0.2 | -0.3 | -0.3 |
| Equity | 17M | 78M | 123M | 163M | 246M | 262M |
| Total Assets | 64M | 138M | 256M | 403M | 506M | 510M |
| Total Liabilities | 47M | 60M | 133M | 240M | 260M | 248M |
| Intangibles | 9.2M | 28M | 53M | 96M | 135M | 135M |
| Retained Earnings | -25M | -25M | -20M | -26M | -23M | -23M |
| Working Capital | 12M | 42M | 33M | 28M | 42M | 42M |
| Current Assets | 35M | 74M | 102M | 155M | 177M | 177M |
| Current Liabilities | 23M | 33M | 69M | 127M | 135M | 135M |
| Per Share Data | ||||||
| EPS | 0.17 | 0.03 | 0.37 | -0.53 | 0.17 | 0.97 |
| Owner EPS | 0.66 | -1.17 | -1.25 | -1.82 | -0.96 | -0.10 |
| Book Value | 3.12 | 9.68 | 10.77 | 13.06 | 14.92 | 15.07 |
| Cash Flow/Share | 1.96 | 0.58 | 0.80 | 0.94 | 1.47 | 1.80 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 5.5M | 8.1M | 11.4M | 12.5M | 16.5M | 17.4M |
| Valuation | ||||||
| P/E Ratio | N/A | 717.0 | 57.8 | N/A | 144.6 | 32.9 |
| P/FCF | N/A | 45.7 | 29.5 | 46.6 | 17.1 | 14.8 |
| EV/EBIT | N/A | N/A | 48.3 | N/A | N/A | 31.9 |
| Price/Book | N/A | 2.2 | 2.0 | 2.8 | 1.6 | 2.1 |
| Price/Sales | N/A | 0.8 | 0.7 | 1.0 | 1.1 | 1.2 |
| FCF Yield | N/A | 2.2% | 3.4% | 2.1% | 5.8% | 6.7% |
| Market Cap | N/A | 174M | 244M | 449M | 405M | 554M |
| Avg. Price | N/A | 14.83 | 16.28 | 28.81 | 29.52 | 31.91 |
| Year-End Price | N/A | 21.51 | 21.39 | 35.94 | 24.58 | 31.91 |
Bowman Consulting Group Ltd. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Bowman Consulting Group Ltd. trades at 32.9x trailing earnings, compared to its 15-year median P/E of 57.8x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 14.8x vs a median of 37.6x. The company's 5-year average ROIC is 4.7% with a gross margin of 61.8%. Total shareholder yield (buybacks) is 4.2%. At current prices, the estimated annualized return to fair value is +4.9%.
Bowman Consulting Group Ltd. (BWMN) has a current P/E ratio of 32.9, compared to its historical median P/E of 57.8. The stock is currently considered Cheap based on its historical valuation range.
Bowman Consulting Group Ltd. (BWMN) has a 5-year average return on invested capital (ROIC) of 4.7%. This is below average and may indicate limited pricing power.
Bowman Consulting Group Ltd. (BWMN) has a market capitalization of $554M. It is classified as a small-cap stock.
Bowman Consulting Group Ltd. (BWMN) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 4.21%.
Based on historical P/E analysis, Bowman Consulting Group Ltd. (BWMN) appears cheap. The current P/E of 32.9 is 43% below its historical median of 57.8. The estimated fair value CAGR (P/E method) is 43.2%.
Bowman Consulting Group Ltd. (BWMN) operates in the Services-Management Consulting Services industry, within the Industrials sector.
Bowman Consulting Group Ltd. (BWMN) reported annual revenue of $427 million in its most recent fiscal year, based on SEC EDGAR filings.
Bowman Consulting Group Ltd. (BWMN) has a net profit margin of 0.7%. This is a modest margin.
Bowman Consulting Group Ltd. (BWMN) generated $24 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Bowman Consulting Group Ltd. (BWMN) has a debt-to-equity ratio of 0.08. This indicates a conservatively financed balance sheet.
Bowman Consulting Group Ltd. (BWMN) reported earnings per share (EPS) of $0.17 in its most recent fiscal year.
Bowman Consulting Group Ltd. (BWMN) has a return on equity (ROE) of 1.4%. This indicates moderate shareholder returns.
Bowman Consulting Group Ltd. (BWMN) has a 5-year average gross margin of 61.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 5 years of financial data for Bowman Consulting Group Ltd. (BWMN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Bowman Consulting Group Ltd. (BWMN) has a book value per share of $14.92, based on its most recent annual SEC filing.